fab 2011 timeline

39
2011 Timeline Wednesday, December 28, 11

Upload: jason-goldberg

Post on 11-Aug-2014

138.191 views

Category:

Business


1 download

DESCRIPTION

Fab.com's amazing 2011 journey from zero to hero.

TRANSCRIPT

Page 1: Fab 2011 timeline

2011 Timeline

Wednesday, December 28, 11

Page 2: Fab 2011 timeline

What an incredible, rewarding,

humbling, and well designed

journey.

Photo: Daniel Goodman / Business Insider

Wednesday, December 28, 11

Page 3: Fab 2011 timeline

JANUARY

We were like Gay Yelp

10 NY employees

Wednesday, December 28, 11

Page 4: Fab 2011 timeline

FEBRUARY

We were like Gay Groupon

Wednesday, December 28, 11

Page 5: Fab 2011 timeline

FEB 15

Realization:

This isn’t working!

Wednesday, December 28, 11

Page 6: Fab 2011 timeline

FEB 20

The Rethink

Wednesday, December 28, 11

Page 7: Fab 2011 timeline

THE PIVOT

We don’t want to spend one more dollar, let alone $1M doing something we don’t have confidence in.

We’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.

Convinced that iterating away in the gay space isn’t going to get us to a $100M opportunity. 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.

FEB 24

The Pivot

Wednesday, December 28, 11

Page 8: Fab 2011 timeline

SUMMARY

Fab.com management is preparing to relaunch fab.com as a private-sales site for design.

The new fab.com will feature daily 70%-off private sales on well-designed products direct from manufacturers.

This shift comes from maniacally paying attention to market feedback. We have uncovered this opportunity from our suppliers and our customers.

Management is confident and enthusiastic about this new direction. We want to build a $100M+ business that disrupts a market and creates value. We no longer believe we can do that in the gay male space while we believe we have keen insight into how to do that in the design market.

We can leverage our user-base and technology as we pivot, plus bring our unique social-media savvy to this market.

To support this move, Jason Goldberg will invest an additional $250,000 into new Fab.

FEB 26

Board Approval:

Restart the business

Wednesday, December 28, 11

Page 9: Fab 2011 timeline

fab.com the pivot

Gay Facebook

Gay Yelp

Gay FourSquare

Gay Groupon

Design Sales

Our team’s passion + Customer Insights

leads to Pivot

FEB 26

Board Approval:

Massive Pivot

Wednesday, December 28, 11

Page 10: Fab 2011 timeline

DIFFERENTIATION

We will be all about good design. fab.com will be synonymous with good design. Other flash-sale sites are all over the map with their product ranges.

Superior user experience

Super use of social. Social is in our DNA.

Make it fun, witty, stuff people get excited about and want to tell their friends about.

FEB 28

The NewFoundation

Wednesday, December 28, 11

Page 11: Fab 2011 timeline

Big Vision:The Global

Brand Synonymous with Design

Amazon.com for Design

Wednesday, December 28, 11

Page 12: Fab 2011 timeline

MAR 9

Coming Soon

4 NY employees

Wednesday, December 28, 11

Page 13: Fab 2011 timeline

MAR 20

Begin Viral Mechanics

Holy Crap! 50,000 people join in first 30

days

Wednesday, December 28, 11

Page 14: Fab 2011 timeline

April 15

Pre-Sales Social Features Launch:

The Fab.com Inspiration Wall.

Social Mood Board.

Give users Something to do (and share!) while

waiting for our sales to launch.

Wednesday, December 28, 11

Page 15: Fab 2011 timeline

Gained 165,438 opt-in subscribers in 80 days leading up to june 1, 2011)50% viral from invite links30% Inspiration Wall usersAverage subscriber has invited 3 friends, 1 of whom joined330,000 additional emails of friends yet to convert

Pre-Launch Viral + Social = Rapid Growing Userbase

June 8

165,000 Pre-Launch Subscribers

500,000+ people invited by friends

Wednesday, December 28, 11

Page 16: Fab 2011 timeline

June 9

Launch Day!

