Episodes
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Welcome back, in this, the final conversation of this series, where I explore the intersection of technology and business strategy with technology expert and good friend Tim Palmer, Founding Partner of Blue Hat Associates.
This show covers a range of topics from a leading engineer's viewpoint, such as the importance of product leadership, the value of fractional roles, the technical savviness of your commercial team, the role of sales engineers, and balancing honesty and salesmanship.
We discuss an emerging concept in my mind around what it takes to develop a product-market fit mindset, along with strategies for selling to technical people and finding a technical co-founder.
As I mentioned in my close, I would love to hear from you about the topics you'd like me to explore in the next series. Please drop me a line at [email protected] or via LinkedIn.
I've looked forward to having this conversation with Tim for a while, and I'm sure you'll find his insight compelling. Please rate this episode if you like what you hear.
Thank you.
Phil
Key Takeaways
In the early stages of building a product, it is crucial for technical people to be in the room and listen to the needs and problems of potential customers.
Product leadership is essential for shaping the product and ensuring it meets market needs. This role can be filled by someone with an engineering background or someone with a commercial background who understands the market and customer needs.
Fractional roles, where experienced professionals work on a part-time or project basis, can be a cost-effective way to bring in expertise and accelerate growth.
The commercial team should have a basic understanding of the technology underlying the product, especially in complex technical products. Sales engineers can play a crucial role in bridging the gap between technical and commercial teams.
Balancing honesty and salesmanship is important in sales conversations. Sales engineers should be honest about the capabilities and limitations of the product while still presenting a compelling value proposition. Address concerns and build credibility by addressing questions and concerns honestly and transparently.
Avoid product misalignment and wasted capital by ensuring that the product being built aligns with the market's needs and strategic goals.
Develop a product-market fit mindset by understanding the problems your target customers are facing and continuously iterating and testing to find the right solution.
When selling to technical people, timing is crucial, and it's important to approach them with ideas and solutions to their specific problems.
Finding a technical co-founder can be done through meetups and events where technologists with ambition beyond their day jobs are likely to be present.
For more information:
LinkedIn: https://www.linkedin.com/in/philipguest/
Website: https://www.revcelerate.com/
Twitter: https://twitter.com/PhilGuesty
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In this latest episode of Behind Startup Lines, I have the pleasure of speaking with my former colleague and good friend, Matthew Richards, the visionary Head of Product at Diffblue.
Delving into Matt's journey from Cisco to leading product development at a pioneering AI-driven coding company, this conversation is a treasure trove of insights for anyone operating in a startup.
Matt opens up about his experience as an intrapreneur during the COVID crisis and his transition to a product leadership role, offering valuable lessons on early product strategy, aligning sales and marketing with product vision, and the art of nurturing a product culture.
Key highlights include an exploration of when to take a product to market, prioritising customer feedback without getting overwhelmed, and the challenges faced by sales teams.
This episode is not just about product strategies; it's a deep dive into cultivating a Product-Market Fit mindset, understanding the synergy between engineering, product, and sales teams, and the importance of leadership in building a collaborative culture.
03:00 - Matt's career evolved from a C++ developer to a technical troubleshooter at Cisco, and now to a product lead at Diffblue, which specialises in AI-driven coding for developers.
05:20 - Matt's role as an intrapreneur at Cisco involved tackling challenges such as establishing a PPE factory during the outbreak of Covid.
13:48 - Origins of the product owner and its role in an engineering-led organisation.
19:00 - The right time to take a product to market and the benefits of getting out the door early to speak to users.
25:27 - Prioritising customer feedback, carefully evaluating user feedback without merely compiling a list of desired features and challenging their requests.
27:56 - Focusing on the challenges faced when sales teams struggle to sell existing products and suggest modifications to improve win rates. Showing up to prospective customer conversations and knowing when to say no.
34:44 - Developing a Product-Market Fit mindset, aligning your GTM team around a common mission and recognising that the sales team often identifies market shifts first.
37:52 - Building AI products long before AI became the hot topic of conversation it is today. How to think about the impact of emerging technologies generally and the part AI can play in completing mundane tasks, allowing humans to focus on more complex issues.
47:13 - Advice on enhancing the relationship between engineering, product, and sales teams that is underscored by the significance of effective leadership. Understanding there are two triads in the business and the importance of building a reciprocal relationship between them to foster a collaborative culture.
52:35 - Behind Startup Lines quickfire questions.
For more information:
LinkedIn: https://www.linkedin.com/in/philipguest/
Website: https://www.revcelerate.com/
Twitter: https://twitter.com/PhilGuesty
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Missing episodes?
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Welcome to this new episode of "Behind Startup Lines," where we delve into the entrepreneurial journey with insights from startup veterans.
Today's guest is Garry Mansell, a seasoned professional with 40 years in various sectors, including general management, procurement, and sales. Garry's roles as a public speaker, author, entrepreneur, and angel investor give him a unique perspective on startup life, which we'll explore today.
In this episode, we'll navigate the intricacies of procurement, a key area for startups seeking partnerships with large corporations. Garry's expertise provides unique strategies for managing these vital business relationships.
