YouSaid · the spoken record

Melody McCloskey

lines on the record: 31
first: 2017-03-31
most recent: 2017-03-31
sittings or episodes: 1
sources: podcast

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2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
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2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh my goodness well, let's see. Last year we did about 1.6 billion in bookings across the platform. So we had a great year. This year we started to turn on revenue to a higher degree and so we're focusing on that as our next big push and we're also going to be focused on growth. We've never had to market ourselves. So we're going to start to learn how to do that, which I'm excited about. And I think, you know, we're going to be profitable in the next year. So for me beyond profitability, it's how can we drive the most return for our customers? How can we make as much money as possible along the way? And I just want to make sure that as we're doing these things, I'm still loving it. My team's still loving it. Our community's happy. So that's how I think about it.”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“No, and it's really important to the challenge is that founders can't really share that information because it's not in their best interest. And VCs don't really want to be transparent because it's not in their best interest, right? They sort of hold all the power. And what that means is that, you know, if there's an ecosystem where there's a”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“It would be fantastic if there was less asymmetry of information. So every VC will tell you we're fantastic, but you don't know their track record. So you don't know if they're actually fantastic.”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“Know my mentors have changed over the course of the business. In the beginning, it was Garrett, and then I was working out of Travis's house three days a week for like a year, and then it became Jenny Lefcourt, who after, you know, as the needs have changed for the business, my mentors have changed. Then it was Padmas Rearrier who was really material. Right now I work with someone named Debbie Landa, who's fantastic, and she and I work together very closely. Linda Kozlowski, who is one of my board members, she's the CO of Etsy, has also been an incredible mentor for me over the past year, year and a half.”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“Making sure that I'm driving the most return for the business constantly because it's the type of thing that I have to change and evolve every week. It's a very fast moving animal. And I think being okay with taking a lot of criticism constantly because criticism is how you learn and grow. And it was hard in the beginning and now it's a little less hard for me. I thrive on it because I want to get better. But that's been one of my biggest lessons.”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“Business books and literature as well. I really like the hard thing about hard things. I thought it was a lot of information, a lot of learnings in a short book. So I definitely recommend that book.”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“This is my first time, right? And so you have to just be really hungry to learn and to grow. And a coach is a great way in combination with the other ways for me to do that.”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“Know they teach you, I was really specific in what I wanted with an executive coach because I don't like talking about feelings. I don't like processing conversations and I hate that stuff. What I want when I speak to an executive coach is specific skill sets. I have specific goals of how I want to grow and learn as a CEO. Those change as the business needs change and I want case studies. I want people that I can talk to who've done this well and I want the advice of someone who understands the fundamentals of the skills that I need to learn. So we'll talk about things like board dynamics and what's the appropriate ways to work with a board so that they have the information that they need but that you're also holding them accountable for the decisions that they need to make and sort of their obligation to the business. That's been something that I have been learning a lot more about. I'm very fascinated about. So for me it's really about what are fundamentals, business fundamentals of being a CEO. I've never done this before.”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“What I've found is that you need different expertise at different stages of the business. I will say that the thing, one of the big lessons that I've learned around what makes a good board member is having as much operation experience as you can because investors can sort of say, well, here's what we've seen other companies do. Here are some trends and here's some data. And an operator can say, well, I did it. I did it three times. Here's the real way it works and the pros and the cons and here's six people that you can talk to that led it at my last three companies and here's one person you can talk to that did it poorly and it's just a different type of support i think it's it's good to have as much operating experience as you possibly can at companies that's been my experience”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, everyone's found a friendly and adds tremendous value in their secret sauce, blah, blah, blah. And I mean, founders behind closed doors laugh at all of those things. But I think you just have to build relationships as deeply as you can, and then you have to take a leap of faith.”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“Mess you up number one, not going to stop you from doing things. And number two, hopefully we'll add some value. And everyone says they add value.”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“This was, yeah, before we were even ready to raise. And so that was something that I liked is that the VC was very invested in the company and was very, it was very important to him to show to me that he was invested in the business. And then for the B, it was very similar. You know, the partners at Foson, which is the firm that led it, Kinson is the name of the VC firm. Foson is their parent company. They had spent a tremendous amount of time with me and we would walk through business philosophies, business models. You know, they were constantly asking me really in-depth questions about the company. And we had a great working relationship and a great working style. And I have to like the person. The partner is so much more important to me than the firm because there's such asymmetry of information between founders and VCs that makes it really hard for a founder. It's not like you have all the time in the world to go and meet every single partner and really learn deeply about their histories. Like you need to find someone who's not going to”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, that's a great question. So, what I really liked about our A is that the firm that we worked with Light Speed had spent a decent amount of time with me and they had pursued me and the company pretty aggressively.”