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For a few short months, I was one of the co-founders of @Drizly.
Today, they sold to Uber for $1.1B.
Here's the story of the rocketship that I *just missed* and my learnings from that experience
https://www.cnbc.com/2021/02/02/uber-agrees-to-buy-alcohol-delivery-service-drizly-for-1point1-billion.html
Today, they sold to Uber for $1.1B.
Here's the story of the rocketship that I *just missed* and my learnings from that experience
https://www.cnbc.com/2021/02/02/uber-agrees-to-buy-alcohol-delivery-service-drizly-for-1point1-billion.html
If you think alcohol delivery sounds like a college startup idea, you are correct!
We graduated BC in 2012, just as @Uber was taking off in Boston.
At BC, few students owned a car and the closest liquor store was a bus ride away.
This pain point was real for us.
We graduated BC in 2012, just as @Uber was taking off in Boston.
At BC, few students owned a car and the closest liquor store was a bus ride away.
This pain point was real for us.
But the concept went a lot deeper than just on-demand alcohol.
We had plans to solve id verification, auction service areas and give brands a way to influence buying decisions.
Given the amount of regulation, this was beyond ambitious. But we were so young!
We had plans to solve id verification, auction service areas and give brands a way to influence buying decisions.
Given the amount of regulation, this was beyond ambitious. But we were so young!
We spent the summer after college working on the idea.
I'm still not sure how we landing on the name Drizly, but I created our first logo which was
and registered http://drizly.com .
We also had a formal business plan which now makes me cringe
I'm still not sure how we landing on the name Drizly, but I created our first logo which was
and registered http://drizly.com . We also had a formal business plan which now makes me cringe
Being college grads, we made mistake of having *six* cofounders with 16.67% each.
That didn't go over well in our first legal meeting. It was clear six founders was not going to fly.
There also wasn't enough to do yet. I was the marketing guy, but we were >1 yr from a prototype
That didn't go over well in our first legal meeting. It was clear six founders was not going to fly.
There also wasn't enough to do yet. I was the marketing guy, but we were >1 yr from a prototype
At the same time, I didn't have all my eggs in the Drizly basket.
My bank account was almost empty and I needed a job to afford rent in Boston.
While we were working on Drizly, I was taking part in @StartupInst and trying to find a startup day job to pay the bills.
My bank account was almost empty and I needed a job to afford rent in Boston.
While we were working on Drizly, I was taking part in @StartupInst and trying to find a startup day job to pay the bills.
In August of that summer, Nick and Justin went all-in on Drizly.
I couldn't commit. I took a full-time marketing role with a startup.
I couldn't commit. I took a full-time marketing role with a startup.
I've always wondered what might have happened under different financial circumstances.
I didn't like the feeling of being forced into a full-time job.
I spent the next few years building up my personal runway so that I never had to make that choice again.
I didn't like the feeling of being forced into a full-time job.
I spent the next few years building up my personal runway so that I never had to make that choice again.
Soon after I left, I transferred over the domain.
I wanted to ask for shares given the work we had put in that summer. Looking back, the domain was my only bargaining chip.
But I was, quite franky, too nice to negotiate. I didn't want to cause conflict.
I wanted to ask for shares given the work we had put in that summer. Looking back, the domain was my only bargaining chip.
But I was, quite franky, too nice to negotiate. I didn't want to cause conflict.
A few months later, it was clear that Drizly was going to be a winner and I desperately wanted to get a stake in the company.
On several occasions, I reached out to invest. I wasn't accredited though and would have been well-short of their minimums anyway.
On several occasions, I reached out to invest. I wasn't accredited though and would have been well-short of their minimums anyway.
I'm not going to lie, every Drizly announcement for the last 8 years has stung a little. Especially this one.
Maybe the Bitcoin pizza guy can relate?
But hey, at least I learned some stuff, right?
Here are my takeaways
Maybe the Bitcoin pizza guy can relate?
But hey, at least I learned some stuff, right?
Here are my takeaways
#1 - It's a privilege to pursue a startup.
I had no student debt and it still took me 6 years of saving to start @growwithgc.
We need more pre-seed capital that isn't looking for Series A traction
I had no student debt and it still took me 6 years of saving to start @growwithgc.
We need more pre-seed capital that isn't looking for Series A traction
#2 - Everyone should be able to invest in early stage startups.
We need to democratize access to this asset class by fixing accreditation laws.
We need to democratize access to this asset class by fixing accreditation laws.
#3 - Long GME and long young founders!
Young founders are willing to take on insane problems. Alcohol delivery was a monster, but we were all too naive to know it.
That's why I'm long @MealMeAI!
Young founders are willing to take on insane problems. Alcohol delivery was a monster, but we were all too naive to know it.
That's why I'm long @MealMeAI!
All that said, I'm genuinely thrilled for the entire @Drizly team who pulled off the impossible!
So many of my Boston friends and fellow BC alumni scaled this company over the years.
I'm looking forward to seeing this money invested into the next generation of BC founders!
So many of my Boston friends and fellow BC alumni scaled this company over the years.
I'm looking forward to seeing this money invested into the next generation of BC founders!
