Sramana Mitra: What did he figure out in terms of how you acquire customers? What is the business model? What is the pricing model for your product? Ben Dilts: One piece of real concrete skill that Dave brought to the table was that he had a history in SEO. He had a good handle on
Ludovic Huraux:The US VCs said, “You have a very interesting model. It’s profitable but it doesn’t mean that it will succeed in the US.” They were scared to invest in a French startup. I was very frustrated. I decided to focus on the French market. I explained to my shareholder that I wasn’t the best
Sramana Mitra: Where was Karl based? Ben Dilts: He’s based here in Utah. As I mentioned, he moved here with his family. He was living here. He had left Google at that time and was looking around and seeing what he wanted to get involved with locally. He had spent most of his time at
Sramana Mitra: How did the community decide who was going to be in versus not? Ludovic Huraux: Because you have thousands of people who decide, it’s difficult to tell you exactly. Most of the time, they want to make sure that the profile is fully completed. It’s a proof of commitment. The picture is important
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