bootstrapping 101: perblue @ gdc europe
DESCRIPTION
Justin Beck, CEO of mobile and social gaming company PerBlue, give his Bootstrapping 101 presentation at GDC Europe. For questions or feedback, email [email protected]TRANSCRIPT
![Page 1: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/1.jpg)
Bootstrapping 101: How college kids built a thriving game company in under 3 years
Justin Beck Co-Founder and CEO
PerBlue, Inc
@PerBlue @JustinKBeck
![Page 2: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/2.jpg)
![Page 3: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/3.jpg)
![Page 4: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/4.jpg)
![Page 5: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/5.jpg)
![Page 6: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/6.jpg)
![Page 7: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/7.jpg)
Virtual Goods Expenses
Purchase Swag 37% Level Up 22% Refine Oil 15% Customize Weapons 16% Change Skill 10%
![Page 8: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/8.jpg)
Our Revenue
$0
$50,000
$100,000
$150,000
$200,000
$250,000
Jan
-10
Feb
-10
Mar
-10
Ap
r-1
0
May
-10
Jun
-10
Jul-
10
Au
g-1
0
Sep
-10
Oct
-10
No
v-1
0
De
c-1
0
Jan
-11
Feb
-11
Mar
-11
Ap
r-1
1
May
-11
Jun
-11
Jul-
11
Au
g-1
1
Sep
-11
Oct
-11
No
v-1
1
De
c-1
1
Jan
-12
Feb
-12
Mar
-12
2010 2010 2012 2011
![Page 9: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/9.jpg)
Our Users
• 1.5 million user accounts • 15,000 DAU
40 – 50 Cents per user, per day
• 50,000 MAU • 1,500 concurrent players • 70% male, 30% female • 65% USA, 35% rest of the world • 85% Android, 15% iOS
![Page 10: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/10.jpg)
![Page 11: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/11.jpg)
![Page 12: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/12.jpg)
How did this start?
![Page 13: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/13.jpg)
![Page 14: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/14.jpg)
![Page 15: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/15.jpg)
![Page 16: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/16.jpg)
![Page 17: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/17.jpg)
![Page 18: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/18.jpg)
![Page 19: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/19.jpg)
![Page 20: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/20.jpg)
![Page 21: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/21.jpg)
![Page 22: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/22.jpg)
![Page 23: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/23.jpg)
We got offered really early money.
![Page 24: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/24.jpg)
Take The Money or Bootstrap?
![Page 25: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/25.jpg)
Why did we turn it down?
![Page 26: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/26.jpg)
Terms That Stink
• Small investment
• 1 board seat out of 3
• 10% share of the company
• Preferred Stock – protective provisions
![Page 27: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/27.jpg)
We didn’t trust them.
![Page 28: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/28.jpg)
We’re officially Bootstrapping.
![Page 29: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/29.jpg)
![Page 30: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/30.jpg)
Sleep!
My life @ Microsoft
![Page 31: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/31.jpg)
The real cost is not just time.
Stress
Focus
![Page 32: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/32.jpg)
Microsoft offered me a great job.
![Page 33: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/33.jpg)
Take M$ job or continue to bootstrap?
![Page 34: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/34.jpg)
Why did I turn down the job offer?
![Page 35: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/35.jpg)
Mobile Opportunity
![Page 36: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/36.jpg)
Microsoft will always be around.
![Page 37: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/37.jpg)
![Page 38: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/38.jpg)
![Page 39: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/39.jpg)
The real value isn’t the money.
Education
![Page 40: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/40.jpg)
Don’t let upfront cash buy you.
![Page 41: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/41.jpg)
Let’s do the math
40 hr/ week x 52 weeks___ 2080 hours 3 hr/ trip x 15 trips on the boat 45 hours
Is $35k worth 45 hours of fun and 2080 hours of misery?
![Page 42: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/42.jpg)
![Page 43: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/43.jpg)
Assembling the team
![Page 44: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/44.jpg)
Stock Options
![Page 45: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/45.jpg)
How do stock options work?
![Page 46: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/46.jpg)
Early Stage Employee Stock Options
• Really low price per share
• PT work .1% for a year
• FT work .4%-.8% for a year
![Page 47: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/47.jpg)
Key to compensation: Good outcomes for the company and employees.
![Page 48: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/48.jpg)
Why did people choose this?
![Page 49: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/49.jpg)
After 11 months of development…
![Page 50: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/50.jpg)
We still weren't shipped.
![Page 51: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/51.jpg)
![Page 52: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/52.jpg)
We have to ship.
![Page 53: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/53.jpg)
Kingdoms Send Messages Crafting Mines Caves Warp travel Armories Crystal Oil Weather Towers Leveled Weapons Ranged Weapons Pets Mini games Trading Merchants Mingling Female character Flags
Spells Water Event feed Alliances Geotargetted marketing Ranged weapons Magic Web view Tutorial Customizable items Item naming Territory naming Sheep Avatar customization Dungeons Collect Gold Payment Subscriptions Tradeposts Claiming Land
Invites Cities Global chat Quests Giant turtles Scrolls Grove Rankings Kill Monsters Hats Research Academies Armories Societies Oxen Sign Posts Flowers Statuses Larva Plants
![Page 54: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/54.jpg)
The easiest way to kill your company is by not keeping an eye on scope.
