# 7 to 7,000 Employees in 9 Months

**Creator:** 20VC with Harry Stebbings
**Platform:** youtube
**Duration:** 0m
**Source:** https://www.youtube.com/watch?v=ZDpaUOtmuns

## Summary

Fred Turner, co-founder and CEO of Curative, shares his journey of rapidly scaling a COVID testing business that reached $5 billion in revenue during the pandemic, only to face significant challenges as demand waned. He has since pivoted the company into a health insurance provider valued at $1.3 billion, reflecting on the wild ride of growth and subsequent contraction.

- Curative developed a COVID test during the early days of the pandemic when testing was scarce.
- The company peaked at 206,000 tests conducted in a single day.
- Employee count skyrocketed from 7 to 7,000 within nine months.
- Curative administered 2.5 million vaccinations, despite losing money on that service.
- The company is cutting 80% of its SaaS expenditures in response to changing market conditions.
- Turner discusses the challenges of scaling back operations post-COVID.
- Curative's transformation into a health insurance provider demonstrates adaptability in a shifting landscape.

## Section Insights

### [[0:00]](https://www.youtube.com/watch?v=ZDpaUOtmuns&t=0s) The Emergence of COVID Testing
**Question:** How did the company respond to the initial COVID testing crisis?
**Answer:** In response to the COVID-19 pandemic and the lack of testing availability, the chief scientific officer developed a COVID test, leading to a peak of 206,000 tests conducted in a single day.
- The urgency of the pandemic prompted rapid innovation in testing.
- The company played a critical role in addressing the testing shortage during lockdowns.

### [[0:11]](https://www.youtube.com/watch?v=ZDpaUOtmuns&t=11s) Introduction to Fred Turner and Curative
**Question:** Who is Fred Turner and what did Curative achieve?
**Answer:** Fred Turner, co-founder and CEO of Curative, scaled a COVID testing business to $5 billion in revenue during the pandemic.
- Curative experienced explosive growth due to the pandemic.
- The company was founded by an English entrepreneur in Silicon Valley.

### [[0:22]](https://www.youtube.com/watch?v=ZDpaUOtmuns&t=22s) Post-COVID Transition
**Question:** What happened to Curative after the peak of COVID testing?
**Answer:** After the peak, Curative had to scale back its operations as the demand for COVID testing decreased, eventually transforming into a health insurance provider valued at $1.3 billion.
- The business model had to adapt significantly post-COVID.
- Curative's transition highlights the challenges of sustaining pandemic-driven growth.

### [[0:33]](https://www.youtube.com/watch?v=ZDpaUOtmuns&t=33s) Rapid Growth and Challenges
**Question:** What was the impact of the pandemic on Curative's workforce and services?
**Answer:** Curative's workforce grew from about 7 to 7,000 employees in just nine months, and they administered 2.5 million vaccinations, although this service was financially challenging.
- The company faced immense operational scaling challenges.
- Despite high vaccination numbers, the financial sustainability of the service was questionable.

### [[0:44]](https://www.youtube.com/watch?v=ZDpaUOtmuns&t=44s) Financial Struggles and Strategic Cuts
**Question:** What financial challenges is Curative facing?
**Answer:** Curative is cutting about 80% of its SaaS spending due to significant financial losses, indicating struggles in maintaining profitability.
- The company is making drastic cuts to manage financial health.
- High operational costs during the pandemic have led to ongoing financial challenges.

## Transcript

[[0:00]](https://www.youtube.com/watch?v=ZDpaUOtmuns&t=0s)
Lockdowns had just started. Everybody was starting to freak out. There was basically nowhere to get a test. So, our chief scientific officer had, in his spare time, developed a COVID test. I think our peak day was 206,000 people tested in a single day. >> I'm so excited for a freaking wild stories today. Fred Turner, co-founder and CEO of Curative. This is an English founder in the Valley who scaled a COVID testing business to $5 billion in revenue. Then, he had to scale it all back. It did not last post-COVID for obvious reasons. Today, he turned it into a health insurance provider that's worth $1.3 billion.

[[0:36]](https://www.youtube.com/watch?v=ZDpaUOtmuns&t=36s)
And in the show, he says some pretty wild stuff. >> And the company went from about 7 to 7,000 employees in those first 9 months. We did 2 and 1/2 million vaccinations. That was another service we did. We also lost a ton of money on that. That was a terrible business. We're cutting about 80% of our SaaS spend this year. >> What's the single largest contract you signed?