YouSaid · the spoken record

Fritz Lanman

lines on the record
21
first
2018-07-20
most recent
2018-07-20
sittings or episodes
1
sources
podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

  1. “And it's so easy to use that there's no pin codes or app downloads. Just click a link in your browser and you're in the meeting. Growing fast with customers in over 100 countries, Hi5 is already trusted by the lights of Harry's, Rula La, Expansify, the Atlantic and Betterment, just to name a few, and to learn more and start simplifying your team's video and audio conferencing, visit hi5.com forward slash 20 VC. That's hi5.com forward slash 20 VC. As always, I so appreciate all your support and I cannot wait to bring you a stellar set of episodes next week.”

    2018-07-20 · The Twenty Minute VC · 20VC: ClassPass CEO Fritz Lanman on Betting His Career Facebook Would Be A $10Bn Company, Lessons From Travis and Uber on Scaling A Global Marketplace & Whether Growth and Capital Efficiency Are Mutually Exclusive · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Speaking of products people love, whether you're starting your own small business or getting serious about making your small business more efficient, you need to invite fresh books to the table. Fresh books makes cloud accounting software that's so ridiculously easy to use, even I can use it, and you'll quickly understand why over 10 million people use it to radically streamline how they deal with their admin and paperwork. Oh, and FreshBooks can handle a lot more than accounting related tasks. Using Freshbooks, it's kind of like having your own admin assistant who's got your back 24-7. And to claim your 30-day unrestricted free trial, go to freshbooks.com forward slash VC and then to 20 minute VC in the HowDid You Hear About Our session. But with every function from accounting and finance to software development, communication across the team is really crucial and to high five. High five simplifies business collaboration with a conferencing platform that builds connected cultures. It's an all-in-one solution, including intuitive cloud software and purpose-built meteorom hardware. Plus, it's a high quality experience with industry-leading audio powered by”

    2018-07-20 · The Twenty Minute VC · 20VC: ClassPass CEO Fritz Lanman on Betting His Career Facebook Would Be A $10Bn Company, Lessons From Travis and Uber on Scaling A Global Marketplace & Whether Growth and Capital Efficiency Are Mutually Exclusive · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “I have to say, it really was such a huge pleasure to have Fritz on the show, such a big admirer of his incredible career. And you can find him on Twitter at Fritzanity. Likewise, we'd love to see you here behind the scenes at the 20-minute VC. You can find us on Instagram at hstebbings 1996. It'd be great to see you there. But before we leave you today, the reality is that hiring amazing developers is hard, and it's much harder if you're looking only in a 25 mile radius of your office. And that's where Terminal comes in. Terminal is your dedicated partner in rapidly standing up world-class remote technical teams. How do they deliver both speed and quality? Well, Terminal does this by focusing on everything necessary to successfully source, set up, and support these teams. From physical elements like beautiful workspaces and equipment to ongoing resources like HR, payroll, legal, professional learning and development. But don't take my word for this. Take the word of Eventbrite, former 20 VC guest hymns, and dial pad. All customers and lovers of Terminal, and you can find out more today at terminal.io.”

    2018-07-20 · The Twenty Minute VC · 20VC: ClassPass CEO Fritz Lanman on Betting His Career Facebook Would Be A $10Bn Company, Lessons From Travis and Uber on Scaling A Global Marketplace & Whether Growth and Capital Efficiency Are Mutually Exclusive · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “I mean, I have to thank you because you're the reason I go to Pilates most morning. So a huge thank you for that. But as I said, I've heard so many great things from Charlie Songhurst for so long. So it really has been such a pleasure having you on stay for its.”

    2018-07-20 · The Twenty Minute VC · 20VC: ClassPass CEO Fritz Lanman on Betting His Career Facebook Would Be A $10Bn Company, Lessons From Travis and Uber on Scaling A Global Marketplace & Whether Growth and Capital Efficiency Are Mutually Exclusive · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Wartime mentality that you derive has made me interested in taking Of my favorite ones. How do you deal with those shith the fan moments?”

