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We made our app free -- and growth exploded
- Name: Jason Jacobs
- Company: RunKeeper, Boston
When I was training for my first marathon, I used a Nike app to track my progress and realized there was a need for an even better product.
RunKeeper was one of the first apps in the Apple store, and we generated $50,000 of revenue in our first month. I ran the 2009 Boston marathon dressed as a giant iPhone with RunKeeper on the screen, and that landed us in the New York Times.
In 2011, we switched to being a free app, which took away 90% of our revenue but unlocked our growth potential. We now generate revenue from RunKeeper Elite, a premium application. We raised $1 million to sustain the switch, but our growth was so strong we didn't have to touch the money. We went on to raise an additional $10 million.
- Last updated September 30 2013 11:27 AM ET