We'll also delve into angel investment, drawing from Garry's experience transitioning from corporate executive to entrepreneur, then investor, and uncover the essentials of attracting and maintaining the right investor relationships.
Lastly, we'll discuss the core principles of entrepreneurship from Garry's books, offering valuable advice and strategies for entrepreneurs at all stages.
Join us for a comprehensive session on mastering procurement and the essentials of successful entrepreneurship.
02:28 - Garry talks about his journey from procuring for Mars to building his first business.
06:18 - Who are these procurement people, and why do they exist other than to make our lives difficult
11:42 - Dealing with procurement specialists who don't understand your product or industry and how to make them an advocate of your business.
17:46 - Shifting your mindset about procurement and the value they can bring to a deal.
20:25 - Introducing the concept of Gain Share deals to help you extract the value your solution delivers to the customer.
26:30 – The revenue impact of offering lower prices to win the contract and how that influences future contract values.
29:50 – What else to trade when price is no longer an option.
34:00 – Building long-term value through sustained relationships with your corporate sponsors and the importance of having a customer success function.
37:20 – Pricing strategies for early-stage companies and working with value-based pricing.
43:50 – How early-stage businesses attract the right Angel investors, and the four Garry is a member in.
52:08 – Sharing knowledge in an authentic way to build trust and confidence in your buyer by becoming a knowledge leader.
55:33 - Fifty Golden Rules, The Beginners Guide to Entrepreneurship. A quick intro to Garry's books and some of the takeaways that stand out for him.
1:03:27 - Behind Startup Lines quickfire questions.
For more information:
LinkedIn: https://www.linkedin.com/in/philipguest/
Website: https://www.revcelerate.com/
Twitter: https://twitter.com/PhilGuesty
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Welcome back to Behind Startup Lines, where we delve into the heart of startup success through the eyes of founders, operators, and investors.
In today's episode, I'm delighted to welcome an old colleague and dear friend, Robin Bayley, aka the Keynote Doctor. Far from just being a masterful storyteller, Robin is an experienced coach who aids business leaders in transforming their communication with the compelling power of storytelling.
We're all naturally drawn to stories - they're our fundamental means of connecting and persuading, especially when it comes to marketing a product or securing investment. Yet, it's all too simple to default to the comfort zone of features and benefits, overlooking the potential of a narrative that truly resonates. In our discussion, Robin and I dissect the vital stories every business must harness, the craft of making an unforgettable first impression, and the magic of captivating an audience.
Our conversation covers a range of topics, including the authenticity in presenting your genuine self within your story, adopting a 'servant leader' approach in your narrative delivery, and maintaining a dynamic energy to commence and conclude your story with conviction.
In the world of pitches, storytelling is key, whether you're addressing customers, investors, or prospective team members. Robin's insights are nothing short of invaluable, and I can vouch for the transformative effect his methods have had on enhancing our communication. Let's dive in and soak up the wisdom he has to share.
02:27 - From building society advertising manager to a TV executive and becoming a storytelling coach.
05:15 - The connection between personal stories, organisational goals, and audience engagement. Exploring the connection between storytelling, leadership and controlling the narrative.
13:40 - Bringing your authentic self to the story and preparing people for TED talks.
16:00 - Adopting a servant leadership mindset and being willing to change your approach if the story is not resonating.
18:49 - The danger of telling the punchline without revealing the joke first and why connecting with the audience on their terms is important.
22:14 - The impact micro-stories can have to make you stand out and make a strong first impression.
27:39 - Developing the confidence to react to your audience and change the narrative on the fly.
33:19 - Building trust and the different types of stories that a start-up founder can use and a helpful framework for storytelling.
47:02 - From takeoff to landing, the aircraft metaphor keeps your opening and closing short and snappy.
52:00 - Recording your story and the value of feedback to help shape the narrative of your story.
55:41 - The Mango Orchard and Robin's amazing family story.
59:27 - How to get in touch with Robin Bayley, the Keynote Doctor.
For more information:
LinkedIn: https://www.linkedin.com/in/philipguest/
Website: https://www.revcelerate.com/
Twitter: https://twitter.com/PhilGuesty
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Welcome to another episode of Behind Startup Lines, the podcast exploring thriving startups' commercial dynamics. In this episode, we are joined by Ed Macnair, the innovative force behind Censornet, a pioneering cyber security platform tailored for small to medium-sized businesses.
Ed's captivating journey began with his early days as a door-to-door salesman, evolving through his tenure in sales and business development at Cannon, among other leading corporations. This extensive corporate experience laid the foundation for his first entrepreneurial venture, starting with a small and culminating in a successful merger.
Now leading Censornet, Ed and his team are applying their corporate expertise to scale a new business. Our discussion today focuses on the pivotal role of channel sales, the key principles for forging strong commercial partnerships, and the crucial elements of an effective go-to-market strategy.
We also delve into how the Pod model I developed influenced Ed's approach to building his go-to-market team. This episode is packed with great insights for those seeking practical advice on commercial strategy.
(02:12) Introduction to Censornet and their work with SMB customers.
(03:30) Ed's experience in the military and how it prepared him for entrepreneurship.
(05:20) Learning about resilience as a door-to-door salesman before joining Canon.
