Sramana Mitra: We’re now in mid-2009? Ben Dilts: That’s right. At this point, it was still very much a one-man show. I may have collected a grand total of a few hundred dollars in revenue from some users. It was a product but it was in no way a company at that point. When I
Ludovic Huraux: Because the concept was very different, we had a lot of journalists who wrote about how attractive we are. There were a lot of bloggers who covered us. We got traction very quickly in France. A lot of our users organized events. I raised money. The first round was €500,000 with private investors. Then
If you haven’t already, please study our Bootstrapping Course and Investor Introductions page. Utah is becoming a wonderful hub for capital efficient technology entrepreneurship. People are not as delusional about artificial Unicorns, gratuitous fundraising, and high burn rates. They focus, instead, on fundamentals. Sramana Mitra: Let’s start at the very beginning of your journey. Where are you from? Where
If you haven’t already, please study our Bootstrapping Course and Investor Introductions page. Entrepreneurs have done crowd funding before the term crowd funding existed. Ludovic’s story is a very interesting case in point. Sramana Mitra: Let’s start by going to the very beginning of your personal journey. Where are you from? Where were you born, raised, and in what
Sramana Mitra: You had $6 million in funding. What happens next? Justin Moore: The 2008 financial meltdown happened a week later. Sramana Mitra: But your money was in the bank before the financial meltdown. Justin Moore: One week before—September 8, I believe. About a week later, you had the financial meltdown. You can imagine trying
Sramana Mitra: Can you walk us through the progression of how many partners you had in year one and so on. How did that number ramp up? Justin Moore: I couldn’t tell you what the actual numbers were, but it grew rapidly and exponentially. We went from signing two partners a month in the first
Sramana Mitra: Where were you positioning this? Was this for small businesses? Was this for mid-sized businesses? Where was the sweet spot? Justin Moore: In the early days, the sweet spot was sub-20-employee companies. We had this concept of trying to empower small businesses to run with the resilience of an enterprise. How do we empower the
Sramana Mitra: We’re now in 2006? Justin Moore: Yes. Sramana Mitra: What did you do next? Justin Moore: We started thinking conceptually about Ancient in 2006 and started investing seriously in 2007 and all of 2008. I took a bit of time quite frankly. I moved from the Peninsula up to San Francisco. I was