Reno, for anybody who likes the outdoors, starting in first grade, we had PE at the local ski resort. I am being sincere: I cant begin to tell you how valuable that experience was, from the friendships that have become lifelong business partnerships. Mark Gainey and I met a few years ago, when a good friend heard me rambling about my latest fitness idea and said there was someone I needed to meet. My parents gave me a great choice. Insights Like many of the things born in Silicon Valley, you might say Strava, the favorite app of millions of athletes, is a happy accident. Its not that I dont enjoy going back to visit, but I just dont have the connections anymore. The partners I worked for, even though they were venture investors and not entrepreneurs, gave me another piece of really important advice, which was to solve real problems. And just being surrounded by a bunch of other guys who, frankly, on any given day, could kick my butt. We just needed to focus early, to develop market leadership and a presence, so we could be in a place to support more and more people. Mark Gainey is the co-founder and executive chairman of Strava, a platform where more than 50 million athletes around the world track their workouts and compare their stats. Beyond our investors, everybody in the company, all 180 employees, are shareholders. Mark Gainey is the Co-Founder and Executive Chairman at Strava. The mission there was to go back to asking: how can we make the world a more active place with environments that are more inviting for people to ride, run or walk to work? Of course, he wasnt targeting me, he was just younger so he was naturally destroying me, but we developed a friendship and we still banter back and forth every few weeks. Distance 11.0 mi Elevation 495 ft Time 1:45:37 December 29, 2022 Post-ski yoga Time 22:00 Michael Horvath, the CEO of online fitness tracking platform Strava, has announced that he is resigning from the company. Then he had a really interesting career where he left his private practice, but went to work at the Veterans Administration, where he became much more of a mentor instructor. If youre clear on who your customer is, and you can understand their needs, even if youre a raw startup, you can be successful. People get thrown out of the boat, which is called crabs, or you injure your hands on the oar. Reunited when Michael took a professorship at Stanford, they hatched their first startup. Incredible read, and it will turn anyone into a rowerat least make them want to be one. This is not the first time though that Michael Horvath has left the company. Yeah, I love this entirely. . We want to put ourselves in those two places so that we control our destiny. Listen on Holding a Ph.D. in economics from Northwestern University and an A.B. Michael was willing to sit with me and spend time on this. Angel, Fund of Funds, Venture Capital), Number of Investments the Individual has participated in, Announced Date: Date when the Investment is announced, Organization Name: Name of the organization that received the investment, Lead Investor: This field indicates whether an investor led/organized the investment, Funding Round: Name of the funding round where the Investment is made, Money Raised: Amount of money raised in Funding Round, Total number of current Jobs the person has, Total number of past Board and Advisor roles the person has, Organization Name: This is the name of the organization, Title At Company: Title of a Person's Job, Start Date: Start date of the Person's Job, CB Rank (Hub): Algorithmic rank assigned to the top 100,000 most active Hubs, Total number of events the individual appeared in, Number of news articles that reference the Person. In fact, a key takeaway from the dot-com era, internet 1.0, is from this funny phrase: Oh, yeah, what a rocket ship. I used to remind everybody, Yeah, and what happens to rocket ships once they run out of fuel? Youre not going to meet a more ethical person. He was maniacal about the quality, maniacal about his distribution. Part of it is I must have literally been born that way, enjoying the competition, and seeing where youre good at something, and wanting to keep pursuing it. MG: I was surprised at how social cycling is as a sport. Whereas, if you try to have a conversation with every person inside a Starbucks, youre going to get 75 different responses to something. I was now living at home with my parents, and that was never really the deal. Those are not brands that were built overnight. Id be the guy at the front running those laps. Currently Stravas interim CFO, Michael Horvathpreviously served as Chief Executive Officer from 2010-2013 and President from 2014-2017. But were not forcing anybody to pay. Anybody sitting in this Starbucks could be a potential customer. I mean, the beauty is anybody who would have a need. Strava generated $167 million revenue in 2021, a 70% increase on the previous year In January 2022, Strava had 95 million active users, with two million added every month Almost two billion activities were completed on Strava in 2021 In December 2020, Strava was valued at $1.5 billion Strava overview Strava revenue My mom was a stay-at-home mom. In this conversation we talk about how Mark's passion for sports compelled him to Strava, what focus really means as a founder and Mark has some amazing examples of that, we also talk about scaling and . There just isnt anything like it. The power of team. If we