His startup Cameo was a unicorn—until it crashed 90%. Here's how he went from near-bankrupt to profitable again. | Steven Galanis, Founder of Cameo

Cameo is one of the best-known recent consumer startups. You've either used it or know someone who's used it to get famous people to create personalized videos. And, for a while, they were a total rocket ship. Year 1: $300K GMVYear 2: $4MYear 3: $20MYear 4: $100MThey were backed by Jeremy Liew, the VC who seeded Snapchat in 2012. Cameo became a unicorn in 2021. But as the markets turned, revenue decreased, investor interest waned, and their valuation dropped from $1B to $100M. After the restructuring and the layoffs, Steven found a way to turn things around.Now the company is profitable again. And growing.Here's how he did it.Why you should listen:Why you don't need liquidity to launch a marketplace.How to hack your way to a successful marketplace launch.Why organic growth is the way to grow a marketplace. How to turn things around after your valuation crashes by 90%.KeywordsCameo, startup, entrepreneurship, product-market fit, celebrity endorsements, marketplace growth, business strategy, VC funding, early-stage startups, innovation, Cameo, gifting, unicorn status, Chicago startup, engagement, COVID-19 impact, business diversification, down rounds, product-market fitTimestamps:(00:00:00) Intro(00:02:46) Where The Idea for Cameo Came From(00:11:54) The Client Interface of Cameo in the Early Days(00:14:12) The Failed launch that Could've Ended it All(00:21:23) Gaining Momentum(00:25:37) The Math Behind Cameo(00:31:27) Becoming a Unicorn(00:34:34) Meeting Jeremy Liew (the VC who backed Snapchat)(00:40:47) Engagement on the Platform(00:43:00) The Impact of Covid(00:56:06) Finding Product Market Fit(00:56:30) One Piece of AdviceSend me a message to let me know what you think!