During this week’s roundtable, our guest was Ron Heinz, Founder and Managing Director at Signal Peak Ventures, a venture firm operating mostly in the Rocky Mountain corridor out of Utah. Ron and I discussed what’s happening in Utah, as well as Colorado and Arizona. We’ve covered a number of companies from that area including Pluralsight,
Today’s 352nd FREE online 1Mby1M roundtable for entrepreneurs is starting NOW, on Thursday, May 11, at 8:00 a.m. PDT/11:00 a.m. EDT/8:30 p.m. India IST. Click here to join. All are welcome!
Sramana Mitra: We’re now at the end of 2000. You’ve got this model that is validating. You’re starting to make a little bit of money with which you can pay yourself. What are the next key strategic moves and what were the next key inflection points in the business? Sal Akbani: The next strategic move
Sramana Mitra: How did you mitigate the constrained budget? Mark Dorsey: I’m really proud of this. It’s something that we take a lot of pride in. We identified that we had a very rabid seller fanbase who were willing to do whatever it took to make our company the most successful marketplace online. Realizing that,
Sramana Mitra: Your site operates as a two-sided marketplace except you store the inventory. Sal Akbani: Yes, and we have currently 14 plus 1. Sramana Mitra: What does that mean? Sal Akbani: We have 14 active ones [warehouses] and we have one more coming up in Denver on June. We’re currently also working in Scottsdale
Sramana Mitra: What year did Bill start coding the product? Mark Dorsey: That was in 2007. He started building Bonanza from the ground up. At that time, there were a lot of eBay alternatives. The opportunities were obvious. There were a lot of programs that allowed you to create an e-commerce marketplace by just filling
Entrepreneurs are invited to the 352nd FREE online 1Mby1M mentoring roundtable on Thursday, May 11, 2017, at 8 a.m. PDT/11 a.m. EDT/8:30 p.m. India IST. If you are a serious entrepreneur, register to “pitch” and sell your business idea. You’ll receive straightforward feedback, advice on next steps, and answers to any of your questions. Others can register
If you haven’t already, please study our Bootstrapping Course and Investor Introductions page. Bonanza has scaled to over $75 million in revenue with just $1 million in funding. It was bootstrapped for several years before a penny of external financing was raised. Amazingly crisp execution. A must-read story of how a two-sided marketplace was masterfully seeded and scaled. Sramana