We’ve talked to a lot of these folks. According to the TechCrunch post, Google also agreed to pay $46 million in employee retention bonuses, ballooning the total cost of the deal to $228 million. I think we both shared that from very early on. Then it set off a random exploration of various things that I got excited about. It was well worth the effort, and he says he’s a very different person for the experience.

And basically every round is a bridge round, and you have to recognize that and talk about and internalize what that next set of objectives is. ScriptPad: iPad and iPhone app for doctors allowing them to quickly and safely write prescriptions, RoundPegg: ensure scientifically that new hires fit your company’s culture by suggesting interview questions and psychologically analyzing certain answers, 01:42:00 Tuesday’s guest will be the guys from fflick. It’s basically the same, right? You’re probably kind of running kind of half a dozen different analysis every time, looking at kind of different competitors in the space who have a similarly or smaller kind of market share. It’s not often you come across an up and comer in the business world who’s so quietly powering their way to the top. Basically, it’s not a typical thing that 20 year olds get into, but we were both independently passionate about it. Like I do in my interviews, I asked him about his business and what his revenues are and all the things you’re not supposed to talk about at dinner. We can’t wait to see what he does next. We’ve doubled the team here in San Francisco and invested a lot in sales and marketing, but it just keeps growing, so it’s a high quality problem. It’s so hard and it’s so…there’s so much to be done. It was a complete disaster. Andrew: Let’s call it web crawling. 00:21:30 When did you launch? Today’s guest is a guy who I met at dinner a few months ago. We made mistakes that I don’t want other entrepreneurs to make and if they ask for advice, I’m happy to help. Walker Corporate Law – Scott Edward Walker is the lawyer entrepreneurs turn to when they want to raise money or sell their companies, but if you’re just getting started, his firm will help you launch properly. Please enter your email address to continue, Create products people want (By building in increments), How Russell Brunson solved the biggest challenge of online sales, LeadPages founder on why you should be embarrassed by your first launch. Actually, right around a year, and he said I don’t want four interns in my house, you guys have got to get out of here.

Andrew: Did you take any money off the table with the Sequoia raise? And so the way that your product or service makes people feel is going to be that key thing to generate a memory with them, and through that, drive retention and repeat usage. This is where I’m getting it. They’ve told us all of their preferences and sort of targeting criteria, and I know they’ve done it more deeply with us than any other platform.

Early Dec. 2009, we have 50,000 professional registered, none are srapped. So I went to Columbia because they have a strong neuroscience program, and I jumped in, started taking classes, and I loved it. And so you don’t have product market fit yet. It’s true, we monetize customer contacts or introductions, which you could call a lead I think quite fairly. People’s passions can be kind of dumb or not relevant to the world, but one good thing that comes from pursuing your passions, you tend to actually meet other passionate people. I should have actually known that.

Wait until people hear how you’re doing. While I think it can also be a compliment to labor. What helped you was, because it was all open and available, Google can crawl your site and you’d get all the benefit of SEO. Then it set off a random exploration of various things that I got excited about. It’s estimated he’ll walk away with about $39 million, after having invested about $7 million of his own money in the Series A round. I’m happy also to be on the podcast and talk about my story so other people can see the same thing in themselves. That was like a philosophical approach, but the practical benefit was that having these pros create the profiles themselves made them very unique.

Do we really believe we have to do all this to be successful?” I would love to tell myself that because I think what we would have done is gone back and talked to more customers and said, “You know what? It’s a lot of effort. Andrew: How much money did it take at first? The skill and knowledge that it has to provide unique services that are non-commodified, that are hard to trade. Then I ended up spending a semester, as well, taking off from college and working on this thing.

At some point during this year we’ll either have figured out that this is an obvious thing to buy or we’ll walk away and be sad about. Jason Calacanis hosts This Week in Startups with guest Marco Zappacosta, CEO and Co-Founder of Thumbtack, 00:03:00 Jason met Marco Zappacosta of Thumbtack at Open Angel Forum (SFO) and the reaction was obvious they were going to get funding, Jason is an investor. “As the investigation progressed, I realized there were instances in which I did not live up to the standards and principles of trust, respect and integrity that I have espoused at HP and which have guided me throughout my career. Even if it’s not going to be optimal in the long-term, to survive you may have to do things that don’t scale in order to get revenue or acquire users so that you can fight another day. I heard about all sorts of stuff, probably more than I even remember explicitly.

There are going to be moments where we all believe that it won’t work, and we’re going to begin to lose faith.

It turns out that people are already looking for plumbers online. And if it sounds a lot like Mint, it was exactly like Mint.

