Key Insights
Why did Matt Meeker start BARK?
Matt Meeker started BARK out of frustration with the lack of suitable products for his Great Dane, Hugo. He co-founded the subscription service for dogs of all sizes after being disappointed by what pet stores offered.
What was the pivotal experience that influenced Matt Meeker's career?
A marketing communications class taught by a visiting professor from the London School of Economics, who shifted the focus to Internet 101, was a pivotal experience for Matt, as it opened his eyes to the potential of the internet.
What was the initial business model for Meetup?
The initial business model for Meetup was to direct traffic into local businesses and have them pay for sending foot traffic into their establishments.
How did Matt Meeker and his team raise initial funding for BARK?
Matt and his team raised initial funding by offering a long-term discount for prepayment, collecting $200 upfront from subscribers for a year's worth of products, which funded the inventory for the current month.
What was the turning point for BARK's growth?
The turning point for BARK's growth was the partnership with Groupon, which supercharged their early growth by offering discounted subscriptions, although it initially led to losses.
Why did Matt Meeker step down as CEO of BARK in 2020?
Matt stepped down as CEO of BARK in 2020 due to personal reasons, including the aging of his Great Dane, Hugo, and his discomfort with the idea of being a public company CEO. He also felt a responsibility to ensure Hugo's legacy lived on.
What is BARK Air and how does it differ from regular airline services?
BARK Air is a service offering luxury charter flights where dogs can roam free in the cabin. It includes special touches like dogs being served meals first, drinks, and even the opportunity to sit in the captain's chair mid-flight.
How has BARK managed to turn around its profitability?
BARK has turned around its profitability by improving unit economics, fixing the supply chain, bringing on talented executives, and right-sizing the team. They have also focused on their core strength in toys and expanded their presence on platforms like Amazon.
What was the biggest challenge BARK faced during the pandemic?
The biggest challenge BARK faced during the pandemic was a cash crunch, as they were running out of cash and had to navigate the uncertainty while managing to maintain operations.
What is Matt Meeker's long-term vision for BARK?
Matt Meeker's long-term vision for BARK is to continue building the company as his life's work, focusing on their core strengths and expanding where it makes sense, with the intention of staying in the pet industry for the long haul.
Chapters
- Hugo, a Great Dane, was Matt's first child and sparked his obsession with making his dog happy.
- Matt was disappointed with the offerings at local pet stores and felt everything was made for smaller dogs.
- This dissatisfaction led to the idea of creating a subscription service for dogs of all sizes.
Shownotes Transcript
