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Hey everyone just a quick thanks to two of our sponsors who help make this podcast possible first Microsoft teams. We all know meetings struggling to pay attention. Files seem impossible to find. And if you're not in the room you're not in the know. Welcome to the new way to work together. Microsoft teams where you can contribute to meetings from anywhere chat with coworkers. Here never at a loop and find all your files. And even edit them in real time in one convenient place when you're ready to unleash. The power of your team open teams learn more at Microsoft Dot com slash teams support also comes from Uber. Uber is committed to safety and to continuously raising the bar to help. Make safer journeys for everyone for starters. All drivers are background checked before their first ride and screened on ongoing basis and now Uber has introduced a brand new safety feature called ride check which can detect a trip goes unusually off-course and check in to provide support to learn more about Uber's commitment to safety visit Uber Dot com slash safety. Listen to planet money for all kinds of weird and interesting stories. That just happened to teach you a bit about money and the economy and how the world works planet money from NPR subscribe now. Hey welcome back to how I built this from NPR. So it's the end of two thousand eight and Juliette Our co-founders just made twenty seven pitches to BC's and none of them are interested in investing in event. But one thing Julia learns is that there are different ways to get rejected when people hear our story hard for them to really imagine. Twenty-seven knows the thing I learned back then. Is it so important to give a fast? No rather than nothing at all because certainly not twenty seven feces did not call us. And say hey you know what it's not for us for these reasons or not right now but would love to see this this and this there was a whole host of ACC just sort of didn't respond at all. So I think that was a really good lesson for me to experience that type of rejection and non rejection rejection to know which one's better so curious about those rejections right because to some extent right when you meet with with investors. You're you're sort of seeking their approval like if they give you money. It's another way of them. Saying we like this idea. We believe in it and here you go but when all twenty seven of them say. We're just not ready to do this right now. A part of you feels and I've had this conversation with other founders party feels like will. Am I wrong like did that ever cross your mind? I'm sure yes I mean I think I remember US. Got Checking whether or not we all. All three of US had the conviction to keep going because we knew that it was going to be tricky. We were out of money like I mentioned so what we did was we left our our two thousand nine operating plan with every vc that we met with and that was sort of seen as you know a little risky because nobody knew what two thousand nine would hold and then our plan. B. was to take a more lean approach to scaling in two thousand nine. Go back and see those. Vc's around the same time in the fall and we hunker down by the way. Let us not forget that we had an infant. You know in in two two thousand eight so I kind of forget that part. I mean there are pictures of us working on our two thousand nine plan you know. And she's like in the corner on a plea Matt so I think we probably were also just to sleep deprived him busy to even have time to worry if that makes sense and so we just kept going and then God we did because two thousand nine ended up being one of the best years of event. Bright's history why what happened and then we had a few unlocked. So one thing that happened was the recession was looming and then finally upon us and we started to see people who had lost their jobs start to use event bright to teach their skills to other people in order to make a living and also social media started to become a real thing. One of the things that happen in two thousand nine is we started to see facebook. Become one of the top ten drivers of traffic to our site so we went and did some investigating. We found out that event creators were using event. Bright to sell tickets but they would then take all of their event details and republished them into facebook as facebook event and link back to the event bright page to sell the tickets and so effectively. We were the commerce engine and they were using facebook as the promotion engine and so we were meeting our event creators and we were solving. The friction are taking the friction away and making it easier for them to promote events on facebook. I'm curious who that year when when the economy is collapsing. Unemployment starts to ratchet up What kind of events where people doing like would it would be somebody who's like I'm an accountant? And I'm holding an event to talk about basic accounting and they would just like you know sell tickets and have people meet at a church hall or something like that. That's exactly right. We had a lot of financial skills courses. I mean just to go. On that example we saw some arise in entrepreneurial type events where folks were selling their independently made goods or teaching say Yoga Certification or networking became You know paid networking events became a big big deal. So at that point we were I think had density in the coast regions of of the US and then we're starting to light up in London and Melbourne and a few other places around the world but it was not nearly as global as it is today when you saw the combination of facebook and the really interesting people losing their jobs and trying to figure out had become entrepreneurial You know host Vanson. Whatever did you guys have a revenue. Goal that you're you said you'd a plan for two thousand nine. Do you remember how much revenue you felt like? You needed to make that year to meet your goal. We always had a revenue goal. So from the first month that we started working on November eight we would have our revenue goal on the white board and every month we would meet in a quasi board meeting to report on our progress against revenue. So What I do know why. I don't have the exact number for two thousand nine in my head. I know gross ticket. Sales was around ten million. Total gross ticket sales gross volume and then derive our fee from that Roughly speaking our fees about three dollars per ticket by our actual revenue or net revenue was much smaller than that. But we were about break even at the start of two thousand nine. We continue to hire so we needed to bridge that gap a bit but I do recollect that. We surpassed the plan that we set for ourselves in two thousand nine. We started pick up steam so we went back to not all twenty-seven probably about twelve of the firms that we felt.