Sam Eitzen describes how SnapBar rapidly built its virtual event software after live event revenue collapsed due to COVID-19.
0:00 / 0:05exact quote · 5.0s
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“Right now we have one developer. One guy on our team has built all of this in the past four months.”
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More from Sam Eitzen
AssertionNot checkable as stated
Eitzen: SnapBar Gift Box Pivot Did $500K in First Three Months
“It was about eight days from concept to when we launched the first website. And then we basically took pre-orders for two weeks to buy us extra time as we sourced small vendors from our first box, which was Seattle. And we sold in the first three months, we di…”
Sam EitzenAug 16, 2020▶ 9:33SnapBar Looses $3m Photobooth Revenue COVID, Pivots in 8 Days, Makes $500k on New Idea, How?
AssertionNot checkable as stated
Eitzen: SnapBar Generated About $3M in Revenue in 2019
“Yeah, about three million in 2019 on track to do four to five, 20 20.”
Sam EitzenAug 16, 2020▶ 2:42SnapBar Looses $3m Photobooth Revenue COVID, Pivots in 8 Days, Makes $500k on New Idea, How?
AssertionNot checkable as stated
Eitzen: SnapBar lost 3 to 6 months of revenue overnight
“I think we lost about three to six months of earned or like potentially earned income overnight and sales since then have continued to be just absolutely dead.”
Sam EitzenAug 16, 2020▶ 4:13SnapBar Looses $3m Photobooth Revenue COVID, Pivots in 8 Days, Makes $500k on New Idea, How?
AssertionNot checkable as stated
Eitzen: Microsoft and Google bought hundreds of gift boxes in bulk
“What we were surprised by when we pushed to e-commerce was that, again, it was these brands, big companies like Microsoft, Google, that would purchase 203 108 hundred boxes in one go. Brand the boxes and send them to all their, you know, people on various depa…”
Sam EitzenAug 16, 2020▶ 5:00SnapBar Looses $3m Photobooth Revenue COVID, Pivots in 8 Days, Makes $500k on New Idea, How?
AssertionNot checkable as stated
Eitzen: SnapBar Gift Boxes Have 40% Gross and ~5% Net Margins
“So our product margin, gross product margin is about 40%. Net business margins maybe five because we're very new at this, and I'm sure we're relatively inefficient in some ways, whereas when we were running a photo booth company, our product margins were 300%,…”
Sam EitzenAug 16, 2020▶ 10:19SnapBar Looses $3m Photobooth Revenue COVID, Pivots in 8 Days, Makes $500k on New Idea, How?
AssertionNot checkable as stated
SnapBar held about $700,000 in cash reserves in February 2020
“About 700,000 dollars.”
Sam EitzenAug 16, 2020▶ 10:52SnapBar Looses $3m Photobooth Revenue COVID, Pivots in 8 Days, Makes $500k on New Idea, How?
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