In Episode #261 Nathan interviews Robin Thurston, the founder of Map My Fitness and senior VP at Under Armour. Robin built a conversation with cycling buddies into a multi-million dollar app. Listen as Nathan and Robin talk about turning a website into an iPhone app, Map My Fitness’ user base, and the process of exiting a company you’ve founded.
- Favorite Book? – Career Warfare
- What CEO do you follow? — None
- What is your favorite online tool? — I travel so much – it’s a car-sharing service
- Do you get 8 hours of sleep?— No
- If you could let your 20 year old self know one thing, what would it be? —You never actually know what’s going to happen
Time Stamped Show Notes:
- 01:25 – Nathan’s introduction
- 01:45 – Welcoming Robin to the show
- 02:10 – The process of founding Map My Fitness
- 02:40 – Came out of a dinner conversation where someone wanted to map their cycle route
- 03:10 – Robin wasn’t a developer but had a product background
- 03:30 – Worked with developers who were also cyclists
- 04:20 – Bought the ‘Map My Run’ website for $5k
- 04:50 – Moved to Denver and launched Map My Fitness
- 05:15 – Had 1 million web users before the iPhone launch
- 05:40 – 2006-2013, became one of the USA’s top 100 apps
- 06:00 – Made money from ads and subscriptions early on; added a SaaS business
- 06:45 – Around $17 million in revenue when they exited in 2013
- 07:30 – Under Armour was interested in the community and user base
- 07:40 – Revenue of about $4 per month per user in the US
- 08:20 – Spent almost nothing on acquisition
- 09:00 – Early 2013 were advised to ‘go big or go home’ by potential investors
- 09:40 – Had a call from Kevin Plank in the middle of the raising process – and sold
- 11:30 – Underarmour were keen to acquire a team experienced in e-commerce
- 12:40 – Time from call to public announcement was less than 3 months
- 13:00 – Had 103 employees at time of sale
- 13:30 – Contact Robin on Twitter
- 16:10 – Famous Five
3 Key Points:
- Know when it’s the right time to sell or exit your business. Even if it’s not what you’d planned, opportunity may come knocking.
- Dominate your niche. Robin and his partner bought the ‘Map My Run’ site – a potential competitor – and used it to propel their own site forward.
- You don’t know where you’ll be in twenty years. Keep an eye out for opportunity and let yourself be surprised.
- Freshbooks – The site Nathan uses to manage his invoices and accounts.
- Host Gator – The site Nathan uses to buy his domain names and hosting for cheapest price possible.
- Leadpages – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
- Audible – Nathan uses Audible when he’s driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.
- Show Notes provided by Mallard Creatives