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Entrepreneurial Thought Leaders (ETL)

Mark Gainey (Strava) - How Strava Found its Niche

Entrepreneurial Thought Leaders (ETL)

Stanford eCorner

Journey, Startups, Education, Stanford, Culture, Strategy, Stanford University, Entrepreneurship, Business, Life Lessons, Thought Leadership, Creativity, Etl, Challenges, Leadership, Innovation, Founders

4.4739 Ratings

🗓️ 4 March 2020

⏱️ 49 minutes

🧾️ Download transcript

Summary

Mark Gainey is the co-founder and executive chairman of Strava, a platform where more than 50 million athletes around the world track their workouts and compare their stats. In this talk, he explains the “inch wide, mile deep” strategy that informed both Strava and his previous startup, Kana Communications. He explores how, by first focusing intently on the niche category of passionate road cyclists, Strava earned a credibility that ultimately allowed the company to scale into many other sports.

Transcript

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0:00.0

Who you are defines how you build.

0:05.0

This is the Entrepreneurial Thought Leader series.

0:09.0

Brought to you by Stanford E-Corner.

0:13.0

On this episode, we're joined by Mark Ganey.

0:17.0

Mark is the co-founder and executive chairman of Strava, a workout app that is now used by more than

0:23.6

40 million people around the world. Here's Mark.

0:27.6

I was asked to come in and give you a little bit of background on myself, a bit of the Strava story,

0:36.6

some war stories, some lessons along the way.

0:38.8

And in particular, as the title slide shows here, you know, this idea of an inch wide mile

0:43.4

deep.

0:44.4

I want to take sort of one lesson that we've learned, actually both from the Connades as well

0:47.4

as Estrava days.

0:48.4

See if I can go a little deep on that, a strategy that worked really well for us as a go-to-market. It may not work for everybody, but in our case it's been pivotal twice through two different startups. So let's get growing.

1:00.0

And by the way, my hope is 20, 25 minutes of me talking, and then we can get some Q&A.

1:06.0

Some quick background. So as I mentioned, art history major, I actually grew up in Reno, Nevada, was lucky enough

1:12.6

to go out to Harvard, studied art history, learned very quickly that it's really cold back

1:17.9

there, so I hoofed it back as quick as I could to the West Coast.

1:20.8

I graduated in 1990, the previous century.

1:24.7

I came out here and I went to work for a venture firm, a firm called TA Associates in downtown Palo Alto.

1:30.3

Great job out of school. This is pre-internet folks. So my job was to basically sit on the phone all day long and talk to entrepreneurs.

1:36.3

Call startups, try to find out whether there was an investment opportunity. Great for two reasons.

1:40.3

One, I learned the business of, you know, the language of business, but two, I caught the bug to be an entrepreneur.

...

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