Manage episode 302579429 series 1520619
The story of Mailchimp's recent acquisition by Intuit for $12 billion is such a fascinating example of the power of bootstrapping a business with a long-term plan. In today's episode we take a closer look at this deal and the lessons it presents for us, for whatever size of the company you are running! To introduce the topic, we go over some quick definitions and important concepts, looking at how bootstrapping plays out under different models, and what has made Mailchimp's journey unique. Far from perfect, the path that Mailchimp and their leadership have taken exemplifies the winding road that entrepreneurs, SaaS companies, and many startups have to take towards a big payout like this. So for all this inspiring and thought-provoking information on one of the biggest current stories in online business, be sure to join us on Leveling up!
TIME-STAMPED SHOW NOTES:
- [00:07] Before we jump into today’s episode, please rate, review, and subscribe to the Leveling Up Podcast!
- [00:48] A quick definition of bootstrapping; no venture capital and outside investment.
- [01:12] Equity and profit-sharing; the kinds of incentives that bootstrapped businesses typically employ.
- [02:01] The largest acquisition of a bootstrapped company in history; the particulars of the deal.
- [03:15] The long-term vision that has served Mailchimp since its founding in 2001.
- [04:20] Mailchimp's evolution into a SaaS company and the important pivots it made.
- [05:17] Why Mailchimp chose to turn down venture capital offers.
- [06:11] Mistakes and learning; how Ben Chestnut stayed committed through difficulties.
- [06:24] The value of peer groups and support networks.
- [07:49] Prioritizing company culture for sustained growth and success.
- [08:31] Why hiring the right people can determine the outcomes of your business.
- [09:00] Balancing the bootstrapped approach with the argument for outside funding.
Resources From The Interview:
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