Now We Build

Tamara McMillen shares her journey into sales roles and discusses whether salespeople are born or trained. She highlights the importance of continuous learning, curiosity, collaboration, and a growth mindset in successful salespeople. Tamara also discusses the challenges and strategies for building a go-to-market strategy, aligning sales teams, and scaling from 10 to 100 million in revenue. She emphasizes the need for clear customer-focused language, unified data sets, and strategic account planning. Tamara also advises early-stage founders on when to start building a sales team and the importance of resourcing different roles.

Takeaways

• Successful salespeople possess traits such as curiosity, continuous learning, collaboration, and a growth mindset.
• Building a go-to-market strategy requires aligning sales teams, using customer-focused language, and creating a unified data set.
• Early-stage founders should consider starting with partners and channels before hiring a sales team.
• When scaling from 10 to 100 million in revenue, companies should avoid underfunding integration, focus on upselling and cross-selling, and prioritize strategic account planning.
• Clear customer-focused language, unified data sets, and strategic account planning are essential for maintaining alignment and scaling sales teams.

Chapters

00:00 Introduction and Background

02:41 Are Salespeople Born or Trained?

09:24 Building a Go-to-Market Strategy

19:08 Strategies for Scaling from 10 to 100 Million in Revenue

28:32 Supporting Portfolio Companies with CRO Function

34:39 Maintaining Alignment and Scaling Sales Teams

36:46 Conclusion

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In this episode, Dhiraj Mukherjee, co-founder of Shazam, shares the founding story of the music identification app and discusses the challenges and successes of building a tech startup. He emphasizes the importance of having a strong and defensible technology, as well as the perseverance and belief in the product during the early years. Dhiraj also talks about his role as an investor and the traits he looks for in founders, including a passion for technology and a vision for making a positive impact. He encourages corporates to collaborate with startups and learn from their innovative approaches. Dhiraj's focus on tech for good and his interest in climate action are highlighted, along with his advice for validating ideas and solving real-world problems.

Takeaways

• Building a successful startup requires a strong and defensible technology
• Perseverance and belief in the product are crucial during the early years
• Investors should look for founders with a passion for technology and a vision for making a positive impact
• Collaboration between corporates and startups can lead to innovative solutions
• Tech for good and climate action are important areas of focus for entrepreneurs
• Validating ideas involves identifying real-world problems and working backwards to find solutions

Chapters

00:00 The Founding Story of Shazam

07:13 Challenges and Successes

11:52 The Importance of Technology

19:25 Investing in Tech for Good

22:21 Collaboration between Corporates and Startups

24:57 Tech for Good and Climate Action

30:16 Validating Ideas

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In this episode, Simon Duffy, co-founder of Bulldog Skincare, shares his insights on scaling a consumer brand and the challenges faced by founders. He discusses the importance of hiring experts and recognizing the value they bring to the business. Simon also talks about the process of getting Bulldog listed in major retailers and building relationships with buyers. He emphasizes the need for persistence and storytelling when approaching retailers. Simon shares his experiences with international expansion and the different models they used in various countries. He also provides advice for consumer founders and highlights the challenges of the funding journey and the complexity of transitioning from D2C to retail. Finally, Simon discusses his new venture, Wake and Care, and the opportunity to bring innovation to the oral care category.

Takeaways

• Identify gaps in the market and test your ideas in the market to validate them.
• Get feedback from customers and constantly iterate on your product.
• Be strategic with your funding and manage your cash flow carefully.
• Take a measured approach to hiring and focus on understanding and optimizing before scaling. Hiring experts in specific areas can greatly benefit the growth of a business.
• Building relationships with buyers and telling a compelling trade story is crucial for getting listed in major retailers.
• International expansion requires different models and approaches for each country.
• Founders in the consumer space often face challenges in the funding journey and transitioning from D2C to retail.
• Innovation and new approaches can be brought to traditional categories, such as oral care.

