Steven Galanis

Our leadership team knew that at some point that was going to end, but at the same time, like we just raised a hundred million dollars and now we are, you know, we're building up to try to future proof the business and ultimately take it public. If you remember that period of time, this is specs, this is direct listings.

Our leadership team knew that at some point that was going to end, but at the same time, like we just raised a hundred million dollars and now we are, you know, we're building up to try to future proof the business and ultimately take it public. If you remember that period of time, this is specs, this is direct listings.

You know, coming into 2020 Cameo was named the most promising consumer internet company in the world by the information. And we are just like humming on all cylinders. We hire a public company ready management team. We hire kind of the best of the best.

You know, coming into 2020 Cameo was named the most promising consumer internet company in the world by the information. And we are just like humming on all cylinders. We hire a public company ready management team. We hire kind of the best of the best.

The team goes from 100 people who are all in person in Chicago and LA to about 400 people that are fully distributed across 38 states and 13 countries, right? And we're building international out. We're starting new business lines. We're doing all these things to try to diversify our base. And then all of a sudden the second vaccine comes out. Like when people got their second shot.

The team goes from 100 people who are all in person in Chicago and LA to about 400 people that are fully distributed across 38 states and 13 countries, right? And we're building international out. We're starting new business lines. We're doing all these things to try to diversify our base. And then all of a sudden the second vaccine comes out. Like when people got their second shot.

And organic traffic to our site ended up dropping by 65%. So the core business, which was never built on paid marketing, was always built on virality and talent promoting and customer sharing, like just 65% less people came into our store and OpEx at three X, right? So suddenly, you know, we went from being profitable, breakeven business to burning $6 million a month.

And organic traffic to our site ended up dropping by 65%. So the core business, which was never built on paid marketing, was always built on virality and talent promoting and customer sharing, like just 65% less people came into our store and OpEx at three X, right? So suddenly, you know, we went from being profitable, breakeven business to burning $6 million a month.

And it happened in like under 90 days. When that happened, all of a sudden, our leadership team was like, we have to take costs out of the business. It was a falling knife. We didn't know how far it was going to go. Over the next 18 months, which were probably the worst 18 months of my life, we had to tear the company down to the studs. We went from over 350 all the way down to 32 people.

And it happened in like under 90 days. When that happened, all of a sudden, our leadership team was like, we have to take costs out of the business. It was a falling knife. We didn't know how far it was going to go. Over the next 18 months, which were probably the worst 18 months of my life, we had to tear the company down to the studs. We went from over 350 all the way down to 32 people.

You know, when we got to that third one, this was basically like, you know, our board was talking about, Hey, if we go that deep, you're a zombie company. There's no way you can grow again. You guys are dead, blah, blah, blah. But I was just like, I can't go and look at my team again if we're not profitable. I'm like, we have to get to profitability.

You know, when we got to that third one, this was basically like, you know, our board was talking about, Hey, if we go that deep, you're a zombie company. There's no way you can grow again. You guys are dead, blah, blah, blah. But I was just like, I can't go and look at my team again if we're not profitable. I'm like, we have to get to profitability.

And, you know, happy to report that last year, you know, we were breakeven for the first time. And, you know, this is a company that was burning over $50 million two years ago. And it just was an absolute wild ride. And some of the lessons from that, you know, my biggest regret is in the first riff, we ended up, you know, laying off 25% of the company. And we should have gone deeper.

And, you know, happy to report that last year, you know, we were breakeven for the first time. And, you know, this is a company that was burning over $50 million two years ago. And it just was an absolute wild ride. And some of the lessons from that, you know, my biggest regret is in the first riff, we ended up, you know, laying off 25% of the company. And we should have gone deeper.

We absolutely should have gone deeper in that, you know, our... you know, my naivety and, and like trying to save people's jobs ended up costing more jobs in the longterm.

We absolutely should have gone deeper in that, you know, our... you know, my naivety and, and like trying to save people's jobs ended up costing more jobs in the longterm.

And it's something that I, I deeply regret because if we could have done that in two swoops versus, you know, versus three, there's so many great people that aren't here anymore that I, that I wish were here, but you know, I'm so grateful to those that stuck it out and stuck around. And, and, you know, you mentioned Ryan, like that culture is what kept people here because by the way, like,

And it's something that I, I deeply regret because if we could have done that in two swoops versus, you know, versus three, there's so many great people that aren't here anymore that I, that I wish were here, but you know, I'm so grateful to those that stuck it out and stuck around. And, and, you know, you mentioned Ryan, like that culture is what kept people here because by the way, like,

When you lay off 300 people, these are awesome people. And suddenly they're at new companies and great jobs. And they're calling the people that are still there like, hey, the water's warm over here. Like, what the hell are you doing? I remember Mackenzie, my now chief of staff, came up to me late in that year. And she's like, Steven, I kind of feel like it's 2 a.m. at the bar. It's closed.

When you lay off 300 people, these are awesome people. And suddenly they're at new companies and great jobs. And they're calling the people that are still there like, hey, the water's warm over here. Like, what the hell are you doing? I remember Mackenzie, my now chief of staff, came up to me late in that year. And she's like, Steven, I kind of feel like it's 2 a.m. at the bar. It's closed.