The Fab Story After 9 Months - London Web Summit April 19, 2012Presentation Transcript
1 Year after the Pivot
What an incredible, rewarding,humbling, andwell designed journey.
Feb 2011 2 Best Friends1 Failing Business
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 2011Coming Soon 4 NY employees
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
AugustOur mission:Make People Smile.
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.
Dec. 7Fab.com Raises $40M Series B
Dec. 15 SocialShopping
Feb 2012Fab acquiresCasacanda, Launches Fab.de
March2012 3M Members50% from Social 40% Mobile
9 Months of Fab1 Million Products Sold111,111 Products Sold Per Month3,703 Products Sold Per Day154 Products Sold Per Hour2.6 Products Sold Per Minute
2012 On$100M+ Pace
Amazing Designer Stories
And, we’re just getting started... Photo: Daniel Goodman / Business Insider
And, Fab Secretgetting started...The we’re just One Thing Authentic Smile Photo: Daniel Goodman / Business Insider
Smile, you’re designed to.
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Kyosuke Nakajima
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