YouSaid · the spoken record

Dmitry Gurski

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102
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2024-09-23
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2024-09-23
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1
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  1. “Understand why they are criticizing, although I feel that our success was so beneficial for the industry because your VCN, you know that VC are making decisions based on benchmarks. And now, like all VCs will start believing that it's possible to have a great success in this industry and all founders will have much easier journey than I had. I'm not trying to do the best for this company and I think I was rather good in that but also I would want of course to see that more women are becoming very successful in this journey.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Was much more optimistic about time, which would be necessary for generative AI to make impact on businesses. And because maybe two or three years after the beginning of this hype, I still don't see many examples of real business success based on Generative AI. It means that maybe something in programming, maybe something in support, but it's like rather tiny. We can't say that there is any big case, any big business which changed business model or got profitability or growth because of generative AI. And I had hope that the change would happen much faster.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Yeah, yeah. And sometimes people are trying to find a perfect solution, but the truth of life that nobody knows future and nobody may make perfect decisions just based on information or analysis. Because if it were the case, then McKinsey or Banks would be perfect business creators. But you can't see unicorns which were created by McKinsey or Banks. Why? Because of unpredictability of the future. And if future is unpredictable, then what's the best? Just to make any decision and move forward, just not stay as the place. Decide something and move forward.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Is decisiveness. You should make decisions. And because when you make decisions, you move forward. Even if decisions are stupid, you are moving forward and you get new information and the next decision will be better. The worst is just this analysis paralysis not making any decisions.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “I'm against glomerization of COS and making them heroes. And I even don't like Glassdoor when Glassdoor put a rating of you because I believe that when companies biggest or not even big, it's much more teamwork and theoretics are just a role. People are just people. I always recommend not shoot like a book like how to be a great CEO like you have in your book library but you read biographies about CEOs about business and you would see that even Steve Jobs he might probably 90% of mistakes in all his decisions and many many stupid mistakes and he was not got altogether maybe the single common trait between successful and between all successful heroes I may found”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “This book was gifted to one young boy. He was maybe 12 years old by his brother and he said, if you learn programming from this book, you will become a big person. And he learned programming from this book. He started to practice flash programming. And then 10 years after 15 years after, he became co-founder of MSQRZ. We sold to Facebook. And then we used part of this money to finance Flow. It means that if I didn't wrote this book in 2004, then probably he would not learn programming and MSQD would not happen and then flow would not have money to be financed. But distance between these two events was more than 10 years. In your life, you very often need much time to see how all lines will be connected. But you have dots to be connected. You need to have dots. You need to do something. You need to move forward.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “For me, the hardest time in my life was when I was in university, but also I was writing my books at nights. I usually was working for 18 hours per day for years and was sleeping just six hours or so and four years. But then I achieved a lot because of that. I have very interesting story about my books that sometimes you need to see many things in prospects and you need to put many dots on the map of your life. In 2004 I wrote like a big book about ActionScript. It's a program language of MicroMedia Flash and at that time I didn't even much from that but approximately next year in 2005”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Are always extremes, but most of people they have plus minus the same brain, and believe me, I know many billionaires, many, many, many successful entrepreneurs, and not just entrepreneurs, and have singen geniuses. But I believe that what really distinguished successful people and people who are not successful beyond just luck. Luck is really significant, is the ability to take risk and then work really, really hard and persistent for a long time. Most of people, they just can't work really hard for a very long time, and it's what distinguishes successful people and less successful people.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Don't believe in talent. I believe that all people are approximately the same, we have the same processor. What makes people different is just hours of hard work, hard focused work. And when people say to me that I can't accomplish something, ask a very simple question. How many hours of hard work have you spent for that? And if it's not about 1,000 times, but why you think that you should achieve something without thousand of hours of hard work?”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Is the most significant they should trust you. You should be really to trust the person or accompany you convince 90% of your employees to take family and belongings today and you move to another country. You should be really trustful for that.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “It's very expensive, but it was significant to do because it's about people and this company would not exist without people. And although it was our responsibility to provide this opportunity to our people because it was quite big chance that Belarus would engage to the war and it would mean that men would be drafted and borders would be closed and it was a real risk for life for men and we had to organize this process.