Hank Leber, founder of Vitamin, discusses where his former co-founders landed after their startup GonnaBe shut down.
0:00 / 0:13exact quote · 13.5s
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“My iOS developer, who's a brilliant guy, got snapped away from me by Snapchat. This was two and a half years ago, so that would make him employee number 17 at Snapchat. And now he's the lead of the iOS team over there.”
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More from Hank Leber
Insight
Leber: Building SaaS entirely dependent on third-party platforms is fatally dangerous
“Building a SaaS company on the back of another platform that could kill you is a very dangerous thing to do. And my million run rate business died, but I've, you know, there are 10,000,020 million run rate businesses that also died. Same fate, building on the …”
Hank LeberAug 8, 2018▶ 7:021110 Why His $1.2m ARR SaaS Company Shut Down
AssertionNot checkable as stated
Leber: Twitter suspended thousands of Vitamin's accounts overnight in May 2016
“So May 2920 16. We literally had zeros across our dashboard on the back end looking at all the accounts, and I thought, oh, man, something must be wrong with the dashboard, because there's just no way we could have lost thousands of accounts overnight, and it …”
Hank LeberAug 8, 2018▶ 3:071110 Why His $1.2m ARR SaaS Company Shut Down
Insight
Leber: Early-stage growth marketing cannot be automated
“The learning there about six months in was early stage companies are so needy that that's not really a thing. It has to be a custom build every time across the entire spectrum because they don't know their early stage company, you think about 500 K to a millio…”
Hank LeberAug 8, 2018▶ 8:491110 Why His $1.2m ARR SaaS Company Shut Down
Disclosure
Leber: Vitamin spends zero on outbound marketing, using its own software
“We use our own technology on ourselves so we don't have to Spend on marketing, so to speak. I mean, it's all our own software. So we do not spend on outbound marketing at all.”
Hank LeberJul 16, 2016▶ 15:10EP 357: He Quit His Job, Lost His Life Savings, Then Hit it Big With SaaS Business
AssertionNot checkable as stated
Leber: Vitamin burned its remaining $70K runway in 3.5 weeks
“We had raised about 650 and we had gotten just that month. We got into cashflow positive by about a hundred dollars. So I was like, Hey, this is great. I'm going to go out and fundraise like this. You know, arms crossed instead of like this with hands outstret…”
Hank LeberAug 8, 2018▶ 4:371110 Why His $1.2m ARR SaaS Company Shut Down
AssertionContradicted
Leber: Twitter cut automation tolerance by 80% to 200 actions daily
“It took longer than three weeks to figure out that it was a reduction in the automation threshold. It went from a thousand actions per day down to about 200 per day. So they did an 80% reduction in their tolerance.”
Hank LeberAug 8, 2018▶ 5:561110 Why His $1.2m ARR SaaS Company Shut Down
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