(07:59) Making the transition from working in large corporations to joining a start-up.
(09.24) From management buyout to founding his first company and realising the potential of an underserved customer segment.
(12:12) How a conversation with a Salesforce mentor led to the founding of Ed's first business.
(15:35) The importance of researching your idea with potential customers and not putting too much weight on the analysts' view.
(17:45) Tips on finding your technical partner, building the first product and pivoting quickly.
(22:10) The value of having a clear GTM plan early on and being acquired quickly.
(25:37) The value of building a channel strategy as a route to market and building meaningful channel partnerships.
(34:30) How Censornet organises its GTM team and the application of my POD model.
(37:10) How AI streamlines GTM and influences the businesses' tech stack.
(40:00) Ed's advice to other start-up founders and the value of mentors and advisers.
(41:55) What Ed would do differently next time around to go faster, earlier.
For more information:
LinkedIn: https://www.linkedin.com/in/philipguest/
Website: https://www.revcelerate.com/
Twitter: https://twitter.com/PhilGuesty
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Welcome to Behind Startup Lines, where today's episode features a genuinely refreshing and honest conversation with the brilliant Nathalie Nahai. Renowned for her expertise in web psychology, Nathalie brings a unique lens to marketing and consumer behaviour, offering strategies that are not just enlightening but also deeply honest – a perfect start to our year.
In this episode, we explore key topics such as establishing a clear purpose for your startup, building resilience, and attracting the right team. Nathalie's pragmatic advice on overcoming self-doubt and her deep understanding of the psychology behind winning customers offer the precise guidance startup founders need as they steer their ventures towards new territories.
Prepare to be enlightened by Nathalie's unique perspectives and strategies, which will undoubtedly supercharge your entrepreneurial endeavours.
(03:40) The Monkey vs. the Octopus.
(06:20) Building resilience and adaptability and doing it with other people.
(11:20) Intrinsic and extrinsic motivations for others joining you on your entrepreneurial journey.
(14:10) Creating a tolerant environment and embracing the quality of the maverick.
(19:05) The unashamed culture is where all questions, however essential, are welcomed and can lead to valuable insights.
(21:45) How to retain early talent as you scale by ensuring your team feels valued and heard.
(26:25) Personal coaches and mentors who provoke you to live your full potential.
(29:55) The power of personal referrals, recommendations, and generosity to build lasting credibility.
(33:44) People don't remember what you said, but they do remember how you made them feel and the law of reciprocity.
(37:55) The intentionality of doing things is that you are setting a course and adjusting as you go.
(43:41) It's all a state of mind.
(46:34) Simple advice on the importance of switching off and creating pockets of joy.
(49:50) Wrestling with self-doubt and tactics for quietening that little critical voice to navigate stormy places.
(57:45) About Nathalie's books' Webs of Influence' and 'Business Unusual'.
(1:01:39) Introducing the Values Map and Nathalie's next project, Flourishing Future Salons.
(1:05: 10) Behind Startup Lines quick-fire questions.
For more information:
LinkedIn: https://www.linkedin.com/in/philipguest/
Website: https://www.revcelerate.com/
Twitter: https://twitter.com/PhilGuesty
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This week, I'm thrilled to be joined by George Unsworth, founder of Mortar. A technology company that focuses on building better services utilising artificial intelligence (AI), data analysis, and user-led design to create more accessible and inclusive services, experiences, and relationships.
In this episode, George shares his business transition from the private to the public sector, a move catalysed by the pandemic. He delves into the unique challenges and opportunities this pivot presented and the vital role of building trust and partnerships in the public sector. George also touches on the critical aspect of building a scalable product, emphasising Mortar's commitment to affordability and transparency in cost discussions.
We also explore George's personal journey as a founder, discussing his coping mechanisms and offering sage advice to fellow entrepreneurs. He underscores the importance of advisory groups and seeking ongoing support to fuel Mortar's growth.
Join us for an insightful and candid discussion with George as he shares valuable lessons from his journey and evolution as a founder.
(02:10) Building Mortar and the initial focus on the private housing sector.
(05:10) The value of joining a startup accelerator program.
(07:29) Pivoting to the Public Sector when COVID hit the business.
(11:29) Learning to work with local authorities and dealing with their slow sales cycles.
(13:20) Building credibility and trust through a partnership approach selling into the Public Sector.
(19:50) Taking a modular framework approach to building the product and making it scalable yet affordable for public sector customers.
(22:05) Defining affordability and costing solutions early on.
(25:06) Current stage of Mortar's business and thoughts on taking external investment.
(29:37) Defining the business plan and evolving strategy on the fly.
(30:50) Growing into a founder-led seller and advice to other founders along with considerations as to when to expand the sales team.
(35:48) Managing the psychological challenges of being a founder and staying grounded.
(41:00) How you can help Geroge in his quest for scaling Mortar and how to get in touch.
(42:52) Reflections and advice for founders and the importance of working with advisors and advisory groups.
(49:00) Creating clear and accessible case studies that hit the right points with customers.
