Thanks for sharing Jason. For those interested here’s a bit more context on the exercise:
- We (SocialCrunch) had no idea this was coming and had just 10 mins to make a plan and state our inventory requirements. The next 20 mins were to write a deck and communicate our reasoning and plan of action to the TS team.
- SocialCrunch and SimpleRelevance were Chicago companies so we had strong networks and home advantage. I’d be lying if I said that wasn’t a big part of it.
- We adjusted price dramatically during the day and charged what we thought we could get away with.
- We had to decide how many sales people we could use. Each person was billed at $80 for the day. We chose 2.
- We ran out of inventory twice and ended up buying surplus inventory from other teams. The haggling process was pretty fun for us as we had all the leverage (teams were financially penalized for having excess inventory). They ended up selling to us at a loss.
- Water is heavy…. Logistics was a painful lesson for all.
- Selling a commodity is really hard. Building and testing plans to differentiate the product and deliver supply where/when it was needed most was key.
- 4 years on TradingView, CaptureProof and Nexercise (now Sworkit) have been the breakouts of the group, all raising more money and building meaningful businesses in their respective categories. Keep an eye on TradingView.
We really enjoyed this exercise and Jason’s talk. It got the adrenaline going and set the scene for a high tempo summer.