    2018-07-20 · The Twenty Minute VC · 20VC: ClassPass CEO Fritz Lanman on Betting His Career Facebook Would Be A $10Bn Company, Lessons From Travis and Uber on Scaling A Global Marketplace & Whether Growth and Capital Efficiency Are Mutually Exclusive · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Indulgences here and there, and that book hits all three great adventure story, one of the best adventure stories in history combined with excellent leadership lessons and insights. And it's just a really fun book. You won't be able to put it down. No, I'm adding it to the list, but what motto or quote do you frequently revert back to Fritz? I think it's Fortune favors the bold. Like every time I've had to make a big decision, I've tried to take the riskier, less comfortable option and just put myself out there. And I think just being in the arena is like a lot of highly differentiating yourself. Like so many people get held back because of fear of failure and fear of the unknown. And it's always just served me well, especially since I left Microsoft because I was in the big comfortable cocoon there and had an incredibly rich intellectually stimulating job and financially rewarding job with great colleagues. But since I left, I've just increasingly taken bold risks and I've had a lot of mega face plants and the resiliency that you develop, the thick skin, the sort of”

    2018-07-20 · The Twenty Minute VC · 20VC: ClassPass CEO Fritz Lanman on Betting His Career Facebook Would Be A $10Bn Company, Lessons From Travis and Uber on Scaling A Global Marketplace & Whether Growth and Capital Efficiency Are Mutually Exclusive · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Channels. And so I'm seeing less and less companies with an ability to hyperscale while being very ROI driven. I think you can be ROI driven WISH is one of my best angel investments. And those guys are probably the best performance marketers on the planet. And that company, a lot of people don't even know about it. And half the secret for them has been the product and the logistics that they've been able to figure out. And I think a big percentage of why they've built a big, super successful business is because they are the best ROI-driven marketers in the industry. I mean, do you know get me started on paid marketing? It's one that I could talk about for hours, but I would love to move into my favorite element of any interview being the quick fire round. So are you strapped in for it? 60 seconds per statement. I'm ready. So your favorite book and why? What must I be reading? Endurance, which is about the 1906 Shackleton Adventure Across Antarctica. I think it's just important for us to all have examples of really positive human achievement, leadership lessons, and exciting and interesting sort of intellectual or emotional.”

    2018-07-20 · The Twenty Minute VC · 20VC: ClassPass CEO Fritz Lanman on Betting His Career Facebook Would Be A $10Bn Company, Lessons From Travis and Uber on Scaling A Global Marketplace & Whether Growth and Capital Efficiency Are Mutually Exclusive · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Difficult, and I'm not sure it's necessary. Like, certainly, you never want to light dollars on fire unnecessarily, but in most cases, I would say if the land grab reason is strong enough, you shouldn't be concerned about optimizing every dollar spent. Like if the opportunity is big enough, then you can justify optimizing for speed over IRR on each dollar spent. And I don't think that there's anything to be ashamed about if you're pursuing a big enough opportunity. That being said, I have seen other businesses scale aggressively capital efficiently with strong ROI justification. So it is possible. I'd say it's getting harder and harder in a world where everybody's employing the same AB optimization on Facebook, Instagram ads, Google ads when everybody's employing similar tactics on social referral type marketing and affiliate marketing. So the channels are getting a little bit more saturated and there's still nothing like viral organic growth to fill your business. But I'd say it's getting a little bit more expensive to juice your growth through”

    2018-07-20 · The Twenty Minute VC · 20VC: ClassPass CEO Fritz Lanman on Betting His Career Facebook Would Be A $10Bn Company, Lessons From Travis and Uber on Scaling A Global Marketplace & Whether Growth and Capital Efficiency Are Mutually Exclusive · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Second reason that now we're beginning to enter this and we're scaling globally and also to smaller cities in America is that the model is really working tremendously well. We have great unit economics and so it's our opportunity to go capture and we just need to find a place where it doesn't work. We found that it works in any zip code that has five studios in it so even a small town like Missoula, Montana where we just opened an office, we launched ClassPass there. There's only 18 studios in a town of 65,000 people and it's working. So reason one was competitive in market dynamics. Reason two is when you have a great model that's really working you have product market fit and business model fit is to just scale your business as fast as you can. Final question before the quick fire round. Hearing that, do you think that actually capital efficiency and aggressive scaling and mutually exclusive given the fact that one has to kind of peel back, stop scaling, get the business in order before one can regain scaling again, so to speak? It can be achieved, but it's pretty...”

