Sramana Mitra: Specifically, what was that all about? What did you need to change in your style of operations? Henry Albrecht: Since our product is about bringing culture to life and helping every employee improve, it has to be adopted at a pretty high level within the company to be successful. We needed the Chief Human
Sramana Mitra: So in 2010, you got a couple of mid-sized customers. What kind of revenue were you able to get to in 2010? How did that correlate with your burn rate? Henry Albrecht: We were still burning fast. We got past the million dollar mark in 2011. I think we went about a million
Sramana Mitra: How did you finance the alpha and beta phases? Henry Albrecht: The first funding came from my life savings of which I put in every dime. Next came friends, family, and mostly Seattle-based angel investors. In 2008 and 2009, we started to accumulate real customers. We started as a 30-person employer. Then, 100 on
Sramana Mitra: Basically, these are forcing functions that are in the hands of corporations or enterprises that if you were trying to do it directly with individuals, you wouldn’t have access to. Henry Albrecht: Yes. Most importantly, work is where most people get the real meaning in their lives. Work is a core part of
Sramana Mitra: What year was that? Henry Albrecht: I quit my job at the end of 2005 and founded the company at the beginning of 2006. Sramana Mitra: This is Limeade, yes? Henry Albrecht: Yes. Sramana Mitra: You have a product management background. Walk me through the product management process that you came up with in turning
Sramana Mitra: What did you do after that? Henry Albrecht: So, I was quite jaded by the world of business. I wanted something with more meaning. Luckily, I was admitted to Northwestern University’s Kellogg Graduate School. Frankly, I wasn’t even sure I wanted an MBA or to be in business at all, but I don’t
Entrepreneurship is a marathon, not a sprint, usually! Persistence pays, as Henry’s story beautifully illustrates! Sramana Mitra: Let’s start at the very beginning of your story. Where were you born, raised, and in what kind of circumstances? What is the backstory to the Limeade story? Henry Albrecht: I was born and raised in Seattle, Washington.