could find a cyclist willing to listen to the story and willing to experiment, then we would bring them on. Frankly, as sophomores in high school, my sons are starting to talk about college. They were pretty clever back then, and would recruit from the other athletic programs. My dads a San Francisco native, born and raised in the city, and my mom was on the Peninsula. When its off, its miserable. Nothing to write home aboutby no means a perfect score, but good. Mark Gaineycurrently serves as the co-founder and chairman of Strava. Never miss an episode, plus special announcements, discounts, giveaways. In this episode, Joe and Mark discussed Stravas business model, including freemium access and paid subscriptions, the companys focus on putting the athlete first, and Marks plan to make Strava a multi-generational company. In November I will be participating in the Qatar Quest a reverse order ultra-distance triathlonthat will circumnavigate the Qatar peninsula. One was technology with the wearable marketplace and GPS devices. Strava is the leading social platform for athletes and the largest sports community in the world, with over 98 million athletes in 195 countries. Mark Gainey, Strava How Strava Found its Niche [Entire Talk] Winning a small niche can lead to massive opportunities. Users who like Mark Gainey (Strava) - How Strava Found its Niche; Users who reposted Mark Gainey (Strava) - How Strava Found its Niche; Playlists containing Mark Gainey (Strava) - How Strava Found its Niche They were probably wise, but they didnt do it. You went from rowing to starting a company that was a pretty big deal in the dot-com era. So as early as 1995, we had a plan to figure out a way to bring that boathouse experience to the masses. Gainey and Horvath value the user experience on Strava more than anything, and this is a testament as to why most Strava features were previously free. How to nurture it. I was recruited to run cross country and showed up with a stress fracture, so I was unable to run my freshman year. What are the pros and cons? Ive had my own strategies. He graduated in 88 and studied economics. Founded in 2009 by Michael Horvath and Mark Gainey, Strava has become the go-to platform for millions of users around the world. It comes from a simple thesislets go build for our customer. Podcast: Play in new window | Download | Embed, If you sweat, youre an athlete. That was late 95, so thats right as Netscape was going public and that first wave of internet companies was starting to surface. Strava. Video, editing byBlake CurtisandMargo Lubin. Let me go plan my weekend, and how can Strava be a part of it? I dont think either of us expected that Kana was going to do what it did, and it became all-consuming, but it was just the two of us, and there werent kids involved. 15. I sent my resume across the country, and to this day, I have this shoebox full of rejection letters. The company has raised about $70 million to date,. Michael became an academic. We could find those individuals who had the passion and understand their needs, and in doing so, really start to tailor an experience that was unique to them. Cyc: Did the competitive element happen automatically? David Swain: Lets start with where you grew up and your influences as a kid? Its a no brainer. She called this the Starbucks phenomenon. Id love to introduce you to our program. We were these two guys in our early forties who were still passionate about sport and camaraderie but life, obligations, kids and work got in the way. We called it swing, which was really the physical movement of the boat, and when all eight oarsmen were in sync and that coxswain had us going in the right direction, it was this incredible feeling of the boat lifting and sinking into the water. Join industry-leading Its another funding event that can be very important in the life of a company, but its by no means the end. Listen to the podcast on:Apple Podcasts |Google Podcasts|Spotify. Mark Gainey and Michael Horvath were two friends from college with a good idea and bad timing: in 1995, they set out to create a digital community where athletes could chart their progress and actively compete with one another. That authenticity is pretty critical for the early stages. We were generating hundreds of millions in revenue, but yeah, it was also during that periodthe first dot-com boom was pretty unique. Its called the Biggest Little City in the World. I used to joke there are two cities there. Stravas co-founder Mark Gainey, set to run cross-country as a freshman at Harvard in 1986, was sidelined by an injury. - Career Earnings & Salary. When we started Kana, he stayed in academia. I did that for almost five years. Michael was class of 88. Its a real investment inside the business, and its a feature unique to Strava. **Note: Marks answers have been edited for brevity and cohesion. We took a lot of cues from the grand brands Michael and I admired, and set out to see if we could go do something similar. We learned that with our prior company. Fast forward a bit and I was sitting in a Mexican restaurant with my two boys and I was wearing a Strava T-shirt. Its not to say that they dont hold us to a very high standard and expect us to execute and build a company of value, but were not caught in this trap of How quickly are you going to sell the company? Or Why havent we seen liquidity tomorrow?. We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites. Pretty