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “Of course, for half a year we didn't have any progress with our product because all people were so stressed and defocused by moving families and it was huge, huge destruction and it was very expensive as well.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Yeah, because we didn't have flights and it was impossible to make flights to Europe because all flights were prohibited from the region.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “Real difficult because borders were closed. It was impossible to get papers, and we had to organize no flights and we had to organize charters to Armenia and the Turk and then organize.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Believe even more. I believe that when war started in 2022, we had 70% of our employees in Belarus. It was more than 290% of them were located with families in several days.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “This moment when political instability in Belarusians were in Ukraine and we had to relocate urgently the old company and also had to relocate myself in two days. I spent 38 years in Belarus and I built my life as I had my house, my gardens and I spent many years to grow my gardens and then I had to make decision to move out of Belarus in two days and I have never come back and then the same decision most of our people had to make and it was really difficult. Could you imagine that you have built all your life in country then in two days you must move to another country with your family and it was really difficult and it traumatized me and our people”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “It was pretty effective in both modes because I have one trade. Like, you know, there are four types of people based on level of negative and positive emotions, like people who have low emotions in case of bad situation and slow, low, high, high, low, high low. It depends on your emotions high or low in case of problems and in case of excitement. For example, if you have huge excitement, but also like a huge stress in case of problems, probably it's difficult to be a CEO. And my advantage that I'm kind of low personality, it means that I never feel too much excitement, but also I never feel too much stress. And because of that, I'm just... In case of all our calamity, I was very, very calm and I didn't have much stress. I just played my duty.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “20 years ago. She was a student in the same group in university and shared my trust because I was a very bad student because I was working and she was helping me with advice when to visit university and with different home tasks and she was my friend at that moment and we started he worked together and again we have been working together for 20 years she was responsible for content in floor at the beginning of floor and she's now my executive assistant and we spent together like working together 20 years and very successfully”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “Maybe indecisive, but then when I start doing something, I'm doing that perfectly. And he is the opposite. He's kind of ide generator, his venture driver, but he's not operational person altogether. But when you have this combination, it's almost perfect and it works really well. But also I have worked all my life with my wife. I married very eagerly.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “Again, I repeat my advice never take general advice. General advice is always bullshit. And everything is nuanced. I worked with my brother for 30 years or so if we start considering our work from Mushroom Gathering or potato field work and we always work together in book publishing in all our ventures. And I remember that our first boss in publishing house and it was 2005 or so we worked together in publishing house we were responsible for computer literature. He said that you should always work together because you are so different and when you combine like your personalities it's almost perfect because Yuri is good to make a pass and you're good to make a road and you understand that and that I'm maybe too slow in deciding some”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “Just good better because of many, many, many problems and pains I had in my life. I have a little regrets about my professional life and my biggest regret that when I was young, when I was less sensitive, I fired several people without decency in root form and it was maybe 10, 15 years ago and I still feel guilty because of that 10 years after. Just because to feel empathy you should get pain by yourself and then you would start to feel pain of other people and it's just like a trait of age and trait of a difficult journey. I was not like that when I was young.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “Second part of your life should be not to earn money but to spend your money for the sake of society. And I believe that it's a huge sin to pass billions to your children.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “George Atlantic was started by a man who earned like a huge fortune by duty-free shops, by starting duty-free shops. And because of this vention, because of Georgetic, he had billions, 9 billion or something like that. And then secretly he distributed all his money for Charity. Absolutely secretly. Nobody knew. And he died like two years ago and then the story became public that he just gifted away in his lifetime all his money and without any profit, without sharing to anybody absolutely secretly. And it's the best example for me how you should leave your life. You should create something valuable commercially, but then it's your duty to return this money for society and to do that very efficiently. And I believe that if you are really successful,”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “Honestly, not so much because I have rather humble lifestyle. Honestly, I despise luxurious brands, I despise luxury, I even don't have car and I don't have any expensive ether, I don't have anything that would be branded or luxurious. I don't need business classes or private jets. I would want to have interesting and meaningful life and feels that I'm useful and honestly I never think about my personal money is I'm absolutely honest here like never never because I have so little need for myself that it's not even a kind of motivation for me. I'm very motivated by the story of founder of General Atlantic, Chuck Flinny, do you know this story?”