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About the Episode
Today’s guest got kicked out of his home in his last year of high school and now runs an app company with over 1.2 million downloads. He reveals how he got user validation, comes up with revenue models, PR hacks and the 4 things that helped his app go from 250K to 1M downloads.
Getting User Validation
When Josh was doing questionnaires surrounding the app, Josh had two questions: “Would you download an app which stops you from drunk dialing your friends?”and “Would you pay a dollar for it?”Josh then went from table to table in the library, asked these questions and wrote down responses. 80% said yes in the first and second questions, validating his revenue model.
Tips in Raising Money
In raising money, you have to have a finished product that works, have an understanding of your market, have a good path to revenue, be able to figure out how to scale users, and have a big vision. For them to raise money, here the things that they did:
- Learned how to structure and learn what a convertible note is.
- Get press. Free.
- Explored different revenue models.
- Showcase that they are unique and that they are doing their business really well.
PR Hacks and Effective Subject Lines
They friended at least 40 people in LinkedIn everyday or, if it’s a big press person, a friend or a relative to establish a connection. Once they become friends in LinkedIn, Josh now have access to their contact details and would start reaching out to at least 40 people a day personally until someone would write back. Their subject line was really important so they used the line: Not Porn orSober Email.
Low Point:In September 2014, Josh’s co-founder took another job after college and he decided to join Google and Unilever and in doing so, he did not have a tech team to work on Drunk Mode. This was during one of the times that the app was peaking in the App Store and they simply weren’t ready to give the support needed from all the downloads.
– Book: Trust Me I’m Lying
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