Sramana Mitra: Given that was your observation and that was you interest, how did that manifest in the next startup? Yaron Galai: In 2000, I started a company called Quigo. It was a mix of similar ideas that my co-founder and I had started working on independently. We merged it as one company. The idea
Sramana Mitra: Let’s get down to the specifics. We understand iteration. We’ve heard this many times. It’s part of our philosophy as well in terms of the methodology of how we train entrepreneurs. We are completely on the same page with you. Specifically, what were you selling? What was the segmentation emerging out of this
Sramana Mitra: Does that mean that you can charge higher rates for the leads? Are you even able to take a transaction commission? What does that give you in terms of financial metrics? Avi Steinlauf: All of the above. It allows us to work much more closely with our partners, and depending on the individual
Sramana Mitra: Did you have venture capitalists in your early rounds? Avi Steinlauf: There were some small venture funds that were portions of larger companies but none of the blue chip VC funds that you would be familiar with today. Sramana Mitra: When you were raising money at that time, was this part of the
Sramana Mitra: The Internet business model that you were settling on was CPA lead generation or was it just straight up advertising? Avi Steinlauf: CPA lead generation would be a fair description using Internet lingo. That was just the beginning because we were also being approached during the later part of the ’90s by a number
Sramana Mitra: What I’d like to do next is to track the major strategic moves that were responsible for that growth to the extent that you can remember them. Avi Steinlauf: There are two major things that I would refer to. I sometimes refer to these as the business model and the evolution of the
Sramana Mitra: So you’re not a founder of Edmunds? Avi Steinlauf: I’ll tell you a little bit about the history of Edmunds. I think you’ll see it interwoven with some of the things that I’ve mentioned earlier. Edmunds is a majority-owned family business. It’s my family. My father, Peter Steinlauf, who is our active Chairman, was a
As you may know, we just launched a book called Billion Dollar Companies profiling the journeys of entrepreneurs building massive businesses. Edmunds.com may just be another unicorn. Sramana Mitra: Where does your journey begin? Where are you from? Where were you raised and in what kind of circumstances? Avi Steinlauf: Originally, I was born in