Tommy Mermelshtayn, the former Chief of Strategy at Zip, discusses his career journey and the expansion of Zip into new markets. He shares insights into the decision-making process behind entering new markets and the factors considered, such as market size, competitive landscape, and regulatory environment. Tommy also explains the approach of Zip in engaging local talent and the importance of having boots on the ground in each market. Overall, his experience highlights the challenges and opportunities of scaling a business internationally. The conversation explores the challenges and strategies of entering new markets. It emphasizes the importance of having a founder mentality, resilience, and grit. Common mistakes in entering new markets include underestimating licensing and timing, as well as the need for the right people. Timing and relationships with funders play a crucial role in market expansion. It is essential to identify and address problems effectively. Pull factors from merchants and push factors from the management team contribute to market expansion decisions. Founders should consider the readiness of their core business before entering new markets. Emerging markets offer exciting opportunities for growth.

Chapters

00:00 - Introduction and Background

02:52 - Joining Zip and Career Path

06:02 - Expansion into New Markets

10:06 - Listing on ASX and the Decision to Go International

14:53 - Entering New Markets: Acquisition vs. Greenfield

21:54 - Founder Mentality and Resilience

23:16 - Common Mistakes in Entering New Markets

24:29 - Underestimating Licensing and Timing

25:24 - Finding the Right People

27:02 - Importance of Timing and Relationships with Funders

28:07 - Identifying and Addressing Problems

29:14 - Pull and Push Factors for Market Expansion

30:16 - Determining Readiness for Market Expansion

33:26 - Considering International Markets for Growth

36:36 - Exploring New Markets in Stagnating Local Market

39:29 - Exciting Markets for Expansion

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