    2018-07-20 · The Twenty Minute VC · 20VC: ClassPass CEO Fritz Lanman on Betting His Career Facebook Would Be A $10Bn Company, Lessons From Travis and Uber on Scaling A Global Marketplace & Whether Growth and Capital Efficiency Are Mutually Exclusive · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “What we've been doing over the last two years, we've gone through two kind of model iterations. The first was moving away from unlimited classes for a fixed monthly price to having multiple tiers, or you could buy five classes a month or 10 classes a month. So you could use ClassPass as a supplement or as your primary workout option. And then about six months ago, we started to introduce a new credits model where you buy credits each month and you can spend those credits on a variety of experiences at different price points. And the suppliers, there's kind of a marketplace dynamic now where the suppliers can set lower prices if they want more volume. They can charge higher prices if they want to surge price a spot that's in higher demand in a class. And that has given our customers more choice and our partners and suppliers more flexibility in how they price their extra capacity. And it's really improved our fundamental unit economics to the stage where we're now going in hyperscaling. So the first reason to hyperscale was competitive and establishing a leadership position and trying to preserve the health of the aggregator ecosystem in the US.”

    2018-07-20 · The Twenty Minute VC · 20VC: ClassPass CEO Fritz Lanman on Betting His Career Facebook Would Be A $10Bn Company, Lessons From Travis and Uber on Scaling A Global Marketplace & Whether Growth and Capital Efficiency Are Mutually Exclusive · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “And so they said do whatever you can now to get as big as you can as fast as you can. So the first reason we scaled the company and went into hypergrowth, which was going from one, or maybe by that time we'd been up to four or five markets, we added another 20. That was to really establish an unassailable leadership position in the US. Because if you win in the US or if you win in China, those are really the two markets that you can achieve enough scale that you can export massive advantages to other international markets. So we thought it was really important to get to scale first and to make sure that there was as few clones as possible because it was leading to really unhealthy behavior in the market, like really extreme pricing and promotion and stuff like that. We then stopped. We had to kind of evolve our business model. We had to listen to customer feedback. We had some constraints about the product. Our unit economics weren't in tremendous shape back then. This is now two years ago after we'd completed the scaling stage. And we said, okay, we're going to stop scaling. And we're going to get our business into incredible shape. And that's really”

    2018-07-20 · The Twenty Minute VC · 20VC: ClassPass CEO Fritz Lanman on Betting His Career Facebook Would Be A $10Bn Company, Lessons From Travis and Uber on Scaling A Global Marketplace & Whether Growth and Capital Efficiency Are Mutually Exclusive · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “Connect you to other inspiring experiences, whether that's volunteering at a homeless shelter on a Saturday afternoon to taking your partner on a cold pop-up chef date night thing, to taking your kids to a cool experience, et cetera. So it's a pretty ambitious vision. And so, you know, I think in terms of when you hyperscale, you need to think about a couple of things. The first is, what is the reason to hyperscale? I think there's two reasons, at least in my experience at ClassPass. The first has been competitive. We invented the market, Pile invented this category of this indirect subscription aggregator. There's been a lot of class passes for XYZ. Well, there were a lot of just straight up class pass clones. And early on in our company's life, I called up the guys, Emile and Travis and Uber and asked them, you know, what is their opinion? We feel like we invented this business model and it was working really well in New York City. And suddenly we were hearing about clones in every city in America. And their advice was their only regret was that they hadn't scaled faster, which is crazy because those guys were so aggressive in how they scaled.”