Chapters

00:00 Finding a Gap in the Market: The Birth of Bulldog

07:03 Testing and Learning in the Market

11:53 Strategic Funding and Cash Flow Management

15:34 Measuring Growth: Hiring and Team Building

21:23 Cracking the Retail Market

26:37 Navigating International Expansion

31:48 Challenges in the Funding Journey and Transitioning to Retail

35:53 Bringing Innovation to Traditional Categories

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Erin Anderson shares her journey of joining the launch team at Lyft and the strategies they used to successfully enter new markets. She emphasizes the importance of building trust and community with both drivers and riders, and how Lyft differentiated itself from Uber through its brand and mission. Erin also discusses different models for product and operations teams, including a co-founder model and a decentralized GM model, and the key traits to look for when hiring for these roles. In this conversation, Erin Anderson discusses the importance of proximity to the customer in startups and how it impacts go-to-market strategies. She highlights the need for CEOs to be customer-obsessed and actively seek customer feedback. Anderson also emphasizes the importance of balancing the needs of multiple customer segments in marketplace businesses. She shares insights on launching into new markets and products without compromising the quality of the existing experience. Additionally, Anderson discusses the common mistakes marketplace founders make, such as not solving significant problems or focusing on transactional instead of long-term relationships.

Takeaways

• Building trust and community is crucial for successful market entry
• Differentiate your brand and mission to stand out from competitors
• Choose the right model for your product and operations teams based on the stage and complexity of your business
• Hire individuals who are entrepreneurial, accountable, and willing to act like CEOs
• Invest in decentralized models to empower GMs and drive success CEOs should be customer-obsessed and actively seek customer feedback to ensure proximity to the customer.
• Balancing the needs of multiple customer segments is crucial in marketplace businesses.
• When launching into new markets or products, it is important to have clear performance metrics and non-negotiables to maintain quality.
• Marketplace founders should focus on solving significant problems and building long-term relationships with customers.
• Common mistakes marketplace founders make include not solving significant problems, focusing on transactional instead of long-term relationships, and not balancing the needs of multiple customer segments.

Chapters

00:00 Introduction and Background

03:51 Joining the Launch Team at Lyft

09:51 Differentiating Lyft from Uber

13:02 Building Trust and Community with Drivers

16:02 Choosing the Right Model for Product and Operations Teams

20:12 Hiring for Decentralized Models

21:57 Proximity to the Customer and Friction Points

24:08 Proximity to Customer in Different Stages of Business

28:04 Proximity to Customer and Go-to-Market Strategies

32:48 Launching into New Markets and Products

36:51 Common Mistakes Marketplace Founders Make

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In this episode, Heikki Haldre, a serial entrepreneur with four exits, shares his insights on building successful startups and achieving product-market fit. He emphasizes the importance of understanding the problem and market before building a product. He also discusses the challenges of creating MVPs for visionary products and the need to involve customers early on. Haldre highlights the significance of aligning the team's understanding of the value proposition and the market. He also shares his thoughts on when to focus on a specific strategy or product. Heikki Haldre discusses the importance of delivering value to customers and the role of customer validation in the early stages of a startup. He also shares insights on acquisitions and the common mistakes that occur during the process. He emphasizes the need for founders to have knowledge and guidance on building a company for exit. Heikki also talks about the challenges and successes of his own startups, including FitsMe and Miros.