quickly, it was clear I wasnt going to be rowing again, and I needed to move on to a new chapter. Kana Communications was a massive triumph. Even in recent months the conversation has been around, How do we put Strava in a position where its in a position of strength? And thats really two things, profitability and growth. What got you into competitive sports in high school? MG: Ive seen some amazing art but for me it is more about messaging. You had to do it other than just to race, and really. I started as a history major, but found art history was a great way for me to learn history. Theres one most people know, which is a very transient, high-densityits a gaming town, but as soon as you get out of downtown, its incredible. It wasnt as though we had this masterplan about how this was going to cover the entire world. From day one, we had this thesis of building a product that athletes love and see if we can build a business model where they love it enough that theyll pay for it. Strava sa stala prvou aplikciou, ktor bola vytvoren portovcami pre portovcov. I got a compliment just yesterday. Always eager to test new tech, I signed up immediately, quickly fell in love and have been evangelizing the platform every since. MG: Weve probably tried every different way you could think of to have a positive impact on growth. We had good friends growing up there, kind of the nuclear family, and a little bit like one of the sitcoms from the 70s and 80s. Mark Gainey is cofounder and Chairman of Strava, a Sequoia-backed company since 2014. I own that. Then we thought perhaps if another member rides that same climb, maybe we can show how they compare against each other. Strava is entirely focused towards athletes. That worked out really well. Cyclist Laura King takes us inside her how she does what she does, from favorite books and podcas Running coach Greg McMillan shares what he's learned through three decades of coaching. Dont ask me to identify an artist. We want to support them in their journey wherever they are, whether theyre attempting their first 5K or going for an Olympic gold medal. Tommy Gainey turned pro in 2007 and has played for 15 years and was born in USA. "And given the growing need for bicycle and pedestrian infrastructure, we felt Strava Metro was too valuable and important not to make available to any organization attempting to make a difference in designing the cities of the future." Mark Gainey, Strava co-founder Ride in style I could go to Australia to watch Dennis Conner regain the Americas Cup, or I could have a mountain bike. missionary oblates of mary immaculate belleville, il. Much of what Strava offers is about the analysis of your performance and importantly, keeping track of your training. I remember spending afternoons on my little BMX bike, or with a soccer ball, with a football, and playing with other kids. Exactly. We were talking about Strava while sitting in a Starbucks, and she made a great observation. As I was graduating, I had not applied for any jobs. Your patience and deliberateness while building the Strava brand and community are unique. Could I make one of those lightweight teams? I loved being on the soccer field, and I loved playing on a team, the good friends, and the travel. Co-founder & President: 2014: May 2017: Board and Advisor Roles. I could keep going. We are focused on what we call our invested athletethat person whos decided that sports and fitness are going to be an important part of their life. Still in their 20s when they founded Kana Communications in 1996, they saw the first dot-com boom up close as Kanas valuation hit north of $10 billion in 2000. We strive to provide ongoing services for our clients before and after the sale and work together to create a great environment where we can learn, grow and succeed together. Mark and Michael are two people I have always wanted to meet. 04611236. Strava is also a company of 180 teammates who are really passionate about the power of sport and bringing innovative features and services to this global community. Founded in 2009 by Michael Horvath and Mark Gainey, Strava has. That led to a nine-month perioda little bit of a reckoningbecause it was not at all clear that I was going to be able to come back to rowing. May 11, 2022 hubspot product import electrical engineer house hubspot product import electrical engineer house . That was what drove me, but I think it was also the great coaches, Ray Hays and Peter Duffy. NFTs Simplified > Uncategorized > mark gainey strava net worth. Cycling and running are still our core areas, but we support somewhere between 35 and 40 different activities and well continue to do so if our athletes need it. Its as simple as that.. Mark Gainey is the co-founder and Executive Chairman of Strava, a global community of athletes with more than 50M members. Hes been my business partner for 25 years. Let's see if we can roll through here. Even with IPOs. Work backwards from $10 billion, and solve that problem. I was a single parent with two boys who were seven or eight years old at the time we were starting. There is an active lifestyle in a good way. Prior to Strava, Michael co-founded enterprise software firm Kana Communications and was the CFO and VP of Operations at GlycoFi, a biotech company. problem regardless of your size, your scope, and your sustainability, people will listen. Strava took over again. It includes unlimited access to ALL of Calms amazing content. Mark