For more information:
LinkedIn: https://www.linkedin.com/in/philipguest/
Website: https://www.revcelerate.com/
Twitter: https://twitter.com/PhilGuesty
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In this episode of Behind Startup Lines, we delve into the essential world of Go-to-Market (GTM) strategies with experts Richard Blundell and Paul Watson, co-authors of "The Go-To-Market Handbook for B2B SaaS Leaders." This episode is a goldmine for founders at all stages, packed with practical advice from their newly released book.
Key Highlights:
1. Comprehensive Guide for Founders: The book, initially aimed at early-stage founders, has proven beneficial for growth-stage entrepreneurs as well. It serves as a practical, workbook-style guide, filled with insights from Richard, Paul, and Chris Tottman from Notion Capital.
2. Value Proposition & Customer Validation: We discuss how to craft a compelling value proposition and the importance of validating your business idea with potential customers.
3. Understanding Pain Statements: The episode explores the concept of pain statements and their significance in business strategy.
4. The First Sales Hire Dilemma: Gain insights into the often unexpected aspects of making your first sales hire and what founders should really be looking for.
5. Role of Advisory Boards: We delve into how advisory boards can be instrumental in refining and enhancing your business proposition.
This episode is not just a discussion but a masterclass with seasoned operators who have guided hundreds of founders towards successful business growth. Tune in for an episode filled with actionable insights set to propel your business forward.
Listen and learn!
(05:00) The value of customer feedback and the breakthrough Paul and Richard had with their first business when selling their proposition the wrong way around.
(10:30) Introducing The Go To Market Handbook for SaaS Leaders and what inspired the authors to write it.
(16:55) Understanding your value proposition and ensuring it remains relevant and competitive.
(19:00) Pain Statment Visualisation and the importance of being internally aligned early on.
(27:28) Pitching to the CFO and going beyond ROI to demonstrate strategic value.
(30:25) Testing your GTM thesis in the real world and the value of understanding your why before you go to market.
(37:24) Leaning into feedback that indicates you are building a product that your intended customers don't consider important enough to spend money on.
(39:05) The value of building a Customer Advisory Board and how to create one long before you have any active customers.
(44:35) Solve a genuine problem and be the pain killer rather than a vitamin to secure your niche.
(48:08) Understanding product-market fit and the importance of winning quality early customers and the dialogue you have with them.
(50:08) Not falling for user-market fit as having achieved success and the importance of obsessing over product usage.
(54:17) The first person you should hire for your sales team and it's not a salesperson.
(56:10) The most important metric in SaaS is speed to value.
(57:00) Employ fractional leadership before you hire your full-time VP of Sales.
(1:01:20) Hiring people with the right type of experience for your stage of business and not being wowed by their CV.
(1:06:05) More about the Vencha team and how to get in touch with Paul and Richard.
For more information:
LinkedIn: https://www.linkedin.com/in/philipguest/
Website: https://www.revcelerate.com/
Twitter: https://twitter.com/PhilGuesty
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In this episode, we're excited to welcome Luke Loveridge, the dynamic CEO and co-founder of Propflo. Luke's innovative venture set new standards in energy-efficient property retrofits and streamlined the process for mortgage lenders and estate agents. His commitment to energy independence is reshaping how we view property management.
Luke's entrepreneurial journey began with HomeLINK, a venture targeting the public sector that caught the attention of industry giants, leading to its acquisition by a leader in home safety. In our discussion, we delve into the intricacies of public sector sales and the unique challenges Luke faced in founding a software-centric business that also had to provide hardware solutions.
We will also explore the strategic manoeuvres in competitive business environments, particularly how Luke's forward-thinking alliances with competitors paved the way for Homelink’s successful acquisition.
Furthermore, Luke shares his personal experiences as a founder, giving us an insider’s view of the emotional rollercoaster that comes with starting and growing a business. From the exhilarating highs to the challenging lows, his story is a testament to the resilience and determination required in the startup world.
Luke brings a treasure trove of practical, actionable advice for any founder aiming to maintain operational efficiency while preserving their mental well-being.
Join me as we dive into an insightful and inspiring conversation with Luke.
(02:08) Luke’s background and early days of solving problems for the public sector
(06:08) Founding HomeLINK and the problem worth solving for landlords
(09:20) With so many public sector issues to solve, why Luke chose social housing
(11:02) Validating the idea for HomeLINK and being present where customers are talking about the problem you solve and shaping the market
(14:20) Having to build the hardware required to solve a problem through innovative software.
(17:40) Managing the fine line between channel partners and competitors and carving out your niche
(21:10) Going against all the startup advice of not working with complex ecosystems and building the mental strength to thrive.
(23:07) Managing the highs and lows of being an entrepreneur, building the ability to zoom out and managing the fear of failing.
(26:40) What is driving you to be an entrepreneur and surrounding yourself with people who lift you up.
(30:36) Coping with advice from others, knowing what to act on and trusting your gut when making the right decision.
(36:14) The value of joining a startup accelerator
(37:36) ‘Who dares wins’ - From consultancy to going all in with an early customer by wanting the business more than anyone else.
(43:50) De-risking the opportunity for customers and getting the right people in an organisation to guide you through the vendor purchase process.
(46:30) Working with pilots to de-risk buying decisions and shortening the sales cycle.
