Unscripted with @jrichlive ft. Ilir Sela (Slice)

TL;DR

Slice is a tech company that helps independent pizzerias streamline their online ordering process and compete with larger pizza chains.

Transcript

all right aalir we are live good morning good morning good afternoon it's good afternoon to you uh at slice hq in in new york are you the only one there is anybody else there i'm i'm the only one here um and i didn't tell you this just before but i've got a whole podcast oh no whole pizza oh no i miss that so much so one of my favorite for those wh... Read More

Key Insights

• 😌 Slice's success lies in its ability to empower small, independent pizzerias to compete with larger chain restaurants through digital transformation and online ordering capabilities.
• 🙃 The founder's background in a three-generation family-owned pizza business helped him identify the need for technology solutions in the industry.
• 😤 By focusing on relationships, talent, and team-building, Slice has attracted experienced investors and surrounded itself with smart, dedicated individuals.
• 💱 The company's ability to adapt to changing market conditions, such as the COVID-19 pandemic, has been crucial in its continued growth.
• 👨‍💼 The expansion of Slice's services through Project by Slice demonstrates its commitment to supporting small businesses and driving the digital transformation of the pizza industry.
• 🏂 Slice's board composition, which includes both investors and experienced operators, has positively influenced strategic conversations and decision-making.
• 👻 The bootstrapping approach taken by Slice initially allowed the company to prove its business model and attract funding at a later stage.

Questions & Answers

Q: How did Slice transform from a bootstrapped company to a venture-backed one?

Slice operated without raising capital for six years, focusing on building relationships, talent, and proving their business model. In 2016, they raised their first round of funding after reaching $40 million in gross merchandise volume (GMV) and attracted the interest of experienced investors.

Q: How did the founder navigate the fundraising process without a traditional tech or business background?

Without a typical tech or business background, the founder learned to simplify his story, focus on relationships, and seek advice from successful founders and CEOs. He also leveraged the expertise of his board members to guide and support the fundraising efforts.

Q: How did Slice handle the challenges brought by the COVID-19 pandemic?

Slice quickly shifted its operations to remote working and supported its small business partners in transitioning to online and delivery-focused operations. The company experienced significant growth during the pandemic due to the increased demand for online ordering and delivered comfort food.

Q: What is Project by Slice?

Project by Slice is a top-secret initiative aimed at expanding Slice's services to manage all aspects of the pizza businesses they work with. This includes managing payments, transactions, payroll, and marketing. The goal is to help small businesses lower operating costs, increase marketing efficiency, and improve overall performance.

Summary & Key Takeaways

• Slice was founded in 2010 by Ilir Sela, who comes from a family of small business owners in the pizza industry. He saw the opportunity to digitize and automate online ordering for independent pizzerias.

• The company started out with no outside funding and bootstrapped for six years before raising its first round of capital. Today, Slice works with 14,000 small businesses across the United States, making it the largest pizza brand in the country.

• Slice's mission is to give independent pizzerias the same digital transformation and online ordering capabilities as larger chain restaurants, empowering them to compete in the $47 billion dollar pizza industry.