Prompt Cast
The History and Challenges of Eventbrite: From Founding Team to Navigating the Pandemic
TLDR This episode explores the unique founding team of Eventbrite and the impact of the coronavirus pandemic on the business. Despite facing significant challenges, Eventbrite was able to raise financing, pivot its attention to helping small businesses, and build a stronger platform to navigate the new world.
Timestamped Summary
00:00
The episode is about the history and current challenges of Eventbrite, including its unique founding team and the impact of the coronavirus pandemic on the business.
05:46
Kevin Hartz discusses his background and how he became involved in entrepreneurship, including his early investment in Pinterest and his connection to the PayPal mafia.
12:06
Kevin Hartz discusses his experience with PayPal and how he and his team started a separate company focused on money remittance, which eventually became the basis for Zoom.
18:34
Julia and Kevin meet at a wedding and Julia is impressed by Kevin's sweet and thoughtful gesture of bringing drinks for her and her colleagues, which leads to their connection and eventual partnership in building Eventbrite.
25:22
Julia and Kevin decide to move to the Bay Area together after realizing the stark differences between Silicon Valley and Hollywood, and Julia receives a job offer to join the founding team of current TV, which she initially plans to accept until Kevin interrupts and convinces her otherwise.
31:19
Julia and Kevin decide to start a company together after Kevin convinces Julia to bet on herself and take the risk, and they quickly find a space in Patero Hill to start their business.
37:46
Eventbrite started in a space with 12 other startup teams, including Trippett, Flickster, Trulia, Zynga, and Boxby, and they learned that investing in a company that receives checks for their product is a good investment strategy.
44:11
Eventbrite's organic growth through word of mouth, SEO, and integration with PayPal convinced the founders that there was a market for their platform, despite initial challenges in raising money.
50:39
Eventbrite's focus on making their platform friction-free, providing tools for success, and actionable insights for their customers has helped them create a market and bring offline events online, catering to small businesses and professionals rather than informal gatherings.
57:23
Eventbrite had always planned to go public, and the IPO process helped them focus on their customers and improve their operations.
01:03:54
Eventbrite's roadshow for their IPO was filled with travel mishaps and unexpected adventures, including a four and a half hour drive through the Poconos and a stop at Friendly's, but ultimately they had a successful IPO day with their executive team, employees, and family members present.
01:10:20
Eventbrite experienced a significant drop in revenue due to the impact of COVID-19, with ticket sales going from over $4.5 billion in 2019 to zero in March 2020, but the company was able to raise $225 million as a public company and navigate the crisis with the support of new investors.
01:17:00
Eventbrite had to make deep and painful cuts to its expenses, downsizing the company by 45% and removing over $100 million in operating expenses, in order to navigate the significant drop in revenue caused by COVID-19, but the company was able to raise financing and pivot its attention to helping small businesses survive and thrive in the new world.
01:23:32
Eventbrite was able to raise $375 million in financing, allowing them to focus on their core business, build a stronger platform, and help their customers during the COVID-19 pandemic.
Categories:
Technology
Business
