{"id":17049,"date":"2015-10-13T23:04:05","date_gmt":"2015-10-14T03:04:05","guid":{"rendered":"https:\/\/www.wework.com\/creator\/?p=17049"},"modified":"2020-03-30T18:27:52","modified_gmt":"2020-03-30T22:27:52","slug":"why-jackpockets-team-stayed-when-the-money-ran-out","status":"publish","type":"post","link":"https:\/\/www.wework.com\/ideas\/community-stories\/member-spotlight\/why-jackpockets-team-stayed-when-the-money-ran-out","title":{"rendered":"Why Jackpocket\u2019s team stayed when the money ran out"},"content":{"rendered":"<p>In a sweaty palmed meeting, <a href=\"https:\/\/jackpocket.com\/\">Jackpocket<\/a> CEO <a href=\"https:\/\/www.wework.com\/creator\/techcrunchdisrupt\/how-to-win-the-lottery-without-leaving-home\/\">Peter Sullivan<\/a> broke the news to his staff that a major investor had backed out and funds had dried up.<\/p>\n<p>Their response, he says, startled him.<\/p>\n<p>\u201cSo what?\u201d his staff replied. \u201cWe\u2019re gonna stick this out.\u201d<\/p>\n<p>This was two years ago, when the <a href=\"https:\/\/www.wework.com\/locations\/new-york-city\/soho-west\">WeWork Soho<\/a> member learned of the broken deal after a weekend of revelry at WeWork Summer Camp. It was a Sunday night, and he dreaded the subway ride into work Monday morning to hand out pink slips to the team behind the online lottery app.<\/p>\n<p>\u201cThe worst part was, we had signed the term sheets with this investor,\u201d Sullivan says. \u201cIt was a family that ran one of the largest lottery companies in the U.S. that would\u2019ve given us validation.\u201d<\/p>\n<p><a href=\"https:\/\/www.wework.com\/creator\/techcrunchdisrupt\/how-to-win-the-lottery-without-leaving-home\/attachment\/techcrunch-jackpot-2\/\" rel=\"attachment wp-att-13141\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-13141\" src=\"https:\/\/www.wework.com\/ideas\/wp-content\/uploads\/sites\/4\/2019\/06\/TechCrunch-Jackpot-2.jpg?resize=2048%2C1366\" alt=\"TechCrunch Jackpot 2\" width=\"2048\" height=\"1366\" \/><\/a><\/p>\n<p>When nobody headed for the door, Sullivan took a good look at his team. They weren\u2019t going to get paid for months, but they didn\u2019t care. They trusted in his leadership and the team dynamic to grind it out.<\/p>\n<p>\u201cYou take away everything, and companies are about getting great people to work together,\u201d Sullivan says. \u201cOnce you have those great people, you can get through any wall that comes your way. My team sat behind me, and we made sure a hurdle wasn\u2019t going to stop us. At the end of the day, they pushed me.\u201d<\/p>\n<p>Sullivan says he was lucky to have found his motley crew of coders, tech gurus, and senior level executives. He recalls a chance encounter with a man who was sitting across from him in a <a href=\"https:\/\/www.wework.com\/labs\">WeWork Labs<\/a> years ago. That software developer is now Jackpocket\u2019s chief technology officer.<\/p>\n<p><a href=\"https:\/\/www.wework.com\/creator\/wework-creators\/why-jackpockets-team-stayed-when-the-money-ran-out\/attachment\/jackpocket-team-1\/\" rel=\"attachment wp-att-17052\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-17052\" src=\"https:\/\/www.wework.com\/ideas\/wp-content\/uploads\/sites\/4\/2019\/06\/jackpocket-team-1.jpg?resize=1280%2C707\" alt=\"Why Jackpocket\u2019s Team Stayed When The Money Ran Out \" width=\"1280\" height=\"707\" \/><\/a><\/p>\n<p>\u201cMy CTO was sitting across the table from me,\u201d Sullivan says. \u201cAnd with the little money I scraped together from investors previously, we got a prototype working.\u201d<\/p>\n<p>Jackpocket\u2019s nine-member is no longer scraping by. Funding is plentiful, and the company is headed to Silicon Valley to raise another round of investments. And Jackpocket launched in app stores in late September.<\/p>\n<p>\u201cThe new round of funding will allow us to continue to build the product, grow the team and enter new states and territories,\u201d Sullivan says.<\/p>\n<p>The timing wasn\u2019t accidental: Sullivan says it was timed to coincide with a Powerball drawing worth $300 million. In the few weeks since its launch, the app has helped users garner $83,000 in winnings.<\/p>\n<p>Photo credit: Lauren Kallen<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a sweaty palmed meeting, Jackpocket CEO Peter Sullivan broke the news to his staff that a major investor had backed out and funds had dried up. Their response, he says, startled him. \u201cSo what?\u201d his staff replied. \u201cWe\u2019re gonna stick this out.\u201d This was two years ago, when the WeWork Soho member learned of [&hellip;]<\/p>\n","protected":false},"author":917,"featured_media":17053,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[43903,43911],"tags":[],"class_list":["post-17049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-community-stories","category-member-spotlight"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.4 (Yoast SEO v25.3.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Jackpocket\u2019s team stayed when the money ran out<\/title>\n<meta name=\"description\" content=\"In a sweaty palmed meeting, Jackpocket CEO Peter Sullivan broke 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