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Case Study: How Study Stream Transformed Financial Planning with Blox
When Nathan Phillips and Thomas De Bruyne co-founded Study Stream in early 2024, they had a clear mission: to simplify participant recruitment for academic research. However, as first-time founders without financial backgrounds, they quickly realized that managing their company’s financial health was a significant challenge.
Initially, their "financial model" was nothing more than a month-by-month list of expenses. When they joined an accelerator program, they were advised to take financial planning more seriously. They tried using a template provided by the accelerator and even hired a finance undergraduate to help with spreadsheets. But Excel proved to be a cumbersome and error-prone solution.
"We had some major pain points using Excel - it took a lot of heavy lifting, was inflexible, and even small changes created ripple effects we couldn’t always track. Answering basic financial questions took hours, and often, we had to rely on gut feeling instead of data-driven insights." - Thomas De Bruyne, Co-Founder & Co-CEO, Study Stream
They knew there had to be a better way but weren’t sure where to look.
A simple question in a Founders WhatsApp group led them to Blox, a financial modeling tool designed for startups. After exploring a few alternatives, Blox quickly stood out as the most comprehensive solution.
"We weren’t even aware that there was an alternative to spreadsheets. We thought Excel was just the way things were done. But then we looked at Blox and realized there was a far better way." - Thomas
From the first demo, Nathan and Thomas were impressed by Blox’s intuitive UI, real-time connectivity, and powerful scenario modeling features. Unlike spreadsheets, where any change required manual adjustments across multiple tabs, Blox automated these processes and presented financial insights in an easy-to-digest visual format.
"For me, the connectivity and visualization were game-changing. Custom dashboards showed the insights we needed without any heavy lifting. In Excel, building these would take a full day every time we needed to change something." - Nathan Phillips, Co-Founder & Co-CEO, Study Stream
After implementing Blox, Study Stream immediately felt the benefits:
"With Blox, decision-making has become more inclusive. Even our non-financial team members can contribute effectively, reducing friction and potential conflicts." - Thomas
One of the most dramatic proof points came when they compared the effort needed to make major financial model changes in Excel versus Blox.
"When we were in the accelerator, we needed to remodel a significant part of our financial model. In Excel, it took 20 hours. With Blox, it would have taken minutes." - Thomas
Beyond ease of use, Blox’s ability to integrate with Study Stream’s core financial and investment tools - Xero for expenses and SeedLegals for cap table management - was a huge advantage.
"Having our cap table in SeedLegals, financial model in Blox, and expenses integrated with Xero is a dream. It makes our lives 10 times easier as busy founders." - Nathan
For Nathan and Thomas, Blox has become an essential part of their business toolkit.
"Just knowing that we have Blox running in the background, available whenever we need it, and properly set up - it puts my mind at ease. Financials are the backbone of good decisions, and Blox gives us confidence in every step we take." - Thomas
Study Stream’s journey highlights how the right financial modeling tool can empower founders, even those without a finance background, to make better, data-driven decisions with confidence. With Blox, they’ve eliminated inefficiencies, improved collaboration, and set themselves up for sustainable growth.
If you're ready to simplify your financial modeling and make data-driven decisions with confidence, explore how Blox can transform your startup's financial strategy. Visit our website to learn more or book a demo today.
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