Startup to Exit in18 MonthsLessons learned bootstrapping and selling atechnology startup from Milan to San Francisco. Federico Feroldi - @cloudify
Federico FeroldiIn the web industry since 1996Co-founder and president ofCoderloop, now acquired byGild.comI’m a geek and a programmer,trying to master the art ofentrepreneurship.
About Coderloop“A technology than enables employersto evaluate technical candidateseffectively based on programmingpuzzles and interactive challenges.”
Milestones Full 2KIDEA Time users 1st cust. Acquisition proposalFEB, 15TH JUN, 1ST DEC, 1ST FEB, 20TH JUL, 12TH.2010 .2011 FEB, 23RD JUL, 1ST FEB, 1ST APR, 5TH JUL, 22ND1st line Launch!of code Inc. 1st Term Sheet EXIT
Bad decisions✓ Didn’t verify our business model✓ Realized too late that market size was too small✓ Didn’t set a price on the product from the 1st day✓ No personal income for 18 months
Good decisions✓ Stayed focused: do one thing!✓ Stayed frugal: used only free tools!✓ Kept the team small✓ Waited for investors to come to us✓ Been transparent, asked for advice✓ Targeted the international market
Best lesson ever!Solving a problem that we had is thebest decision we ever made.If you have a problem that yourproduct solve, you are you owncustomer.If many other people have it too, thenyou have a market for your product.