She Raised $2.5 Million From Friends and Family - And Saw Zero Sales. Then She Leaned Into a 'Hunch.' Now Her Company Sells $300 Million a Year.

"At the start, in 2007, Naficy burned almost all of Minted's initial $2.5 million funding round on a failed model of selling existing stationery brands online. A low-budget side experiment, crowdsourced design competitions for independent artists, became Minted's core product and ultimately unlocked overwhelming demand."

"Naficy had dedicated $100,000 to building a competition for artists to submit designs, with the winners' work being sold on Minted. This competition ended up saving the company, as artists submitted card designs and the community voted on the best one."

"Instead of acting like a digital stationery retailer, Naficy reframed Minted as a marketplace and a community for independent artists. Minted grew quickly from that point, and now does $300 million in revenue."

Mariam Naficy founded Minted in 2007, initially struggling to attract customers and burning most of her $2.5 million funding on a failed model. A $100,000 investment in a crowdsourced design competition for artists became the core of Minted's business. This shift reframed Minted as a marketplace for independent artists, leading to rapid growth and $300 million in revenue. Naficy's journey emphasizes the importance of trusting instincts and adapting business models to meet market demands.

Read at Entrepreneur