Insight
Chopra: A lack of competition does not mean there is no market
“If you can enter a market where there is no competition, and that doesn't mean there's no market, right? No competition doesn't mean there's no market. So I think spending a bit more time Finding that you know, finding that, you know, finding that market where…”
Insight
Chopra: Hardware group buying fails because single returns destroy thin margins
“Amazon is gonna kill us any day because you know, this, you know you know, you make 200 printers, you sell, and you, one comes back, there's no margin. So it's, it was unfortunately learned through a lot of pain that this model is not gonna work as a collectiv…”
Insight
Chopra: Micro SMB owners behave like consumers on B2C social channels
“The SMBs, micro SMBs behave like consumers, right? So they were on Facebook, and our cost per click was, ah, oh my God, it was so, so low, you know, we're talking about cents to the dollar, and we were talking about 20 12”
Insight
Chopra: Social ads work for SMBs because employees befriend managers online
“In SMBs, employees have their managers also on social. So it doesn't happen in enterprise, right? You're not, your manager is not, if you're Oracle, your manager is not your Facebook buddy, but in small businesses, it does happen. And so employees start talkin…”
Insight
Chopra: Outbound sales models do not work for $1,000 deals
“Because the go-to-market model was so expensive, no one's going to do outbound on a thousand dollar deal, right?”
Assertion Not checkable as stated
Chopra: VCs refused to touch SMB SaaS startups in 2011
“After the angel round, we had a very hard time raising any VC then to top up because no one wanted to touch SME back then. So SME was kind of a dirty word, right? The SME businesses really did not make money. SaaS for SMBs was just not there yet, especially th…”
Assertion Not checkable as stated
Chopra: Referring One Zipcar Customer Yielded More Margin Than 100 Printers
“We found that, you know, on one Zipcar business, if I send them one customer, we made more margin than selling a hundred printers, right? And there was no inventory, no hassle.”
Assertion Not checkable as stated
Chopra: Huddlebuy's lead-gen pivot drove over $1M to $1.5M in revenue
“So that was our kind of first pivot, and that actually got us, you know, to you know, over a million, million and a half in revenue.”
Assertion Not checkable as stated
Chopra: Huddlebuy ran at over 70% gross margin on lead generation
“We were running 70% plus gross margin, and you know, it was very profitable, but, you know, we didn't really leave our jobs to create a lead generation ad agency type business.”
Assertion Not checkable as stated
Chopra: Facebook ad costs spiked 6x in three months around 2014
“Facebook's costs went up six X in three months, like literally, and we're like, oh my God, this is not, there's no, I mean, the CACLT will be brutal.”
Disclosure
Chopra: B2B shift increased employee perk contract values up to $5,000
“Instead of selling 200 dollar annual licenses, now we had a product we could sell for 2000 to 5000 dollars, so the unit economics changed, because when you launched Employee benefits or perks to your employees, then you're not paying me for one license. You're…”
Assertion Not checkable as stated
Chopra: Cupcake imagery ad was Perkbox's highest-performing ad ever
“It's still the highest performing ad ever was cupcakes. So the ad was just an image of beautiful images of cupcakes, and we tried everything, we were like, you know, everything the teams tried, and it annoyed a bunch of people, but it just got so many people e…”
Assertion Not checkable as stated
Chopra: Bootstrapped Perkbox scaled from 5 to 60 staff in 18 months
“We had one point we were getting about 5000 inbound leads every month, you know, and as you ramped it up from a few hundred to, you know, a few thousand, you know, we went from salespeople, you know, we went from
I don't know, five to about 60 in the course of…”
Assertion Not checkable as stated
Chopra: Perkbox grew from $1M-$2M to $14M ARR in 2.5 years
“I think we, probably in two years two and a half years, we went from maybe two, I think one or two to about fourteen million dollars, something like that, ARR.”
Disclosure
Chopra: Perkbox raised at $14M ARR partly for early investor secondaries
“We raised At that point in time, so we raised capital then you know, and then so far, very early investors wanted a little bit of secondary, so we raised to, you know, to, you know, to make sure that they are able to, because they have been in the business for…”
Disclosure
Chopra: Perkbox hired its biggest competitor as new CEO
“We brought in a new CEO who has had, actually, he was my biggest competitor.”
