Cambly CEO Sameer Shariff: Why I Raised $60M and Didn't Touch a Dollar | 20VC #914
13Sameer Shariff is the Co-Founder and CEO @ Cambly, the company that allows you to become fluent faster through one-on-one video chat lessons with native English tutors. To date, Sameer has raised over $60M with Cambly from the best including Jeremy Levine @ Bessemer, Sarah Tavel @ Benchmark, Monashees, YC and more. Prior to founding Cambly, Sameer spent close to 5 years at Google on the Search Quality team and became the Tech Lead of the Search experiments team helping make experimentation a core part of the launch process.
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Timestamps:
0:00 Cambly's Founding Story
6:12 Why it was so so hard to fundraise
8:38 Why Retention is so Hard with Ed-Tech apps
10:49 Negative Incentives
11:54 How do you define a "Retained User"?
13:42 The Value of a NOT Being Able to Fundraise
15:40 Decisions that Led to Becoming Cash Flow Positive
17:22 Cambly Raised $60 million and Didn't Spend a Dollar
20:22 How do you advise founders when it comes to capital efficiency?
22:12 How do you define high performance in business?
25:20 What's the most painful experience at Cambly that also was good for you?
30:48 Sameer's Learning Process
35:54 Supply vs. Demand at Cambly
36:27 How Cambly Acquired its First Teachers
37:43 What makes a great story?
39:56 Leadership: What gets harder/easier over time?
41:30 The First Thing to Break in a Scaling Organization
42:38 Cambly's Biggest Hiring Mistakes
44:54 Signs an Individual Can Become a Leader/Manager
46:20 Do you have a high tolerance for risk?
47:25 Sameer's Favourite Book
48:30 Sameer's Biggest Stength/Weakness
49:57 What's the hardest element of your role at Cambly today?
50:38 If you could be CEO of any other company, which would you choose?
51:20 What do you know now that you wish you'd known when you started Cambly?
52:26 What would you most like to change about startups?
53:16 Where will Cambly be in 5 years?
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In Today’s Episode with Sameer Sharif We Discuss:
1.) Entry into Startups and Co-Founding Cambly:
How did Sameer make his way into the world of tech with his joining Google straight out of college?
What were the 1-2 biggest takeaways from his time at Google? How did it shape his mindset?
What was the a-ha moment for Sameer with Cambly?
2.) The Trials and Tribulations of Leadership:
What does “high performance” mean to Sameer in business? How has it changed over time?
What are the first things to break in a scaling company?
How do the best companies retain speed and agility with scale?
What are the single biggest hiring mistakes Sameer has made? What did he learn?
3.) The Fundraise that Led to Cash Flow Positive:
Why does Sameer think it was so hard to fundraise for Cambly in the early days?
When they failed to raise their Series A, what 3-4 core decisions did they make to get Cambly to cash flow positive as fast as possible?
How did Sameer communicate their failed fundraising to the team? How did he do this in a way that rallied the troops and did not worry or scare them?
What was the tipping point for fundraising to become much much easier for the company?
Given they have not touched any of their Series A or Series B funds, how does Sameer think about the balance of growth vs profitability?
4.) Marketplace Dynamics 101:
How did Cambly acquire the first 100 customers on the demand side?
What is the most challenging dynamic of Cambly; demand or supply side?
Where does Sameer see most marketplace founders make the biggest mistakes?
What does Sameer know now on the intricacies of marketplace dynamics that he wishes he had known at the beginning?
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