Startup Field Guide
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Episode 
3

How Carta found product-market fit: Henry Ward on distribution-led product strategy

Henry Ward joins us to talk about how his team of fewer than 20 employees scaled their startup, then known as eShares, to product-market fit and eventually became a household name in equity management software. Henry Ward is the Co-Founder and CEO of Carta. This $7.4B business has created a new category of software in equity management by helping companies and investors manage their cap tables, valuations, investments, and equity plans. Henry gives us insight into the early stages of Carta: the initial products that Carta built, gaining validation through investor networks, closing their first 100 customers, and how they found product-market fit on their way to acquiring 28,000 customers. Join us as we discuss: 1. How Carta built products designed to get distribution 2. The early go-to-market lessons that Carta learned about when to focus on sales vs when to start marketing 3. Why Carta didn’t start with a self-serve experience 4. How Carta changed its pricing model at scale without upsetting customers

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