- Startups - Greg Tseng of Tagged - TWiST #231

TL;DR

Tagged.com, once a social networking site, transformed into a social discovery platform, competing with Facebook and focusing on meeting new people. The CEO, Greg Sang, shares insights about entrepreneurship and the challenges faced by the company.

Transcript

hey everybody it's jason calacanis and this is this week in startups we're live from cnet studios and today i've got a very special guest he is the ceo and co-founder of one of the top 100 sites on the internet that's tagged.com greg sang is with us stick around we're going to learn a lot that's what it's all about man they said money is introducin... Read More

Key Insights

• ❓ Successful entrepreneurship requires persistence, stamina, and the ability to do many things well.
• 👤 Recognizing the need for a minimum viable product and iterating quickly based on user feedback is crucial.
• 😤 Building a strong company culture and transparency can help establish trust and loyalty within the team.
• 🥡 Handling crises and mistakes with humility, admitting faults, and taking responsibility is vital for reputation management.
• ❓ Success in entrepreneurship often involves being a pioneer, choosing a different path, and finding a unique value proposition in the market.
• 👨‍💼 Being well-rounded and having a fundamental knowledge of various aspects of the business is essential for effective decision-making.
• 😤 Optimal hiring is crucial for success, as any weaknesses in the team's skills can hinder overall progress.
• 🥡 Taking control of your own story and public message is vital to prevent others from shaping your company's narrative.
• 🎮 Bootstrap entrepreneurship and maintaining control of your destiny can bring stability and avoid being dependent on external funding.

Questions & Answers

Q: How did Tagged.com transition from a social networking site to a social discovery platform?

Tagged.com initially competed with Facebook but struggled to gain traction. They conducted surveys and found that a significant portion of their users were already using the platform to meet new people. This discovery led them to switch their focus to social discovery.

Q: How did Tagged.com differentiate itself from Facebook and other social networking sites?

Tagged.com aimed to be the best place to meet new people, while Facebook focused on keeping in touch with existing connections. They provided various tools and filters to help users search and browse for potential matches based on age, gender, location, and interests.

Q: How did Tagged.com recover from a viral campaign gone wrong?

Tagged.com faced backlash when an email virality campaign went out of control. They quickly admitted their mistake, turned off the campaign, and publicly apologized. They then went through a year-long process of settling legal claims and rebuilding their reputation.

Q: How did Tagged.com handle the challenges of hiring and competition in the industry?

Tagged.com differentiated itself by having a compelling vision of pioneering social discovery. They also emphasized their stage as a company, combining the stability of a big company with the agility and innovation of a startup. They focused on attracting individuals who resonated with their vision and wanted to make an impact.

Summary & Key Takeaways

• Tagged.com started as a social network similar to Facebook, but after facing competition, it pivoted to become a platform for meeting new people.

• The company focuses on social discovery, helping users connect with others for various social reasons such as dating, gaming, and finding friends with shared interests.

• Greg Sang, the CEO of Tagged, emphasizes the importance of recognizing when a startup is in a hot sector and being willing to pivot to stay relevant.