WGDS: Bootstrapping 101
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Justin Beck's presentation at the inaugural Wisconsin Game Development Summit.
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WGDS: Bootstrapping 101
- 1. Bootstrapping 101: How college kids built a thriving game company in under 3 years Justin Beck Co-Founder and CEO PerBlue, Inc @PerBlue @JustinKBeck
- 2. Why am I here today?
- 3. Infect you with the virus of entrepreneurship.
- 8. How did this start?
- 20. Sleep! My life @ Microsoft
- 21. The real cost is not just time. Stress Focus
- 22. Microsoft offered me a great job.
- 23. Take M$ job or continue to bootstrap?
- 24. Why did I turn down the job offer?
- 26. Microsoft will always be around.
- 29. The real value isn’t the money. Education
- 30. Let’s Compare Start Up Job Corporate Job 2080 Hours Job Satisfaction Extreme Misery Fun People Bad Boss $35K $70K Is more $$ worth more misery and less satisfaction?
- 31. Don’t let upfront cash buy you.
- 32. Getting Offered Really Early Money
- 33. Terms That Stink • Small investment • 1 board seat out of 3 • 10% share of the company • Preferred Stock – protective provisions
- 34. We didn’t trust them.
- 37. Stock Options
- 38. How do stock options work?
- 39. Early Stage Employee Stock Options • Really low price per share • PT work .1% for a year • FT work .4%-.8% for a year
- 40. Key to compensation: Good outcomes for the company and employees.
- 41. Why did people choose this?
- 43. After 11 months of development…
- 44. We still weren't shipped.
- 46. We have to ship.
- 47. Kingdoms Send Messages Crafting Mines Caves Warp travel Armories Crystal Oil Weather Towers Leveled Weapons Ranged Weapons Pets Mini games Trading Merchants Mingling Female character Flags Spells Water Event feed Alliances Geotargetted marketing Ranged weapons Magic Web view Tutorial Customizable items Item naming Territory naming Sheep Avatar customization Dungeons Collect Gold Payment Subscriptions Tradeposts Claiming Land Invites Cities Global chat Quests Giant turtles Scrolls Grove Rankings Kill Monsters Hats Research Academies Armories Societies Oxen Sign Posts Flowers Statuses Larva Plants
- 48. The easiest way to kill your company is by not killing features.
- 49. We launch!
- 53. Some Context
- 54. “Got a lot of potential.”
- 55. “I don’t have enough creatures in my circle.”
- 56. “I am sick of driving around.”
- 58. “I hit my neighbor’s cat while driving because I was playing PK.”
- 59. How do we make a location-based game not so... location-based?
- 60. Sh*t.
- 61. There is more to location than just being there.
- 65. We adjusted our strategy.
- 66. Bam
- 67. We’re broke.
- 68. When you’re out of money, the ship stops.
- 70. Initial Revenue Model: Subscription Based
- 71. This was before Virtual Goods were pop culture.
- 72. But we were scared of a pay wall.
- 74. Where players spend Food is important.
- 75. Virtual Goods Expenses Purchase Swag Level Up Refine Oil Customize Weapons Change Skill
- 76. Tradepost
- 78. We had the revenue model.
- 79. We needed money to launch.
- 80. How can we fund this? Angel or VC round Start doing contract work Friends and Family round
- 82. Friends and Family: Important Things • Can spend the money • Family reunions won’t turn violent
- 83. Family and Friends Terms • $72,000 • Common Stock • 3.5% of the company • Very Trusting and Trustworthy people
- 84. The night before launch…
- 85. It Worked!
- 89. Raising Growth Capital • We were profitable • We employed 7 full time people • Increasing cash flow • Had a solid team
- 90. Many investors asked us to move to CA.
- 91. Perks of being in the Bay
- 92. Perks of not being in the Bay Madison, WI
- 93. Pros & Cons San Francisco Madison, WI Excitement / Buzz Access to Funding High Cost of Living Low Cost of Living Far from the Bay Great Talent Pool Retention is Easy Focus Very Competitive Harder to Raise Funding Biz Dev is Difficult
- 94. The Results • Oversubscribed • Looking for $300k, total of $800k raised • Good investors that are trustworthy • 40% West Coast, 60% Midwest
- 97. Scaling Revenue
- 98. Niche products have more legs than you think.
- 100. Starting multiple new products with small teams didn’t work.
- 101. Things that worked
- 102. Improving new player experience
- 106. Investing in ROI positive marketing
- 108. Cost of User Acquisition < LTV of customer
- 109. Cash flow growth is awesome.
- 110. 35 20 12 7 Employees Revenue We reused $800k to grow our team 3 times.
- 111. 2011 Results • 3.4x revenue growth • 2x DAU growth • Record new accounts • Record daily revenue
- 112. 2012 2013
- 114. What are we working on now?
- 117. Benefits of this strategy • Build a “Parallel” brand • Shorter dev time • Stick to our strength • Stackable revenue streams
- 118. Virtual Goods Expenses Purchase Swag 37% Level Up 22% Refine Oil 15% Customize Weapons 16% Change Skill 10%
- 120. Our UsersOur Users
- 121. Our Revenue
- 122. Our Revenue 20102010 20122011 2010 2011 2012 PER MONTH 0 2010 2011 2012 160% 440%
- 123. • Finding my dream job • Creating jobs for others • Learning a TON. • Entertaining millions • Spreading the virus! The Results
- 124. Go forth, bootstrap!