FT Start-Up Stories Series 3: Discovering that missing ingredient 3/10
Oct 17, 2016
Daniel Reilly, a tech entrepreneur with a background at Groupon and Cardlytics, shares insights from his journey of launching a marketing-tech marketplace. He reveals the challenges of failing to validate market demand before launch and the emotional impact of closing the business. Reilly stresses the importance of early testing and reflects on the lessons learned before taking on a leadership role at Be My Eye. He also discusses plans to leverage technology for social resource allocation, aiming to make a positive impact beyond mere profit.
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Marketplace Launch That Met Limited Demand
- Daniel Reilly built a marketplace to coordinate buyers and sellers of marketing technology and launched in May 2015.
- Early adopters used it but broader market demand proved weak, showing coordination alone didn't guarantee uptake.
Early Traction Yet No Venture-Scale Growth
- The team had interns, early revenue and one engaged large client but struggled to convert other prospects.
- After months of resistance from the broader market they concluded the opportunity looked like a lifestyle business rather than venture-scale.
Emotional Toll Of Winding Down
- Closing down the startup hit Daniel hard emotionally when transactions and activity stopped in April.
- He describes guilt toward co-founders and a visceral sense of loss once the operational signs of winding down became real.