Assertion Not checkable as stated
Frankel offered Glass $500k seed funding to withdraw from HBS
“If you are so committed to this that you are willing to drop out of Harvard Business School, just withdraw your admission, not a deferred admission, you actually have to say you're not gonna go. Like, you're just withdrawing. And you can quit and tell Linda at…”
Insight
Glass: Software vendors must sell to restaurant headquarters, not just franchisees
“Enterprise restaurants, you need to go through the proper channels and sell into the enterprise and not just work with individual franchisees or operator groups. Cause it really upsets headquarters, if they haven't vetted the things that.”
Assertion Not checkable as stated
Olo hit profitability in 2012 by pivoting from B2C to B2B SaaS
“And we had just gotten to profitability as a company on the basis of being a B to B platform for restaurant groups in the enterprise segment. And I remember at the time I said, we used to spend a 150,000 dollars per month, and we would get 10,000 new guests fr…”
Assertion Not checkable as stated
Glass pitched NYC restaurants on Shake Shack in 2006, closing in 2014
“I was saying that they were going to be a customer. I really believe that they were truly in my heart. Back in 2006, it took until 2014 for them to become a customer.”
Assertion Partly supported
Glass: Olo 2008 Series A Took 50% Dilution On $7M Pre-Money
“It was on a seven million dollar pre-money. There was a 20% option pool. Added post money. So new investors got half. Existing shareholders were squeezed down to 30% with 20% options for future hires. Highly dilutive.”
Assertion Supported
Glass: Olo reached $121M ARR with $6M lifetime net burn at IPO
“When we went public in March of 20, 21, we were coming right up on a hundred million dollars in revenue for the year 2020. And I'm very proud of this fact. We were, I believe, a hundred and twenty one million dollars of ARR at that point that we went public. O…”
Insight
Glass: Fast casual restaurants adopted digital ordering before coffee shops or QSRs
“Like those fast, casual restaurants were ready to do this long before coffee shops or fast food restaurants were ready to do this. So I guess finding product market fit in like a very niche market of early adopters before getting to generalized product market …”
Assertion Supported
Under 5% of mobile users had smartphones when Olo launched in 2005
“When we had a commercially viable version of Olo in 2005, when we launched it was sub five percent of mobile users that were using smartphones.”
Assertion Supported
In 2004, Symbian dominated smartphone hardware while developers used Windows Mobile
“At the time you didn't have iOS and Android.
You had Nokia running the Symbian operating system, and you had Microsoft Windows running Windows Mobile.
And there's this very interesting problem where most of the devices in the world that were smartphones and ha…”
Assertion Supported
Glass: MOBO built for mobile web before pivoting back to SMS
“So we built MOBO originally for mobile web, and then we built backwards to text message ordering.”
Assertion Supported
Glass: Danny Meyer invested in Olo and joined board around 2014
“Danny Meyer almost concurrently with Shake Shack becoming a customer, became an investor in Olo and joined our board. So he's been a board member for the past 10 years plus as we've been on this journey with Shake Shack.”
Assertion Not checkable as stated
In 2008, Dallas was Olo's only market with LTV greater than CAC
“When we were pouring through the data of like, well, where do we have a scenario where the lifetime value is greater than the customer acquisition cost? We couldn't find it except for Dallas, Texas. Why? Because we weren't spending anything on customer acquisi…”
Assertion Supported
Glass: Olo had lowest net burn in its IPO cohort
“Meritech Capital did a chart of ARR and net burn. We were the lowest net burn of our class of IPOs, and we were the highest ratio of ARR to net burn.”
Assertion Partly supported
Major pizza chains eclipsed 50% digital sales by roughly 2013
“Domino's Pizza Hut and Papa John's the earliest in the online ordering game had all eclipsed. 50% of their sales coming through digital channels.”
Assertion Not checkable as stated
Noah Glass: Early B2C competitor sent Olo tortious interference cease-and-desist
“One of our early competitors in the B to C world sent us a very scary legal letter, a cease and desist letter. And it was accusing us of inducing, what was it? It was tortious interference. We were inducing customers, restaurants to breach their contract with …”
Assertion Not checkable as stated
Glass: Olo took until roughly 2012 to reach $2M in revenue
“I want to say it took us until probably 2012 to get two million. So, like, I, if I think about a 150,000 a month being what we were getting paid at the end of 2012, that pencils to, what, 1.8 millions?”
Disclosure
Glass: Early Olo prototype was built by Evil Ventures for sweat equity
“I don't have any money to pay you.
Could we do a sweat equity sort of thing where you're kind of like earning equity and what will ultimately become a company?
They'd never done that before, but they were into it.
That's how we started working on what became t…”
Assertion Not checkable as stated
Glass: Early MOBO marketing pamphlets taught users T9 texting
“And the early, like, pamphlets that we would hand out included, here's a lesson in how to send a text message using the T nine format, because people were kind of still learning how to do that.”