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “In the book publishing was in terrible situation. I started to focus just on floor because my old portfolio declined because of political situation in region. And when everything was good, I was just delaying necessary change and I was just whitening this crisis for life to burden my bridges. And then when necessary change happened, then I started to move.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “Biggest strength that I may analyze, I may make like a rather good conclusions in very simple manner. It means that people, they need clarity and simplicity and I think I may provide clarity and simplicity. I'm not overwhelming them by information and I may take much of information on myself, but then I provide to them like a solution, decision, description in very simple format. They understand and believe and follow. And my main weakness, sometimes I may be too slow for change. The biggest events in my life happened when the life burned my bridges. But now I understand that I should have burned my bridges by myself. For example, I started to make apps, very significant reason was that because it was crisis of 2008.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “You should just understand your weaknesses, your strengths, you should understand why you're useful and you should just make your proper work as good as you can.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “Nice story When I was in Stanford Business School We had one lesson with famous professor of management. He did the next exercise. He started to ask people in the room, what is the necessary trait of good COR? And people started to say like, oh, good CO should CO should be knowledgeable. Good CO should have integrity. And maybe in 20 minutes, like whiteboard was covered by different traits of good CO. And then this professor looked on this whiteboard and said, probably even Jezus Reist was worse. It means that since this lesson that people are making kind of glorification of Yeo that COS should be perfect, they should be almost kind of gods. But COS is just like the same people and they can't be so perfect as people think they should be.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  29. “Because it's a public company which simultaneously is growing very fast top line and bottom line, they have simultaneously 40-50% of top line growth and they have very nice profitability growth and it's extremely rare to see such companies as public companies. It's like just old rule of 40 and you rarely see like rule of 40 like 50 60 at the public markets and all the people believe that they still have good potential for expansion because there are so many learners of foreign languages in the world. I think a combination of these two factors but I think mostly it's just because combination of 40% top line growth and the 20 and growth of disproportional growth of predictability is so rare. And it means that if you want to cost 10 billion we probably should achieve 600 million in revenue and then show”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  30. “I might answer this question just using benchmarks, for example, what's the difference between floor and Dolingo? Partially it's scalar revenue, we have 200 million, they have 600 million, and it's achievable in several years for us to be in the range of 600 million. We have approximately the same.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  31. “The main job of early stage investor to distinguish cases with 100% of failure with cases 99% of failure and cases with small potential outcome and big potential outcome. And you should find cases when failure is not 100% guaranteed and potential outcome is big. And it means that for you is the most significant is to understand that the team is not stupid, they know what they do, and by that he would reduce your chances of failure from 99% to 95%. But then market should be big because it's impossible to get this proportional outcome from small market.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  32. “So because I'm just trying, like look, being just like original, like some weird folks from Belarus starting root tracker and promising that it will become unicorn and there are no examples of that and why would you believe in that? Nobody who is rational would believe in that it was now it's so evident but at that moment it was pretty rational not to believe.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  33. “For some extent, it was more significant for me at the beginning because at the beginning all people around were so skeptical about our business and IDN and not just investors and I had this bitterness all the time that I didn't have any understanding of our vision and any support. And then when we proved that our ideas are worthy and this is good sustainable business then it became easy.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  34. “If you meet like a first time entrepreneur, start your pitch from explaining that it's normal and default play for VCs to say no and it's nothing personal and you should just understand rules of games and just put on your wall I will get 100 nodes and each time you're getting no like put like just one line and you should be very very You should understand rules of the game and it should not be like a personal for you because you should that you per say no.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  35. “Been part of the board, they may provide good advice, they may make you bet. It's almost kind of if you have a coach, what's the difference between having a coach or visiting gym by yourself?”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  36. “Like a small investor, but he invested early. He joked recently the single role of investor is that he outrage entrepreneur and then entrepreneur have the full energy to prove investors that he's wrong. And of course it's a joke, but it's partly true. But I would say that a good investor may create a ton of value by proper working the bird and good bird brings ton of value and the biggest value from the board that you just are accountable and you have moments of truth like board meetings when you need to make proper refraction, prepare proper materials and explain future, explain past and without board meetings you would never have patience or energy to do that. But when you have such moments of reflection then your business is getting better because you're just reflecting all the time. And good investors”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  37. “We have one maybe I might share because he joked in Twitter we have early stage investor Nikita very nice product. You have heaters?”