Join Sean and tech whiz, Melissa Kwan, as they unravel the allure and struggles of bootstrapping startups. Melissa dives into founding eWebinar and transforming pains into gains, all while crafting a business that perfectly suits her digital nomad lifestyle. She drops valuable gems on pricing pitfalls and the underrated power of slow growth. Don't miss these candid confessions!
Here are a few of the topics we’ll discuss on this episode of Product Launch Podcast:
- Bootstrapping is a lifestyle, not just finance.
- Price on value, not just to compete.
- Growth is slow and steady, not instant.
- Solving personal problems can fuel success.
- Grandfathered pricing can be a trap.
Resources:
- eWebinar
- NxtStep
- Podcast Chef
Connect with Melissa Kwan:
Connect with our host, Sean Boyce:
Quotables:
- 13:33 - Sean: So I'd love to hear you talk a little bit about why that strategy makes the most sense for you and how it compares to basically whatever type of situation you may have found yourself in if you were fundraising instead.
Melissa: Yeah so my first company was Bootstraps because I didn't know that raising money existed so this was 13 years ago like all the tech stars and Y Combinators came after that like shortly after that. But like you know I'm from Vancouver so it wasn't a big tech community right back then it was just meetups and then I guess along the way I learned that you know people raise money and build companies on other people's money which actually seemed pretty cool at the time but I didn't really understand that concept. - 5:44 - I think when you build a company it becomes so much of your life and you're spending so much time on it that you have to start with what makes you happy first. And that's what I didn't do in my previous two startups I was like this is an idea it makes money, let's do this. But for 10 years I was always discontented and frustrated because I didn't start from a place of love I guess, like and love for myself.
- 05:48 - So coming to eWebinar I didn't choose eWebinar as a business. I really sat down and I wrote 10 non-negotiables that I had to have in my next business so things that made me happy. For example, I have to have a completely remote team of contractors because I know I'm not really great at managing people hiring and firing and having those tough conversations I wanted a product that could be sold 100% through the internet I was so sick of going to conferences and sitting at booths and doing face-to-face meetings.
- 03:10 - So I ended up living the problem of doing you know repetitive trainings and onboardings and always wondered why there wasn't an incredible product that solved that problem. And I think being able to build a company that solves a problem that I know so well and one that I feel really connected to because you know freedom has always been my number one priority and that was a problem that was restricting me from living my life cause I was also also digital nomadding.
- 08:30 - And if you think about those things like Alibaba, for example, was like the eBay of China right. They didn't need to show the world eBay was successful eBay was already successful, like Word for example was not the first Word software so it's kind of along the same line. So I think first is like make sure it's something that makes you happy that you want to work on and especially if you're a bootstrap company don't go and try and start a blue ocean opportunity unless you know exactly what you're up against. Find something that you know you can improve and make that your business and you can probably cut down on at least two or three years of trying to get something new out there on the market.
