THE PIVOTWe don’t want to spend one more dollar, let alone $1M doing something we don’t haveconﬁdence in. FEB 24We’ve been iterating on product. Now we are pivoting to a business model.We’ve been doing too much. We will stop doing a lot of things, to focus on one thing. The PivotConvinced that iterating away in the gay space isn’t going to get us to a $100Mopportunity. Meanwhile, we we can see a $100M opportunity in front of us elsewhere.3 criteria: (1) Passionate about it, (2) Can be the best in the world at it (3) Can be$100M+ business,The Pivot: From gay places+deals to doing one thing we can be the best at: DESIGN.
Big Vision: The Global BrandSynonymouswith Design Amazon.com for Design
MAR 19 Begin Viral Mechanics Holy Crap!50,000 peoplejoin in ﬁrst 30 days
April 15 Pre-Sales Social Features Launch: The Fab.com Inspiration Wall.Social Mood Board. Give users Something to do (and share!) whilewaiting for our sales to launch.
Pre-Launch Viral + Social = Rapid Growing Userbase June 8 165,000 Pre-Launch Subscribers 500,000+ people invited by friends Gained 165,438 opt-in subscribers in 80 days leading up to june 1, 2011) 50% viral from invite links 30% Inspiration Wall users Average subscriber has invited 3 friends, 1 of whom joined 330,000 additional emails of friends yet to convert
June 9 Launch Day!Featuring Milton GlaserAshton Kutcher Invests 15 NY employees
July 26350,000 Members $8M Series AFundraise led byMenlo Ventures
Photo: Daniel Goodman / Business InsiderSeptember16 new sales eventsper day, 2000+ new SKU’s per day 55 Team Members Worldide
Oct. 11 Fab goes mobile:iPhone, iPad, & Android
Nov. 14 1 MillionMembers in just5 months since launch.
We want people to LOVE Fab. Dec. 2 Building A Service lasts forever. Different Kind of Company ...we spend most of our time celebrating our challenges...we focus more on why we suck than on why we’re doing well.