On the Bubble: Startup Bootstrapping

By: Tom Quinn and Annelena Lobb and Jeffrey J. Bussgang

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Synopsis: Bubble was a software company in the low-code/no-code market, making tools that allowed users without traditional programming backgrounds or technical skills to build software. The case covers cofounder Joshua Haas's engineering background, as he experienced a high demand for coding expertise in the startup community, but a low supply of coders. It then outlines his founding, with cofounder Emmanuel Straschnov, of Bubble in 2012, and their subsequent bootstrapping for six years until 2018, when a well-known tech entrepreneur and angel investor offered them an attractive financing deal. The case covers Bubble's product-led growth, or a singular focus on the product (as opposed to investing in sales and marketing) as a strategy for user acquisition and retention. The case also covers the difficulties of hiring new employees, and Bubble's strategy for building a team.