How My 1st Business Lost Millions | #Shorts

Name: How My 1st Business Lost Millions | #Shorts
Uploaded: 2023-01-08T22:00:01+00:00
Duration: 44 s
Channel: Vince Reed
Description: Short interview clip where Vince Reed reflects on his first company, NetDivvy. He describes it as technically flawed (buggy, lacked a backend), expensive…

8 Jan 2023 · 1 min

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Short interview clip where Vince Reed reflects on his first company, NetDivvy. He describes it as technically flawed (buggy, lacked a backend), expensive to build, and free to users—ultimately not profitable despite a large community (around 10,000+ users). Although it lost money, it generated leads, connections, and future opportunities for Vince.

Questions this video answers

Around 10,000 users (Vince: 'well over that at some point').

No — Vince states it was free to users.

No — Vince says 'It didn't have a back end.'

No — Vince says they 'never made any money' and 'lost a lot of money.'

You start making a name for yourself little by little, and you eventually start this company called NetDivvy. You said it was a failure. It didn't sound like a failure.
It was a failure in a sense. It took way too long. It was really expensive and it was extremely buggy. Right. We had to redo it several times and lost a lot of money.
Yeah.
It didn't have a back end. So we really never made any money. Meaning. And when I say made any money, any money didn't really do anything. But what it did do was lead to other things. You know, people. The community was massive. Like it really was.
You said 10,000 users.
I mean, it was well over that at some point, but it was free. Okay. And you know, every time someone would join, I would get this email that said Cha Ching. And. But there was no Cha Ching.
But you got the lead, though.
I got the lead, yeah.
There you go.
I got the buyer.
Yeah.
Like, you know the credit. They had to put a credit card in for that. That's why I was saying if I would have knew what I know today, that would have. That wouldn't have been a million dollar business. That might have been a nine figure business.
Yeah.