How to Build a $50k Waitlist & Raise $3M with Tiffany Dufu, founder The Cru
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"Startups exist not just to make stuff, make $, or even serve customers. They exist to learn how to build a sustainable business. This learning can be validated scientifically by running frequent experiments that allow you to test each element of your vision"
Tiffany Dufu validated the crap out of her business idea by building a $50,000 waitlist before launching which led to raising $3M from investors.
Founders build a lot of shit no one asked for.
They may be following a trend or, more likely, building something that solves the wrong problem because they didn't experiment and listen to feedback.
Founders fall victim to overhyped "motivational speakers" yelling at us on the internet to go "all-in" so we may go "all-in" on something that doesn't matter.
But here's what they don't tell us about going "all-in"...
Going all in is an intentional process that takes time and is ever-evolving. Not an overnight action made on a whim.
Ready to learn how to build with intention while getting to the bag?
What we'll brief you on:
How to validate a concept through a landing page.
How to build a $50k waitlist and what Tiffany did with it.
How to develop tech as a non-technical founder.
How to determine what to charge.
How to raise $3M from investors not knowing anyone in the VC world.
Learn the #1 thing we ALL need to get better at.
Founder: Tiffany Dufu | Company: The Cru | Location: New York, NY
Receipts before The Cru
Prior to The Cru, Tiffany had already dedicated her life’s work to advancing women and girls. She spent a decade curating and developing leadership through a peer inquiry-based model to support your peers working for organizations like Forte. Tiffany learned that having a supportive network of peers was key to her success and would often tell other women to do the same.
Problem-solving
You’ve probably heard the saying that your network is your net worth. However, what if you aren’t in a place or position to invest in building your network, especially when you have a high-demand job and life? Tiffany found that while she was preaching about building a crew because she already built one, most women she spoke with didn’t have the bandwidth to build their own.
Solution
Through one of "Tiffany’s Epiphanies" (dope AF, right?!) She realized that offering a service that matched women who were mid-level professionals with their own crew could be powerful. And this just wasn't a good idea in theory - with the rise of coaching and mentor platforms, there's a need. 79% of millennials see mentors as crucial to their success.
It Started with 1 Landing Page...
If you’re an OG Get Sh!t Done Queen or Comrade, you know we started with 1 email. No website. That was similar for The Cru. She started with 1 landing page detailing her background with images of her personal crew, how her crew has driven her success, and a CTA (call to action) to sign-up if you wanted to take the headache of networking and get a Cru. She simply promoted across her social platforms and had several women sign up. From that initial landing page, they got 400 people to sign-up. A quick note - this is a POWERFUL approach that I recommend to test concepts. However, if you do not get the volume Tiffany did, that does NOT mean you failed. Keep in mind that Tiffany had already built some level of influence through speaking and a book prior to launching her business. Even if you get dozens, that’s awesome. #ComparisonIsAThief Learn how Tiffany set up her landing page and what she put on it.
How they validated the Concept of The Cru.
Tiffany went to werk! They did interviews with every.single.person. It took the entire summer, which served as additional market research and to know who would fit well in a Cru together. Don’t worry - her personal Cru showed up to help her do the interviews ;) The moment of truth for whether this concept would work was determined by 2 things - Them sending an email "We found your Cru. Sign-up" and if the person was willing to pay $499. 90% of women signed up and paid within 24 hours. Learn how they got to this conversion rate here.
How they Developed Tech.
You would have thought I was looking for another husband. Tiffany was now sitting on $50,000 given the women who signed up. 50% of that would build the initial tech platform to eliminate the manual nature of matching. However, going tech first wouldn’t have given them the rich data they needed to know WHAT to build. Too often founders jump to building technical products without knowing what they’re solving for and what features actually matter. Once the matches were made, she engaged an engineer to build the 1st algorithm, which is how they make matches today. Learn how she became the architect of what was built as a non-technical founder.
How they determined what to charge.
Tiffany is a self-proclaimed "joiner". She is a member of several communities. The way she determined pricing was by taking all of her memberships and then averaging out the annual membership. It ended up being $1k. She then told herself - "cut it in half". Learn how she determined pricing here.
She Raised $3M by learning about VC through Google.
When Tiffany launched, she had no idea what venture capital was. Not even kidding. However, as the Cru was growing from the original $50k they got from launching the landing page, they learned the cost of taking care of Cru’s was more than the $499. She decided she needed to get additional capital to create a high-quality experience. However, she had to ask herself whether or not VC was in alignment with her values and the vision she had for the company because Tiffany quickly learned that all money is not good money. Learn how Tiffany stayed true to her vision and values, and successfully raised $3M by finding the right sponsors to help her demystify the process.
How to Ask for Support.
There is no one that has invested in Tiffany Dufu that regrets investing in Tiffany Dufu. We are here for this BVE (big vagina energy) Tiffany has made strides across her career because she not only believed she was worthy but also knew that getting support would be critical to her success. The biggest barrier women have asking for help is that they see the other person is giving them something but they don’t understand their own value. Learn how Tiffany learned how to ask for support and her advice for how you.
Where You Can Support Tiffany?
If you know a woman who needs a Cru, check them out. And if you’re an investor who cares about community, connect with Tiffany.
TRACTION TOOLS: How to get it done...
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Minimum Lovable Product: Learn how to build a Minimum Lovable Product from a queen who has raised $130M.
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Learn How this Company Grew Their Waitlist to 200,000 users.
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Learn how this company grew a 1M waitlist before launching.
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JOIN THE COMMUNITY
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