Bill Magnuson is the co-founder and CEO at Braze, along with Kevin Wang, who joined as employee #8 and serves as the CPO. The two MIT graduates have built Braze into a publicly listed customer engagement platform with a $4.4B market cap. In 2023, Braze surpassed $500M in CARR, and serves over 2,200 customers worldwide. Before Braze, Bill spent time at Bridgewater Associates. Kevin’s academic background is in brain & cognitive sciences, and prior to joining Braze he worked at Accenture and Brewgene.

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In today’s episode, we discuss:

The Braze founders’ early insights into the mobile revolution
How a TechCrunch Hackathon sparked Braze's creation
The journey from 1,000 beta signups to 2,200+ paying customers
Breaking traditional lean startup rules
Navigating early fundraising challenges
Finding product market fit by “fishing in every pond”
Approaching competition strategically like a boxer
Much more

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Referenced:

Accenture: https://www.accenture.com/
Appboy: https://www.braze.com/resources/articles/appboy-social-network-for-mobile-apps
Bipul Sinha: https://www.linkedin.com/in/bipulsinha/
Braze: https://www.braze.com/
Bridgewater Associates: https://www.bridgewater.com/
Jon Hyman: https://www.linkedin.com/in/jon-hyman/
Mark Ghermezian: https://x.com/markgher
MIT: https://www.mit.edu/
Rubrik: https://www.rubrik.com/
WeWork: https://www.wework.com/

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Where to find Bill:

LinkedIn: https://www.linkedin.com/in/billmagnuson/
Twitter/X: https://x.com/billmag

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Where to find Kevin:

LinkedIn: https://www.linkedin.com/in/kevin-wang-96131916/

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Where to find Brett:

LinkedIn: https://www.linkedin.com/in/brett-berson-9986094/
Twitter/X: https://twitter.com/brettberson

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Where to find First Round Capital:

Website: https://firstround.com/
First Round Review: https://review.firstround.com/
Twitter/X: https://twitter.com/firstround
YouTube: https://www.youtube.com/@FirstRoundCapital
This podcast on all platforms: https://review.firstround.com/podcast

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Timestamps:

(00:00) Teaser: Finding “terminal value” product market fit

(00:24) Introduction

(02:34) Bill's insights into the mobile revolution

(04:43) Lessons from Bridgewater Associates

(09:12) First principles thinking in action at Braze

(14:14) Meeting co-founders at an NYC Hackathon

(24:35) Braze’s scrappy scaling

(33:37) Early product development

(39:37) From 1,000 beta signups to 2,200+ paying customers

(43:51) Braze’s fundraising struggles

(47:01) Breaking the rules of a lean startup

(53:02) Riding the mobile wave to success

(60:02) Building a global customer base

(64:04) The never-ending quest for PMF

(70:29) 3 things every founder needs to know

(73:56) Navigating competition like a boxer

(79:03) When scale helps or hurts

(80:32) 1 thing they’ve learned from each other

Episode 2005: The Richie Allen Show Tuesday December 10th 2024