Featuring Milton Glaser

Ashton Kutcher Invests

15 NY employees

Wednesday, December 28, 11

Page 17: Fab 2011 timeline

June 20 - Progress To-Date

$600,000 revenue in 1st 12 days vs. $470k plan for month

$150 average order

Cash flow positive week 3

4k new subscribers / day, viral, 2% daily growth!

$1 per visit across all visits

.85% conversion rate

Plan ActualPlan Actual

12 Days RevenueJune 20

$600k sales in 12 days

215,000 subscribers

Cash Flow Positive

Wednesday, December 28, 11

Page 18: Fab 2011 timeline

June 30

The initial reviews are in, and, um,

they like us!

Wednesday, December 28, 11

Page 19: Fab 2011 timeline

July 26

350,000 Members

$8M Series A Fundraise led by Menlo Ventures

Wednesday, December 28, 11

Page 20: Fab 2011 timeline

August

Our mission: Make People

Smile.

We’re not in the design sales business, we’re in the design inspiration business. Inspire people and the sales

will come.

Wednesday, December 28, 11

Page 21: Fab 2011 timeline

August

500,000 Members

Inspiration Wall V2: More Social Features

Wednesday, December 28, 11

Page 22: Fab 2011 timeline

September

16 new sales events per day, 2000+ new

SKU’s per day

55 Team Members Worldide

Photo: Daniel Goodman / Business Insider

Wednesday, December 28, 11

Page 23: Fab 2011 timeline

Sept. 15

Fab & Fast Company team

up to launch U.S. Design

Pop-Up Shop

Wednesday, December 28, 11

Page 24: Fab 2011 timeline

Oct. 11

Fab goes mobile:

iPhone, iPad, & Android

Wednesday, December 28, 11

Page 25: Fab 2011 timeline

October:Service

Matters More Than Sales.

Sales go up and down. Service lasts forever.

Commitment to invest millions to get this right

Wednesday, December 28, 11

Page 26: Fab 2011 timeline

Oct. 28

Beth joins as COO, Dave as CFO

Wednesday, December 28, 11

Page 27: Fab 2011 timeline

October

Orders & Revenue

Continue to Grow

Wednesday, December 28, 11

Page 28: Fab 2011 timeline

Nov. 1

Entrepreneur Magazine

We’re not worthy!

Wednesday, December 28, 11

Page 29: Fab 2011 timeline

Nov. 14

1 Million Members in just 5 months since

launch.

Wednesday, December 28, 11

Page 30: Fab 2011 timeline

Nov.

Holiday Shop

Orders Skyrocket

Wednesday, December 28, 11

Page 31: Fab 2011 timeline

Dec. 2

Building A Different Kind of Company

Wednesday, December 28, 11

Page 32: Fab 2011 timeline

Dec. 7

Fab.com Raises $40M Series B

Wednesday, December 28, 11

Page 33: Fab 2011 timeline

Dec. 15

Live Feed

Wednesday, December 28, 11

Page 34: Fab 2011 timeline

Dec. 27 Growth Continues

Wednesday, December 28, 11

Page 35: Fab 2011 timeline

140 Team Members Worldide

Dec. 28

We like to rock

Photo: Daniel Goodman / Business Insider

Wednesday, December 28, 11

Page 36: Fab 2011 timeline

Wednesday, December 28, 11

Page 37: Fab 2011 timeline

And, we’re just getting started...

Photo: Daniel Goodman / Business Insider

Wednesday, December 28, 11

Page 38: Fab 2011 timeline

Thank You. Thank You. Thank You. To our customers, employees, designers, partners, investors, and friends.

Wednesday, December 28, 11

Page 39: Fab 2011 timeline

Smile, you’re designed to.

Wednesday, December 28, 11