The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
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Hesser divides founders into charismatic vision-sellers and bootstrapped proof-of-concept builders
“There were two kinds of founders. There were founders who were just great at selling an idea, and the idea might not have much substance, or they might not know a lot about whether or not it can work, but they can really just, like, spin a yarn, Get people eng…”
New products lack easy descriptions because consumers demand analogies to familiar businesses
“When you're building something that's new, and that's different, and there's going to be the, that's going to really feel natural in the future, like, people aren't going to necessarily have an easy way of describing it. They always want you to be the Uber of …”
Curated user-generated content allows founders to build media companies far more efficiently
“You can create the sort of foundation of a really powerful media company so much more efficiently because you can do it through user-generated content as long as you figure out a way to curate it.”
Hesser: Food52 initially avoided affiliate links to build reader trust
“Now, that's really common now, and there's a whole, people get affiliate, you know, commissions for that, but we didn't do that, because we did, A, affiliate systems, like, well, they sort of barely existed, and they were wonky. B, we really, it was so importa…”
Venture capitalists completely avoided investing in media businesses during 2009 and 2010
“It was in 2009, 2010, Like, nobody wanted to invest in media.”
Food52 lost a Series B lead investor over a misinterpreted exit discussion
“We had, you know, previously tried to understand what our board, like, how they thought about exits, and like, what were, like, what was on their mind, and it's always a delicate conversation, and I think that conversation for this particular investor, like, s…”
Hesser's debut cookbook pioneered modern seasonal cooking advocacy
“It really is, it was one of the earlier cookbooks that, that celebrated seasonal cooking, and kind of made a point to say that it matters, and that it's a better way of approaching cooking.”
The New York Times judges output over pedigree in a competitive culture
“I actually don't think of the Times as a particularly, like, snobby place about, like, your resume. It's really about the work you're doing. They're really focused on, like, what you're producing. It is incredibly competitive. It's not warm and fuzzy”
Hesser pitched her 2008 startup to Fred Wilson and Betaworks
“And, you know, I look back, and I, you know, I met with Betaworks, I met with Fred Wilson, I met with all these, like, amazing investors who you could never get access to now.”
Amanda Hesser and Merrill Stubbs funded Food52 using their cookbook advance
“We didn't want to have to try to raise money, and so that's where we use the advance money, which is what you usually use to pay yourself as an author. You know, while you're writing the book, we spent all of that on building the site And operating it for the …”
Food52 secured $25,000 angel checks but struggled to find a lead investor
“We definitely had people interested, but we just couldn't get that lead. We couldn't get that one person to be, like, I'm gonna, like, I'm gonna champion this round. There were a lot of people who were like, yeah, I'll put in 25 K or I'll put in this or that.”
Food52 raised a total of $13 million through its Series B round
“I think through the B round, we had raised only thirteen million dollars.”
Hesser received a $10,000 publishing advance for her first cookbook
“It was 10,000 dollars, I believe.”
Hesser self-funded her first startup, Sea Winkle, with her personal savings
“Yeah, so I just, I essentially just funded it with my savings, and I look back at that year as my, as sort of my startup grad school year, because I did nothing but sort of spend money, but and I did. It was, you know, it was in the tens of thousands of dollar…”
Food52 raised a $750,000 seed round primarily from professional angel investors
“And it was 750,000. ... Actually, it wasn't really friends and family. It was actually mostly institutional or professional angel investors.”
Hesser and Stubbs took $50,000 annual salaries following Food52's seed round
“So we gave ourselves 50,000 dollars which is Like what I made in 1997 when I was hired at the New York Times.”
Food52 launched with 10,000 members after an unlisted Vimeo video leaked
“What happened was thousands of people signed up on our splash page, and so, which allowed us to do a closed beta where we could let like a couple hundred people in per day, so that when we finally launched, we already had, you know, like 10,000, I think, commu…”