Wasim and I said the same thing at the same time.
We're bored.
10% M/M growth is fine....and being default alive is cool-ish.
But we are wired like startup people. Our goal (and yours as investors) is not for us to barely break even and take a paycheck (although that would be nice). It's to build a big profitable business that changes an industry.
We are both antsy for the thrill of taking some bolder bets.
And bolder bets are a funny thing when you are a seed-strapped team*.
There's a natural caution built in.
I hate to say "scarcity mindset," but it is.
It takes longer to internalize the predictable monthly patterns that say you can invest in growth than it does to remember the last time you loaned the company money to make payroll. Or the previous July, when you didn't even crack triple-digits on "dollars invested per member" for the month.
There is no safety net on seed-strapped. I remember feeling it when I brought Wasim on board. And I am feeling it again now.
But F'it.
The marketing execution needed to move the needle on topline growth and first-time investing isn't something our current team has the skillset or the cycles to do.
We've tried and missed for two months now.
But we have more than enough runway and revenue to add a new person to our team with that skill set, and concurrently run a few bolder IRL experiments this Fall.
So lets go!
In no time, we'll be back on track for the Q4 growth goals we laid out in June:
- Double the % of new organic members investing before week 6.
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Double the % of new organic members making a 2nd bet before week 12.