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  38. “We will have them because this business model is growing and you may just check numbers of Apple and you may see that Apple got from consumer subscription in 2017 and on 5 billion and it's projected that we'll get maybe 100 billion or so next year. Model is growing and because model is growing then we'll have huge companies”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  39. “Yeah, yeah. And because of that, even kind of conversation about what's fair price is useless because markets are irrational. Nothing is rational that there is like a two years difference between two events and in one event this company cost 30 revenues and in another event five revenues. And like you may understand crisis, you may understand that rate was 2% higher or 2% lower, but it's not like a reason why company would cost like five or six times higher or lower. It means that it's just a reflection that markets are very irrational and prices irrational as well. And again, it's a question when you're making justification of future value of the company based on current market multiples. Are you trying to lie to yourself or so? Because who knows if markets change dynamic five times in two years?”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  40. “Consumer revenue in the rational world. You can't have in 2021 multiple 30-40 and in 2022 multiple 5 for the same company. Market is not rational. It's market, but market”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  41. “Think for current market vimery checks this number by Average multiple revenue for public SAS at this moment is close to eight and it was five last year and it was 30 or so in 2021. It means that it's declined five or six times as well. It means that...”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  42. “You may apply the idea that retention should be very high because if you lose your customer, you lose it forever. And it's a fact for B2B, but it's not the fact for B2C because in B2C, in case of consumer face naps, customers go, customers come back, customers go, we already have maybe 40% of installs from users who used our app previously. And because of that, you should analyze not retention itself, but retention of revenue, for example, you should analyze how cohort behave in time and what revenue you are getting because of this behavior that people are coming back and forth, they stop subscription, they start subscription and you just can't apply this very simplistic logic of business that if people pay and then the charnel, they will never come back or they will never start paying again. It means that low”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  43. “Firstly, they had very deep understanding of our business model because of previous investment to Dolingo and Chess Comer and similar companies. And it's really rare to see investors with deep understanding of consumer subscriptions because there are not so many successful consumer subscriptions and just several public companies based on this business model. And most investors, they just don't understand this business model. They confuse it with SaaS. and they are making very wrong conclusions because of that.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  44. “Not trying to flutter them, but really impressed by General Atlantic. And at the end of this process, we had five bidders and I had really big hope that Gerantic would not provide a bad termshot because they showed so much better understanding of our business model and showed so deeper approach than they really impressed me by the depth of work and I'm really happy by this outcome. I'm not even fluttering. It's not my nature but I was kind of what did they take?”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  45. “Because you need to meet hundreds of investors and repeat the same and at some moment it's just boring. You're just repeating the same, the same again, again, again, again, it's just boring.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  46. “Think it's really significant to save simplicity of our product because each year we have deep research of our user base. What is the most significant for them in our product? And for seven or eight years in a row, the most popular answer is simplicity, nothing else. And the biggest mistake we may do is to destroy the simplicity because it's the essence of our success and is the essence of success for any product. And it's really difficult to have simplicity when you have so many features and when you have this concept of super”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  47. “Yeah, for some extent, but you may solve this problem by org structure. You may create teams which solely focused on own part of the product. And for them it's a single product. And they have full focus on this product. And in our company, each team has its own part of product to own. Then you have a difficulty to combine all these parts to the single experience and it's not easy, it's very challenging, but it's a way how to have focus in the case of super app.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  48. “I learned this lesson and I was very focused since, and I had a huge resistance to all proposals to take any other opportunities”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  49. “No, no, no, because you always should be focused. You always should be focused. Once I got very good lesson from Vinod Hostler, like founder of Hostler Ventures many years ago. And that moment our company was big enough and we had many ideas how to build our product and many ideas for monetization because audience was big and I was speeching to him describing we may do that and that and that and at the end of my speech I asked him like we not you are experienced could you give me just one advice but like the most available is for me and he said young man business and product building is very similar to merge you have many opportunities before you marriage but to be happy you should choose one and really focus and my advice to you choose one business model and be really focused and”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source

  50. “In health and fitness, it's difficult to find the cases with good retention. There are some cases, for example, variable devices, they have very good retention just because you have physically them.”

    2024-09-23 · The Twenty Minute VC · 20VC: From Potato Farm to $200M in Revenue: The Never-Before-Told Story of Flo Health: Scaling to $1BN Valuation, 75M Users & Getting 100s of No's From Investors Along the Way with Dmitry Gurski · IDENTIFIED FROM THE TRANSCRIPT · source