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Soliciting Feedback, Not Funding

Duration: 2:87 Added: Nov 5, 2009 Channel: Stanford ECorner
Rating: (0 ratings) Views: 1 Category: Business
It’s a progressive process and a lot of credit to Soujanya for pushing us on this. It was all about going out and getting feedback repetitively. So we started out by meeting different potential partners. We met with the CEO of Technorati, we met with people at Yahoo!. And it was really all about getting feedback, "How do you see this fitting in with your business? How do you see this fitting in with your user base?" And at one point Soujanya had a contact at Kleiner Perkins named Ajit. Again, same kind of thing. We said, "We wanted to pitch our business model", at the time and we went in got some feedback from him and that got him excited. And then, another partner at Kleiner Perkins, Randy Komisar, who many of you may know from E145, saw it, set up yet another feedback meeting who Austin and I, we'd taken classes with. Then he really caught wind of the bigger vision and really saw it. So again, it wasn't like one day we've arrived. It was progressively going out and getting feedback from different people. And then eventually it started to pick up traction. Tina Seelig: Did you actually have a product? Did you have something to show or was it just an idea at that stage? Soujanya Bhumkar: We did have a product. Basically, we had launched the first product. We had some data to show in terms of what the usability is, what people are using it for, some stats to go along with it. Obviously, we had not raised a penny for a year and a half so the cost side looked very favorable. It wasn't we incurred variable cost and we had to buy 20,000 servers to do this. And then the business model, we had great brainstorming sessions. So I think one of the main things that we had done along with a couple of other folks was continue and try on iterating on the early consequences where all that can be done. And Austin has a big product vision that we need to say, "We can take it this way or we can go that way or we can take it the other way around." So it really is all a...

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