506: I Ignored Investors and Built a $975M Company | Joe Thomas

The Foundr Podcast with Nathan Chan

Nathan Chan

Marketing, Business, Entrepreneurship

4.8 • 662 Ratings

🗓️ 5 April 2024

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

An investor told Joe Thomas and his co-founders that they could exit to Salesforce for millions if they made their video recording software for sales teams. Thomas and his co-founder said no. Instead, they built Loom into a globally used tool with five million users in 230+ countries. In November of 2023, Atlassian acquired Loom for $975 million. Learn how Thomas trusted his gut and made Loom a must-have for the digital workforce. In this episode, you’ll learn: The 8-year overnight success story of building Loom Loom’s key differentiator in the market How to not bury the lede of your product market fit Why early-stage founders need to maximize their learnings The value of a weekly Sunday dinner About making a product customers will like and pay for The product-led growth trap Why every 90 days are different as an entrepreneur How Thomas monetization Loom To create a max diff survey for product upselling Choosing the uncertain path And much more product development advice… Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode. If you’re looking to start your own business, download our FREE 500 Winning Product Ideas Guide to kickstart your entrepreneurship dream. Speak with our friendly course experts to get clarity on the next steps for your idea, business or career. You will get tailored insights from results achieved by our proven practitioners as well as thousands of students. Book a call now... For more Foundr content, follow us on your favorite platform: Foundr.com Instagram YouTube Facebook X LinkedIn Magazine

Transcript

Click on a timestamp to play from that location

0:00.0	When you're in that window of time, like, what is your coping mechanism?
0:03.5	A lot of people just put the blinders on.
0:05.3	It's like, did I have a backup plan?
0:08.0	Yes, it was hard.
0:09.1	Yes, we were doing like 16 hour days, seven days per week.
0:11.7	We had been doing it for eight months at that point.
0:13.6	We were trying to build something that we felt like had proof of value and enough users
0:17.9	and usage in order to get to the first round of funding. And we asked
0:21.8	each other this, hey, do we still want to do this? We were all like, I wouldn't trade off being
0:27.1	anywhere else and doing anything else. So let's just keep going. That is kind of like the
0:31.8	entrepreneurial journey. Before we dive in, I want to extend a warm invitation to join our thriving founder community.
0:41.0	It's the perfect place to discover more insightful interviews aimed at helping you build, grow and scale your business.
0:47.0	So don't forget to hit subscribe.
0:49.3	Your support means the absolute world to us.
0:51.9	Thank you so much for subscribing.
0:54.1	Let's get stuck in today's
0:55.8	discussion. Hear the stories. Learn the proven methods and accelerate your growth and future
1:02.1	through entrepreneurship. Welcome to the founder podcast with Nathan Chan.
1:10.5	All right. So welcome, Joe.
1:13.1	The first question that I ask everyone that comes on is, how did you get your job,
1:18.0	aka how did you find yourself doing the work you're doing today?
1:20.7	Yeah, you kind of have to go all the way back, which is went to school at a university called Indiana University, and I was
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Nathan Chan, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Nathan Chan and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.