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The Foundr Podcast with Nathan Chan

180: How a Made-Up Idea for a Business Became the Second-Largest Expense Reporting Company, with Expensify’s David Barrett

The Foundr Podcast with Nathan Chan

Nathan Chan

Marketing, Business, Entrepreneurship

4.8662 Ratings

🗓️ 3 January 2018

⏱️ 42 minutes

🧾️ Download transcript

Summary

What if you could stumble upon a game-changing idea without spending time and money on validation, industry research, or prototypes? And then grow this idea into the second largest company in your niche? It’s not common, but that's what happened to today’s podcast guest, David Barrett. Barrett is the founder of Expensify, the second largest expense-reporting company in the world. But in its early stages, Barrett knew nothing about the space, nor was he particularly interested in it. In fact, he completely made up the Expensify idea as a decoy to get some funding for another endeavor, since banks weren’t interested in his “real” business idea. But the decoy picked up steam as he pitched it, and before Barrett knew it, he was sitting on a potential goldmine. People were talking more about his fictitious business idea than they were his original idea. And Expensify was born. Keeping with Barrett's unconventional approach to startups, Expensify’s massive growth has also been atypical. Barrett has not spent a dime on advertising, outbound sales calls, or salespeople. The software essentially sells itself. In this packed interview, learn exactly how Barrett grew his company and how his unique business sales model and contrarian style disrupted the space. David Barrett is a true example of how challenging the status quo and disrupting common ideas can lead to avenues of massive growth and potential. Key Takeaways The sales model that allowed Barrett to scale his company without paying for customer acquisition Why profit should not come at the sacrifice of growth and how the two can coexist The misguided business advice that almost everyone follows, but leads to failure The most important factor to building an A-player team Why reinventing the wheel with your business can limit your potential

Transcript

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0:00.0

This is episode number 180 with David Barrett of The Founder Podcast.

0:07.0

What you need is thirst. You need to be a thirsty human who is intent on learning. It's a really fascinating exploration of human potential.

0:18.4

The Founder Podcast.

0:24.1

Even the greatest entrepreneurs had help.

0:27.7

If you want to learn from the most successful founders on the planet,

0:29.5

you are in the right place.

0:33.2

Branson, Mark Cuban, Tony Robbins, Tim Ferriss, Arianna Humphington, Steve Case, Gary V, Sophia Amorosa, Barbara Corcoran, Damon John.

0:37.3

Learn from the greatest minds in

0:38.8

business today with interviews hosted by Nathan Chan. This is not your average entrepreneur podcast,

0:45.1

the founder podcast. Hey guys, thank you so much for tuning in. Before we start today's episode, I just want to let

0:58.6

you know that our goal at founder is to help entrepreneurs succeed however we can by giving

1:04.2

away high quality content in the form of interviews, blog posts, podcasts, YouTube videos,

1:10.4

you name it. We put out so much content to help you.

1:13.6

And another interesting project that we're working on right now is partnering with world-class

1:18.4

founders like Damon John, Alexa von Tobel, Greta Van Riel, and so many more to teach crucial

1:24.4

skills like negotiation, finance, e-commerce, and so much more.

1:30.6

So if you'd like to get access to these free trainings with founders like this, which is

1:36.1

100% free, just go to founder.com forward slash free.

1:40.9

Okay, so now let's talk about today's episode.

1:47.0

Hello and welcome to another episode of the founder podcast. My name is Nathan Chan and I am the CEO and host of Founder Podcast and also

1:54.6

the Founder Magazine Media Company. I just wanted to say firstly, happy new year. If you've been following along,

2:03.6

it is now officially the new year. We're in 2018. And I hope your new year is off to a great start.

...

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