Sramana Mitra: I need you to step through the process of building this company. Let’s start by zeroing in on the concept that you and Ken agreed on, and how you came up with that concept. Carl Ryden: We started with a general framework of building a business where it has primary value through its
Sramana Mitra: How does the professional services group work? Do you have your own in-house voice people, or once you get the project, you figure it out and use the platform to recruit them? David Ciccarelli: The latter. It’s the same platform and the same talent. The clients either don’t have the time or it’s the
Sramana Mitra: What were you trying to build? Carl Ryden: I wanted to build software that helped manage configurations of home electronics. You can drag them on and it would tell you the best way to hook up your home stereo. It was called hookitupright.com. I built the application and put a lot of time
Sramana Mitra: What year did you do this transaction? David Ciccarelli: That was 2007 as well. You can see these key moments in time. We figured out the two-sided marketplace. We’ve got revenue coming in from two sides. We took a leap of faith to be able to rebrand and relaunch the company. That was
Carl Ryden: We did the Thinkpad 350, 425, 701 and all of that. It was great fun. It was one of the best teams I had ever worked on. While I was there, IBM shutdown the PC company and moved it to Raleigh. They moved all the notebook development to Yamato Labs in Japan, and we were
Sramana Mitra: Of the thousand, what was the split between buyers and sellers? David Ciccarelli: Pretty close to 50/50. That has been our intention right from the get-go back from that partnership agreement. We knew that several marketplaces fail because they focus on one side of the business and neglect the other. We need to
If you haven’t already, please study our Bootstrapping Course and Investor Introductions page. Carl and his co-founders have bootstrapped Precision Lender to over $10M from North Carolina. It’s a superb story, including how the company has formulated an AI agent Andi. Sramana Mitra: Let’s start at the very beginning of your personal journey. Where are you from? Where were
Sramana Mitra: Can you help me understand, timeline-wise, when you managed to get this two-sided marketplace figured out? By the way, this two-sided marketplace going through credit cards and escrow is a very popular trend today. In your evolution, you came to this conclusion organically. When was that in the history of your entrepreneurial journey?