I’m publishing this series on LinkedIn called Colors to explore a topic that I care deeply about: the Renaissance Mind. I am just as passionate about entrepreneurship, technology, and business, as I am about art and culture. In this series, I will typically publish a piece of art – one of my paintings – and I request you to spend a minute or two deeply meditating on it. I urge you to watch your feelings, thoughts, reactions to the piece, and write what comes to you, what thoughts it triggers, in the dialog area. Let us see what stimulation this interaction yields. For today – The West Burns I
The West Burns I | Sramana Mitra, 2020 | Watercolor | 9 x 12, On Paper
Sramana Mitra: Apple SDK was one of the most successful developer platform.
Geoff Ralston: This expansion of platforms on which you can begin your company. We have a company called Shogun that built their business originally on Shopify and then expanded. There’s enormous availability and possibility by these platforms that get to scale. One other aspect of this that I’m super excited about is, I’ve started a sister accelerator of Y Combinator called Imagine K12 focused on educational technology.>>>
I’m publishing this series on LinkedIn called Colors to explore a topic that I care deeply about: the Renaissance Mind. I am just as passionate about entrepreneurship, technology, and business, as I am about art and culture. In this series, I will typically publish a piece of art – one of my paintings – and I request you to spend a minute or two deeply meditating on it. I urge you to watch your feelings, thoughts, reactions to the piece, and write what comes to you, what thoughts it triggers, in the dialog area. Let us see what stimulation this interaction yields. For today – California Fire X
California Fire X | Sramana Mitra, 2020 | Watercolor | 18 x 24, On Paper
Sramana Mitra: Exactly. Our spectrum is broader. Yours is specifically the ones that who will get funding.
Geoff Ralston: Forgive me, but I disagree, Sramana. You’re broader than the batch, but YC is broader than that. When I first wanted to start a company in the ‘80s, none of this content was available. Now, there’s so much freely available content and programs that help you take the first step.
Sramana Mitra: That’s the most important thing. I have another couple of nuances that we are seeing. There’s bootstrapping with services. Very good companies are coming out of this mode of entrepreneurship. Oracle was founded in this mode. Alteryx is one of my favorite case studies. I met Dean Stoecker in 2013. He told me this incredible story. They’ve gone public since.>>>
According to a recent Markets and Markets report, the global Enterprise Collaboration Market is expected to grow from $47.2 billion in 2021 to $85.8 billion by 2026 at a CAGR of over 12%. The continuing remote work conditions are helping companies such as Smartsheet (Nasdaq: SMAR) that offer solutions geared to help drive collaboration within organizations.>>>
Bret Larsen: To your second question, it was Gartner that estimated that the penetration of a platform like eVisit was between 5% and 20%. In the pandemic, everyone had something. Enterprise virtual care platforms would still have that similar penetration rate. What’s accelerated is the use of video. We were inundated with opportunities to speak with health systems executives on what we could help them accomplish.
Some of them ended up becoming customers and some of them went towards a Zoom or some other solution. I started calling these decision makers back and said, “You talked to us last year. You didn’t end up moving forward. Help me understand why.”>>>
Adding to our roster of Bootstrapping Using Services case studies, here’s my conversation with PMG Founders Joe LeCompte and Robert Castles from 2015.
Sramana Mitra: Let’s start at the very beginning of your personal journey. Tell us a bit about where you come from, where you were born and raised, and in what kind of background.
Robert Castles: I was born in Columbia, South Carolina. I spent the first half of my life there through to college. I have always been interested in technology as early as I can remember. When I was 11 years old, I begged my father for a Radio Shack Color Computer so that I could take it home and learn how to program. This is while all my friends were looking for baseball mitts, which I also like. I spent an inordinate amount of time looking for that computer, which I got.
Sramana Mitra: At 1Mby1M, we are in the pre-Series A zone. We don’t care if it’s at napkin stage. We work with that entire spectrum of pre-seed, pre series A. Typically, investors have steered clear from companies that operate in this mode. This category uses virtual company architecture extensively. What are you seeing? What is your perspective on this category?
Geoff Ralston: I’m not 100% sure how you’re defining the category. Let me talk about bootstrapping.
Sramana Mitra: Specifically, bootstrapping with a paycheck. They’re keeping their jobs, starting a company on the side, and starting to validate and getting quite a bit further before quitting their jobs. They have a validated business before quitting their jobs.>>>