lessons learned from bootstrapping

Lessons Learned from Bootstrapping

Liz Pearce, CEO A look back at LiquidPlanner’s journey

from inception to profitability

@lizprc

2

Seattle-based start-up

Founded in 2007

1200+ Corporate Customers

50 Countries

20 People

Profitable and Growing

Online Project Management Software

My Background Lesson: ignorance is bliss

Two Guys and an Idea a really great

Forming the

Band

Lesson: who you work with matters

Taking on

a BIG,

Stale,

CROWDED

Market

Lesson: Be different and disrupt status quo

Principles

are

Priceless

Lesson: it‘s a marathon, not a sprint - do the right thing

Honesty and transparency

Innovation as differentiator

Play the long game

Always be learning

Priority-based execution

Founders, Angels, Advisors – oh my!

Lesson: stay lean, focus on solving a meaningful problem

Going to Market Lesson: it’s a lifestyle, not an event

Building a Customer-Focused Organization

Lesson: the customers are the rock stars (not you)

Building a Customer-Focused Organization

Lesson: Be loose with ideas & disciplined in operations.

People Repeatable Processes Tools

Product Reinvention

5 laws of

Social Project

Management

Lean Startup Methodology

Design Obsession

Quality Obsession

Image credit Eric Ries / The Lean Startup

Sprint 13 Summer 2008

Ugly baby.

Sprint 38 Now

Sexy.

Business Model Lessons

1. Make a good product that solves a problem 2. Use a subscription model 3. Price the product so that it makes a profit 4. Make it easy to buy 5. Keep people happy

Hitting Key Milestones

and celebrating them with the team First paid customer

First raving fan

First $100k revenue month

Becoming cash flow positive

First $1M year

Becoming profitable

First $250k revenue month

Best workplaces award

Scaling

Shifting focus from research to growth

Peaceful transition of roles

Investing profits

Evaluating growth funding

Moving & hiring!!

#1 challenge: managing growth

Q&A @LiquidPlanner or @lizprc

facebook.com/LiquidPlanner

linkedin.com/company/LiquidPlanner