Podcast Summary
Balancing work and leisure through rewards and innovation: The Delta Sky Miles Platinum Business American Express Card rewards business travel, while the National Security Agency seeks innovative individuals and E-Vite's founders demonstrate resilience and problem-solving skills in entrepreneurship
Finding balance in work and leisure can significantly enhance business travel experiences. The Delta Sky Miles Platinum Business American Express Card caters to this need by offering rewards for business travel. Meanwhile, the National Security Agency seeks exceptional individuals to contribute to technological advancements and offers a supportive work environment. The story of Selena Tabakawala and Al Leib, founders of E-Vite, showcases the importance of solving problems with simple, convenient solutions, even during challenging economic times. Their online invitation business, which has reached over 100 million people annually, is a testament to their resilience and innovation. In the spirit of entrepreneurship and problem-solving, Guy Raz's How I Built This invites listeners to explore the stories behind the movements they built.
From basketball stats to tech entrepreneurship: Starting with a passion for computers at a young age, she faced gender bias but persevered, leading to a successful tech career and co-founding a company
The speaker's passion for computers started at a young age, influenced by her father's career in programming. She built a stats program for her basketball team, which led to her being voted captain despite her limited playing time. Her interest in computers deepened through summer coding camps and learning various programming languages like Logo, Basic, and Pascal. In high school, she focused on computer science in college and attended Stanford University during the dot-com boom, where the excitement of starting a tech company was palpable. She met a future business co-founder and partner, Al, in her freshman dorm. Throughout her journey, she faced being one of the few girls in tech classes, but her determination to pursue a career in computers never wavered.
From swimmer to computer scientist: Overcoming doubts and finding success: Passion and real-world experience can help overcome doubts and lead to success in chosen field. Early failures are opportunities to learn and persist.
Passion and real-world experience can reaffirm one's abilities and lead to success in their chosen field. The speaker, who started out as a swimmer with a love for computers, faced doubts about his future in computer science after a disappointing freshman year. However, an internship with an investment bank during the summer solidified his passion and skills, leading him to fully commit to the field during his sophomore year. When faced with uncertainty during his time at Stanford, he received an offer from his friend Al to start a company together. Their initial idea didn't succeed, but they persisted and eventually found success. The experience of overcoming early failures and continuing to work towards a goal is a valuable lesson for anyone looking to pursue their passions.
Identifying a gap in the market for personalized homepages: Two determined founders, with minimal resources, created Collage, a personalized web portal, and secured meetings with major portal executives by leveraging their Stanford connections, showcasing the power of innovation and persistence in entrepreneurship.
The founders of Collage, a personalized web portal before the era of Yahoo and Google, identified a gap in the market for customizable homepages. With a minimal budget and a lot of determination, they created a site where users could compile information from various sources and receive updates. The team, consisting of a senior in college and a recent graduate, managed to secure meetings with executives at Excite and other major portals by leveraging their Stanford connections. Despite the uncertainty and lack of a clear entrepreneurial path in 1998, they pursued their vision and impressed potential buyers with their innovative concept of personalization.
Consider all factors before making a decision: Weigh potential risks and consequences alongside people and financial gain when making business decisions to maximize learning opportunities
When making business decisions, it's important to consider the people you're working with, the product or mission, and what you'll learn from the experience. The speaker's father gave him this advice during a time of uncertainty about attending a job fair and starting a business. However, when the speaker and his team signed a licensing deal with Excite, they failed to consider the potential risks and consequences, focusing only on the people expressing interest and the financial gain. As a result, they lost the opportunity to work on their product and learn from the experience until the exclusivity agreement expired. Therefore, it's crucial to weigh all factors and potential outcomes before making a decision.
Staying resilient in the face of setbacks: Persist and adapt in entrepreneurship, pivot when necessary, and focus on consumer market for success.
Persistence and adaptability are key in entrepreneurship. The speakers shared their experience with a failed business deal with Excite, a tech company from the late 90s. Despite not receiving the promised funds and having no product to show for it, they didn't give up. Instead, they went back to the drawing board and came up with a new idea - Evite, a web-based calendar and invitation service for consumers. When they encountered resistance from potential business clients, they pivoted and focused on the consumer market instead. Their determination paid off, and Evite became a successful company. This story illustrates the importance of staying resilient in the face of setbacks and being open to new opportunities.
