This Week in Startups E1113 The Next Unicorns E19: Loom CEO Joe Thomas is building video for work, shares insights on creating new behaviors, support as a competitive advantage & more
Sep 23, 2020
Joe Thomas, CEO and co-founder of Loom, discusses the transformation of workplace communication through video messaging. He highlights the importance of flexibility in remote work culture and the rise of screencasting during the pandemic. Joe shares insights on adapting business strategies amidst competition, emphasizing customer support as a key advantage. He also connects personal experiences in leadership to team dynamics and motivation, weaving in a fun comparison between basketball performance and investment strategies.
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Loom's Pandemic Response
- During the pandemic, Loom made its free tier unlimited and halved the pro tier price.
- They also offered free pro to education, nonprofits, and impacted businesses.
Defensibility Strategy
- Focus on building a best-in-class product and brand to defend against competition.
- Target large organizations with high switching costs for increased defensibility.
Investor Relationships
- Build relationships with potential investors between funding rounds.
- Don't cold-start relationships when actively fundraising.