WorkOutLoud’s Bootstrapping Is Paying Off

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Screen Shot 2017-02-03 at 11.53.36 AMBy Tyler Gieseke

WorkOutLoud, a startup that offers an enterprise social network for companies to connect with their customers, is ready to scale up from bootstraps.

Co-founders Eric Lopez and Loring Kaveney, who have partnered before, are using their past experience to introduce and grow what Lopez said is “Their best product yet.”

Until recently, Lopez said, he and Kaveney have only used their own funds to get their business off the ground — a practice known as “bootstrapping.”

Now the venture is also earning revenue from about 20 company clients. Those customers include companies like NTT Data, RPI Consultants, and Coco. But the founders are far from satisfied where they are.

A long-term goal for the pair, Lopez said, is to achieve one million users in the next 12 to 24 months. The platform currently has about 5,000 active users.

The founders said they built the basis of their product in 2015, and by 2016, they were testing the system with some preliminary customers. By last fall, they were confident enough in the product to consider it live.

“What we’ve been able to do with WorkOutLoud is go very fast,” said Kaveney, who is the startup’s president. She said the wealth of experience she and Lopez have from their previous ventures has helped them to make quick decisions.

workoutloud

In this particular venture, their work has produced a platform where a company’s customers can connect with other customers through a digital community. In addition, users can view and interact with an event calendar built by the host corporation.

“We think it’s a simple product to use,” said Lopez, who is WorkOutLoud’s CEO. “It’s designed for a company so that they can brand it.”

Cultivating brand loyalty through the platform will hopefully reduce customer turnover for the businesses using it, the founders say. Their tagline, “keep customers forever,” reflects that aim.

Besides fostering brand allegiance, WorkOutLoud can also be used to gather data about a company’s customers and how those customers are using the platform.

For example, a corporation could send out a mass email to a group of users and see who opens it. With these innovations and more, Lopez and Kaveney said they are optimistic about WorkOutLoud’s future.

“We’re doing what we love to do,” Lopez said.

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