The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 29 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Smith: Cladwell spiked marketing spend specifically to raise venture funding
“Definitely jacked up marketing. Cause we were about to raise a round of funding.”
Smith: Obsessing over early-stage metrics is just watching the scoreboard
“Cause I feel like at this stage, it's only watching the scoreboard during the game. The truth is, is that you're just trying your very hardest, no matter what the score is.”
Smith: Startups cannot scientifically run price elasticity tests
“It's my opinion that elasticity tests, you really can't do it at our scale scientifically. And so really, I think that it's more of an art than a science.”
Adding more onboarding quiz questions surprisingly increased Cladwell's completion rate
“Actually, the more questions we added up to that point, the more people actually filled it out, which I thought was really interesting.”
60% to 70% of Cladwell mobile app downloaders are active users
“Of those who downloaded the app, 60 or 70% are using it, and so not all of them have switched over, if that makes sense, time are still using the website.”
Cladwell projects reaching $1 million in revenue for 2016
“We're planning to hit a million this year.”
Cladwell issued capped convertible notes with 10% interest and zero discount
“10% interest rate, and no discount. They're capped notes.”
Cladwell has reached 11,500 monthly paying subscribers
“So we have over 10,000 people. That's like 11,500 people paying us now monthly.”
Smith: A startup cannot effectively have two co-head leaders
“You can't really have two, two head leaders in a company.”
Smith: I would have bootstrapped Cladwell if I could do it over
“If I could do it over again, I would have started bootstrapping.”
Cladwell users onboard 40% of their closets in under two minutes
“We get on average, like we see, we can see 40% of a woman's closet onboarded in less than two minutes.”
Cladwell Sees 80% Immediate Onboarding Completion Rate
“We see 80% completion immediately through the onboarding process”
Cladwell's customer acquisition cost sits between $15 and $20
“We're still experimenting a good bit, but we're seeing right around that same range. Like it's around like 15, 20 bucks, something like that.”
Cladwell raised an additional $1.2 million in venture funding
“We raised another 1.2 on top of that.”
Cladwell targets a $10M valuation for its first priced round
“Yeah, as we've modeled it, it's probably, it's around ten million.”
Cladwell spends $30,000 per month on marketing
“We're spending 30 K a month right now in marketing.”
Cladwell sells an app to help consumers buy fewer clothes
“What we sell is we actually sell a tool that helps you, one, get dressed every single day from the items that you already have in your wardrobe, and two, is make sure that that wardrobe is comprised of the smallest number possible of high quality items. So we'…”
Cladwell experiences a 5% monthly user churn rate
“Monthly churn is five percent of our users are leaving monthly.”
Cladwell's average customer acquisition cost is $17
“Yeah, so our CAC is on average about 17 bucks.”
Cladwell launched for men, but women now make up 60% of users
“The reason for that is we actually launched as a men's business, and so we launched our women's business on a whim last fall, just to see what would happen, and women right now are 60% of our business, so that, it's grown really fast based on women, so we're k…”
80% of Cladwell customers accessed the web app via mobile
“80% of our customers were actually using the web app on their mobile device.”
Cladwell plans to raise pricing to $7.99 per month
“By the time this thing comes out, I think it'll be higher than that. I think it'll be seven 99. And then we'll also do an annual subscription for massive discount.”
Cladwell raised $1.8M over two and a half years
“We've raised 1.8 million over the course of two and a half years.”
Cladwell found early growth saturating men's fashion YouTube influencers
“We killed it on YouTube last summer, where we just, we found all the men's thought leaders on YouTube around fashion, and we just did rev shares with those guys, or paid them, and it was incredible, but we saturated the market”