How Ryan Turned $600K of Debt into $6 Million of Funding...
Brandon D?o?n? S.
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Thank you to Ryan Engle for joining The Spatial Collective and sharing your story!
The Journey Begins...
Becoming A Top Paid App: The Story of Ryan Engle's Journey as CEO When it comes to startup stories, few are as gripping and inspiring as that of Ryan Engle, CEO of Golf+. From being on the brink of collapse with $600,000 in personally guaranteed debt to creating one of the most beloved virtual reality (VR) experiences, Ryan’s journey exemplifies resilience, innovation, and the power of listening to your audience. Just this month, Ryan announced GOLF+ sits atop the App Store as the Most Rated paid app on Meta's Quest Store. An incredible accomplishment, but as he told us when he came to visit The Collective, it was not always this easy.
The Early Days: Betting on AR In 2017, Ryan founded Golf+ with a focus on augmented reality (AR). The initial product was an iPhone app that used AR to read golf greens, showing a line from the ball to the hole. While the technology worked, and Apple featured the app in prominent categories like “App of the Day,” the business struggled to generate revenue. Despite glowing accolades, user adoption remained low due to high friction. Golfers were hesitant to pull out their phones mid-game, and even Ryan found himself reluctant to use the app he had built. Reflecting on this period, Ryan said, “Even with all the success we had, there was no business here. It became clear that people weren’t going to change their behavior for this product.”
Struggles of a Solo Founder: Ryan’s previous experience with co-founders led him to start Golf+ as a solo founder. While he managed to secure early funding through convertible debt and personal loans from friends and family, this decision placed immense financial and emotional stress on him. By 2019, the company had amassed $600,000 in debt, much of it personally guaranteed. The financial strain was compounded by comparisons to his former colleagues, who had joined Capital One through an acquisition and were thriving professionally and financially. Ryan, in contrast, was making no money and carrying the weight of significant debt. The stress culminated in what he described as a “week of depression,” as he wrestled with the decision to shut down the company. But one thought kept him going: “I didn’t want to tell my son that I gave up on my dream because it got too hard. I decided to keep going, even if it meant failing completely.”
Pivot to VR: The release of the Oculus Quest in 2019 marked a turning point. The standalone VR headset eliminated the need for cumbersome PCs and wires, making VR more accessible. Ryan saw an opportunity to pivot from AR to VR. With a small team, he quickly built a prototype of a putting game, leveraging existing technology from the AR app. “We put together a demo featuring Hole 7 at Pebble Beach,” Ryan recalled. “When my team tried it, we all knew we had something special.” This quick pivot led to Golf+ becoming a VR-first product. Within a year, the team launched on the Oculus Store, where it quickly gained traction. Ryan’s gamble paid off: Golf+ generated more revenue in a single day during the 2020 holiday season than the entire revenue of the AR app in 2019.
Building Through Iteration: One of the keys to Golf+’s success has been its iterative approach to product development. Early versions of the VR game were barebones, but the team relied heavily on user feedback to improve. They released seven beta versions in less than a year, incorporating feedback from each cycle. This rapid iteration helped Golf+ refine its gameplay and address pain points quickly. “I realized my vision wasn’t as important as what users wanted,” Ryan admitted. “After hearing the same feedback multiple times, I learned to validate ideas before going all-in.” By focusing on creating a core gameplay experience that resonated with golfers, Golf+ established itself as a standout app in the Oculus ecosystem.
Hard Times, but Good Times...
Navigating Competition: In 2020, Walkabout Mini Golf launched and quickly became a hit. Instead of competing directly, Ryan and his team decided to differentiate Golf+ by focusing on full-swing golf. This strategic pivot allowed Golf+ to carve out its own niche while avoiding direct competition in the mini-golf space. “I didn’t want to split the mini-golf market,” Ryan explained. “We saw an opportunity to own the full-swing golf experience, so we went for it.”
Scaling the Business: By the end of 2021, Golf+ had over 1.5 million users, 50,000 five-star ratings, and a team that had grown from five to 30 people. The product expanded to include features like full-swing golf, multiplayer modes, and tournaments. These additions not only enhanced the user experience but also boosted engagement metrics like daily and weekly active users. One particularly successful feature was the introduction of weekly and daily tournaments. These events created a reason for players to return consistently, driving engagement and retention. The team’s data showed a significant improvement in daily active-to-weekly active ratios after introducing these tournaments.
Role of Subscription Models: In 2022, Golf+ launched a subscription model that gave users access to all courses for $10 per month or $50 per year. By the time of the subscription rollout, the platform already had a robust library of 15 courses, making the subscription an attractive value proposition. “We were careful not to alienate existing users,” Ryan said. “You can still buy courses individually if you hate subscriptions. But for most users, the subscription just makes sense.” The subscription model not only increased revenue but also helped smooth out seasonal fluctuations, providing a more predictable revenue stream.
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The Dream Becomes Real..
Building a Star-Studded Cap Table: Golf+’s success attracted the attention of high-profile investors, including Steph Curry, Tom Brady, and Rory McIlroy. These partnerships were more than just financial—they added credibility and aligned with Golf+’s mission to grow the game of golf. Ryan’s approach to fundraising was deliberate. He prioritized minimizing dilution and sought investors who were passionate about golf. This strategy helped him secure $6 million in funding. “We wanted investors who understood the mission and could contribute beyond just writing a check,” Ryan explained.
Lessons for Founders: Ryan’s journey offers several key takeaways for entrepreneurs:
Strategic Fundraising: By targeting investors aligned with the company’s mission, Golf+ secured funding without sacrificing too much equity.
Road Ahead: Today, Golf+ continues to thrive, releasing new courses and features while expanding its user base. For Ryan, the journey is far from over. “We’re just scratching the surface of what’s possible in VR golf,” he said. “Our goal is to make golf more accessible and fun for everyone, whether you’re a pro or a beginner.” As VR technology evolves, so too will Golf+. But one thing remains clear: success often starts with small, deliberate steps, and Ryan Engle’s story is a testament to the power of persistence and adaptability.
I'll be publishing founder stories all year! Make sure to throw me the follow if you want to read them as I publish!
~Don Stein