    2018-07-20 · The Twenty Minute VC · 20VC: ClassPass CEO Fritz Lanman on Betting His Career Facebook Would Be A $10Bn Company, Lessons From Travis and Uber on Scaling A Global Marketplace & Whether Growth and Capital Efficiency Are Mutually Exclusive · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Absolutely. He was saying that he seen kind of investors and how they react both in good and bad times and how actually the only thing that matters is how you react in bad times was his takeaway from that. But I do want to touch on Class Pass today. The incredibly exciting times ahead because we've seen a period of hypergrowth in in recent years expanding pretty aggressively into the UK, Australia and 34 other markets according to my research. I have to ask how do you think about the right time to really pour fuel on the fire so to speak with Class Pass So we're actually up to 50 cities now in four countries Australia UK Canada and the US and we are just beginning to pour fuel on the fire again and so in our case Class Pass is the Netflix of studio fitness but the dream is actually to become the Netflix for all interesting experiences in your life and to go way beyond studio fitness and add gyms and wellness stuff so you can get massages and crouch treatments but then even to take it a step further and”

    2018-07-20 · The Twenty Minute VC · 20VC: ClassPass CEO Fritz Lanman on Betting His Career Facebook Would Be A $10Bn Company, Lessons From Travis and Uber on Scaling A Global Marketplace & Whether Growth and Capital Efficiency Are Mutually Exclusive · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “No, I'm absolutely with you. Public actually gives me goosebumps, but I do want to slightly delve back into the world of serial entrepreneurship that you slightly touched on there from founding Livestar and Doppler. I'd love to hear. What were some of the big takeaways that both worked and maybe didn't work that you've taken with you to today as CEO? Cross path”

    2018-07-20 · The Twenty Minute VC · 20VC: ClassPass CEO Fritz Lanman on Betting His Career Facebook Would Be A $10Bn Company, Lessons From Travis and Uber on Scaling A Global Marketplace & Whether Growth and Capital Efficiency Are Mutually Exclusive · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Ask off the bat question here, but you said about overallocated to the asset class. How do you think about your own asset allocation today and has that changed since those early more enthusiastic days?”

    2018-07-20 · The Twenty Minute VC · 20VC: ClassPass CEO Fritz Lanman on Betting His Career Facebook Would Be A $10Bn Company, Lessons From Travis and Uber on Scaling A Global Marketplace & Whether Growth and Capital Efficiency Are Mutually Exclusive · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “I'd love thee to kick off today with a little bit about you, so tell me, serial entrepreneur, active angel investor. But how did you make your way into the world of startups and then second come to be CEO of ClassPass?”

    2018-07-20 · The Twenty Minute VC · 20VC: ClassPass CEO Fritz Lanman on Betting His Career Facebook Would Be A $10Bn Company, Lessons From Travis and Uber on Scaling A Global Marketplace & Whether Growth and Capital Efficiency Are Mutually Exclusive · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “You have now arrived at your destination. Fritz, it's such a pleasure to have you on the show today. I've heard so many wonderful things from Charlie Songhurst, Ryan Salver, Adrian Ayun, so thank you so much for joining me, Stef”

    2018-07-20 · The Twenty Minute VC · 20VC: ClassPass CEO Fritz Lanman on Betting His Career Facebook Would Be A $10Bn Company, Lessons From Travis and Uber on Scaling A Global Marketplace & Whether Growth and Capital Efficiency Are Mutually Exclusive · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “Cloud software and purpose built meeting room hardware. Plus, it's a high quality experience with industry leading audio powered by Dolby Voice, and it's so easy to use that there's no pin codes or app downloads. Just click a link in your browser and you're in the meeting. Growing fast with customers in over 100 countries, High Five is already trusted by the lights of Harry's, Rula La, Expansify, the Atlantic and Betterment, just to name a few, and to learn more and start simplifying your team's video and audio conferencing, visit hi5.com forward slash 20 VC. That's hi5.com forward slash 20 VC, but I'm now thrilled to hand over to a very special guest, Fritz Landman.”