The user-friendly and viral success of E-Vite, an early online event invitation platform: Creating a simple, user-friendly product and leveraging virality can lead to significant growth in a growing digital market
The success of E-Vite, an early online event invitation platform, came from its simplicity and virality. The founders initially focused on allowing users to easily RSVP and discover who was attending events. The platform's user-friendly interface and various categories made it simple for users to create and send invitations. At its launch in 1998, there were no direct competitors. E-Vite's growth was organic and viral; as users sent invitations to their networks, an average of 18 new users discovered the platform. The platform's free availability and the shift towards electronic communication in the late 90s further contributed to its popularity. The success of E-Vite demonstrates the power of creating a user-friendly, viral product in a growing digital market.
The Shift from Pipes to Communication and Commerce during the Dot-Com Boom: During the dot-com boom, companies focusing on communication and commerce saw significant funding due to high user traffic, even without substantial revenue or sales.
During the dot-com boom, the focus shifted from pipes to communication and commerce. This led to the rise of companies like pets.com, stamps.com, and eVite, which allowed people to buy things and communicate using email and instant messenger. When the founders of eVite had a successful product but lacked business skills, they met Josh Silverman, a business-savvy individual who joined as their CEO and helped them raise $5.7 million from August Capital. At the time, venture capitalists were more focused on the number of eyeballs a company had rather than revenue or sales. Advertising was the core business model, and the understanding was that if a company could grow its traffic, it could attract advertisers. eVite had at least a million users when it was valued over $100 million. The ease of raising money during this era was significant, with companies like eVite raising $37 million for online invitations.
Expanding with Funding During the Dot-Com Era: Despite securing significant funding, Evite struggled to achieve profitability due to high operating expenses and uncertain digital advertising pricing during the late 1990s.
During the late 1990s, Evite, a San Francisco-based tech startup, secured $37 million in funding and used it to expand their team and office space, attract advertisers, and build out various departments. However, despite having big brands on board, they were not yet profitable due to the uncertainty surrounding digital advertising pricing and the high operating expenses. The dot-com bubble's burst in 2000 brought intense pressure to achieve profitability, but prior to that, the focus was on growth and traffic, with little discussion about revenue.
Downsizing and selling during unexpected challenges: Successful companies embrace teamwork, AI, and strong company culture to overcome unexpected challenges and thrive.
Building a successful company takes time, grit, and determination, but even the strongest teams can face unexpected challenges. Selena and Al, founders of E-Vite, experienced this firsthand when they had to make the difficult decision to downsize their team and eventually put their company up for sale during the dot-com bubble. Successful companies like Atlassian, which creates software for team collaboration, understand the importance of teamwork and are embracing AI to help teams make faster, more informed decisions and boost productivity. However, company culture is also crucial for growth and retaining top talent. Atlassian, Insparity, and Canva, sponsors of this podcast, offer solutions to help build strong company cultures and create impactful visual content. Ultimately, individually we're great, but together, we're so much better.
Venture Capitalists Prioritize ROI Over Entrepreneur's Goals: Entrepreneurs must accept VCs' focus on ROI and adapt, even if it means tough decisions like layoffs
The priorities of venture capitalists often differ from those of entrepreneurs, with the former focusing primarily on their return on investment. This revelation was a tough realization for inexperienced entrepreneurs who had poured their hearts and souls into their company, especially when it led to layoffs and the eventual sale of the business. Despite the team's hard work and success, the company's size had to be drastically reduced to become more attractive to potential buyers in a struggling economy. The experience was a painful reminder that the venture capitalists' ultimate responsibility was to their Limited Partners and their funds, and that entrepreneurs must accept and adapt to this reality. The layoffs were one of the toughest days in the entrepreneur's career, as the team had put their faith in the company's growth and made the decision to work there instead of other opportunities. The company went from employing 73 people to just 28, and the layoffs were widely publicized, adding to the emotional toll. Eventually, the company was sold to Ticketmaster, which is now part of IAC.
Sale of Evite leads to corporate life: The sale of a company doesn't always guarantee financial security or personal growth for founders, but new opportunities can bring valuable lessons.
The sale of Evite to Ticketmaster in the late 90s marked a significant shift for the founders, who had invested heavily in the company but saw it no longer making financial sense as a business. The sale allowed the product to live on, but the founders, including the speaker, did not become financially secure as they had hoped. After the sale, they became employees of Ticketmaster and experienced a corporate environment for the first time. Despite the initial intention to leave after a year, the speaker found value in learning from Ticketmaster's leadership and eventually moved on from Evite entirely by 2002. The experience of building and selling a company, and the subsequent transition to working for a larger corporation, provided valuable lessons for the speaker.
Culture and personal reasons led Sabrina to leave Ticketmaster and join SurveyMonkey: Sabrina left Ticketmaster due to cultural misfit after a merger and personal desire to start a family. She joined SurveyMonkey for a better fit and more equity due to pregnancy.
