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If you’ve been with us for a while, you might notice how different Slidebean is today compared to what it was a year ago. Probably the most noticeable change is a big user interface revamp, but the truth of the matter is that our startup is a completely different business compared to what it used to be. And our numbers are proof.
Related read: What is the right accelerator for your startup’s stage?
During our time at 500 Startups we went from an average transaction size of $5 to $159, that’s 30x!! By changing and re-focusing our target audience, we found a new set of users that was willing to pay a premium price for our product. But more on that later.
Identifying the problem
The first problem we had before we came into 500 was that we didn’t even know we had a problem. As everyone, we wanted our company to grow faster… but we were focusing on the wrong metrics to do so.
After we launched the platform in July 2014, our absolute #1 focus was to increase our active user base. We had a lot of organic growth (sign ups coming from word of mouth or other user’s presentations) and on paid advertising, we were able to sign up new users for about…
