This post from Alexis Grant is clear, concise and to those who have this on their radar, includes valuable nuggets. Bottom line: once you’re on your journey, moving at highway speed, pay attention as traffic, accidents, potholes and better routes etc can appear and approach rapidly, requiring decisions to be made. Huh? Ok, forget all that. Just read her post.
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These entrepreneurs faced risk in their platform-dependent business. So they opted to sell their Shopify app: Canadian entrepreneurs Derek Morin and Bogdan Radu knew there was a risk to building apps for someone else’s platform. In 2016, they launched Tabarnapp to enable automatic discounting in Shopify. Their metrics by 2022: • Over $1 million in annual revenue • 80% net margin • 60,000 downloads of their flagship app, Automatic Discount • 2,500 recurring clients paying $10 to $1,000 monthly But they recognized the risk. “We realized that at any point, because we were platform-dependent, we could go bankrupt or we could be disrupted by Shopify,” Morin said. Changes to the platform — plus an increased competitive landscape — sparked the idea to sell the company. They sold Tabarnapp to software company Staytuned in November 2022 in a mid-7 figure deal. All the details in our story... https://lnkd.in/eUGEB9K5
