We decided to take control of our destiny yesterday, and it wasn’t easy.
We said goodbye to a number of our coworkers and friends. All good people. All talented. All like family. I can vouch for all of them.
Why did we do this? Mainly because we saw an opportunity to focus down on our core business, because we didn’t want to raise any more money, and because we wanted to take the action when we had the business momentum and the means to treat our departing team members well on the way out. Which we did.
Every metric that we track improved significantly in the second half of 2016. Q4 was record setting in just about every way. We tripled our average contract size in just two quarters, testament that we are being deployed at scale with some of the world’s most ambitious event programs, and our move upmarket is taking hold. We powered thousands of the highest profile events in the world, and garnered 2x the engagement of any other live engagement app. We lead the industry with 75%+ adoption across the events that we power, and are generating hundreds of millions of data points a month. In many ways, we are rolling.
But the reality was that we had gotten out substantially over our skis. We grew so fast, that we lost sight of our target market - those that care deeply about the strategic value of live events, and run those programs at scale. And this lack of focus hurt us.
A reduction like this, as brutal as it is, is an opportunity to focus down on only the most important projects. For us this means continuing to advance the vision of Live Engagement Marketing, delighting and connecting end users of our software, and continuing to work to make our software indispensable to our customers. This renewed focus also allows us to offer the same, or even enhanced, levels of support for our strategic customers.
Our vision is unchanged.. We believe that live events are the most important marketing channel in the world, and that modern marketers and event professionals will increasingly weave world class digital experiences into their live events. Furthermore, we believe that the data exhaust from these interactions will change how businesses run, and eventually live engagement data will be a core marketing asset.
The world is coming our way, and we are excited for the future.
We enter 2017 with business momentum, a tough, talented and committed team, and as the leader of our nascent, but growing category. We’ll never have to raise money again, unless we choose to.
As hard as it is to say goodbye to 40% of our team, we are excited for this next chapter.