15 min listen
COVID nearly bankrupted him. Then with AI he grew from $0 to $25M ARR in 4 years. | Andrew Lockhead, Founder of Stay22
COVID nearly bankrupted him. Then with AI he grew from $0 to $25M ARR in 4 years. | Andrew Lockhead, Founder of Stay22
ratings:
Length:
41 minutes
Released:
May 13, 2024
Format:
Podcast episode
Description
His travel startup crashed 90% overnight. Here’s how he used AI to grow past $2M/year—to $2M a month:For a while, Andrew was crushing it. Accelerator -> $750K pre-seed -> $2M ARR -> $2.5M seed round. Then COVID hit. He was selling to events like CES, SXSW, etc. Revenue dropped from $160K/month to under $10K... overnight. After nearly going bankrupt, he finds a way to pivot. A year later, his business takes off.2020 - $02021 - $1M2022 - $5M2023 - $15MNow - $24M.Why you should listen:- Andrew shares a technique to land early customers. He offered to PAY his customers to use the product. - Learn how to deal with massive swings in revenue and unpredicted events. Early-stage founders are always one deal, one employee, one fundraise away from success... or failure.- Learn why you "can never celebrate until the money is in the bank"Timestamps:(00:00:00) Intro(00:01:16)The Start of Stay22(00:07:15) The Seed Round(00:11:53) Pivoting the go to market(0019:38) Investors Pulling out Due to Covid(00:26:56) Finding the Opportunity in the Pandemic(00:31:31) Tapping into the Blogger Market(00:37:31) Growing Back from Zero(00:38:49) Finding True Product Market Fit(00:39:35 One Piece of Advice
Released:
May 13, 2024
Format:
Podcast episode
Titles in the series (86)
When Doing Customer Discovery, Don't Do This by A Product Market Fit Show