“Running Up That Hill” - Strava’s Co-Founder, Mike Horvath, on Building, Branding and Delivering
If you wrote a business plan in the 1990s that was way ahead of its time - a 20th century idea that needed 21st century technology to work - then put it aside and instead built an enterprise software firm that achieved a Goldman Sachs backed blockbuster IPO in 1999, you might say “bravo”.
If then, several years later you return to this earlier idea, build it and today have over 100 million athletes in 195 countries using it, you’ll know why we’re exceptionally excited about this conversation!
Mike has helped grow Strava into one of the world’s leading activity tracking apps, employing about 400 people and achieving a valuation of approximately $1.5bn (as of its last funding round in 2020).
The seeds of Strava were planted during Mike’s time as captain of the Harvard rowing team, which helped him develop an appreciation of the benefits of sport, both personally & professionally.
Mike then earned a PhD at Harvard, before becoming an economics professor at Stanford and Dartmouth (and along the way, as one does, a CFO of a biotech firm!).
In this longer-than-usual interview, Michael discusses what it takes to build a brand. He explains why they went “an inch wide and a mile deep” and why it’s best to “listen to your customers, not your investors”.
He also shares how he’s confronted setbacks, concentrating on excellence over growth, why they’ve stayed private, and why patience, persistence and perspective are central ingredients for success.
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TOPICS:
04:10 - Academia
06:48 - Rise of the Internet for Consumers
11:48 - Starting Kana Software and Pivoting to Biotech
18:00 - Establishing The Purpose and Principles
24:01 - The Serendipitous Moment in Strava's Development
28:48 - Building a Global Sports Brand with Technology
33:42 - Importance of User Experience and Adaptation
38:46 - The Unique Selling Points of Strava
41:16 - The Versatility of Strava for Different Sports
44:32 - Choosing the Right Team and Investors
53:07 - The Intersection of Off-Road Activities
58:03 - Stepping Down and Choosing the Right Time to Leave
01:03:07 - Rapid Fire Questions!
01:08:36 - Strava & The Macro Context
01:11:07 - When & How To Monetise
01:13:32 - Final Questions
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