2005 Customer Funding SEM 
Both Sides of the Table
FEBRUARY 7, 2013
I first met Ethan in 2005. We generally have a policy to only fund entrepreneurs once the first version of a product has shipped or it near to shipping. So I asked Ethan to build his product first and then we would fund. I asked him if he would consider raising $3m in stead and we would put up most of the funds.
Both Sides of the Table
MARCH 25, 2016
After a year in the market, MakeSpace was growing rapidly and our biggest issue was CAC (customer acquisition costs) relative to payback period (when we get our marketing investment back) and relative to LTV (lifetime value). But that’s harder to build in 2016 than it was in say 2005. Our centralization is their achilles heel.
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