Company case study
Meetup
Meetup.com is an online service that helps people create and join groups based on shared interests, facilitating real-life gatherings. It came up on My First Million in the episode "He Sold His Company For $15M, Then Got A Job At McDonald’s" (aired August 7, 2024).
At a glance
| Podcast | My First Million |
|---|---|
| Hosted by | Sam Parr and Shaan Puri |
| Episode | He Sold His Company For $15M, Then Got A Job At McDonald’s |
| Aired | August 7, 2024 |
| Revenue and traction | Scott sold Meetup.com to WeWork for a reported $200 million, showcasing its significant traction and value in the marketplace. |
| Category | Marketplace |
Figures and claims are as told on the episode, summarized from the transcript. Check the date: they describe the company at the time it aired.
What the episode said
He Sold His Company For $15M, Then Got A Job At McDonald’s · aired August 7, 2024 · hosted by Sam Parr and Shaan Puri
Why it works
Meetup works because it taps into a fundamental human need for community and connection. It was designed during a time when social media was isolating people instead of bringing them together, making it a timely solution.
Founding story
Scott's entrepreneurial journey began in the mid-'90s when he started one of the first online advertising agencies, selling it for around $15 million. After feeling disconnected from everyday people, he took a job at McDonald's to reconnect with the real world. His experiences there inspired him to create Meetup, focusing on building community.
The playbook
1. Identify a social need or gap - Look for areas where people feel isolated or lack community. Research trends in social behaviors and interactions. 2. Develop a simple online platform - Use user-friendly web development tools to create a website where users can sign up and create profiles. 3. Create a monetization strategy - Consider charging organizers a fee for hosting events or implementing a subscription model for premium features. 4. Launch with a targeted marketing campaign - Use social media, local advertising, and partnerships to spread the word about your platform. 5. Gather feedback and iterate - After launching, actively seek user feedback to continuously improve the platform, adding features that enhance community interactions.
Also mentioned
Scott's focus on charging for services rather than relying on ads helped maintain the quality of meetups. He experienced significant user drop-off initially but stuck to his vision, leading to long-term sustainability. It’s crucial to be committed to your vision, even when results are not immediate.