fab 2011 timeline
DESCRIPTION
Fab.com's amazing 2011 journey from zero to hero.TRANSCRIPT
2011 Timeline
Wednesday, December 28, 11
What an incredible, rewarding,
humbling, and well designed
journey.
Photo: Daniel Goodman / Business Insider
Wednesday, December 28, 11
JANUARY
We were like Gay Yelp
10 NY employees
Wednesday, December 28, 11
FEBRUARY
We were like Gay Groupon
Wednesday, December 28, 11
FEB 15
Realization:
This isn’t working!
Wednesday, December 28, 11
FEB 20
The Rethink
Wednesday, December 28, 11
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
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
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
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
Big Vision:The Global
Brand Synonymous with Design
Amazon.com for Design
Wednesday, December 28, 11
MAR 9
Coming Soon
4 NY employees
Wednesday, December 28, 11
MAR 20
Begin Viral Mechanics
Holy Crap! 50,000 people join in first 30
days
Wednesday, December 28, 11
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
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
June 9
Launch Day!
Featuring Milton Glaser
Ashton Kutcher Invests
15 NY employees
Wednesday, December 28, 11
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
June 30
The initial reviews are in, and, um,
they like us!
Wednesday, December 28, 11
July 26
350,000 Members
$8M Series A Fundraise led by Menlo Ventures
Wednesday, December 28, 11
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
August
500,000 Members
Inspiration Wall V2: More Social Features
Wednesday, December 28, 11
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
Sept. 15
Fab & Fast Company team
up to launch U.S. Design
Pop-Up Shop
Wednesday, December 28, 11
Oct. 11
Fab goes mobile:
iPhone, iPad, & Android
Wednesday, December 28, 11
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
Oct. 28
Beth joins as COO, Dave as CFO
Wednesday, December 28, 11
October
Orders & Revenue
Continue to Grow
Wednesday, December 28, 11
Nov. 1
Entrepreneur Magazine
We’re not worthy!
Wednesday, December 28, 11
Nov. 14
1 Million Members in just 5 months since
launch.
Wednesday, December 28, 11
Nov.
Holiday Shop
Orders Skyrocket
Wednesday, December 28, 11
Dec. 2
Building A Different Kind of Company
Wednesday, December 28, 11
Dec. 7
Fab.com Raises $40M Series B
Wednesday, December 28, 11
Dec. 15
Live Feed
Wednesday, December 28, 11
Dec. 27 Growth Continues
Wednesday, December 28, 11
140 Team Members Worldide
Dec. 28
We like to rock
Photo: Daniel Goodman / Business Insider
Wednesday, December 28, 11
Wednesday, December 28, 11
And, we’re just getting started...
Photo: Daniel Goodman / Business Insider
Wednesday, December 28, 11
Thank You. Thank You. Thank You. To our customers, employees, designers, partners, investors, and friends.
Wednesday, December 28, 11
Smile, you’re designed to.
Wednesday, December 28, 11