"They bootstrapped the online business in 2009 with money from Allebest's former chess ventures, also borrowing $70,000 from a mother's friend, which Rensch says they paid back very quickly. Soon, the entrepreneurs proved that VC investors missed out on a huge win; today, Chess.com is one of the largest online chess platforms in the world with more than 225 million registered members and 40 million active monthly users."
"When Jeff Bezos was drumming up his early visions of Amazon while working as a hedge fund manager, his Wall Street boss questioned if he could achieve success and financial security by selling books on the internet. And when Howard Schultz was looking for money to back his coffee business, called Starbucks, more than 200 investors believed no one would pay $3 for a cup of joe."
Entrepreneurs often face skepticism and rejection, exemplified by Jeff Bezos and Howard Schultz being doubted early. Danny Rensch and Erik Allebest encountered similar dismissal when pitching Chess.com to investors. The founders bootstrapped the company in 2009 using funds from prior ventures and a $70,000 loan, repaying it quickly. Persistent development and user growth turned initial scorn into success: Chess.com now reports over 225 million registered members, 40 million monthly active users, and reached a valuation above $1 billion by 2023. The platform became essential to the chess community from beginners to grandmasters, validating the founders' commitment.
Read at Fortune
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