![Page 55: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/55.jpg)
![Page 56: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/56.jpg)
We launch!
![Page 57: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/57.jpg)
![Page 58: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/58.jpg)
Some Context
![Page 59: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/59.jpg)
“Got a lot of potential.”
![Page 60: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/60.jpg)
“I don’t have enough creatures in my circle.”
![Page 61: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/61.jpg)
“I am sick of driving around.”
![Page 62: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/62.jpg)
People don’t move.
![Page 63: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/63.jpg)
“I hit my neighbor’s cat while driving because I was playing PK.”
![Page 64: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/64.jpg)
How do we make a location-based game not so... location-based?
![Page 65: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/65.jpg)
Sh*t.
![Page 66: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/66.jpg)
There is more to location than just being there.
![Page 67: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/67.jpg)
![Page 68: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/68.jpg)
![Page 69: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/69.jpg)
![Page 70: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/70.jpg)
Bam
![Page 71: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/71.jpg)
We adjusted our strategy.
![Page 72: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/72.jpg)
We’re broke.
![Page 73: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/73.jpg)
When you’re out of money, the ship stops.
![Page 74: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/74.jpg)
Initial Revenue Model: Subscription Based
![Page 75: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/75.jpg)
This was before Virtual Goods were pop culture.
![Page 76: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/76.jpg)
But we were scared of a pay wall.
![Page 77: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/77.jpg)
![Page 78: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/78.jpg)
Virtual Goods Expenses
Purchase Swag Level Up Refine Oil Customize Weapons Change Skill
![Page 79: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/79.jpg)
Where players spend Food is important.
![Page 80: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/80.jpg)
Tradeposts
![Page 81: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/81.jpg)
We had the revenue model.
![Page 82: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/82.jpg)
We needed money to launch.
![Page 83: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/83.jpg)
How can we fund this?
Angel or VC round
Friends and Family round
Start doing contract work
![Page 84: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/84.jpg)
Friends and Family
![Page 85: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/85.jpg)
Friends and Family: Important Things
![Page 86: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/86.jpg)
Family and Friends Terms
• $72,000
• Common Stock
• 3.5% of the company
![Page 87: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/87.jpg)
The night before launch…
![Page 88: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/88.jpg)
It Worked!
![Page 89: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/89.jpg)
![Page 90: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/90.jpg)
Raising Growth Capital
![Page 91: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/91.jpg)
Raising Growth Capital
• We were profitable
• We employed 7 full time people
• Increasing cash flow
• Had a solid team
![Page 92: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/92.jpg)
Many investors asked us to move to CA.
![Page 93: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/93.jpg)
Perks of being in the Bay
![Page 94: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/94.jpg)
Perks of not being in the Bay
Madison, WI
![Page 95: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/95.jpg)
The Results
• Oversubscribed
• Looking for $300k, total of $800k raised
• Good investors that are trustworthy
• 40% West Coast, 60% Midwest
![Page 96: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/96.jpg)
![Page 97: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/97.jpg)
Scaling Revenue
![Page 98: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/98.jpg)
Niche products have more legs than you think.
![Page 99: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/99.jpg)
Stay Laser Focused
![Page 100: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/100.jpg)
Starting multiple new products with small teams didn’t work.
![Page 101: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/101.jpg)
Things that worked
![Page 102: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/102.jpg)
Improving new player experience
![Page 103: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/103.jpg)
Optimizing profitable features
![Page 104: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/104.jpg)
Improving referral systems
![Page 105: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/105.jpg)
Improving payment flow
![Page 106: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/106.jpg)
Investing in ROI positive marketing
![Page 107: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/107.jpg)
Scaling Customer Acquisition
![Page 108: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/108.jpg)
Cost of Customer < LTV of customer
![Page 109: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/109.jpg)
Cash flow growth is awesome.
![Page 110: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/110.jpg)
35 20 12 7
We reused $800k to grow our team 3 times.
Employees Revenue
![Page 111: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/111.jpg)
2011 Results
• 3.4x revenue growth
• 2x DAU growth
• Record new accounts
• Record daily revenue
![Page 112: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/112.jpg)
Player Graph
0
1000
2000
3000
4000
5000
6000
7000
8000
Jan
-10
Feb
-10
Mar
-10
Ap
r-1
0
May
-10
Jun
-10
Jul-
10
Au
g-1
0
Sep
-10
Oct
-10
No
v-1
0
De
c-1
0
Jan
-11
Feb
-11
Mar
-11
Ap
r-1
1
May
-11
Jun
-11
Jul-
11
Au
g-1
1
Sep
-11
Oct
-11
No
v-1
1
De
c-1
1
Jan
-12
Feb
-12
Mar
-12
<1 Month
1-3 Months
3-6 Months
6-12 Months
Year+
2010 2010 2012 2011
![Page 113: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/113.jpg)
![Page 114: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/114.jpg)
What are we working on now?
![Page 115: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/115.jpg)
![Page 116: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/116.jpg)
![Page 117: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/117.jpg)
Benefits of this strategy
• Build a “Parallel” brand
• Shorter dev time
• Stick to our strength
• Stackable revenue streams
![Page 118: Bootstrapping 101: PerBlue @ GDC Europe](https://reader034.vdocuments.net/reader034/viewer/2022042606/54558327b1af9f33608b486b/html5/thumbnails/118.jpg)
Go forth, bootstrap!