Takeaways

• Understand the problem and market before building a product
• Involve customers early on to validate the product
• Align the team's understanding of the value proposition and market
• Focus on a specific strategy or product when there are clear signals of success Focus on delivering value to customers rather than just selling
• Customer validation is crucial in the early stages of a startup
• Acquisitions can be a profitable growth strategy if done right
• Lack of a data room and culture clash are common mistakes in acquisitions
• Founders need knowledge and guidance on building a company for exit
• Building a successful startup requires conviction, alignment, and perseverance

Chapters

00:00 Introduction and Background

05:56 Building Products and Achieving Product-Market Fit

15:57 Understanding the Problem and Market

28:12 Acquisitions and Growth Strategy

38:45 Challenges and Successes of FitsMe and Miros

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In this episode, Matt Ford discusses his experience with building start-ups, focusing on his first start-up, Pariti, and his role as Chief Product Officer at Tandem. He emphasizes the importance of being product-focused and close to customers in order to deliver value. Matt also talks about the challenges of prioritizing product features and the need for alignment between product and marketing teams. He shares his perspective on product-market fit, highlighting the importance of intuition and feeling the pull from customers. Matt concludes by discussing the challenges of losing product-market fit and provides advice on adjusting product and growth strategies. Matt talks about the importance of understanding the difference between what customers think they want and what they actually need. He advises entrepreneurs to focus on building a small subset of core value drivers for a specific group of users and then expand from there. He emphasizes the need to stay connected to the customer and constantly analyse data to make informed decisions. Matt also shares his insights on the common mistakes early-stage founders make, the importance of building a big problem-solving business for venture capital, and the process of starting Sidekick.

Takeaways

• Being product-focused and close to customers is crucial for delivering value.
• Prioritizing product features requires considering the impact and effort involved.
• Alignment between product and marketing teams is important for growth.
• Product-market fit is a combination of intuition and feeling the pull from customers.
• Losing product-market fit requires adjusting product and growth strategies. Understand the difference between what customers think they want and what they actually need.
• Focus on building a small subset of core value drivers for a specific group of users.
• Stay connected to the customer and constantly analyze data to make informed decisions.
• Build a big problem-solving business if seeking venture capital.
• Avoid wasting time on non-essential activities like excessive networking or fundraising.
• Take advantage of the speed and efficiency of modern product development tools.
• Create enduring value by finding a unique advantage within a specific community.
• Build a product that solves a genuine problem and offers significant innovation.

Chapters

00:00 Introduction and Background

02:18 Discovering Product Focus

04:38 Prioritizing Product Features

07:20 Alignment between Product and Marketing Teams

21:12 Challenges of Product-Market Fit

22:01 Understanding Customer Wants and Needs

23:27 Building Core Value Drivers

24:53 Staying Connected to the Customer and Analyzing Data

27:31 Building a Big Problem-Solving Business for Venture Capital

32:27 Avoiding Common Mistakes in Early-Stage Founding

35:07 Efficiency and Speed in Modern Product Development

37:56 Creating Enduring Value within a Specific Community

40:17 Building a Product that Solves a Genuine Problem

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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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In this episode, Ann Hiatt, former chief of staff to Google and Amazon, discusses the role of a chief of staff and the different approaches to innovation taken by Jeff Bezos, Marissa Mayer, and Eric Schmidt. She emphasizes the importance of hiring the right talent, documenting decision-making processes, and setting long-term goals. Hiatt also highlights the value of open debate and challenging ideas within a leadership team. She shares insights on how early-stage founders can apply these lessons to their own organizations. Ann Hiatt discusses the challenges of making tough decisions as a Chief of Staff and the importance of showing the math to gain support. She emphasizes the need for diverse perspectives and the role of a Chief of Staff in challenging the CEO's decisions. Hiatt also shares advice for entrepreneurs to get out of their own way and start taking action. She highlights the significance of building a world-class team and aligning with people who are passionate about the same goals. Hiatt can be found on her website annhiatt.com and on LinkedIn.