Culture and personal circumstances played significant roles in Sabrina's decision to leave Ticketmaster and join SurveyMonkey. Sabrina stayed with Ticketmaster for six years, working on their European business, but felt the culture was not a good fit when Ticketmaster merged with Live Nation. Additionally, Sabrina wanted to start a family and couldn't continue traveling extensively for work. She met Dave Goldberg, the CEO of SurveyMonkey, and was impressed by his leadership and vision. Just before her interview, Sabrina discovered she was pregnant and negotiated her offer, revealing her pregnancy to secure more equity and a later start date. Despite her initial plans to stay at SurveyMonkey for a long time, Dave's sudden death led Sabrina to reconsider her future at the company.
Starting a business at different stages of life brings unique challenges: Focus on validating product-market fit before raising capital, understanding the importance of leadership, and appreciating the potential impact of exercise on people's lives.
Starting a business at different stages of life brings unique challenges and opportunities. In this case, the speaker, who had previous startup experience in his 20s and now has executive experience, decided to start a health and wellness company, Gixo, with his co-founder. They approached the launch differently this time, focusing on validating product-market fit before raising capital. The speaker expressed that the experience was different due to a greater sense of responsibility as a CEO and the understanding that exercise, their product, is a tough sell but has the potential to make a significant impact on people's lives. The excitement and experience were different as well, with a deeper appreciation for the importance of leadership and the impact it has on employees.
Recognizing the Role of Privilege in Success: Acknowledging privilege is crucial for understanding the full picture of success. Innovative solutions can empower individuals to take control of their health and make informed decisions, leading to significant improvements in their well-being.
Success in life and business is not solely dependent on hard work but also on the privileges and opportunities one has. Selena Tabakawa, co-founder of E-Vite and Gixo, reflects on her journey and acknowledges the significant impact of her upbringing and education on her achievements. She emphasizes that acknowledging privilege is crucial and often overlooked in discussions about success. Tabakawa's innovation, such as coining the term "E-Vite," continues to leave a lasting impact and brings her a sense of pride. Now, Tabakawa is working as the Chief Digital Officer at OpenFit after selling Gixo. Meanwhile, Cygnos, a health technology company, is helping people manage their prediabetes by providing real-time glucose insights and personalized recommendations. With Cygnos, individuals can understand their body's reaction to food and make informed decisions for optimal health and weight management. Tabakawa's story highlights the importance of recognizing the role of privilege in success and the potential of innovative solutions to improve people's lives. By using Cygnos, individuals can take control of their health and make informed decisions, making a significant impact on their well-being.
Discover new stories and keep favorites with Audible: Audible offers a wide range of audio entertainment, including history podcasts like NPR's Throughline, and allows new members to try a free trial. Jamia Ramsey creates inclusive dancewear for underrepresented dancers.
Audible offers a vast selection of audio entertainment, allowing members to discover new stories and keep their favorite titles. The platform caters to various genres, including thrillers, true crime, comedy, history, and more. For those interested in history, NPR's Throughline podcast explores forgotten stories that shaped the world. Meanwhile, Jamia Ramsey's personal experience of feeling misplaced due to not fitting the traditional ballet uniform led her to create dancewear for dancers of color. By producing dance tights and shoes in various skin tones, she aims to make every dancer feel represented and inspired on stage. New Audible members can enjoy a free trial, while those interested in history can explore Throughline.
Reality TV gone wrong and business success: Despite intriguing ideas, reality TV shows can fail when executed without regard for participants' well-being. In contrast, businesses can thrive with careful planning and determination.
The early 2000s saw a surge in the production of reality TV shows with questionable concepts, such as "The Swan," which involved isolating women for weeks, subjecting them to extensive physical transformations, and then making them compete in a beauty pageant. Despite the promising premise, the show quickly turned into a viewing nightmare. This example serves as a reminder that even the most intriguing ideas can go awry when executed without proper consideration for the well-being and dignity of the participants involved. Meanwhile, in the business world, Jamia, the founder of Blends, has experienced significant success with her brand, despite being in its early stages. Her company, which specializes in unique spice blends, has generated approximately $50,000 in sales. Jamia's story was featured on the podcast "How I Built This," and her brand continues to thrive. This contrast between the failures of reality TV and the success of a fledgling business demonstrates the importance of executing ideas with care and attention to detail. Overall, the lessons from these two stories highlight the importance of considering the potential consequences of our actions, whether in entertainment or business, and the power of resilience and determination in achieving success.
