TaskRabbit

“The assignment rate went up. Our close rate went up to over 80%, not 50% anymore. We knew that we were on to something, and then we brought it back to the U.S.”

“But the more users feel their identities and economics are invested in your product, then you are no longer the sole proprietor. Your users are owners too. They may not hold equity or have a parking space in your office lot, But they are part owners in the bra…”

“50% of the people had a bad experience, and they told 10 times more people than the people who had a good experience. That just wasn't gonna work for the long term.”

“We had someone come in for six Six to nine months We ended up hiring too many people, scaling up too fast, the burn got really high, and it was just kind of like, we need to get back to basics here and regroup.”

“And at that point, we were live in London, internationally. London was our fourth largest market. It happened to be IKEA's first largest market in the world.”

“I had a very complicated board dynamic at different points in my TaskRabbit journey, and I was always super sensitive to the imposition that an investor can have on a founder, and I always wanted to be that investor That was going to be really helpful and was …”

“I think my mistake there was that the company was still so young, it was still so early, To remove the founder as the leader. A COO would have been fine. And in fact, the second time around, we brought in an incredible COO that's been on this podcast before, S…”

“I didn't plan the timing like that, but it turned out to be the perfect time to launch a company like TaskRabbit.”

“When we hit 50 people, I feel like everything broke. Communications broke cross-functionality between teams broke, the culture broke everything broke.”

“If I could go back and do it all over again, I would have tried harder from the beginning. To find a co-founding partner. Like before I went to the incubator program, you know, maybe even before I left IBM, I would have taken the time from the very beginning t…”

“From day one, the highest volume task on the site was always Ikea furniture assembly from day one.”

“Technologies like AI, it's a big game changing technology, but the costs are still so high to launch something. I think startups, you know, need to raise a lot more money to get started right now today. Than I did. I mean, I started with 250 K from angel inves…”

“I started with 30 taskers that I handpicked.”

“And I typed in the domain name runmyeran.com, and it was available on GoDaddy for six 99, so I bought it. And then for the first 18 months that we existed, we ran under that name.”

“They haven't absorbed the brand into their own, and they continue to do all the other jobs and tasks that TaskRabbit usually does.”

“I would ask them, what are you saving for me as a company? What do you got earmarked for me in this fund? Right? And I think understanding that along the way would have been helpful in planning how we, how and when we did fund raises.”

“I learned very quickly that by offering a service where you could get anything done, one, people had no idea what to post.”

“As I look back at it was like 27,000 dollars I had earned in my pension plan, and I was like, well, I could take this out and pay the tax penalty, and this is what I'm gonna use to start the company.”

“You'd buy IKEA furniture on checkout. You could sign up to have TaskRabbit, deliver it, and assemble it. Drove up average order value immediately for IKEA.”

“It took six to eight weeks to get something built that I felt like was ready for people to use. And then I said, okay, I need to find people that are gonna do the jobs. And so I went on Craigslist, put it out, put out an ad for someone to run errands.”

“And so once I decided to start a venture firm, all those people who wanted me to do something else, some of them invested in my fund, super excited, to this day, send me great opportunities.”

“I've gone from running a company by the quarter, really every three months you have OKRs and objectives and things that you have to get done, to thinking about what can we, what value can we create in 10 years? So I have to think a lot longer term in what I'm …”