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It was working, just not enough relative to all the capital they raised. The marketplace was growing 8% month over month, since forever. They wanted faster grow
by MediaSquirrel 12y ago
It was working, just not enough relative to all the capital they raised. The marketplace was growing 8% month over month, since forever. They wanted faster growth but couldn't get it, so pivoted.
- kip_ 12y agoIsn't 8% month over month something like 150% year over year, how much faster growth did they need, or has the market really come to expect 1,000% year over year to be worthy of funding?
- spinlock 12y ago8% what? Revenue, workers, employers, tasks ....
- bsder 12y agoExactly. The folks who put in roughly $40 million wanted a $500+ million exit in 18 months. And that just wasn't going to happen with the numbers they had. It seems like they were running about $500K a year. Even with 100% growth per year, it's going to take 6 years to begin moving $40 million annual revenue. The investors aren't going to wait for that long. And, as people have pointed out, once I use TaskRabbit, why don't I contact the task person directly next time? Attempts to quantify TaskRabbit's numbers: http://www.quora.com/How-much-revenue-is-Taskrabbit-com-making http://www.quora.com/How-much-revenue-is-Taskrabbit-com-maki...