1. Will 1Mby1M help me pivot from a “growth-at-all-costs” approach to a “profit-first” model, if necessary?
5. If I’ve already invested heavily in the wrong product or strategy, will the program help me recover, or only support those starting from scratch?
Sramana Mitra: That means that you now had to work with customer who had physical locations. Tom Coburn: No, a lot of these were still digital brands. A lot of our customers do have physical locations too, but these were digital experiences you could do no matter where you were. Sramana Mitra: What did that
Sramana Mitra: What did you do after the pivot? Tom Coburn: We try to not talk about 2014 to 2015 because they were very hard years. I remember the Board meeting at the end of 2013 where I said, “We have $1.7 million in the bank. We need to pivot this idea to something different.”
Sramana Mitra: You were recruiting college students. When a brand wanted to do market research, they’d come to your site and you would not only provide them with software to run their surveys but also provide the focus groups. Tom Coburn: Yes. When Dharmesh invested, we were a couple of thousand dollars in revenue. We
Sramana Mitra: Where did the $250,000 capital come from? Tom Coburn: Our first investor was Dharmesh who’s the co-founder and CTO of HubSpot. Sramana Mitra: I just spoke with Dharmesh this morning. You met Dharmesh through Highland? Tom Coburn: No. We’re very thankful to Dharmesh for being our first investor. That spurred a lot of
Tom discusses a very important aspect of building a product company: pivots. Sramana Mitra: Let’s start at the very beginning of your journey. Where are you from? Where were you born, raised, and in what kind of background? Tom Coburn: I was born in a suburb outside of Boston, Massachusetts. It’s where the Boston Marathon
Sramana Mitra: You said you’ve raised about $90 million. With all these changes and pivots, how has revenue in the new model tracked? Are you able to justify that kind of financing from a market cap point of view? I’m not talking about foo-foo market cap. I’m talking about market cap that is derived out