Mike Soutar discusses the challenges of building a founding team and the importance of complementary skills. He shares his experience as the CEO of the Evening Standard, a business that was losing 30 million pounds a year, and explains why he took on the challenge. Soutar emphasizes the need for clear strategy and purpose when leading a company through change. He also discusses the ability of large organizations to adapt quickly and offers advice on how to instigate and structure change. Soutar shares insights on hiring individuals who are open to change and operate with speed, and he highlights the importance of having a blend of different skills within a team. Lastly, he talks about working with founders who are going through pivots and offers guidance on embracing change.

Keywords

financial crisis, business model, lean, advertising, scaling, co-founding team, founding team, complementary skills, CEO, challenge, strategy, purpose, change, large organizations, adaptability, hiring, speed, pivot, embrace change

Takeaways

• During a financial crisis, it is crucial for startups to stay lean and make every penny count.
• Establishing strong relationships with advertisers is essential for survival during tough economic times.
• Mistakes to avoid include allowing the cost of sales to rise too quickly and not defining the values of the organization early on.
• Having a strong co-founding team with complementary skills is important for the success of a business.
• Scaling internationally can be achieved through partnerships with market-leading publishers who see the value in the business model. Building a founding team requires individuals with complementary skills.
• Clear strategy and purpose are essential when leading a company through change.
• Large organizations can adapt quickly with proper planning and a clear narrative.
• Hiring individuals who are open to change and operate with speed is crucial for success.
• Embracing change and being willing to pivot can lead to new opportunities and growth.

Titles

• The Importance of a Strong Co-founding Team
• Scaling Internationally through Strategic Partnerships Hiring for Change and Speed
• Building a Complementary Founding Team

Sound Bites

"Make every penny a prisoner"

"You've got six months, maybe nine months to prove your worth"

"Clarity of strategy and simplicity of business model"

"The benefit of having somebody who you share everything with on an equal basis is just, it's like rocket fuel."

"The power to make decisions, lots of decisions in the absence of pure, accurate, reliable data. That for me, that's the game."

"What role does a newspaper play anyway in society? What role would that have in the future?"

Chapters

00:00 Introduction and Background

00:35 Shortlist Media and the 2008 Financial Crisis

02:37 Staying Lean and Focused

08:15 Mistakes to Avoid

12:32 The Importance of a Strong Co-founding Team

16:13 Scaling Internationally through Strategic Partnerships

20:04 Building a Complementary Founding Team

21:32 Leading Through Change: Strategy and Purpose

23:09 Adapting Quickly in Large Organizations

25:26 Hiring for Change and Speed

27:21 Embracing Change and Pivoting for Growth

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