holds an AB from Harvard University. Talk about your journey from Reno to Harvard. Theres a fine line between perfection and disaster, and you can apply all these things later on.. Learn how they built a product for THEMSELVES (super niche at first). There just isnt anything like it. Wed come and visit extended family here in the Bay Area, but no, we were a close-knit family. operators and investors by subscribing. Go further. MG: We probably think less about any specific sport were trying to support and more about attitude. Ill take it all the way back to my days working at TA Associates. My dad was a general surgeon. Youve been through a couple startups. Strava attempts to end the loneliness of the long-distance runner (and cyclist) Chief executive Mark Gainey tells Ben Wright how the app is building a sporting network just like Facebook built a . No, it was stolen here on the Peninsula. Theyd bus us off to Mt. I said, No way am I going to go, this kid from Reno, not even an interest. It was my father who was like, You do not have to go. The one I always recommend is called The Amateurs by David Halberstam. You get injured. Stravas always tried to strike this balance of understanding what it is to be in single player mode, yet at the same time realizing that so much of the benefit and where accountability and motivation comes from is when you connect with your friends or other like minded individuals. And I understand sort of where . Guru Singh On Positivity -- Why Receptivity Is The Better Path, David Sinclair On Extending Human Lifespan & The Science Behind Aging, http://media.blubrry.com/rrp/p/feeds.soundcloud.com/stream/604586484-richroll-rrp435.mp3. Renos one of those funny places. Tommy Gainey. Cyclists know every hill and every grade theyre on. Youre not going to meet a person whos more humble, who works harder, and he also just understands things about business that, frankly, I dont. Mark Gainey is the co-founder and Executive Chairman of Strava, a global community of athletes with more than 50M members. Over the last 10 years, weve experimented with a handful of different business models, everything from e-commerce to even some forms of advertisement within the feed. Stravas co-founder Mark Gainey, set to run cross-country as a freshman at Harvard in 1986, was sidelined by an injury. We called it swing, which was really the physical movement of the boat, and when all eight oarsmen were in sync and that coxswain had us going in the right direction, it was this incredible feeling of the boat lifting and sinking into the water. Id just done very well in cross-country, won the state championships, so I was a pretty good runner with some decent SAT scores. He was in private practice into his early 60s. I sincerely hope you enjoy the episode. Have you ever considered Harvard? Sign up to the Cyclist newsletter to receive curated emails direct to your inbox. Our thought process today is not to focus so much on where we can find new customers, but on creating a great, engaging experience for those 50 million athletes and have confidence that if theyre having a great experience, theyre going to keep telling their friends and our growth is going to come. And when it launched, it was only a desktop app. I was really lucky that group was willing to come together when it did. Well talk about Michael Horvath, Im sure. On Monday, Horvath replaced James Quarles as CEO, after Quarles spent two-and-a-half years. MG: When people talk to us about building community, we always remind them that when we started Strava, we had one customer and had to start with, How do you give value to that one person who uploaded their workouts to Strava? It was creating that single player mode that is motivational and provides enough inspiration that they want to upload a second, third, and fourth time. While we will always support free, we wanted our community to understand that if youre a subscriber, its just going to get better and better over the coming months and years. Mark also co-founded Kana Communications, an enterprise CRM firm, in 1996 and served in various capacities, including CEO, president, and chairman. I tend to obsess in some ways in one area. I understand Boys in the Boats the same. There was this esprit de corps. That changed the game for us, enabling us to grow the network more effectively. He was reselling motorcycle handgrips out of a Volkswagen van back in the late 70s or early 80s, out in the Baja desert. My mom was a stay-at-home mom. We recently announced a renewed commitment to the fundamental business model around freemium. Weve learned over time that were at our best when were focused on the athlete experience and really thought about how we can improve and create this subscription upgrade thats so valuable it becomes indispensable. We both rowed crew at Harvard in the late '80s and thrived on the camaraderie and motivation of training with teammates. Theres one most people know, which is a very transient, high-densityits a gaming town, but as soon as you get out of downtown, its incredible. MG: When we made the decision to raise outside capital and bring investors in, we were conscious of who we brought in. I had a great coach, a guy named Charlie Butt at Harvard, who now has the whole program. Breaking down the business of fitness and wellness. Contact Information Website www.strava.com Ownership Status Privately Held (backing) Financing Status It was Dads job. The social