(47:30) The concept of a ‘collaboration of change’ and understanding your customer's customer.
(52:30) What Luke is doing differently in his next venture PropFlo and knowing when to pivot.
(1:00:00) Behind Startup Lines quick fire questions
(1:05:00) How to get in touch with Luke and what PropFlo is looking for right now.
For more information:
LinkedIn: https://www.linkedin.com/in/philipguest/
Website: https://www.revcelerate.com/
Twitter: https://twitter.com/PhilGuesty
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Hello and welcome to another episode of "Behind Startup Lines," the show where we delve into the nuts and bolts of successful startups, bringing you insights directly from founders, operators, and investors.
Today, I’m thrilled to welcome Ian Merricks, a trusted friend, mentor, and seasoned professional in the startup world. Ian and I have collaborated for over a decade, and his depth of experience is truly exceptional. As the CEO and Founder of White Horse Capital and the driving force behind VenturePath, Ian has been instrumental in scaling numerous ventures, as a mentor and investment advisor.
In this episode, we're going to unpack the intricate art of fundraising. Ian will share his wisdom on how to effectively qualify investors, ensuring they bring not just capital but also align with your startup's vision and goals.
We'll also dive into the challenges of balancing the demanding fundraising process with day-to-day operational responsibilities, emphasising the importance of not losing touch with customer engagement.
Furthermore, Ian will guide us through the expectations for meetings with investors and provide practical tips for securing institutional investment from venture capitalists.
This episode is brimming with practical, actionable insights, so let's dive right in.
(02:10) Ian's background in media and the music industry and starting out on his entrepreneurial journey.
(08:10) Going all in to help early-stage businesses build their businesses in an emerging venture capital industry.
(11:17) Launching White Horse Capital just as the market crashed and pivoting to fixing failing businesses.
(16:00) Introducing White Horse Capital and the support it provides early-stage businesses today.
(17:44) The phases of funding and indicators of where a start-up is along its journey and readiness for funding.
(26:00) Understanding that investors are looking to pick winners for the fund, not to fund your business and the need to qualify potential backers.
(31:00) A quick no is better than a long maybe - the questions to ask potential investors to help qualify them just as you would in sales.
(38:48) The meeting and steps start-ups typically go through to secure their first institutional investment from VCs and the value of support.
(48:35) Introducing VenturePath and how it's looking to increase the efficacy of fundraising for early-stage businesses.
(54:40) Tapping into scale-up experts and the value of building investor relationships early on to make the process of funding less brutal.
(1:03:10) Qualification criteria for joining VenturePath and where to find more information on the community at https://www.joinventurepath.com.
(1:09:00) Behind Startup Lines Quickfire questions - Essential founder drills, killing the competition and commanders intent.
For more information:
LinkedIn: https://www.linkedin.com/in/philipguest/
Website: https://www.revcelerate.com/
Twitter: https://twitter.com/PhilGuesty
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Continuing the Series 2 strong start, we dive into an exhilarating conversation with Jamie Haymer, the entrepreneur who transitioned from a thriving media subscription venture, into the intricate world of insurance and risk management.
Jamie's trajectory is impressive, from his foundational days of selling educational books door-to-door before spending time with Proctor & Gamble and Gartner, to his rapid success with React News, which exited within its first two years, to his latest endeavour, Bolt Warranty.
This episode is a goldmine for startup founders, offering deep insights into Product-Market Fit, growth indicators, early-stage funding nuances, and the unmatched value of referral hiring and data-driven strategies.
Whether you're deep into your startup journey or just starting out, this episode promises invaluable takeaways. Here are the highlights.
(01:50) - Jamie's background and early entrepreneurial days.
(06:50) - The boredom cliff: Transitioning from a secure corporate job to a startup life.
(11:49) - The importance of a good pitch deck early on.
(13:28) - Finding early backers' initial funding and giving away more than you need to.
(17:01) - Understanding the tax breaks for UK startups and SEIS.
(19:04) - The early days and the value of working with consultants.
(21:12) - Knowing when you've got Product-Market Fit (PMF).
(26:27) - The threat of competitors and keeping a close on how they reacted once we launched.
(28:23) - Being acquired within 20 months of launch and the importance of a good product lead and monitoring usage data.
(33:15) - The idea of Feature-Market Fit and building products the market doesn't use.
(36:45) - Being approached and acquired within 6 months of initial contact and the mixed emotions of exiting.
(40:37) - Moving from one success to starting his second business, Bolt Warrantly, operating within the Insure-Tech sector.
(42:55) - What Jamie is doing differently this time around and the importance of user research.
(44:22) - Advice to founders just starting out and not going alone, including where to find those first early hires for your business.
(46:12) - Working with technical agencies to build your early product and how to go about choosing the right partner.
(48:52) - Behind Startup Lines question: best strategic manoeuvre.
(51:55) - The help Jamie is looking for and how to get in touch.
For more information:
LinkedIn: https://www.linkedin.com/in/philipguest/
Website: https://www.revcelerate.com/
Twitter: https://twitter.com/PhilGuesty
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Dive back into the tenacious world of startups with a fresh episode of Behind Startup Lines. This episode kicks off our exciting second series, broadening the spectrum of innovative startup narratives.
