Steve Papa, founder of Endeca, discusses the direct ROI that e-commerce optimization and faceted search provided to online retailers.
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“You improve site performance a percent or two, you're going to sell 10% more, believe it or not.”
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More from Steve Papa
Opinion
Papa: VCs succeed through luck and portfolio theory, not picking genius
“The thing about venture capital is you have folks that are wrong more than half the time, yet claim their geniuses that they knew exactly the right companies to pick. It's really portfolio theory. That's their friend. They're getting lucky. It'd be much more h…”
Steve PapaApr 4, 2022▶ 40:09Steve Papa – Entrepreneur's Perspective on Venture, Venture is Eating the Investment World 13 (Capital Allocators, EP.244)
AssertionNot checkable as stated
Papa: Institutional allocators never reach out for backdoor VC references
“What surprises me is I have yet to have an allocator reach out as a backdoor reference. It's never happened. They basically take the references that the firm offers, and that's who they call.”
Steve PapaApr 4, 2022▶ 43:35Steve Papa – Entrepreneur's Perspective on Venture, Venture is Eating the Investment World 13 (Capital Allocators, EP.244)
Disclosure
Papa Seeded Toast With $500K Expecting an Early Acqui-Hire
“I'll commit the first 500 K. If you pay me that back in the next few years, you'll get most of the equity back. Pretty aggressive terms because it was going to be an acqui-hire and I should get some return if it is. 250 K into that, they started to displace th…”
Steve PapaApr 4, 2022▶ 33:25Steve Papa – Entrepreneur's Perspective on Venture, Venture is Eating the Investment World 13 (Capital Allocators, EP.244)
AssertionSupported
Toast laid off half its workforce eight weeks after February 2020 funding
“They just closed the financing in February. They were gearing up to double the size of the company, double the team, And by the end of March, probably eight weeks after that closed, instead we were announcing we had to let go half the company because we couldn…”
Steve PapaApr 4, 2022▶ 34:29Steve Papa – Entrepreneur's Perspective on Venture, Venture is Eating the Investment World 13 (Capital Allocators, EP.244)
Insight
Papa: Early-stage venture will always be regional because trust requires prior relationships
“One of the reasons you're always going to have some regional nature in the earlier stages of these is if you're backing great people, it tends to be someone you already know. You're going to have more confidence. You're going to stretch more. You're going to s…”
Steve PapaApr 4, 2022▶ 37:10Steve Papa – Entrepreneur's Perspective on Venture, Venture is Eating the Investment World 13 (Capital Allocators, EP.244)
Opinion
Papa: Boston VC historically replaced founders with hired-gun CEOs to flip companies
“Historically, Boston was more conservative and they wouldn't swing for the fences. The Boston venture scene was very much, we're going to put in place a hired gun CEO. When that person's done vesting, they're going to want to flip the company and go to their n…”
Steve PapaApr 4, 2022▶ 37:33Steve Papa – Entrepreneur's Perspective on Venture, Venture is Eating the Investment World 13 (Capital Allocators, EP.244)
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