Sramana: You started that website while you were in high school. What happened after you graduated? Matt Mickiewicz: The business went really well up until the dot-com crash. All of our advertisers went bankrupt, which make me scramble to find an alternative business model. I turned to book publishing. I published over 70 books in
If you haven’t already, please study our Bootstrapping Course and Investor Introductions page. Matt Mickiewicz, who was named to the Forbes Magazine “30 under 30” list in 2012, co-founded 99designs. The company has hosted more than 200,000 design contests and paid out more than $50 million to designers, while winning a 2010 Webby Award for “Best Web Service” and
Sramana: What did you do, strategically, after you achieved profitability? Dan Rodrigues: Once we turned the corner and made positive cash flow we re-invested it in our business by purchasing more advertising, buying another server or hiring another customer support representative. We started to grow the business slowly but surely. That kicked off act three
Sramana: So the medical billing companies were not the ones paying you? Dan Rodrigues: We sold our software as a monthly fee to the doctors. For us. the revenue was about activating licenses with the doctors via the medical billing offices. We were building out forecasts around a quicker adoption cycle. Doctors were not adopting
Sramana: How much did you raise in your first round? Dan Rodrigues: We raised $2 million. That was in 2005. Sramana: What is interesting in healthcare IT startups in that time is that the rest of the market had not figured out that it was a hot space. VCs realize that something is hot at
Sramana: You were working as a consulting developer for a small company to develop a medical front office management and billing solution. Did you decide to spin that out as a new company? Dan Rodrigues: As that project grew in scope, I started getting more and more excited about healthcare. I learned that the healthcare
Sramana: What did you do after you sold the company in 2000? Did you make enough to fund your next company? Dan Rodrigues: I made enough to take a few years off and fund my next venture, but not enough to retire on. After we sold that company, I teamed up with two of my
Sramana: You had some good work experiences while you were a student at the University of Washington. When you returned to California to attend UCLA, did you find similar opportunities? Dan Rodrigues: After I returned to Southern California to attend UCLA, I got involved in the computer science department there. I ended up meeting up