What-if certainty 3/5 debate potential 1/5

Eddy Lu would have written off Grub With Us as an investor

Eddy Lu · 20VC: GOAT's Eddy Lu on Pivoting From Failing Social Dining App To The World's Largest Sneaker Marketplace, How The Best Founders Pick Their Investors & Why It Is Better To Be Hated than Unknown · Jul 27, 2018 · at 9:19

Eddy Lu is the co-founder and CEO of GOAT. He reflects on investors writing off his previous dining startup, Grub With Us, before its pivot to GOAT.

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“If I were them, I probably would have written us off too.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

More from Eddy Lu

Disclosure
Eddy Lu: GOAT faked early seller listings using different Home Depot tiles
“In the beginning, we were the only seller since no seller would wanted to list on code because we were unknown. So what we did is that we went to Home Depot and bought a bunch of different tiles. So you see, you have like the wood tile, those one foot by one f…”
Eddy Lu Jul 27, 2018 ▶ 15:53 20VC: GOAT's Eddy Lu on Pivoting From Failing Social Dining App To The World's Largest Sneaker Marketplace, How The Best Founders Pick Their Investors & Why It Is Better To Be Hated than Unknown
Assertion Not checkable as stated
Eddy Lu: 30% of Yeezy sneaker listings on eBay are counterfeit
“You go to eBay today and type in Yeezy, and about 30% of the listings aren't real.”
Eddy Lu Jul 27, 2018 ▶ 15:07 20VC: GOAT's Eddy Lu on Pivoting From Failing Social Dining App To The World's Largest Sneaker Marketplace, How The Best Founders Pick Their Investors & Why It Is Better To Be Hated than Unknown
Insight
Eddy Lu: Prime physical retail rent is equivalent to digital ad spend
“Well, for me, I don't think it impacts margin structure too much because while there's store overhead, if the store is in a Class A location, it's no different than spending money on Facebook marketing. Instead of spending it on digital ads, you're spending it…”
Eddy Lu Jul 27, 2018 ▶ 18:22 20VC: GOAT's Eddy Lu on Pivoting From Failing Social Dining App To The World's Largest Sneaker Marketplace, How The Best Founders Pick Their Investors & Why It Is Better To Be Hated than Unknown
Insight
Eddy Lu: Founders should execute daily micro-pivots when things are not working
“You make micro pivots even when you're building a startup and you have that initial vision. So for me, it's, you know, whether it's a micro pivot on a daily basis or a big pivot, if you know that something's not working, Just change it up.”
Eddy Lu Jul 27, 2018 ▶ 8:04 20VC: GOAT's Eddy Lu on Pivoting From Failing Social Dining App To The World's Largest Sneaker Marketplace, How The Best Founders Pick Their Investors & Why It Is Better To Be Hated than Unknown
Disclosure
Eddy Lu secretly bought shoes on GOAT to fake their first sale
“And I went in and secretly bought a pair of shoes so that I could tell the team, Hey guys, we sold something today.”
Eddy Lu Jul 27, 2018 ▶ 19:07 20VC: GOAT's Eddy Lu on Pivoting From Failing Social Dining App To The World's Largest Sneaker Marketplace, How The Best Founders Pick Their Investors & Why It Is Better To Be Hated than Unknown
Disclosure
Eddy Lu: GOAT rejected a $5M Series A offer post-Y Combinator
“We went out to raise, and we actually got a five million dollar offer from a top tier VC, and it was sitting for us, waiting for us at the table, and, you know, we saw the valuation. It was a fair valuation, but we actually said, Hey, you know what? We're goin…”
Eddy Lu Jul 27, 2018 ▶ 23:47 20VC: GOAT's Eddy Lu on Pivoting From Failing Social Dining App To The World's Largest Sneaker Marketplace, How The Best Founders Pick Their Investors & Why It Is Better To Be Hated than Unknown
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