Day 2: The importance of advisors
Today i met with Mr M, my advisor that i’ve fortunately met a few months ago and one of the very few people that I think is on the same level as my thinking. the difference is he is way more experienced than me as he’s built and sold companies and way more technologically knowledgeable than me. M tells me that he thinks XCX has the potential to be a unicorn — this means a billion dollar company, i never would have thought about this had he not pointed it out. it feels strange when someone so experience says this to you, it’s a massive inspiration and energiser.
Our meeting really inspired me, yet again it means a change to the business model. Which is worrying because this will be the third time its changed. First was the monthly subscription concept, but that didn’t work because trying to get $99 per month from companies is a fucking nightmare. Also, as one VC pointed out, thats too little, plus i don’t have any traffic yet so why the hell would anyone do it. this is what i decided to stop charging the 5 customers we had paying, which enables me to publically say it is free for companies.
The second business model was the click through, i spent ages working out the metrics for this and now it’s not needed because we believe that this new model of corporate usage would mean we charge based on number of invites to reviews. this is the same as some of our competitors, one of which being TrustPilot who are massive so something must work well.
Its fucking lonely starting a tech company. i will never do it again without 1 or 2 co-founders thats for sure. So i’m grateful for Mr M and his wise words, its inspired me, energised me and finally i feel like the last bit of coal has been chopped off to unveil the extent of the diamond behind.