Join us as we explore Dr. Jessica Pely’s transition from a scholar in finance and behavioural economics to becoming the CEO and co-founder of Loyee, a platform transforming the sales lead qualification process.
Jessica shares the essence of understanding your customer’s customer, honing focus, and strategies for clinching those initial crucial sales.
Plus, stay tuned till the end for insights on a new Go-to-Market (GTM) assessment tool that could be a game-changer for startup founders grappling with market entry strategies.
A conversation rich in experience and insights, this is a ride worth buckling up for!
(02:59) Introduction to Jessica’s background and her company Loyee.
(06:30) Lessons from her first two startups applied to building the current business.
(09:40) How having a background in computer engineering helped and the value of working with a deviated technical lead.
(14:08) Moving the business from Germany to the United States and winning the right customers in a new market.
(17:40) The value of recruiting design partners as a way to build traction and win early customers.
(19:45) The importance of having clearly defined personas and the level of detail in determining them.
(21:28) The importance of understanding your customer's customer.
(25:00) Sales, from a Numbers game to a Fit game, and the importance of focus and trade-offs.
(31:18) Key lessons in scaling a business during a tumultuous year.
(34:48) How the buyer cohort has shifted and the challenges of aligning a larger buyer cohort to secure a sale.
(40:40) Working within a stage-appropriate sales framework that can adapt.
(45:00) My advice on how to align customer stakeholders.
(49:54) The current investor environment and raising through Safe Notes.
(56:08) How to get in touch with Jessica and Loyee and final advice for founders who are building their business and the need to follow your instincts.
Lastly, details about my new GTM assessment that can be accessed at https://www.gtm.revcelerate.com. Take this short quiz to benchmark your current GT< strategy and advice on what you can do to take it to the next level.
For more information:
LinkedIn: https://www.linkedin.com/in/philipguest/
Website: https://www.revcelerate.com/
Twitter: https://twitter.com/PhilGuesty
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Welcome back. In today's episode, we have a special guest, Kaisa Kromhof, the founder of Ment, a revolutionary no-code document automation technology.
Join us as we delve into Kaisa's journey, from her background as a corporate lawyer to her realisation that there must be a smarter way to work.
We'll explore how she turned her vision into a reality by creating her own document automation software and eventually selling her company to Mfiles. Kaisa shares valuable insights on building traction, securing funding, and navigating the challenges of entrepreneurship.
Stay tuned and be inspired by Kaisa's incredible journey from legal woes to no-code wins. Let's dive in!
(03:11) Origin story and the problem Ment sought to solve for legal teams
(08:16) Dealing with the challenge that your product already exists
(14:14) Timing and connecting the dots for the problem you want to solve and building your MVP.
(18:40) Discovering the missing ingredient that customers value most.
(23:10) Winning those first customers and strategies to consider to build credibility in your customers' minds.
(27:56) Customer tolerance towards the MVP and how to ensure they stay the course with you.
(32:50) Transitioning from founder-led sales to building your sales team while working with advisors.
(37:36) The importance of documenting the sales process early on with practical examples and the biggest learning about sales.
(45:10) How sales change when you have the backing of an established business. What is the same, and what is better.
(47:20) Knowing when you have Product Market Fit (PMF)
(50:50) Closing a funding round in two weeks when you hit PMF.
(54:10) How the acquisition came about through collaboration even though Kaisa was not contemplating a sale.
(57:50) Key lessons and the mindset for building the next business.
(1:01:32) Behind Startups Lines quick fire question - how to bounce back from a setback.
(1:03:11) How to get in touch with Kaisa.
For more information:
LinkedIn: https://www.linkedin.com/in/philipguest/
Website: https://www.revcelerate.com/
Twitter: https://twitter.com/PhilGuesty
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In this episode, Guillaume Descottes, the founder of Vialma, a groundbreaking platform at the intersection of technology and music, shares his remarkable journey, starting from a career in Private Equity to the formation of Vialma.
Guillaume dives into the highs and lows of entrepreneurship, reflecting on the importance of ego and the impact of hiring talented interns on his business early on. With a passion for the arts and a desire to make a positive impact, Guillaume sheds light on Vialma's work in the digital music space.
He also delves into the transformative power of AI in the industry and the need for Europe to carve its own path to avoid being overshadowed by dominant American players.
Join us as we unravel Guillaume's intriguing insights into the music industry, entrepreneurship, and the intersection of innovation and impact.
Get ready to be inspired and informed in this captivating episode of Behind Startup Lines!
Highlights:
(04:59) Protect the value you are delivering to your customers
(11:11) The importance of partnerships and how to make them work
(13:22) The impact of AI on the music industry
(18:20) Taking the leap from PE investor to start-up entrepreneur
(23:09) Your ego is probably your best friend and your worst friend
(25:15) Being comfortable about being uncomfortable
(32:23) Remote working and finding the sense of purpose of working together
(34:34) Not every customer has explicit pain points!
