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.>>>
Today’s 545th FREE online 1Mby1M Roundtable For Entrepreneurs is starting NOW, on Thursday, September 9, at 8 a.m. PDT/11 a.m. EDT/5 p.m. CEST/8:30 p.m. India IST. Click here to join. PASSWORD: startup All are welcome!
Today’s 545th FREE online 1Mby1M Roundtable For Entrepreneurs is starting in 20 minutes, on Thursday, September 9, at 8 a.m. PDT/11 a.m. EDT/5 p.m. CEST/8:30 p.m. India IST. Click. here to join. PASSWORD: startup All are welcome!
Recently, eSignature player DocuSign (Nasdaq: DOCU) announced its second quarter results that surpassed market expectations. Analysts have been concerned that as businesses begin to open up, companies like DocuSign will see their growth slow down. But DocuSign’s results appear to be proving otherwise.>>>
Sramana Mitra: Where are we now in the telemedicine industry?
Bret Larsen: Today, we call it telemedicine, virtual care, and telehealth. The reality is it needs to become medicine, care, and health. There is no virtual component. The care received remotely should still be the same quality when receiving it in person.>>>
Our tried-and-true mantra of Bootstrap First, Raise Money Later rings throughout Dave Elkington’s story. As the Founder of InsideSales.com, he used services to bootstrap a Unicorn that had raised close to $140 million in VC funding when we spoke in 2015. Revenue was scaling 100% year over year then.
Sramana Mitra: Let’s start at the very beginning of your story. Where are you from? Where were you born and raised, and in what kind of circumstances?
Dave Elkington: I grew up in Utah. I went to school here. My parents are both school teachers and worked for the state and federal government. It was a little bit atypical. My dad was a rancher growing up in Idaho. My mom is from Canada. When people asked what I wanted to be when I grew up, I would tell them I wanted to be a millionaire. They would ask why. I’d be like, “Not for the money, but purely for the sake of accomplishment of being able to do that.” I went to school locally. My education is a little bit eclectic. I have an undergraduate degree in Philosophy. I also have minors in Hebrew, Japanese History, and Business. I also studied, for about a year, in Israel. I decided I wanted to go get some international experience and I had family in Israel. I dropped out of school at BYU and applied to the Hebrew University. I got accepted and transferred credits. I did that for a little over a year, dropped out of school, and applied to BYU. I got re-accepted and then finished at BYU.
Sramana Mitra: Let me try to unpack what you said. COVID has been a gamechanger. Until COVID, you wanted people to come and be in Silicon Valley for the three-month program. What is your current perspective on geography? Can they be from anywhere?
Geoff Ralston: It is certainly true that the pandemic left us with few choices. The end of winter 2020 batch was entirely virtual. Our Demo Day had to be entirely virtual. It was impossible, in 2020, to bring a whole bunch of folks together. Our summer 2020 batch was entirely virtual. We completely rebuilt our summer 2020 Demo Day as an entirely virtual program. That’s also true for the next batches.>>>
Bill.com (NYSE:BILL), a cloud-based provider of financial services for SMBs, continues to expand its presence through acquisitions. After completing the acquisition of Divvy earlier this year, the company recently announced another acquisition.>>>