NPR, Ziprecruiter, E-Trade discussed on How I Built This

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Pay everyone just a quick thanks to two of our sponsors help make this podcast possible I two Ziprecrui order hiring can be a slow process cafe alterra Coo Dylan Moskowitz needed to hire a director of copy so he went to Ziprecruiter posted his Bob and found the right person in just a few days find out why four out of five employers who post on Ziprecruiter get a quality candidate within the first day you try ziprecruiter for free at Ziprecruiter Dot com slash built B U I l t thanks also to e-trade technology is making investing easier every day consider core portfolios from e-trade it's a simplified approach to investing that saves you time by building monitoring and managing the portfolio for you with access to support whenever you need it with core portfolios investing never feels like work for more information visit each ray dot com slash NPR e-trade capital management LLC Mattie Safai here host of a new daily science podcast from NPR cold shortwave this week the first all female spacewalk we got to talk to both of those astronauts in space we have you loud and clear NPR loosened for that and subscribe to short way from NPR. Hey welcome back to how I built this I'm Gyros so it's two thousand fourteen and Alex Bloomberg is going to walk away not from one but from to plum jobs in public radio is GonNa do this to start a podcast company the something that at this point was not entirely proven concept so he decides to lay out his case on a podcast which calls startup here's a clip of it I love podcasts seemed like someone should come up with money to invest in making new shows as and come up with a theory about how could be profitable I kept waiting for someone to do that and then came this thought thought that's gotten a lot of people a lot of trouble the thought well I could do did you think you're GonNa do this by yourself was it was it the plan the beginning yes thought that was what I was going to do basically I was on my own millions of people listen to this American life and planet money at NPR and I didn't have any personal brand and so my big fear was like I figured I'd be able to like get a podcast together I just didn't know how anybody was gonNA know about US yeah so I had to do something that was going to attract attention to what we're doing and I figured like okay a guy recording self trying to start a company that'll be that'll be good it was like a marketing ploy doing an audio diary of like making this company are you meeting someone with money this is my wife Nazanin early one morning a couple months ago stopping me as I was on my way out the door to do something I'd never done before meet a guy who works at a venture capital firm try to get Give me money did did you in your mind a sense of how much time you had before you could no longer just survive off Nazanin 's income no I didn't by that point she was working at MSNBC Societa she was making a lot more than you make in public radio but it wasn't law young like we didn't have a ton of savings and I didn't drop my head a couple maybe like I don't know three or four months it's five months that was it Max and and I mean you were like in your apartment you had two kids at this point right now and you just without talking into your microphone yeah started anything I was doing I would mike myself doing it any meetings had set up I would tell the people ahead of time and Sunni Pakistan coming in like funny thing also making a podcast about it ha- come out with microphone and for the most part they were into like it was like you know it got me in the door and the certain way it was like it was unusual yeah you know if you're a VC you've seen seventy five gasoline people pitch you a different kind of like food delivery APP or something you know but you probably haven't seen people come with a full head Garin booth Mike recording it so if nothing else it was a novel all right so you leave planet money in March two thousand fourteen and would you go like just have meetings with with people at money would you just try to set up meetings after meeting yeah I would set up after meeting would reach out to everybody that I knew had been involved and you just meet somebody in the introduce somebody else may introduce you to somebody else and it's all like you know but ultimately became very clear like nobody was going to invest I could only tell half the story I can only tell the story of like here's the kind of things that I've made and here's and I'm GonNa just keep doing that and that wasn't that wasn't a business that wasn't a business and your pitch was I wanna make like Hbo of Audio Yeah I WanNa make really high quality who's GonNa be ad-supported maybe we'll sell style custer here everyone yeah no I feel like I would I would go out and it'd be pumped up and it'd be practicing over my pitch and I'd go out and do it and fly out somewhere and then I was one of like I don't know three four meetings that day and I was just one idea out of a million ideas and other people were pitching ideas that had proprietary software or you know like scientific breakthrough news and they'd been like part of a lab at Stanford and I was pitching podcast and company and I hadn't worked in a for profit companies since I was a bag here at a grocery store school and high school and I remember calling my wife I think we actually recorded these conversations when I called my wife after one of these things I think it was actually ended up being in a startup episode oh I'm feeling I'm feeling the same way I felt the last was out here I'm sitting there talking to the due to this guy and I'm describing something that feels like the biggest thing I've ever done like a escape L. beyond my wildest imaginings two minute I can't even tell if I could pull off and is totally not big enough team smart even when I was at the depths of depression and feeling small and stupid like what the hell have I done the fact that I was able to talk about it on tape I knew it was good tape so the more I failed is a wannabe entrepreneur the Mara was succeeding as a as a radio documentary producer and so there was something weirdly comfortable at that like at least all this work for nothing at least I'll have some document I mean startup really was fascinating to listen to this these like now iconic moments like a lot of startup fans will remember that moment when you're trying to pitch Gimblett to the investor Chris Sokha making a network of digital podcasts that we will monitor that that will that will there's GonNa meet sorry so what's it GonNa take it to do it so it'll take a million and a half dollars I think and she got the yeah they'll take a million and it was like that meeting that really should me how naive I was all the questions he asked I had no idea how to answer what's what's what's the exit with the what does that even mean it was like you know I give you money you build the company that having a get my money back when's your exit I know like what percentage to give them how did you even know how to accept the terms on the term sheet did you were you consulting with a lawyer did you just because those things are complicated but nobody was offering me money until I literally nobody I don't think anybody offered money until Madison teamed up I think when I was here by myself I didn't even get to that point so you come to this conclusion that you need a partner probably somebody with some experience business or maybe at least an MBA hey when did you meet when did you meet Matt I met Matt over the summer of twenty fourteen I believe and we were introduced by mutual friend and public radio and the story that I heard was that sort of like there's another guy running it all around town with sort of the same story talking about like how there's a business to be built in audio and he was sort of often his world doing the same thing during and so we finally met what Matt when you met Alex what what were you doing in the summer of twenty fourteen I had done my a and then and then become a management consultant at Boston Consulting Group which meant that I would go and work inside of large companies and help them develop growth strategies or solve problems or things like that but then I began to think about digital audio and I was listening to a lot of cast the time I thought every time a new medium comes about new media companies get built Oh and like why not me and I told a lot of people about this not that I was starting a company because Alex was much further advanced than I was but just like that would be exciting I think.

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