(35:32) The differences between doing business and innovation in Europe vs the USA
(38:36) The current state of startup funding in Europe
(43:33) Decrease the churn and increase brand engagement by linking customer KPIs
(45:01) Building trust and long-term relationships for the future
(51:03) Understand who influences the decision to buy your product
(52:50) Advice to founders about making the leap to starting a business
(56:57) The importance of having your product team talk to customers
(59:23) Quickfire Behind Startup Lines question: Marching to the sound of the drums
For more information:
LinkedIn: https://www.linkedin.com/in/philipguest/
Website: https://www.revcelerate.com/
Twitter: https://twitter.com/PhilGuesty
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In this episode, CEO and co-founder Tom Lavery shares his story of building Jiminny, a conversational intelligence platform designed to help salespeople be more effective.
Tom's story is interesting on many levels, not least that as a successful sales leader himself, he then turned to being a successful tech entrepreneur. While you might think that with his background in sales, Tom had an unfair advantage in winning customers. But as you're about to find out, that wasn't quite the case.
From Jiminny's origin story and the importance of researching your market, this episode covers the ups and downs of building a successful business. Tom shares insights such as strategies for winning first customers, differentiating the product, and the importance of mission and values in creating a strong company culture. Tom also shares his wisdom on investment strategies that worked for Jiminny and what to look for when you're making important sales hires.
Today, Jiminny has gone on to establish itself as a leader in the conversation intelligence sector, attracting hundreds of clients and significant funding to help the team build on their success. This is a truly compelling listen for anyone interested in becoming an entrepreneur and building a successful business.
Join me as Tom tells us how he did it.
Here are the highlights:
(02:14) Jiminny's origin story
(04:15) The importance of market research
(06:49) Getting started and forming the co-founder team
(08:20) Learning a new skill to build the product
(09:18) Winning Jiminny's first customers and charging from day one
(12:45) How to convince customers to buy into your unknown, unproven product
(15:44) Differentiating your product and establishing an unfair advantage
(17:52) Mission and Values as essential elements to hiring and building a healthy culture
(21:28) How to asses if a sales hire is really capable and a good fit
(24:28) What Tom would do differently when launching his next business
(25:24) How working with advisors can help an entrepreneur focus on what matters most
(26:55) Investment and the value of debt vs equity in the early days to grow
(29:04) Behind Startup Lines founder quick-fire question
(30:54) How to get in touch with Tom
For more information:
LinkedIn: https://www.linkedin.com/in/philipguest/
Website: https://www.revcelerate.com/
Twitter: https://twitter.com/PhilGuesty
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This week we get the inside scoop of what VCs are looking for in an investable startup. My guest, James Pringle, is an investor at Portfolio Ventures which backs UK headquartered businesses in SaaS, FinTech and InsureTech sectors.
James offers us a fantastic insight to the investor sentiment and how weather the current storm. As an operator himself turned VC he has a unique view of what it takes to build a successful business, sharing practical strategies and tactics that he’s seen work for many of the startups he supports.
Some of the key takeaways I picked up on are how to make the most of hiring an advisor, the importance of documenting the founder led sales process early on and how businesses should be incorporating AI into existing products. Full conversation notes below.
I think you’re going to enjoy this conversation and if you do, please give it a ⭐️⭐️⭐️⭐️⭐️rating, thanks.
Phil
Here are your conversation highlights:
(01:43) The Good and Bad early stage business sales and GTM
(04:08) Becoming a VC after experiencing the hard knocks as a start-up operator himself
(11:05) Integrating AI into existing products vs building an investable new AI product
(13:20) Surviving the current investment drought
(16:32) Advice to founders who find selling uncomfortable or even distasteful
(18:44) Building your first sales team
(22:01) Making use of advisors and the importance of using retainers with context
(26:37) The value of using a good sales structure like MEDDICC
(28:43) Driving awareness and lead generation strategies that actually work in the early days of building a new business
(33:38) Quick fire questions – Playing the long game and markers of success, decision making to maintain momentum, the types of business Portfolio Ventures invest in and how to get in touch.
For more information:
LinkedIn: https://www.linkedin.com/in/philipguest/
Website: https://www.revcelerate.com/
Twitter: https://twitter.com/PhilGuesty
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In this episode, we welcome entrepreneur and angel investor, Rachel Belle, to share her wealth of knowledge and experience in areas including PR for startups, leadership, and angel investing. Rachel is candid about the challenges and triumphs of establishing and growing businesses, highlighting the essentiality of delegating tasks to make the biggest impact.
She offers insights into managing complex personalities in a team, emphasising the need for understanding and effective incentivisation. A renowned entrepreneur in residence at the London Business School, Rachel gives us a glimpse into her work there. In a revealing discussion about Enterprise 100, a private angel investment network, she explores how this platform is revolutionising funding support for early-stage businesses.
Rachel's own stories and reflections pepper the conversation, providing not only educational takeaways but also inspiring listeners with her entrepreneurial journey. Whether you're a seasoned business owner, an aspiring entrepreneur, or an interested observer, this episode with Rachel Belle promises to deliver meaningful lessons and motivating insights.
Highlights:
(01:35) PR background, started successful businesses, now helps entrepreneurs.
