{"id":40843,"date":"2023-10-20T15:10:20","date_gmt":"2023-10-20T15:10:20","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/how-startup-behind-almost-instant-videos-found-it-can-be-better-to-wait-startupsmart\/"},"modified":"2023-10-20T15:10:20","modified_gmt":"2023-10-20T15:10:20","slug":"how-startup-behind-almost-instant-videos-found-it-can-be-better-to-wait-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/how-startup-behind-almost-instant-videos-found-it-can-be-better-to-wait-startupsmart\/","title":{"rendered":"How startup behind almost instant videos found it can be better to wait – StartupSmart"},"content":{"rendered":"
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Startups should wait until they\u2019re happy with their product and have proven traction before seeking initial funding, Biteable co-founder<\/a> James MacGregor says.<\/p>\n

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The video-making software startup has just closed a $1.1 million seed round, led by Tank Stream Ventures and BridgeLane Capital, on the back of \u201cdouble digit\u201d month-on-month growth.<\/p>\n

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The company bills itself as the \u201cworld\u2019s simplest video maker\u201d, and gives users the tools and content to create their own personalised videos in minutes.<\/p>\n

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After launching early last year, Biteable now has 90,000 customers that produce more than 1000 videos each day.<\/p>\n

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Traction before pitching<\/b><\/p>\n

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The key to its success seed funding round was being patient and focusing on the product first, MacGregor tells StartupSmart.<\/i><\/p>\n


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\u201cYou have to have a product that people are using and that people love,\u201d he says.<\/p>\n

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\u201cOur aim was to build a first version of the product and get to 1000 users before we raised a seed round. By the time we were pitching we had tens of thousands of users.<\/p>\n

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\u201cThe fact we had traction by the time we were pitching really made the difference.<\/p>\n

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\u201cInvestors would look at our figures and then we could say, \u2018oh we\u2019ve actually doubled those numbers now\u2019.\u201d<\/p>\n

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While some startups need large amounts of funding to get a product off the ground, those that don\u2019t should look to develop and launch the product before turning to investors, MacGregor says.<\/p>\n

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Growth has been exponential for the Tasmanian startup, with Biteable bringing on 24,000 new users in just the last month.<\/p>\n

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\u201cIt has built its own momentum,\u201d MacGregor says.<\/p>\n

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\u201cPeople can use the product for free with a watermark and this has helped drive traffic to attract more users.<\/p>\n

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\u201cEvery month is getting bigger and bigger, so now the real task is to make the product better and scale up the infrastructure.<\/p>\n

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\u201cWe know what the users want; we just need to build that. Our aim is to make creating awesome videos that actually look like a TV ad really simple.\u201d<\/p>\n

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Riding the video wave<\/b><\/p>\n


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The startup\u2019s success owes a lot to the recent popularity of video content on social media, MacGregor says.<\/p>\n

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\u201cWe\u2019re really riding the wave of video at the moment,\u201d he says.<\/p>\n

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\u201cAll the big players are pushing video and suddenly there\u2019s huge demand for it. The tools out there for making it are still pretty basic and we have a head start.\u201d<\/p>\n

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Located in Hobart, far away from startup hubs like Melbourne and Sydney, MacGregor says his location has never been an issue.<\/p>\n

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\u201cWith the nature of the internet you can work remotely on anything,\u201d he says.<\/p>\n

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\u201cWe were focused from day one on a global market, and the majority of our users are from overseas.<\/p>\n

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\u201cPeople don\u2019t care where we\u2019re from.\u201d<\/p>\n

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Do you know more on this story or have a tip of your own? Raising capital or launching a startup? <\/i>Let us know<\/i><\/a>. Follow StartupSmart on <\/i>Facebook<\/i><\/a>, <\/i>Twitter<\/i><\/a>, and <\/i>LinkedIn<\/i><\/a>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

Startups should wait until they\u2019re happy with their product and have proven traction before seeking initial funding, Biteable co-founder James<\/p>\n","protected":false},"author":2,"featured_media":61072,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/40843"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=40843"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/40843\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/61072"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=40843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=40843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=40843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}