    2018-07-20 · The Twenty Minute VC · 20VC: ClassPass CEO Fritz Lanman on Betting His Career Facebook Would Be A $10Bn Company, Lessons From Travis and Uber on Scaling A Global Marketplace & Whether Growth and Capital Efficiency Are Mutually Exclusive · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “And dial pad, all customers and lovers of Terminal, and you can find out more today at terminal.io. And speaking of products people love, whether you're starting your own small business or getting serious about making your small business more efficient, you need to invite fresh books to the table. Fresh books makes cloud accounting software that's so ridiculously easy to use, even I can use it, and you'll quickly understand why over 10 million people use it to radically streamline how they deal with their admin and paperwork. Oh, and Freshbooks can handle a lot more than accounting related tasks. Using Freshbooks, it's kind of like having your own admin assistant who's got your back 24-7 and to claim your 30-day unrestricted free trial, go to freshbooks.com forward slash VC and then to 20 minute VC in the How Did You Hear About Our Section. But with every function from accounting and finance to software development, communication across the team is really crucial. End to high five. High five simplifies business collaboration with a conferencing platform that builds connected cultures. It's an all-in-one solution, including intuitive”

    2018-07-20 · The Twenty Minute VC · 20VC: ClassPass CEO Fritz Lanman on Betting His Career Facebook Would Be A $10Bn Company, Lessons From Travis and Uber on Scaling A Global Marketplace & Whether Growth and Capital Efficiency Are Mutually Exclusive · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “Projects, including the Facebook investment and the Yahoo deal. And if that wasn't enough, Fritz is also a tremendously successful Angel investor with a portfolio including the likes of Square, Pinterest, Wish, Flex Sport, Everlane and 75 or so more companies. I'd also want to say a big thank you to Ryan Sava at Redpoint and Charlie Songhurst for the intro stay. That really does mean so much to me. But before we welcome Fritz to the hot seat today, the reality is that hiring amazing developers is hard and it's much harder if you're looking only in a 25 mile radius of your office. And that's where Terminal comes in. Terminal is your dedicated partner in rapidly standing up world-class remote technical teams. How do they deliver both speed and quality? Well, Terminal does this by focusing on everything necessary to successfully source, set up, and support these teams. From physical elements like beautiful workspaces and equipment to ongoing resources like HR, payroll, legal, professional learning and development, but don't take my word for this. Take the word of Aventbrite, former 20 VC guest hymn.”

    2018-07-20 · The Twenty Minute VC · 20VC: ClassPass CEO Fritz Lanman on Betting His Career Facebook Would Be A $10Bn Company, Lessons From Travis and Uber on Scaling A Global Marketplace & Whether Growth and Capital Efficiency Are Mutually Exclusive · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “Welcome back to the 20 minute VC with me, Harry Stebbings, and I'd love to see you on Instagram at H Stebbings nineteen ninety six with two B's, where you can see all things behind the scenes from us at the 20-minute VC and suggest guests and ask questions for future episodes. And speaking of episodes, today I welcome a guest I've wanted to have on the show for a very, very long time, a seasoned and immensely well-respected operator, a successful founder, and an incredible angel, and so I'm thrilled to welcome Fritz Landman to the hot seat today. Now, Fritz is the CEO at Class Pass. The startup that provides the most flexible fitness membership ever. To date, they've raised over $154 million in VC funding from the likes of Thrive, GV, CRV, Fifth Wall, and Temasec, just to name a few. As for Frizz, prior to class he was the founder and CEO at Livestar, a mobile recommendation startup that was acquired by Pinterest. And before that, he was a senior director in the corporate strategy group at Microsoft, where he led several multi-billion dollar M&A evaluations and strategy.”

    2018-07-20 · The Twenty Minute VC · 20VC: ClassPass CEO Fritz Lanman on Betting His Career Facebook Would Be A $10Bn Company, Lessons From Travis and Uber on Scaling A Global Marketplace & Whether Growth and Capital Efficiency Are Mutually Exclusive · IDENTIFIED FROM THE TRANSCRIPT · source