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Andrea Barrica,
venture partner/EIR @
@abarrica
From Vitamin to PainKiller:
Story of
!
!
!
$1.1M seed
!
!
2011
(private chefs)
2011
We weren’t making money.
!
Steve Blank, a forefather of “Lean Startup”
“Congratulations,
you’ve failed!”
5 Lessons
!
(on how to bootstrap a startup
after burning $1M)
Lesson #1
don’t look back
we fired everyone
(even our customers)
Lesson #2
back to basics:
find the pain
Lesson #3
empathy pay$
!
be delightful,
get referrals
=
$1M ARR in 10mo
"inDinero has saved us thousands of
dollars and reduced the amount of time I
spend thinking about accounting by
many hours...
Lesson #4
beware metrics that
don’t matter
the vitamin:
20K “users”
“5M transactions/month”
“$2B processed”
the painkiller:
!
$315K MRR
-400+ paying customers
!
-growing 2x YoY
!
-99% MoM retention rate
!
revenue
MoM % growth
CAC vs. LTV
% referrals
WAU/DAU
!
Lesson #5
find pain first,
then worry about scale
!
“not scalable?”
315K MRR!
99% MoM retention rate
80% gross margins
Bonus Lesson:
diverse teams win
!
Diversity will make you more money.
!
+women
+minorities
+introverts
+high empathy
+all ages
!
Andrea Barrica
@abarrica
andrea@500.co
Hvala lijepa!
Shift Conference 2015 - Andrea Barrica (500 Startups)
Shift Conference 2015 - Andrea Barrica (500 Startups)
Shift Conference 2015 - Andrea Barrica (500 Startups)
Shift Conference 2015 - Andrea Barrica (500 Startups)
Shift Conference 2015 - Andrea Barrica (500 Startups)
Shift Conference 2015 - Andrea Barrica (500 Startups)
Shift Conference 2015 - Andrea Barrica (500 Startups)
Shift Conference 2015 - Andrea Barrica (500 Startups)
Shift Conference 2015 - Andrea Barrica (500 Startups)
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Shift Conference 2015 - Andrea Barrica (500 Startups)

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Andrea Barrica, Entrepreneur in Residence at 500 Startups, was at Shift Conference 2015 in Split, Croatia to talk about how they turned inDinero From Vitamin to Painkiller.

See video of her presentation here: http://youtu.be/GNeTwwQgqu8

Published in: Technology
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Shift Conference 2015 - Andrea Barrica (500 Startups)

  1. 1. Andrea Barrica, venture partner/EIR @ @abarrica
  2. 2. From Vitamin to PainKiller: Story of
  3. 3. ! ! ! $1.1M seed ! !
  4. 4. 2011 (private chefs)
  5. 5. 2011
  6. 6. We weren’t making money. !
  7. 7. Steve Blank, a forefather of “Lean Startup”
  8. 8. “Congratulations, you’ve failed!”
  9. 9. 5 Lessons ! (on how to bootstrap a startup after burning $1M)
  10. 10. Lesson #1 don’t look back
  11. 11. we fired everyone
  12. 12. (even our customers)
  13. 13. Lesson #2 back to basics: find the pain
  14. 14. Lesson #3 empathy pay$ !
  15. 15. be delightful, get referrals = $1M ARR in 10mo
  16. 16. "inDinero has saved us thousands of dollars and reduced the amount of time I spend thinking about accounting by many hours a week. A fantastic investment." ! - Kaz, CEO of Kash
  17. 17. Lesson #4 beware metrics that don’t matter
  18. 18. the vitamin:
  19. 19. 20K “users” “5M transactions/month” “$2B processed”
  20. 20. the painkiller:
  21. 21. ! $315K MRR -400+ paying customers ! -growing 2x YoY ! -99% MoM retention rate
  22. 22. ! revenue MoM % growth CAC vs. LTV % referrals WAU/DAU !
  23. 23. Lesson #5 find pain first, then worry about scale !
  24. 24. “not scalable?” 315K MRR! 99% MoM retention rate 80% gross margins
  25. 25. Bonus Lesson: diverse teams win
  26. 26. ! Diversity will make you more money. ! +women +minorities +introverts +high empathy +all ages !
  27. 27. Andrea Barrica @abarrica andrea@500.co Hvala lijepa!

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