Sramana Mitra: Talk to me about things in a sequential order. Let’s go to the beginning of the company. How did this company get off the ground? How did you pull this together? What worked? What didn’t work? Tell the story. Shaul Weisband: What encouraged us to start the company was the gift registry. This
If you haven’t already, please study our Bootstrapping Course and Investor Introductions page. Jifiti started life as a B-to-C gift-giving service. That didn’t work. Read how they maneuvered their way to a successful B-to-B business. Sramana Mitra: Let’s start at the very beginning of your personal journey. Where are you from? Where were you born, raised, and in what
Sramana Mitra: You talked about working with a syndicate on AngelList. Did 500 Startups introduce you to the AngelList syndicates personally, or did you do that cold? Zvi Band: We did a very good job of building relationships with our customers. One of our customers said, “Hey, I actually know someone who’s a part of
Sramana Mitra: Who was this angel investor? Ryan Caldwell: I don’t have the permission to mention him by name. He’s a rather private person. I had worked with him in the past. He invested in a previous startup of mine. We had a good working relationship. He was familiar with me and my management style.
Sramana Mitra: Let me get a couple of specifics there. What was the price point that you settled on? Zvi Band: We’ve continually changed our prices. When we first launched, we charged $10 a month. By the beginning of 2014, we charged $20 and $40 a month. Sramana Mitra: What does that mean? Zvi Band: We had
Sramana Mitra: The first hundred that you closed, were you able to close them on the phone? Ryan Caldwell: Yes. We had to visit some people but, we were able to close most of them over the phone. Sramana Mitra: Teleweb sales, yes. Of the people that you closed in that first wave of going
Sramana Mitra: When you went to 500 Startups to raise money, what did you have in place? Of all these things that we talked about, how much of this is in place? Zvi Band: We had a prototype and we had around 100 active users. 500 Startups saw that there is a big market here. We
Sramana Mitra: What was the financial engineering behind the acquisition? Ryan Caldwell: We acquired their company for mostly stock in MX. Sramana Mitra: You said you and a few others invested in the company and got things going. At subsequent financings, what were some of the milestones that you managed to knock off? Ryan Caldwell: