Sramana Mitra: That’s great. In all two-sided marketplaces, the chicken-and-egg problem is huge. The fact that you were able to mitigate that with these non-profit organisations is a great strategy. The counterpart then becomes, what is the business model? Brian Loew: We don’t charge anything for patients. Our customers are pharmaceutical, biotech, and device companies.
Kerry was brought into ChooseEnergy by Kleiner Perkins along with the seed funding. Since then, she has raised $25 million and is running a traditional venture-funded company. This interview includes a discussion on the controversial subject of women in technology and venture capital. Sramana Mitra: Let’s start at the very beginning of your journey. Where
Sramana Mitra: Social media hasn’t quite taken off yet. 2004 was the beginning of Facebook. Brian Loew: That’s right. You didn’t have vertical social networks. You had message boards. There were some message boards, as you remember, that were good. We thought that there was some opportunity here. I got some friends with web background
Sramana Mitra: How much of this is already in the market and how much of this is still in development? Will Fleming: It’s hard to quantify but some is in the market in terms of capability baked into the current offering. Certainly, the majority is in development. Sramana Mitra: This part of the pivot has
Sramana Mitra: What kind of revenue level did you get to with that company? Brian Loew: Somewhere between $15 million to $20 million. We sold that in 2000. One of my Board members was the former President of the Washington Post. I was exhausted after that. He said, “Why don’t you go to the Washington
Sramana Mitra: When you were describing this localisation thing, I was thinking, “Okay, it’s not just doing a site in another language. Selling in another geography is a whole different ball game.” Will Fleming: Exactly. Our customers were telling us this and we were thinking, “That’s not our business. We don’t have this capability and
Brian and his team went five years with little or no revenue. Revenues started flowing in year six, and now, in the 10th year, the company is doing over $5 million in revenue, growing 80% y-o-y. Read Inspire’s journey of resilience and persistence. Sramana Mitra: Let’s start at the very beginning of your journey. Where
Sramana Mitra: I’m going to ask a couple of details about the structure of the business. What is the average deal size of one of these clients? Are we talking in the hundreds of thousands or millions? What average size contracts are these? Will Fleming: We do deals as small as tens of thousands and