Business Lessons For Start Ups (Smarta.com)

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we’re ticketing service but when you think of ticketing you think of ticketing wembley stadium or you think of ticketing the o2 arena well that’s that’s really just one small part of the market the the highest-end we’re bringing ticketing to the other ninety nine percent of the market and we’re doing that through great technology through great service in really democratizing ticketing for a wider audience well I like disrupting big markets I like markets where there’s a lot of opportunity but the customers aren’t well served and this in this area of ticketing is is particularly one of those my previous company is a company called zoom we’re an international money transfer company I founded that back in the early part of last decade and that business was really after Western Union a large player that charges high fees to immigrants to send money back to their families it’s a transactional business Eventbrite is a transactional business and we’re moving into the ticketing space and and really tried to shake things up there is no typical event fry the beauty of the model a few hearken back many many years back to the early days of ebay was it was always amazing to think that on the one hand somebody would be selling some collectible coin or stamp and on the other hand a jet airplane and we see that same diversity on eventbrite on the one hand somebody could be holding a yoga workshops and on the other hand just a few weeks ago in New York Central Park we we take it at a show for the Black Eyed Peas with tens of thousands of people attending so it’s that broad range in diversity that it really breaks us out of the mold of what people consider is traditional ticketing a lot of it has to do with with really the new infrastructure and design and product out there we really think a lot about scale and this is really a lesson for for all startups is how can you do more with less how can you do more with with lower head count how can you utilize services open source software in in others to be able to build a platform and do it in a way that is that’s non-traditional or doesn’t require the the antiquated architecture of the past for example the cloud-based hosting services amazon web services we run on on amazon web services instead of paying extremely large amounts for for bandwidth it’s to be underutilized when we know that there’s going to be a large on sale of tickets or the traffic is picking up we’re able to then expand you know in a cloud-based service to to achieve that capacity and withdraw fits a a holiday or so on and this this brings us some great cost efficiencies in it a snail’s pace it seems we’re working really really hard but you always want to grow fast and you have that that sense of urgency to make things happen but you have your resources constrained and you always hope to that you know the business is going to take off on day one but it rarely really happens that you know all the the old saying is you know this was an overnight success that took was it was ten years in the making and that’s really the case we had to modify change enhance build a lot of blood sweat and tears to to get the business running and it’s that perseverance that is critically important especially at those times when you’re you’re an individual entrepreneur entrepreneur with a with a few founders and you know have your doubts or uncertainties a time it’s that perseverance that’s critical recently in the spring raised 50 million dollars from Tiger global and Tiger has a fantastic global view of the world they have a view that many of us inside of Silicon Valley tend to be shielded from what’s happening outside in really innovation change the the impact of e-commerce of communication is no longer just solely confined to the that that area between San Francisco and San Jose California you see it here in London and broader UK you see it in China you see it really all around the world we’re really spreading our wings and moving into this global economy the vast majority of our business is currently with inside the United States but what we saw was really fantastic organic growth happening in the UK and in fact London London was London is one of event rights top cities and fastest growing cities in terms of events and tickets sold so we’re really leaning into the success where we’re seeing they’re following that bad path and building an office building out an office here providing great service and support here localizing the product and we plan to continue that across the continent and around the globe so a lot of this money will be spent on on our international expansion plans a trade an ownership and it’s important to really know who your investors are going to be and and who your partners that they’re really going to be partners with you when when you take investment you do take dilution but you you do so because you can increase the size of the pie overall and and don’t want to over sort of over compensate in preventing dilution it can sometimes come at the expense of building a great company we’ve been in the fortunate position of being the masters of our own destiny we were able to solicit capital when we when we didn’t need to and and that’s a very important thing a very important tactic to take is is is really to to be in the position to have venture capitalists approach you so how do you build and position your business that that investors you know we’re ready to write a check versus you’re going to be spending your time out pitching around Sand Hill Road or whatever the equivalent here is in the UK a concern of operating in a business in the red is is something that the you know should never be taken lightly the businesses some is needs to be done in a calculated manner we’ve raised you know this almost 80 million in capital we still have 65 million in capital in the bank today and we have in what that means is we have a very nice cushion to invest aggressively but also if our worst fears are realized with the global economic meltdown or something drastically changes in our business we can we can slower spending and have the balance sheet to to weather any storms and that’s really how we’ve managed this this cash situation in a start-up is to over optimize on IQ and not look at other factors of team chemistry we with a lot of the help of Julia and my co-founder and also happens to be my wife really stepped back and said let’s build a company let’s find with some fantastically bright people but also people that have the chemistry and the attitude to work together in those very through those very difficult as as well as you know good times and bad and that’s made quite a difference when you walk into the eventbrite offices we’ve chosen an open seating plan it’s one large 30,000 square-foot warehouse and we have we have plasma flat screen monitors throughout the the building that show our latest stats we want to be very transparent with the company with all the employees we want to keep the organization flat the openness of the space really lends itself to collaboration so you’ll see customer service speaking with with the engineering team or the marketing team over with the finance team all this to encourage collaboration cooperation and really build a special environment that the people want to come to work and want to win and be a part of something great