Sramana Mitra: This is actually a great story. I love stories like this. There’s another entrepreneur whose story I’ve covered. For the first four years, he had no revenue. In the fifth year, they had a million dollars in revenue, and in the sixth year, $100 million. If you’re interested, you can check out his
Sramana Mitra: What were the milestones in your first year of running this? Kerry Cooper: I think there are probably many ways you could look at what the milestones are. We started with six employees. We are 43 today. There is a lot of team growth. We have a great team now. Frankly at 43, it’s
Sramana Mitra: If you have the stomach and the resilience to stick it out, it gives you the ammunition and ability to gather up a lot of competitive advantage. It’s not easy to build up that kind of competitive advantage in a short order. It’s just a matter of time. If you can survive those
Sramana Mitra: Let’s track the story of how you got this going. What was the beginning of the business? How did you get it started? Did you raise money or did you bootstrap? Give me more color on the entrepreneurial journey. Kerry Copper: Our founder is Jerry Dyess. He built this business out of his
Sramana Mitra: In that revenue model, what does an average deal size look like? Brian Loew: I’ll answer that but also, the other part of research that has actually become larger than that is the market research side of it where pharmaceutical companies want to know about patient perspectives on things. Typically, a pharma will
Sramana Mitra: Six years at Levi. That brings us to 2008? Kerry Cooper: Right. Then in 2008, I left to join Walmart.com. I had a hundred-person team at Levi’s and I left to go to a three-person team at Walmart where I ran business development first. I had this entrepreneurial job. I launched Marketplace, which
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