Quote of the Week: Fabrice Grinda Downgrades


January 10, 2013

“Very few successful entrepreneurs have the courage to start over… Once you have a site with 150 million unique visitors per month and a fully-fledged team which can do almost anything, starting without either is daunting. The same applies to material comfort.”


Who said it: Fabrice Grinda, Internet entrepreneur and angel investor, co-founder OLX, a free local classified site in the world. He was also on the founding team of two other successful tech ventures prior OLX.


In Context:  In an article entitled “The Very Big Downgrade”, successful entrepreneur, Fabrice Grinda, describes how he reduced his monthly expenses to a tenth of his previous spending pattern. According to his report, he shed a house in Bedford, an apartment in New York and sold his McLaren. He gave 75 percent of his non-financial material possessions to charity and most of the rest to his friends and family. He will keep spending down by staying in hotels in London, Paris or New York. Even with that expense, he said, his monthly expenses would be a more than a fifth of what they most recently were. In the meantime, “unburdened by the trappings of success and traditional societal constraints”, Grinda stepped down from his post at OLX and plans to start a new venture, and perhaps start VC fund. (Image Source: Fabrice Grinda’s Musings blog)


Where we found it: Entrepreneur Country

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