The founders used a pre-existing personal relationship, not a cold list or paid channel, to land Substack's first publisher, then built the product's first version specifically around that one customer's needs.

“We built that first version of Substack around Bill and his needs, making special allowances such as giving him large-type Verdana”

Bishop was chosen deliberately as a demonstration case: a credible, well-connected figure in media and tech who was willing to take a chance on an unproven startup.

“someone who knew media and tech inside and out, who was widely respected by many smart people”

As writers grow their subscriber base and revenue with help from Substack's cross-writer network, McKenzie says they become willing to recommend the platform to other writers, restarting the cycle.

“they see their readership and revenue grow thanks in part to the Substack network”

McKenzie ties the loop directly to the revenue-share pricing model: because Substack only earns when a writer earns, the company is structurally incentivized to keep making writers successful enough to recommend it onward.

“the imperative is baked right into our business model: We can make money only when writers make money”