The Mission Driven Startup - Reaktor Club - Helsinki
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Transcript of The Mission Driven Startup - Reaktor Club - Helsinki
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@nilanp
THE MISSION DRIVEN STARTUP
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@nilanp
MISSION DRIVEN STARTUP GROWTH CULTURE
PRODUCT + MARKETING
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FIRST INTRODUCTIONS
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@nilanp
INTROS
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WHAT IS ONE ANYWAY ?
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A MISSION DRIVEN STARTUP IS A CATALYST FOR CHANGING THE
WORLD
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TRANSFERWISE WAS STARTED TO SOLVE A PROBLEM
@nilanp@nilanp
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IN OUR CASE A PERSONAL PAIN POINT HELPED TO SEE AN EPIDEMIC DYSFUNCTION IN
THE ENTIRE INDUSTRY, WHICH LACKED ANY NATURAL FORCE OF IMPROVEMENT OR MOVE
TOWARDS RESOLUTION. — KRISTO KÄÄRMANN & TAAVET HINRIKUS @nilanp@nilanp
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OUR MISSION ?
TO MAKE MONEY ZIP AROUND THE WORLD: AT THE TOUCH OF A BUTTON;
FOR ALMOST ZERO COST; INSTANTLY
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@nilanp
A BANK COULD HAVE STARTED TRANSFERWISE AT ANY POINT IN THE
LAST 100 YEARS
@nilanp
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THE MISSION IS MORE IMPORTANT THAN OUR SHORT TERM COMMERCIAL SUCCESS
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PROGRESS
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@nilanp
$0.5 MILLION ➤ $1 BILLION
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@nilanp
60 TRANSFERWISERS ➤ 600 TRANSFERWISERS
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@nilanp
LDN, UKR, EST ➤ LDN, UKR, EST, TKY, SYD, SGP,TPA,BDP
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@nilanp
8% OF THE UK SAVING £1M A DAY
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@nilanp
HOW ?
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@nilanp
EVANGELISM IS THE BIGGEST DRIVER OF GROWTH
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WE BELIEVE WE CAN CREATE EVANGELICAL CUSTOMERS
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SO WHY DO PEOPLE RECOMMEND OUR PRODUCT ?
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RATIONALRATIONAL EMOTIONAL
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RATIONALPRODUCT BRAND
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RATIONALSPEED CONVENIENCE PRICE COVERAGE
BRAND
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TO ACHIEVE ADVOCACY YOUR PRODUCT NEEDS TO BE AN ORDER OF MAGNITUDE
BETTER THAN THE ALTERNATIVE
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BUT DON’T DO THIS AS “GROWTH HACK” DO IT BECAUSE THE WORLD
DESERVES IT
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RATIONALSPEED CONVENIENCE PRICE COVERAGE
BRAND
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@nilanp
PEOPLE DO NOT TALK ABOUT MONEY TRANSFER IN THE PUB
@nilanp
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@nilanp
GIVE YOUR CUSTOMERS STORIES TO TELL
@nilanp
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#RIPHIDDENFEES
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@nilanp
INSPIRE PEOPLE WITH YOUR CAUSE AND YOU WILL CREATE A MOVEMENT
@nilanp
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You can’t copy that !
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STRUCTURE
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WHAT ARE THE PROBLEMS WE NEED TO SOLVE TO ACHIEVE THE
MISSION ?
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@nilanp
Regulated and
available
Instantly and almost zero cost
IdentityOnboarding Worry EvangelismProblem awareness
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Currencies OperationsVerificationConversion Experience ViralityMarketing
@nilanp
Regulated and
available
Instantly and almost zero cost
IdentityOnboarding Worry EvangelismProblem awareness
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CULTURE == OPTIMISING FOR EXECUTION SPEED
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WE WORK IN AUTONOMOUS INDEPENDENT TEAMS THAT
FOCUS ON KPIS THAT MAKE A DIFFERENCE TO OUR
CUSTOMERS AND DRIVE OUR GROWTH
@nilanp@nilanp
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@nilanp
THE CURRENCIES TEAM WORKS ON LAUNCHING NEW CURRENCIES
@nilanp
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@nilanp
IT IS AUTONOMOUS & INDEPENDENT
@nilanp
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@nilanp
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@nilanp
HOW DOES THIS WORK IN PRACTICE ?
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@nilanp
VALUES
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@nilanp
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@nilanp
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@nilanp
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@nilanp
THATS JUST COMMON SENSE
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@nilanp
PRODUCT
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@nilanp
ROADMAPS CADENCE@nilanp
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@nilanp
WEAK PRODUCT OWNERSHIP
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@nilanp
EVERY PART OF THE PRODUCT IS OWNED
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@nilanp
ANY TEAM CAN CHANGE ANY PART OF THE PRODUCT
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@nilanp@nilanp
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MARKETING
PRODUCT
@nilanp@nilanp
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@nilanp
ENGINEERING CULTURE: PRODUCT ENGINEERING
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@nilanp
PRODUCT MANAGERS CANNOT TELL ENGINEERS WHAT TO DO
@nilanp
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@nilanp
IF YOU FAIL TO INSPIRE AN ENGINEER
YOU WILL FAIL TO INSPIRE CUSTOMERS
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@nilanp
MISSION MARKETING
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@nilanp
THE MARKETING CHALLENGE: ACQUIRE AN EVER GREATER
NUMBER OF USERS FOR A LOWER CPA EVERY MONTH
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@nilanp
THE INFINITELY SCALABLE MARKETING CHANNEL
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@nilanp
DONT CHASE MONTHLY NEW USERS FRAME THE PROBLEM YOU ARE SOLVING AS:
HOW MANY PEOPLE IN THE UK ARE NOW AWARE THERE IS A FEE HIDDEN IN THE EXCHANGE RATE
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@nilanp
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@nilanp
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TRADE OFFS
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TRADE OFFS
- Consistency
- Efficiency
- Singularity of vision
- Swiftness of collective decision making
- Ownership
- Speed
- Agility
- Matrix structure
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ONWARDS@nilanp