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, our first seed round, my very first, well, my first two advisors and angel investors were Garrett Camp and Travis Callanet. So I was very lucky they were just my two best friends basically at the time. And they were sort of, I mean, their position was, we have no idea how the beauty industry works. This sounds crazy to us, but Melody, you're totally nuts, and we will help you get more angel investment from other people because we know you're going to do something because you're totally crazy. And so it was like them investing in me and in the opportunity that we were going after. Our series A and Series B were much more of, it wasn't imagine a world where it was, here's the opportunity, here's the math, and here's how we've grown and here's scale. So it was very much more on the numbers and the fact that we had grown so quickly, purely organically, and that we were tapping into something because our customers were so passionate about the product.”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“It means that every single dollar you never know if you're ever going to see it again. I mean, when we raised our first amount of capital, I had only ever been in debt my whole life. I had always worked. I'd always had one or several jobs. I worked full-time in addition to, you know, my last year of school. I commuted to San Francisco two and a half hours each way every day. Like I have had to work extremely hard my whole life. And I think what bootstrapping teaches you is you may never see this dollar again. So you better spend every hour every day getting to product market fit as fast as possible because time is running out. And I think it allowed us to be super effective with capital, with our time, with being iterative in those early days. And, you know, that has carried me through the rest of my company. I remember those days and I don't take that for granted.”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“Overhead allowed me to live on almost zero dollars just on my credit card for a year and a half we bootstrapped. I was eating like beans from a can. This sounds very dramatic, but I was, I had nothing to lose during this process. And I figured like, this is my shot. I will give up everything to make this happen.”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh God, I still have scars from that. I'm so happy we did it, but it's, I mean, I guess I have scars from every moment in the fundraising process. Think everyone should bootstrap because especially in boom times, I mean, a couple years ago we had pretty significant boom times. There's still a lot of money right now in the valley. I meet so many companies, lovely little graduates from Stanford that just say, hey, I'm going to go raise a couple million dollars and I'm going to pay myself full salary and I'm not worried. And that's fine. But the way I did it was I had no money. Like I was massively in debt when I started my company just because I didn't have much support paying for college and things like that. So I had credit card debt going into it. I saved a ton of money because I lived in, I think it was technically a closet in this home with a whole bunch of other roommates. I paid $400 in rent and I did that for a couple of years and saved a little bit of money because I mean it was in my mid-20s early 20s, but I knew I wanted to be able to start a company. And so that rent and that low.”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“That I'm really amazing at it, but we are extremely transparent right now as an organization. We're always trying to get better.”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a great question. I mean, it can be challenging when, I mean, the biggest challenge is when you are, let's say you're in the A stage of raising money and you don't have a lot of runway. And as a startup, you need to try and keep as much of the power in that negotiation process as you can, while also, you know, you've got a couple months left. And so if employees are out there telling the world that you've got a couple months left, then VCs, if they hear that information, right, they're going to leverage that against you and that can have a significantly detrimental effect on the terms of the round. I mean, there are some things like just privacy things and, you know, that you can't really share with your team. Absolutely. But, you know, and I've struggled with this. I really have struggled with this because in the past we've had executive teams that were really great with sharing information and fantastic with setting the right context. And then we've had folks that haven't been great at that. And so I'm not going to say.”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's very rare to see that flexibility. It is that rare bird to find the person who can work at the public style company or the company that's on that smooth paved road that is scaling that can also go do the early stage stuff or that gravelly road. I just haven't met many of those people in my experience. You either are thrilled by this is very consistent and very predictable business model. We have product market fit. I can see where we are now and I'm very thrilled about the mostly HR and business structure org structure type of challenges to bring this company public or you love the chaotic shits being flung across the wall back and forth up and down meltdowns like learning every single day and rolling up your sleeves and doing the actual work and thriving in that chaos. I just haven't met very many people that like those two things. So I mean the job is a hundred percent different job. It's like it's two different industries.”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“You have to give that to someone else because you suck at it, or something that was working before now isn't working. And we are constantly evolving, whether it's the org structure or what people are doing or how we report or the dashboards and the numbers that we show or the roles of the different people on the team, like regularly. It's definitely an evolving beast and you have to be really comfortable with that and really comfortable with openness and honesty and transparency. Everyone on my executive team feels really comfortable turning to me and saying you suck at that. And I go, oh, I see what you mean. I do suck at that. I didn't see that. Thank you for bringing that to light. Let's go, you know, figure out this solution in some other way. And if you aren't really comfortable with that level of criticism and transparency, I think that can be challenging to stick around for the long run.”