network connects athletes in . The trajectory tends to be straight up and straight down. So in Stravas case, at the risk of not going fast enough, if you can build a trajectory that feels sustainable over a long period of time, you end up at the same altitude, but now youve got incredible lasting value. I got to be a kid in Reno. Michael Horvath and Mark Gainey originally founded Strava in 2009, and it has since grown to over 100 million users, a portion of which are also paid subscribers. Outerknown:For the people and the planet, Outerknown was founded bypro surfer Kelly Slater to provide high quality, environmentally sustainable clothes that fit great and are made to endure. Did you have a core group of early users giving you feedback? Disclosure:In the interest of total transparency, I have run ad campaigns for Strava on this podcast in the past. 2020-03-04T05:12:27Z Comment by Stanford eCorner. Mark Gainey has been building successful companies for nearly 20 years. Not consenting or withdrawing consent, may adversely affect certain features and functions. CYC: How might the data from Strava Metro help to influencecity infrastructure? When its off, its miserable. MG: Oh yeah. This week we hear from Mark Gainey, co-founder and Chairman of Strava, the social network for athletes. Was it you and Michael from the beginning? 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It was my father who was like, You do not have to go. Ive lost touch with most of the guys. I looked at life when I was only recently married, and it was one of those times when there was very little to lose and everything to gain by starting a company. However, this is not a sponsored podcast. I think we add a million people every 30 to 40 days, but I remember the first 10 that we put on Strava, and the first 15, and the first 20. They share how they've focused on creating new content and featur Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. These apps will help you meet new running partners based on your pace and where you run, or compare your Suffer Score with other athletes on a matched activity. The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network. Guys like Bill Felch, who ran services, and others who were really a critical group that happened to come together and bond over the vision of what we were trying to dothats what makes or breaks any company. Tommy Gainey 's net worth is $5,674,367. Hey, we saw your results. I took that to heart, and part of why we ended up at Strava in the middle of a sports business was just my passion for being active. This was pre-internet, so Id get all these newspapers, and Id pull all the want ads out of the Sunday papers from around the country. Hes now a partner at Foundation Capital and has been very successful there. My first summer jobs were at Lake Tahoe pumping gas and grinding the bottoms of boats at a local marina. We spend a lot of time at the house talking about, What are your interests? That's a far cry from the ubiquitous mobile app it is today, and their story of becoming a device-agnostic service that unites every runner's and . Horvath, who co-founded the San Francisco-based social network for outdoor enthusiasts in 2009. For a complete list of all RRP sponsors and their respective vanity urls and discount codes,visit my Resources page and click Sponsors. Spotify. We lived that, and it was pretty good. We know its important to build a company value and think about long term success. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Folks, my name is Mark Gainey. I like to joke that I got paid to go to business school because Id basically get case studies all day long talking to these guys. Most of my competition was on my own team, so when youre living that six days a week, and youre literally racing in practice, it makes it pretty easy to go out and win races. Prior to relocating to her native Southern California, Zip was Chief Marketing Officer for Pizza Hut U.S., based in Dallas. In fact, a key takeaway from the dot-com era, internet 1.0, is from this funny phrase: Oh, yeah, what a rocket ship.. I had a great coach, a guy named Charlie Butt at Harvard, who now has the whole program. There were probably half a dozen high schools in Reno at the time, but I happened to go to Reno High, and just happened to enter that school right when we just had this incredible mix of runners. It was worth a shot. I love to ride in the dirt, but by going out and talking to the cycling community, we found we could be very focused. If somebody writes you a note like that, youre going to reply and just fill out the application. I did, and lo and behold, I got in, and visited, and figured, What the heck? MG: my business partner and co-founder, Michael Horvath met when we were on the crew team in college and the experience we had on the team was critical to everything going forward. Them on the quality, maniacal about his distribution CEO, after Quarles spent two-and-a-half years for brevity and.! By the subscriber or user how social cycling is as a freshman at Harvard in 1986, was sidelined an. To all of Calms amazing content and Advisor Roles: Marks answers have been for... In my wedding years ago, and you can apply all these things later on to,... About messaging some amazing art but for me to learn history niche [ talk! I have this shoebox full of rejection letters run cross-country as a history,... 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