In 1988, two men met at the Harvard boathouse.
Together, they'd change the fitness world forever.
THREAD: The incredible story behind building a $1.5 billion fitness startup.
Together, they'd change the fitness world forever.
THREAD: The incredible story behind building a $1.5 billion fitness startup.
Mark grew up in Reno, Nevada.
He was recruited to run cross-country as a freshman at Harvard.
Unfortunately, he got injured.
Unable to run, he joined the crew team.
He was recruited to run cross-country as a freshman at Harvard.
Unfortunately, he got injured.
Unable to run, he joined the crew team.
New to the sport, some upperclassmen took Mark under their wing.
One of which was Mike, the senior captain.
Mike and Mark instantly bonded over a shared love for rowing and the camaraderie that came with it.
One of which was Mike, the senior captain.
Mike and Mark instantly bonded over a shared love for rowing and the camaraderie that came with it.
In 1988, Mike graduated from Harvard with a degree in Economics.
However, he hung around Cambridge for a couple of years.
During that time, he coached the freshman rowing program and his friendship with Mark grew.
However, he hung around Cambridge for a couple of years.
During that time, he coached the freshman rowing program and his friendship with Mark grew.
In 1990, Mark and Mike left Cambridge.
Mark got a job at a VC firm in Silicon Valley.
Mike went on to get his Ph.D. in economics from Northwestern.
Four years later, they'd reconnect in the Valley over something called the "internet."
Mark got a job at a VC firm in Silicon Valley.
Mike went on to get his Ph.D. in economics from Northwestern.
Four years later, they'd reconnect in the Valley over something called the "internet."
In 1994, Mike got a job as an Assistant Professor at Stanford.
This meant he had access to Stanford's high-speed computers.
After work, Mark would go to Stanford to explore computers and brainstorm business ideas.
This meant he had access to Stanford's high-speed computers.
After work, Mark would go to Stanford to explore computers and brainstorm business ideas.
The "internet" was just heating up.
The industry was full of opportunities.
Mark and Mike just needed to figure out what they should pursue...
The industry was full of opportunities.
Mark and Mike just needed to figure out what they should pursue...
The more they hung out, the more they reminisced about their times on the crew team at Harvard
They missed the camaraderie, trash-talking, and competitiveness.
Then it came to them...
What if they could use the internet to create a "virtual locker room?"
They missed the camaraderie, trash-talking, and competitiveness.
Then it came to them...
What if they could use the internet to create a "virtual locker room?"
In 1995, Mark and Mike launched "Kana Sports".
Their goal was to create the camaraderie they had experienced back in the Harvard boathouse.
It failed miserably.
However, it introduced them to a new business opportunity...
Their goal was to create the camaraderie they had experienced back in the Harvard boathouse.
It failed miserably.
However, it introduced them to a new business opportunity...
In the midst of the dot-com boom, email was a big issue.
Everyone had an email.
Not everyone had the tools to organize it.
Except for Mark and Mike!
They pivoted Kana from "Sports" to "Communications" and focused on helping dot-come companies manage their email.
Everyone had an email.
Not everyone had the tools to organize it.
Except for Mark and Mike!
They pivoted Kana from "Sports" to "Communications" and focused on helping dot-come companies manage their email.
For the next four years, Mark and Mike stayed focused on Kana Communications.
They listened to their customers.
And they focused on becoming the #1 company in their niche.
In 1999, Kana Communications went public, raising $44.6 million.
They listened to their customers.
And they focused on becoming the #1 company in their niche.
In 1999, Kana Communications went public, raising $44.6 million.
One year later, Kana's valuation was north of $10 billion!
Kana Communications was a massive success.
But Mark and Mike couldn't stop thinking about their virtual locker room idea...
Kana Communications was a massive success.
But Mark and Mike couldn't stop thinking about their virtual locker room idea...
During the 2008 Tour de France, they pursued their virtual locker room idea once again.
They whipped up a website they called the "Green Machine":
Recruited 5 riders from the east coast, and 5 from the west coast.
And led the riders through a series of competitions.
They whipped up a website they called the "Green Machine":
Recruited 5 riders from the east coast, and 5 from the west coast.
And led the riders through a series of competitions.
They asked the riders to log their rides using the "Green Machine".
There, they could see everyone's scores.
They loved it.
Camaraderie grew among the riders.
