1. What Are The Downsides Of A/B Testing?
1) It is time consuming.
Implementing any A/B test is a considerable extra load on engineering, product management, and data science teams. It usually means 2x (or more) work – not only do they need to implement both “A” and “B” features, but they also need a system to split customers into groups, consistently display one version to each of the customer groups, and then track and analyze results.
Have you ever experienced a situation where your friend shows you an event on YPlan and you realize that his/her YPlan app looks very different from yours? If so, then welcome to YPlan’s A/B testing in action!
Following my last post on this blog, I received quite a few questions from readers that were related purely to our A/B testing technique. Here I will try to explain why, how, and when we use the A/B testing at YPlan.
Although raising a large funding round is only a start to the journey (closing such a round is like getting into a really fast sports car with an accelerator already on – that fact itself is great of course, but you better know how to drive it and where you’re going), it does serve as an essential business growth enabler and is therefore the key to success for many business models. For part two I’ll be focusing on the rest of my key learnings that have helped us to succeed so far.
YPlan has raised successful Seed and Series A rounds in the recent past and I have been promising to write a dedicated post about the secrets behind fundraising for a while. It’s been a crazy period: just in the last couple of months I have met our investors in Boston, shook hands with a couple of partners in Los Angeles, interviewed new hire candidates in San Francisco (coming soon!), picked up the Apps World award for “Best Entertainment App,” and presented YPlan at a Goldman Sachs Private Internet Company Conference in Las Vegas – not to mention the dozens of return flights in between. I’ve finally managed to spare a minute, so I’d like to share my experiences based on the two YPlan fundraising rounds over the past 18 months ($1.7m Seed round in July 2012 and the $12m Series A round in June 2013). Split up into two posts, part one’s main focus will be: fundraising 101 – the basics. So here it goes, in no particular order. Read the rest of this entry »
I’m on yet another crammed economy red-eye flight going from our New York office to attend an industry event in London. While the food is, as usual, top quality airline gourmet and my neighbor is reading a newspaper with the light blasting right at my face, I thought I’d put a few lines down in retrospective. It’s hard to believe that in less than two years we grew out of the white board in my dining room into a business employing a 50-strong team of professionals. We have two great offices in London and New York, with many more in the cards.
We called this adventure YPlan about a year ago and could barely dream of taking off with such accelerating speed.
Dates sometimes have a way of being funny. On a sunny day of July 18, 2011, I resigned from my position as a Vice President at Summit Partners, a venture capital and growth equity fund here in London. We grabbed some beers with ex co-workers, said good bye, and I jumped off the cliff to become an entrepreneur. On July 18, 2012, precisely a year later, we have closed the seed round of funding for our startup, YPlan (yes – the curtain has opened up on what we’re up to!) from an A-list of investors, and started preparing our business for a serious take-off. Having gone through a roller-coaster of a lifetime, I wanted to share how our timeline looked like, and why the decision to leave my cushy job has been one of the best decisions I’ve ever made.
I’ve participated in Seedhack FinTech this weekend, together with Gil (@Don_Gil) and Reza (@rjzzleep) we won the best demo award. We wanted to own church donation market (~$50bn size in US alone). To achieve this we’ve created HolyLight – a platform for churches to manage their church goers & donors and a mobile app which enables to donate online, on-the-go, with social gamification elements to increase donations.
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