(06:24) The catalyst for starting my first business - Late twenties, pitching success, Father's death lit a fire under me. Founded Shine Communications, designed to empower others.
(14:38) Early success, outsourcing, and learning from others.
(19:38) Dyslexia, education and expectations of me as a woman and how being competitive and overcoming fear of failure can be a driver.
(28:27) Being your authentic self and developing a buyer mindset to stand in your customer's shoes.
(32:17) Managing scale in your business by building a business unit model and managing your hardest-to-manage people by encouraging them to ask-me-anything.
(40:03) How effective is PR for early-stage businesses? The initial focus and the importance of trade press, events, and awards. Be aware there's no such thing as off-the-record.
(47:51) The value of relevant content to showcase your expertise and drive SEO. The importance of standing out by having an opinion and doing something different.
(55:14) Working as an Entrepreneur in Residence at London Business School. The importance of plans that you actually follow with a clear set of tactics.
(1:01:42) Why startups fail when you don't keep it simple, understand the basics.
(1:03:14) About the private angel investment network Enterprise 100 (E100) and how to get involved.
(1:08:34) Quick fire question: Guerrilla marketing - does it work, and how to go about it.
(1:12:25) Final words on the opportunity for all - be brave and ask for advice.
For more information:
LinkedIn: https://www.linkedin.com/in/philipguest/
Website: https://www.revcelerate.com/
Twitter: https://twitter.com/PhilGuesty
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Joe Mathewson is a founding partner and co-CEO of Firefly. A school management information system that he built with his co-founder Simon while they were still at school taking their GCSE exams.
After school, he joined UBS as a trader before going all in on Firefly to pioneer these school systems that, today, are very common. Back when he started, SaaS wasn't the dominant business model it is today, and Joe shares he hard learnt lessons on pricing and GTM.
Joe's story is fascinating, not least that his story is one from idea origination through fundraising to a successful exit when Veracross acquired Firefly. There is a lot to learn from this successful entrepreneur that I am sure you'll find interesting.
I hope you enjoy the show.
Phil
Here are some of the show highlights:
(2:24) Where it began
(6:34) Good products don't sell themselves
(10:11) Working with an external supplier for early lead generation
(13:34) First-hire failures
(17:04) Controlling the sales process
(18:41) Incentivising the team
(20:54) Sales team structuring
(23:38) Building the customer success function
(25:27) Introducing a Chief Revenue Officer to manage managers
(27:26) Navigating a successful exit
(33:38) What would you do differently next time - the value of advisors
(35:17) Making tough decisions
(37:48) Ensuring the team stay focused
(42:00) Where to learn more about Firefly and Veracross
Joe can be reached via his Linked~In profile
https://www.linkedin.com/in/joe-mathewson-2867162/
For more information:
LinkedIn: https://www.linkedin.com/in/philipguest/
Website: https://www.revcelerate.com/
Twitter: https://twitter.com/PhilGuesty
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Welcome to another exciting episode of "Behind Startup Lines", where we delve into the inspiring journey of Johann Malawala. As a former obstetrics and gynaecology clinician, Johann has expertly navigated the path from delivering babies to simultaneously delivering twin businesses – a unique blend of a not-for-profit and a commercial venture.
In this episode, Johann candidly shares invaluable insights gleaned from his unique career transition, offering a fresh perspective for those working in or selling into the healthcare or public sector. With a foot in both worlds – as a practitioner and an entrepreneur – he effortlessly bridges the gap between in-depth sector knowledge and business acumen.
Join us as we explore how to navigate complex sectors and balance commercial and philanthropic endeavours. This episode is a treasure trove of inspiration and practical advice for entrepreneurs, healthcare professionals, and anyone interested in making a meaningful impact in their industry.
Don't miss out on this compelling narrative of transformation, innovation, and entrepreneurial spirit on "Behind Startup Lines" - where we bring you real-life stories from the frontlines of entrepreneurship.
Highlights:
(13:25) Johann's entrepreneurial journey
(16:50) Simultaneously building a not-for-profit and commercial business
(19:40) Winning your first customer
(28:00) Complexities of mapping healthcare buyer cohorts
(33:55) How to work with the NHS health service
(38:00) Establishing your credentials and selling to the NHS
(58:00) Advice Johann would give his past self
(1:00:00) Behind Startup Lines quick-fire questions
(1:07:00) How to truly connect with people on LinkedIn
For more information:
LinkedIn: https://www.linkedin.com/in/philipguest/
Website: https://www.revcelerate.com/
Twitter: https://twitter.com/PhilGuesty
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Today’s guest is not our usual tech founder discussing software products.
I’m talking to David Strang.
David built a successful business in the toy and outdoor sports equipment field.
However, in this episode, David tells us how it wasn’t all plain sailing.
His stories will ring true for many of us as we build our businesses.
So, join us today to hear some honest truths about making mistakes and gaining success.
Here are the highlights:
(1:49) Best in the market
(4:27) Adapting products
(9:53) Starting over
(19:54) Recycling knowledge
(25:51) Winning
For more information:
LinkedIn: https://www.linkedin.com/in/philipguest/
Website: https://www.revcelerate.com/
Twitter: https://twitter.com/PhilGuesty
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