One year ago today, Jason Goldberg and Bradford Shellhammer did something terrifying.They approached their Board of Directors and asked to shut down their startup Fabulous, a Groupon for gay people with 150,000 users.
They didn’t know what they’d do next, all they knew was their social site wasn’t working.
Shellhammer and Goldberg took to a napkin in search of inspiration. They dug deep to discover the one thing they could do better than anyone else.
That one thing was Design.
Goldberg says it took them five minutes to realise a design-based company was their new calling; at the end of their 20 minute board meeting, Fab officially pivoted.
Since then, the company has accomplished a lot. It has grown to more than 2.5 million members. It is generating more than $200,000 per day, on track to generate $100 million this year, and it has raised $51 million.
Watch our interview with Fab’s co-founders about how they told their board about the pivot: