Mike reveals the 'penny gap'—why free interest doesn't translate to real customers until they pay.
Kelly Cardenas interviews entrepreneur Mike Smalls on The VIBE podcast. Mike introduces his current company, Bloom Vision, a software tool for wedding planners and florists to create digital mock-ups for clients, developed with a partner in Philadelphia. He discusses the origin of the idea, sparked by observing his friend Susan's manual process. Mike recounts his career path, starting with selling computers and desktop publishing systems, then working at Symantec before jumping into the startup world. He describes his first startup, Hoopla software, which grew to $6 million in revenue before COVID caused a significant drop. Mike explains the challenges of venture capital funding, noting that VCs typically look for 'home run' investments and that he had 75 meetings before securing a round. He contrasts this with his current bootstrapped approach with Bloom Vision, emphasizing the value of owning 100% of a smaller company. The conversation delves into sales strategies, with Mike highlighting the importance of listening and qualification. He shares his perspective on AI as a collaborative tool for development, not just for writing emails. Mike discusses his personal philosophy on grace, influenced by his faith, and how it applies to business and parenting. He reflects on learning fatherhood from books like 'Raising a Modern-Day Knight' due to a strained relationship with his own father. The episode touches on the power of in-person conventions for feedback and the difference between social media engagement and actual customer conversion. Mike concludes with advice about focusing on relationships and not sweating the small stuff.
