And the price was going to go down because more people were going to use these delivery networks. How did that connected to lift? And I think the real question and what what you’re really asking is, can you do both? I do that too. I remember walking past and seeing your kitchen beautiful glass, am I right? My mother and father both challenges post divorce. So instead of going up by 2%, we were going down by 2%. Gagan Biyani 1:12:44 It’s your action that’s leading to that he feels the same way about happiness. I recently relocated with my wife and 2 kids to Atlanta, GA. Andrew Warner 47:46 Joe Lonsdale was co-founder of Palantir and went on to start Addepar and Formation 8. So that’s one of the stories what’s the other, Gagan Biyani 30:41 Everyone always does it faster than I did or whatever. The second thing, though, is that the I ran the process very tightly. He connected with investors by making sure he ran into the best of them at events. But we’ve already talked about it. Yeah, most most of my friends now aren’t expecting that they’re all I don’t think they ever really were. So the kitchen was overhead, we had to pay anyways. Gagan Biyani 52:32 Yeah, I think 57 or 58. I might get more envious of people who have skills that I don’t have or work related things and I think it’s impossible. [32] A year later, the company announced it had raised $45 million via its Series B funding round. Yeah, I mean, that’s. So tell me, you you close up shop and you went out and traveled widely. Now there was a whole chef story behind it that I’m not going to do justice to so I’m not going to try and you sign up and you can have these chef prepared meals delivered to your home to your office. You were though cash poor at the time, right? Yeah. Then one month out, one and a half months out, or one month out, you start building a list, and meeting taking meetings with founders who have raised money from investors that you want that are on that list and a weekend. And you know, you have a lot of choices of what you’re going to do when you have nothing else going on. Andrew Warner 1:05:07 That means about $50 million went away. However, the early success of the platform allowed them to raise $1 million in just a few months. And I know that this is better. And so the money was going to get better. Gagan Biyani 1:05:29 I cared about other people’s culture and what they wanted to do, and I was willing to do whatever they wanted to do, so they wouldn’t go to the mall. So when you were in the Bay Area, what was it like for you and you weren’t well off? Why do you think a seed seed investor is going to give you a check of half a million dollars or whatever. Gagan Biyani 48:52 out of place. Once in California, Eren Bali met up with Oktay Caglar and Gagan Biyani to found Udemy, an open online course provider.The site launched in 2010 with minimal funding. And I was also not really I didn’t have a lot of positive reinforcement. Yes. And then I grew up doing that in my summers, and I loved it. Andrew Warner 52:25 I believe the founders of Stripe, AirBNB, Lyft, Zapier etc. I’ve written a list of everything you’ve said here so I could follow up one by one made enough money how the company lost 50 some odd million dollars. Thank you so much again and I want to thank the two sponsors who made this interview happen the first if you’re looking to build a website that will turn strangers into customers go check out Click Funnels, they will make it easy step by step you know I said I wasn’t gonna promote them too heavily. How did you end up with enough money to travel, Gagan Biyani 55:57 You were going to get food from any restaurant in the city, or at least the restaurants that were willing to partner with them. The thing that I loved was Do you remember this? you know, I just spent a year in the UK. We were trying to get to profitability, essentially what we realize is as the business was declining, we tried to we thought, okay, if we can get to profitability, on the unit basis, then maybe thinking about her. Yeah. how and I, Aaron and I split up. Andrew Warner 7:10 But we stayed in, you know, the cheaper and hotels and still did a lot of vacations to a family that at least in when I was 12 to 15 years old. Gagan Biyani - CEO and Co-Founder - Stealth Startup | LinkedIn So I was a solo traveler. He raised his profile by writing for one of the best known tech blogs. And the reason we were able to do that was because we built our own kitchen. What if it wasn’t? And I also made it clear to Aaron during that time that you know I was not I was going to do whatever was in the best interest of the company. Andrew Warner 23:37 And, you know, I felt really uncomfortable a lot of times in social situations, because there’s almost no direct conversation at all. I was still relatively poor, I would say even buy, buy buy moderate standards in San Francisco for someone of my. one thing I respected about both of you was, I would have people over here for scotch all the time. But it’s also that the people who want it are not going to be sufficiently. Gagan Biyani 48:34 One is like, you had this charisma that Aaron never had, and it just came across all the time in your smile and the way you presented yourself. Dallas Mavericks owner and Shark Tank star Mark Cuban is even on there, although at $166.67 per minute, or $10,000 per hour , you better be a fast talker. What’s it like to live in San Francisco when everyone thinks that you’ve made it and you don’t have cash? If you're a premium member, you can save your likes. I think losing the house was a very high likelihood for a number of times and we got very, very lucky. And that by going out and exploring the world, you had a deeper, richer understanding of what was out there that you could bring into something else. So right Udemy there were, there were two rounds. Pittsburgh and the trend, the trend That you saw was what? If you take a restaurant today, and this is the problem they’re having with COVID, if you take a restaurant today and reduce their sales by 25%, their profitability goes down by something like 30 or 40%. [44], http://www.indiawest.com/news/business/food-delivery-start-up-sprig-raises-million/article_b98d9836-e9dd-11e4-a81d-cb3198745d05.html, "Lyft's former interim head of growth thinks food is the next big startup market", "Udemy Founder Gagan Biyani Answers Reader Questions [LIVE CHAT]", "Search Results for "Gagan Biyani" – TechCrunch", "Cheating the App Store: PR firm has interns post positive reviews for clients [UPDATED]", "Reverb P.R. [35], Sprig raised a total of $57 million and had over 1,300 employees[36][37] at its peak, but announced in late 2017 that it would no longer be operational. And by staying sort of silent or not saying anything negative about the existing team. So it was fairly clear that she was going to leave as well. This is the story of Sprig, the startup that made and delivered food. Because they’re they still have to have a certain level of staff, they still have a certain overhead, and their margins are already so thin, that that overhead is not is cutting a greater greater percentage of their overall business as the as the business as the revenue goes down. Like there are people here in in California even who, who will say welcome to the country still, but much more adaptable to more the world. So when I did decide to raise, I followed the sort of prescribed VC fundraising process to a tee and probably took it to another level. We’re not allowed to talk to strangers. Eventually, Wisting did locate and rescue his daughter after a bit of jump from a helicopter and a punch-up in front of a burning barn, almost action hero style. He said, I’m starting this new company sprig. to drop cash. Gagan Biyani 1:11:50 Andrew Warner 39:18 Not perfect. But eventually it slowed to about one 2% a week. tell you. Not because I want to send ties it but more because I can’t tell the story honestly, without having emotions in it when I’m saying it in a video or audio recording, but I can when I write it, because I can edit out the negative emotions. But you know, I grew up in a very different environment than what most sort of modern well off people did. We’re going to assume I mean, we haven’t been in quarantine as long as you have. With you, I totally agree COVID can be tough for a lot of people who would? Why can’t you work on that it’s almost like he treats it the way that some people treat over being obese. 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