But you did that dinner. I think over time as we understand people’s needs better and better and better, we will feel more like a pure concierge offering as opposed to sort of what we have today. Is there a way for us to get in that is unique and differentiated? It’s better to just share that, and engage with it, and help people come to terms with it collectively than try and minimize it. Marco: I mean all of those seem random slash wrong. It turned out not to be the case. In some ways, giving back, too. We’re talking about how to build a $ billion marketplace in this episode with Marco Zappacosta and Pete Flint. That’s from ’09 to sort of ’12 into ’13.

Now, I can say it was worth it; it was right, and it worked. But there were certainly moments in there where it was not obvious. The biggest sort of margin, accretive player in the gig economy space was Craigslist. Would you make an introduction to Dennis? Andrew: The first kernel of the idea, you told Jeremy Weisz in our pre- interview here and Mixergy was a concierge concept. On one hand it’s tough, because it’s a lot to work with and respond to. I think we didn’t give them enough confidence around the unit economics. Andrew: Scott Edward Walker I should say. We are bringing these buyers and sellers reliably in a way the delights both of them, and yeah, we don’t really know how exactly we’re going to make money,” or “We’re doing it this way and we’ll have to figure out a better way to do it tomorrow.” They said, “Yeah, OK. Good luck,” which in retrospect, it makes sense. But, we sort of all did it together. Marco Zappacosta: Google, I think this does not play well with their DNA in the same way that they did not win in e-commerce, because they don’t have the operational willingness to go deep with these pros and these small business owners. That’s clearly a kind of asset to the company, but trying to create vertically specific product experiences that over-deliver in those use cases.

I have the good fortune of being the son of two software engineers and two entrepreneurs, which certainly helped shaped me probably more than I even appreciate because — and this is the thing I reflect most on: they showed me that it’s possible to be a technology entrepreneur. Alejandro: Very cool. I just need to pay for the jobs I want.” Through this transition, it truly changed everything. So, that was the early sort of growth tactic that got it all going. For both sides, this was a material improvement to the alternative because there was less guesswork. Look, at the end of the day we’re a matchmaker and if you can’t come and get matched with the right pro each and every time, you’re going to go elsewhere. What is thier salary (wages)? We think there’s still so much more to do, but we’re further than we ever thought we could be and still not even one step towards where we would like to be over time. All right, then moving on with the story. Andrew: Do they also do sales where they call up professionals and say, “We’re going to set up a page for you,” or any of that? Marco Zappacosta: And that was very clear to us. And if I do those, I know I will be set up to raise a Series B in 18 or 24 months.” The use of proceeds, the sort of goals, should map to what that Series B investor’s ultimately going to look for. You guys are in the venture business. Do you believe the NYT report or the denials? At the time when you saw that, how did you feel when he not only got the glory, but got the actual prize? I think we’ve seen, I guess particularly in your area, how there’s been probably a number of vertical specialists that are hoping perhaps to pick off, just in the way that companies picked off Craigslist back in the day. Marco: I don’t think things have always been easy or gone well. Marco Zappacosta: And that’s true for us. He’s actually on a Board. When you hire a carpenter to refinish your cabinets, he’s going to come and look at your cabinets and give you an estimate. They did a great job. These are entrepreneurs we want to back.” That then closed in January ’12. And our view was like if you create enough value and if you brand it in the right way, and you communicate how seriously you take the whole trust angle, we think you can. That was fun and also very hard. It was an enormous leap, enormous transition that required a big, big change in the amount of trust they had in us. On the other hand, it’s important to have goals and metrics for the long term especially with things that compound. That’s something I keep trying to do. Then finally, you got this idea, and you were thinking about launching the business. They said, “Wow. Andrew: And you can get that by scraping.

In our early experiments, we saw some clear opportunities for making this work, but also some challenges that are going to be really hard to surmount. They didn’t understand why we were changing it.

Marco: I think the biggest thing was the business model question mark. Andrew: How did you find the technical co-founder?

Sure. We’re huge fans.

That’s ultimately what I’m competing with. Why did you guys decide to rebuild the marketplace again? Leading destinations. We bet the company and lots of lessons learned through that all. Now, it’s true that some of that is now mediated through Facebook or through Nextdoor, but the search paradigm is via your social network. But it would never have built the brand that would have been necessary to become the Amazon, the default in the space. I’ll admit, part of me wonders if we actually would have done it if we’d truly known. They raised money, and it was this incredibly bittersweet moment because, on one hand, we were like, “We’re not going to catch these guys. Andrew: Mm-hmm.

We changed the business model, and through that, we changed every pricing model, spam model, the financial model, the data models underneath it all, the infrastructure to support it.

Actually let me try again. I think the team…the most exciting thing was that the team realized that the rest of the world was coming to appreciate what we had done. All the things necessary to figure out whether they could do that job, whether they wanted to do that job, and how much they charge for it.



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