They were trash-talking and competing, just as if they were in person.
There, they could see everyone's scores.
They loved it.
Camaraderie grew among the riders.
They were trash-talking and competing, just as if they were in person.
In 2009, Mark and Mike launched @Strava.
At the time, it was merely a website.
To use it, you needed to record your rides using a Garmin 305.
Then you would have to upload your rides to the Strava website.
It was a process, but riders loved it.
At the time, it was merely a website.
To use it, you needed to record your rides using a Garmin 305.
Then you would have to upload your rides to the Strava website.
It was a process, but riders loved it.
At the time, Strava followed a freemium model.
You got 5 rides free/month and then had to pay.
Conversion rates were off the charts, but there was an issue...
Barriers to entry were high.
Purchasing a Garmin 305 wasn't cheap...
You got 5 rides free/month and then had to pay.
Conversion rates were off the charts, but there was an issue...
Barriers to entry were high.
Purchasing a Garmin 305 wasn't cheap...
In 2011, they launched the Strava app.
This democratized Strava for everyone.
Around the same time, Strava changed its monetization strategy to a premium model.
This strengthened the Strava community and stimulated growth.
This democratized Strava for everyone.
Around the same time, Strava changed its monetization strategy to a premium model.
This strengthened the Strava community and stimulated growth.
Today, @Strava is valued at over $1.5 billion.
They have 76 million users (including myself)
Across 195 countries
And are capable of tracking 33 different sports!
So what's next for Strava?
In an interview with @richroll, Mark and Mike unveil their vision...
They have 76 million users (including myself)
Across 195 countries
And are capable of tracking 33 different sports!
So what's next for Strava?
In an interview with @richroll, Mark and Mike unveil their vision...
Strava's vision is to become the next big sports brand of the 21st century.
For years, the big brands in sports have been focused on apparel.
Nike, Adidas, etc.
The same hasn't been created for digital.
Strava is looking to build the first iconic, digital brand in sports.
For years, the big brands in sports have been focused on apparel.
Nike, Adidas, etc.
The same hasn't been created for digital.
Strava is looking to build the first iconic, digital brand in sports.
I'm a CrossFitter at heart.
When the pandemic hit, my gym closed.
I was forced to pursue other methods of training.
So, I picked up running.
When the pandemic hit, my gym closed.
I was forced to pursue other methods of training.
So, I picked up running.
When I started, I experimented with ALL the running apps:
Nike Run Club, Apple Health, Map My Run, Whoop, Strava, Runcoach, etc.
I literally tried them all.
One app stood out.
Wanna guess what it was?
Nike Run Club, Apple Health, Map My Run, Whoop, Strava, Runcoach, etc.
I literally tried them all.
One app stood out.
Wanna guess what it was?
@Strava!
I loved the community aspect of it.
Every time I logged a run, my friends gave me kudos.
The more I ran, the more kudos I got.
The more kudos I got, the more hooked I got on running!
I loved the community aspect of it.
Every time I logged a run, my friends gave me kudos.
The more I ran, the more kudos I got.
The more kudos I got, the more hooked I got on running!
In June 2020, I set a goal to run the @marine_marathon.
Training was good but tough.
Good because I got to listen to 100s of podcasts and audiobooks.
Tough because it was easy to feel lonely!
Strava kept me motivated by making me feel like I was part of a bigger community.
Training was good but tough.
Good because I got to listen to 100s of podcasts and audiobooks.
Tough because it was easy to feel lonely!
Strava kept me motivated by making me feel like I was part of a bigger community.
On October 17th, 2020 I completed my first marathon.
26.2 miles along the Jersey Shore.
I ran the race ~virtually~ but will be running an in-person race as soon as I can!
When I do, I'll be training with Strava.
26.2 miles along the Jersey Shore.
I ran the race ~virtually~ but will be running an in-person race as soon as I can!
When I do, I'll be training with Strava.
For more on the Strava Story, check out these resources:
@noahkagan -
@richroll -
@guyraz - npr.org/2021/02/10/966…
@noahkagan -
@richroll -
@guyraz - npr.org/2021/02/10/966…
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I write about the business of fitness📈🏃🏻♂️
• Retweet the first tweet
• Follow me @austinschless
I write about the business of fitness📈🏃🏻♂️
https://twitter.com/austinschless/status/1443920263326933009?s=20
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