Sramana Mitra: How long have you sold the service? Stephanie Leffler: We started in January 2011 – about five years. Sramana Mitra: Tell me a little bit more about how this services business ramped up. Amazon was sending you people. You were managing their larger Mechanical Turk project using your platform. Did all leads come from
Stephanie Leffler: I remember Amazon called us about a year into this project and said, “How are you pushing so much work through Mechanical Turk?” We said, “We built this software platform to manage it, so it’s really easy for us to push a lot of work out there.” They asked us to come out
Sramana Mitra: All this was organically built or did you raise any financing in this process? Stephanie Leffler: We didn’t raise any financing. We’re both very happy at this point that we didn’t. It wasn’t really by design but it was more because we didn’t even understand that those sort of things were available. Sramana
Sramana Mitra: You’re going way too fast for the story. Remember, we are doing an Entrepreneur Journeys story. Stephanie Leffler: The key portion of switching gears from trying to be a retail business to starting our e-commerce journey was out of complete necessity. We were in a situation where we didn’t have enough money to
If you haven’t already, please study our Bootstrapping Course and Investor Introductions page. Stephanie bootstrapped her first company to $20 million in revenue from St. Louis. Her second, also from St. Louis, is venture-funded and crossed $10 million in revenue last year. Awesome entrepreneur, inspiring woman! Sramana Mitra: Let’s start with the very beginning of your journey. Where are you
Sramana Mitra: How do you charge? Is it a per user pricing model? Karl Mehta: The pricing model is exactly like Salesforce or Slack. It’s a per user per month model. It’s close to $5 to $7 per user per month. It ratchets down with volume. If you have more than 10,000 employees, you get
Sramana Mitra: To what extent are your corporate clients specifying what areas they want learning content in, which then drives your strategy of finding people who can produce that content and deliver that content on your network? Karl Mehta: When a corporate client sets up EdCast, they tell us the topics for which they set up
Sramana Mitra: This is funded by Menlo? Karl Mehta: Menlo was one of the investors, but the round was led by SoftBank Capital. Sramana Mitra: What, in a nutshell, is the premise of EdCast? Karl Mehta: EdCast is a knowledge network for anyone to develop lifelong learning as a passion. We have a knowledge economy