Shedden: Chroma scaled to 17 employees before generating any meaningful revenue
Miles Shedden · Myles Shedden, Founder of Chroma | How to NOT Find Product Market Fit · PMF Show · Sep 12, 2023 · at 12:36
Miles Shedden is the former founder of proptech startup Chroma. He discusses hiring mistakes and premature scaling.
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“People spending part of their days on chroma was like 17.”
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“You know, that, that business model works, I think, only when capital is cheap, available, and rates are low.”
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“We sort of came up with the solution before we knew the problem. And so we just, you know, just like, oh, we're going to intuit our way to a platform that solves all these problems. And so when we started to have those conversations with landlords, small and b…”
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“We had been approved for a fifty million dollar line of credit at, for credit committee from a major bank contingent on a three million dollar equity raise.”
Shedden: Chroma returned capital after failing three internal business viability tests
“The three questions we asked were, do we think this business model is rock solid? Do we think that we could actually, you know, we go through a downturn for 18, 24 months, 36, whatever it ends up being, and is Chroma a place that A players still want to work? …”