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it really comes down to two things for me. The first thing is resiliency. So you have to love having shit thrown in your face every single day. And by that I mean people are going to have meltdowns. You're going to realize your executive team isn't working out. You're going to realize that you are, you know, now that your company is at the next level, like you're not driving the value that you need to drive. So you need to hurry up and go get your skills. You're going to get your ass handed to you by your investors sometimes, right? or by your board. You're going to realize that the product used to have market fit and there have been some changes in the market. Now you need to go out and get that again. And so those constant challenges you have to love because if you don't love that super frenetic pace, it's going to kill you because it's incredibly, incredibly intense. And then the second thing is for me really about constantly asking myself, how can I drive the most value and being really honest with myself and saying, all right, even though you love that,”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“In those data points, on this is how other really successful businesses have done it and made this transition, you can survive and you can adapt yourself. Yes, that is not normal. It's very weird. And so I feel like every single day I am just trying to spend my time driving the highest ROI for the company, up leveling my operating system is my executive coach and I discuss all the time. Very challenging, but it's also, it's really fun.”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“Honestly, I think it's a bit of everything. It's a bit of your team saying you're micromanaging me back off. And you're like, okay, well, all right, how do I empower you and help you, but also let you not fuck up because I don't think you're doing a great job right now? Learning how to teach them how to do it in the way that you think is best. For me, I did a ton of research on HBR, you know, best practices for a manager. How do you evolve? How do you make that transition as a manager? And a lot of it is just talking to founders. This is also something that I have done to varying degrees of success over the years, but something I really rely on now, which is all of my founder friends and operator friends who have gone through this, asking them, you know, hey, here's a huge challenge that I'm having. I'm micromanaging my team and I'm having trouble getting to that next level. Whatever problems you have, you have to ask people and you have to ask a ton of people. You can ignore their advice, right? But just getting that information.”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“It's when you have someone else, you can do it better than you can. Because in the beginning, I was doing all the CS tickets and I was actually working with a designer on every little piece of every single design that went out and writing all the copy, et cetera. And then as you start to get bigger, whether you're raising money or you're turning on revenue, et cetera, you have the ability to hire people that are way better at those things than you are. And then your goal goes from doing it or micromanaging them to empowering them to do it. And you have to figure out constantly, or I had to figure out constantly how do I upgrade my own operating system so that I can make this shift. And it is extremely jarring. It is psychologically confusing. You know, people talk about it a lot. That Harvard Business School, oh, this is, you know, how you evolve a company, but like when you're in the trenches doing it, it is a real challenge. And it took me a while to figure that out.”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“Completely different type of approach to running and building your business, which is not having all the answers and not being the person to go do it. You turn from a doer to someone who needs to empower the rest of your team to do. And that was a huge shift for me. And I think one of my biggest lessons as a CEO is to learn how to do that well. Because I think I did it very poorly for a while.”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“It's interesting because when I first started the company, I had had product positions before. I'd worked with software engineers building product for a couple of years. But what people may not realize is that as a first-time founder, you have no idea what you're doing. You're probably totally unqualified to do it and you have no idea what you're doing. And so for the first year or two of starting a company, it's really about, okay, now I need to find an accountant. Now I need to find a lawyer. Now I need to figure out, you know, who my customer personas are. I've never done that before. Now I need to figure out what my MVP is. How do I find a designer? Like there are so many things and there's such a wide breadth of things outside of big stuff like funding that you have to figure out. And what's interesting is that in the first year or two, you're basically like just give me a problem and I'll solve it. And so you get into this mode of give me a problem. I'll solve it. I'll figure out the answer. You got to make a decision quickly. And so you do it and you move on. But after that first year or two, you have to take a”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I found my first engineer by posting an ad on Craigslist and saying I'm stealth company seeks engineer to build first version of product for equity only no money And believe it or not, that actually resulted in a fantastic engineer from Google who had made a bunch of money and didn't really want to work anymore but he didn't want to get bored. So he became my first engineer. I had a designer friend who designed the first version of the site. And so we had a prototype up and running and that allowed me to go out and find my technical co-founder Dan and then from there we bootstrapped and you know spent our lives building the product.”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure, I started Style C, we launched back in 2011. I knew I wanted to start a startup. I had startup fever. I had, you know, most of my friends at the time had started startups or were in the process of doing that. I knew that I wanted to start a company that helped others. I loved the concept of helping small businesses. And I wanted to start a company in a female sector because I didn't know a single female founder at the time. They existed, but I just didn't know any personally. And so I thought I'd have a competitive advantage by focusing on a female sector. And so I did a ton of research. The beauty industry seemed very exciting. Beauty professionals are completely fabulous in every way. And so that's how I chose this business.”
2017-03-31 · The Twenty Minute VC · 20VC: Why Every Founder Should Bootstrap Their Startup, How To Solve Information Asymmetry Between Founders and VCs & Living In A Cupboard For Two Years To Fund StyleSeat with Melody McCloskey, Founder & CEO @ StyleSeat · IDENTIFIED FROM THE TRANSCRIPT · source