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2011 Timeline

Wednesday, December 28, 11



Photo: Daniel Goodman / Business Insider




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.




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 thatdisrupts 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.




fab.com the pivot

GayFacebook

Gay Yelp

GayFourSquare

GayGroupon

Design Sales

Our team’s passion +Customer Insights

leads to Pivot




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.



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Gained 165,438 opt-in subscribers in 80 days leading up to june 1, 2011)

50% viral from invite links

30% Inspiration Wall users Average subscriber has invited 3 friends, 1 of whom joined

330,000 additional emails of friends yet to convert

Pre-Launch Viral + Social = Rapid Growing Userbase




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 Actual

Plan Actual

12 Days Revenue


fab2011timeline-111228104652-phpapp02

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