How we pivoted to a $90m+ Exit

“um so just trying to figure that out okay so um so today I'm going to talk about how we pivoted multiple times to about a 93 million dollar exit um I'm really enjoying the bootstrap mindset here so full disclosure we raised about 44 million dollars over four rounds of funding so all the pitfalls and challenges that have been discussed all day around taking Venture we went through a lot of those but it wasn't a meaningful exit for our Founders and employees and investors and so we're really thankful for that as well um”

“the in the world and they said yeah we'd love your your product which was really a prototype at the time we want to work with you and so we had a huge decision to make after a year of selling to Insurance Brokers having about 20 clients on the insurance brokered side of now going Enterprise and we had 13 people in the company at the time and we really decided if we do this we're gonna have to take our baby which we just built put it out on the doorstep in the rain ignore it and go all in on this insurance carrier which is going to pay”

“we ended up doing concerts when covet hit and we invited customers we invited Partners we invited family we started to talk about mental health you know and so you say we probably spent as much time thinking about culture and doing quirky stuff like that as we did building the company and it may have been in some folks Minds a complete waste of time but it was authentic and it was real and to this day the acquiring company adopted that they've done eight concerts globally and we ended up becoming the the music sponsor for the largest and sure Tech”

“to an executive at Ernst young who was instrumental in US raising a future round as well as being able to build out the model we shifted to and so again it was really some of these relationships that gave the Insight in terms of making these huge shifts every time that I felt like I didn't know where to go what we were doing in terms of building the company um Pete then made an introduction to a third person who was uh probably the fifth employee at guidewire she ended up”

“we had a data business so we cut off three or four of those and focused exclusively on just the carrier Market um and it was a really really scary time so um over last minutes uh 20 minutes talked about making bets and pivoting early on just following uh where the market is leading we didn't know at the time what our product Market fit was and we had to shift that several times to me kind of culture and authenticity is super important and so whatever that is”

“Over the next 20 minutes Keep making bets and saying yes I’m going to show you THE FIRST $1M PRODUCT POSITIONING/CC WHY AN EXIT MADE SENSE First pivot; follow the cash Culture & authenticity can help in ways you may not see How important relationships are Knowing who you want to imitate gives you a path Hire people much smarter than you Market research (competition) Market risk Product maturity”

“First Pivot… Follow the cash 0 in 2014 to 1.9M in 2016 2014 Feb 2015 Mar 2016 Jul 2015 Award Winning Q4 2015 Founded in February Mobile Application Launched Raised Series A: $3M AXA Strategic Ventures Mass Mutual Ventures Launchpad Digital Health Push to Release V2 - QuotePad 2.0 Desktop Version Acquired AXA first carrier client Insurance Disrupted 2015 Health Tech Capital 2015”

“Co-Founder, Garrett Viggers; Music Was Always Part of Culture and Later Became a Differentiator Early days at Limelight…”

“Let’s Jump in to Section 2 I’m going to show you How important relationships are Second pivot: Knowing who you want to imitate gives you a path Hire executives who have been where you want to go THE FIRST $1M PRODUCT POSITIONING/CC WHY AN EXIT MADE SENSE”

“Limelight Health Revenue Growth Lack of new customers Opportunities from the early market of visionaries become increasingly saturated Revenue trend is now reversed… stairs, not hockey sticks A year of work just to catch up to the promises made to secure the deal in the first place Unique demands from customization, which will overtax an already burdened product development group”