June 2016: Loom was on its last legs. With more than one failed launch + fundraising attempt behind them, the co-founders were maxing out credit cards and had about two weeks of runway left before calling it quits. One idea changed everything: they took a chance on a single piece of their product — the video recorder. They decoupled it from the broader platform they’d been developing, launched it as a standalone offering on Product Hunt, and saw more signups in one day than the past six months combined. Today, the company has raised over $203M and counts 20M users in over 230 countries. Those first months of tumult aren’t the only ups and downs CEO Joe Thomas and his co-founders have encountered in Loom’s journey. And they’re not alone; today’s tech founders are navigating an increasingly difficult economic climate, shifting expectations from investors + employees, and the need to continue to innovate faster — all with fewer resources. In this session, Thomas will share some of the lessons he’s learned throughout the past year and beyond, including the need to make agility your superpower. He’ll talk about the need to balance long-term planning with strategic short-term adjustments for when the curveballs come (because they will). Thomas will also share insight into how other founders — including customers/partners of Loom — are adopting new processes, emerging tools, and shifting workplace norms to adapt. With so much uncertainty still ahead in 2023, it’s important for founders to learn how to take a half step back, reevaluate their game plan, and orient their short-term priorities around customers’ needs.

6. 3 years later, TikTok the most trafficked site in the world,
beating out Google who held the spot for ~10 years
2014 -> 2019 ->
Fastest growing sector of the internet was consumer video;
from 57% of internet traffic in 2012 to 64% in 2014
4 years later, fastest growing platforms are video.
TikTok, first video-only consumer platform, not captured.
2022 ->
Consumer Behavior → Enterprise Behavior
Loom’s Story → Video is Massive & Important

7. Async
Sync
Text Video
Ubiquitous Day-to-Day Communication & Collaboration at Work

9. The Beginning → Opentest
Idea → UXR research platform (via video) to help developers better understand what’s working or not working about their app
Problem → Where’s the network effect / growth loop? Why would someone tell a friend about this?

10. What Did We Learn With OpenTest?
Learning → We believed we had the right market (video) but we were “pushing” into the market vs being “pulled” into the market
Problem → Where’s the network effect / growth loop? Why would someone tell a friend about this?
Solution → Sunset OpenTest UXR business. Focus on where is there distinct customer pain to be solved for?

11. The Pivot → Loom
Problem: Where’s the customer pain point in video? What’s a product so good people tell friends about it?
Solution: Enter screen, mic and camera recording [June 2016]

12. 21M+
Registered Users
800M+
Views
245M+
Looms Recorded
The Pivot → Loom Today
Learning: Deliver a lovable product that solves problems, delights & drives real value for customers.
Question for Founders: Will people tell their friends about your product? If yes, why? If no, pivot! We did :)

14. Empower Effective Communication Via Video Messages at Work
Approach
Make video fast, simple, and
interactive. Purpose built for work.
Storage
Edit
Distribute
Record
Power the Entire Video Stack​
We're enabling the full video stack
to work in harmony​.
Collaborate
Ambitious Vision

15. Async
Sync
Text Video
LOOM STORY
Ubiquitous Day-to-Day Communication & Collaboration at Work
Definite View of the Future

16. Email Stats
(Daily)
1%
3 billion
daily looms
40 million
daily creators
91 billion emails
>100 words
306 billion emails
4 billion senders
HUGE If It Works

18. Viewers
Total Video Views Record a Video
Recording Complete
Share
Video First View
Sign Up / Download
Extension Install
Distribution Strategy. Know How You’ll Grow.

20. Why Startups Win?
One “No” vs One “Yes” [Sam Altman]
1. Why subject ourselves to this pain?
2. Candidly, the three of us were “bad employees”
3. We got told “No” too many times in our corporate jobs
4. Needed to build on our own
5. But we got told “No” A LOT when starting Loom.
6. Our first “Yes” was 6 months in and $25,000 angel check.
7. Finally, after 9 months, with major credit card debt and 10 days of cash left, we got the
Yes. Preseed lead investor.
8. This is the power of startup model. You just need one Yes.

21. Another area where startups usually beat big companies are in very fast changing markets.
Startups great advantage is in agility & speed.” - Sam Altman
An Optimistic Owner who acts with Velocity, keeping it Real and Human.
“Together we can”
“It’s my responsibility”
“Bias for action,
with purpose”
“Say the hard thing,
always”
“With respect and
compassion”
Team Mindset → Loom’s Cultural Values

22. “Finally, startups win on big platform shifts.” - Sam
Altman

24. All credit to Sam Altman for the gold standard framework on building a startup.
Highly recommend watching. How to Succeed With a Startup.
Core Lessons Learned About Building a Startup