Leveling Up with Eric Siu GE Ep 186 [2017]: How Klout Founder Joe Fernandez Sold His Business for $200M and Started Joymode
Jul 17, 2019
Joe Fernandez, serial entrepreneur who founded Klout and later JoyMode. He recounts selling Klout for nearly $200M and launching JoyMode to rent curated experience kits. The conversation covers JoyMode’s product-first model, viral growth driven by word-of-mouth, creative pop-up tactics, fundraising contrasts, and lessons from scaling consumer experiences.
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Experiences Beat Ownership
- Society shifted from valuing ownership to valuing experiences, creating demand for access over purchase.
- Joe Fernandez started JoyMode because small living spaces and desire for experience made renting curated gear more appealing than buying camping or event equipment.
Own Inventory To Remove Sharing Friction
- Offer curated, consistently delivered experiences rather than peer-to-peer gear swaps to reduce friction.
- JoyMode owns inventory, charges $99/year with first experience free, then reservation fees under 10% of retail (e.g., $85 for $1,200 kit).
Design For Shareable Moments
- Prioritize word-of-mouth by designing experiences that compel guests to ask and share.
- JoyMode achieved 25%+ month-over-month growth with no press by relying on friends admiring delivered setups like backyard movie nights.
