Anchors and the Next Series a Fundraise

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Anchor is a mobile app that lets people add music and sound effects to their videos. The company's growth was flat-ish, meaning it would get new users but not grow for long periods of time. Founder says the team realized they had three months to turn things around or run out of money. "We did not have product market fit," he says.

Michael Mignano is the creator of Anchor. He previously served as the Head of Talk for Spotify. Now, he serves as a partner at Lightspeed.

In this podcast, he talked about stories from his early days at Anchor, when you should sell, misconceptions about Spotify, and how he found Product Market Fit.

(0:00) Intro

(1:40) Getting Jumped

(3:45) Music & Technology

(7:31) Early Days of Internet

(15:38) Living Through The Audio/Video Revolution

(19:33) Starting Anchor

(23:21) When Anchor Wasn’t Working…

(31:29) Growth/Finding Product Market Fit

(40:08) Why Is Anchor Most Used?

(45:20) When To Sell?

(49:10) Misconceptions About Spotify

(51:44) Becoming A Venture Capitalist

(55:53) What Makes For A Good Investment?

(57:45) Quitting Job To Start Company

(1:05:33) Challenge

Michael’s Links

Twitter: https://twitter.com/mignano

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