Key Takeaways

• The role of a chief of staff varies depending on the organization, but it often involves being an intellectual sparring partner for the CEO and merging strategy and operations.
• Successful leaders like Jeff Bezos, Marissa Mayer, and Eric Schmidt value hiring talented individuals who can challenge and debate ideas.
• Documenting decision-making processes and establishing clear hiring standards are crucial for scaling organizations.
• Setting long-term goals and avoiding short-termism can lead to greater success and value creation.
• Communicating a clear vision and strategy to investors is important, and annual shareholder letters can help build a personal connection. Showing the math and explaining the reasoning behind decisions can help gain support from board members and shareholders.
• A Chief of Staff plays a crucial role in challenging the CEO's decisions and ensuring diverse perspectives are considered.
• Entrepreneurs should optimize for speed over perfection and not be afraid to make mistakes.
• Building a world-class team that is aligned with the company's mission is essential for success.
• Seeking out diverse perspectives and engaging in conversations with people who have different backgrounds and experiences can lead to richer insights and innovation.

Chapters

00:00 - The Role of a Chief of Staff and Merging Strategy and Operations

03:07 - Approaches to Innovation: Jeff Bezos, Marissa Mayer, and Eric Schmidt

07:03 - Hiring the Right Talent and Documenting Decision-Making Processes

09:12 - Setting Long-Term Goals and Avoiding Short-Termism

16:36 - Communicating with Investors: Building a Personal Connection

22:17 - The Role of a Chief of Staff in Challenging Decisions

25:29 - Seeking Out Diverse Perspectives

29:44 - Optimizing for Speed and Embracing Mistakes as an Entrepreneur

35:20 - Getting Out of Your Own Way and Embracing the Novice Zone

39:09 - Building a World-Class Team for Success

41:13 - Connect with Ann Hiatt

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In this episode, Anthony Thomson, the founder of Metro Bank and Atom Bank, discusses his journey in the fintech industry. He shares insights on the founding of Metro Bank, the importance of customer service and convenience, and the recruitment of the right team. He also talks about the marketing strategies and the role of word of mouth in building a customer base. Thomson then delves into the launch of Atom Bank, a mobile bank, and the data-driven decision-making process behind it. He concludes by discussing the transferable insights from Metro Bank to Atom Bank. In this conversation, Anthony Thomson discusses the importance of proximity in banking and the rise of mobile banking. He emphasizes the need for customer engagement and involvement in product design. Thomson also highlights the role of customer research and the CEO's involvement with customers. He stresses the importance of understanding customers' lives and building trust with them. Finally, he introduces Archie Growth, a company that supports early-stage fintechs.

Key Takeaways:

• Customer service, convenience, and value are key factors in the success of a bank.
• Recruiting the right team, with a focus on customer service, is crucial for building a customer-centric organization.
• Word of mouth and customer recommendations play a significant role in acquiring new customers.
• Data-driven decision-making is essential in identifying market trends and opportunities. Mobile banking allows customers to have proximity to their banks and conduct transactions seamlessly.
• Customer engagement is crucial for success in banking, and self-service options often lead to higher customer satisfaction.
• Involving customers in the product design process helps create a better user experience.
• Understanding customers' lives and building trust are essential for building successful businesses.

Chapters

00:00 Founding Metro Bank

02:14 Differentiation and Customer Service

03:35 Convenience and Extended Hours

04:04 Recruiting the Right Team

06:20 Marketing and Word of Mouth

08:16 Product Service and Customer Satisfaction

12:33 Launching Atom Bank

16:25 Data-Driven Decision

21:07 Success of Atom Bank

23:03 Chairing 86 400 and Acquisition

24:19 Transferable Insights from Metro Bank to Atom Bank

24:20 The Proximity Argument

25:22 Mobile Banking and Customer Satisfaction

27:19 The Importance of Customer Engagement

28:56 Involving Customers in Product Design

29:25 The Role of Customer Research

30:16 The Focus on Engagement

31:09 The CEO's Involvement with Customers

33:43 The Importance of Understanding Customers' Lives

34:25 Non-Negotiable Skills for Founding Teams

36:26 Building Trust with Customers

38:48 Introducing Archie Growth

46:53 Supporting Early-Stage Fintechs

47:55 The Holy Grail of Entrepreneurship

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