Manish Chandra discusses the evolution of his first startup, Kaboodle, after realizing its initial user base was overwhelmingly women sharing fashion items.
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“And so we ended up focusing a lot of our energy on fashion and women and coined the term in 2006 social shopping.”
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More from Manish Chandra
Insight
Chandra: Silicon Valley excels at software but is not good at managing inventory
“I realized that Silicon Valley, we are good at a lot of things, but managing inventory is not our forte. You know, we think of things as very fluid and consumer and bits and bytes. So I said, that's not that inventory is not a great thing to do, but just, we a…”
Chandra: Poshmark paused marketing for a year, delaying funding by 18 months
“And we cut down growth by taking our marketing and bringing it down pretty close to zero for almost a year before we restarted it while we rebuild the infrastructure. The hard part was that this year of no growth Ultimately meant that to get a real funding rou…”
Chandra: Not all distribution and revenue are good for a startup
“And being an entrepreneur, I was just going wherever the money was, and wherever the distribution was, instead of sort of saying that all distribution and all money is not good for the business.”
“Just adding that sales tax caused the transaction volume to drop, the business growth to slow down, and everything sort of moved down. Derailed our IPO. We could no longer be a public company because we didn't know what was happening at that time, you know. Li…”
Chandra: Poshmark lost money on early orders by charging $5 for $10.50 shipping
“We launched the app with five dollar shipping at that time, and our cost of shipping was turning out to be 10 dollars and 50 cents on an average. And so we were basically losing money left and right on every order.”
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