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#33 - Oliver Hughes on building a $21bn fintech with over 25m customers worldwide, and why more founders should look at building in emerging markets.
In this conversation, Oliver Hughes shares his remarkable journey from scaling Visa's operations in Russia to leading Tinkoff Bank and now TBC Bank in Georgia. He discusses the challenges of building a digital bank, the importance of fundraising, and the strategic decisions that have shaped his career. Oliver emphasizes the significance of company culture, the role of technology in banking, and the exciting opportunities in emerging markets. He also highlights the innovative use of AI in enhancing customer experience and the importance of understanding local markets for successful expansion.
Key takeaways
* Scaling Visa from $1 billion to $100 billion was a monumental task.
* Building Tinkoff Bank involved navigating numerous existential crises.
* Fundraising is crucial; without it, there is no business.
* Cultural fit is essential when hiring for a growing company.
* Understanding local markets is key to successful expansion.
* AI can significantly enhance customer experience in banking.
* The importance of a strong company culture cannot be overstated.
* Strategic sequencing in product rollout is vital for growth.
* Emerging markets present unique opportunities for digital banking.
* Building a team with the right mindset is critical for success.
Chapters
00:00 Introduction and Early Career Highlights
02:46 Scaling Visa in Russia
05:32 Transition to Tinkoff Bank
08:21 Challenges and Existential Moments at Tinkoff
11:02 Fundraising Strategies and Investor Insights
14:00 Joining TBC Bank and New Opportunities
16:43 Impact and Changes at TBC Bank
18:29 Building a Profitable Digital Bank
20:58 Strategic Sequencing in Product Rollout
22:24 Cultivating Company Culture During Growth
26:03 Market Entry Strategies and Considerations
31:10 Innovations in FinTech and AI Solutions
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32. #32 - Darren Goode on leading marketing at Apple, L'Oreal, Elvie and Zumper, and how startups with no marketing budget can beat corporates.
37:00||Ep. 32In this conversation, Darren Goode shares his extensive experience in marketing, particularly at L'Oreal and in startups like Elvie and Zumper. He discusses the importance of innovation, understanding consumer needs, and building trust in marketplace businesses. The conversation highlights the transition from corporate marketing strategies to more agile and empathetic approaches in startups, especially in the FemTech sector. Darren emphasizes the significance of storytelling, product advocacy, and localization when expanding into new markets.Key takeawaysL'Oreal's focus on innovation was a key factor in its success.Understanding consumer needs is crucial for effective marketing.Brand storytelling can differentiate products in a crowded market.Startups require a different approach to marketing than corporates.Building trust is essential in marketplace businesses.Product advocacy can be cultivated through user experiences.Localization is important when expanding into new markets.Clear narratives help in connecting with target audiences.Empathy in marketing can lead to stronger customer relationships.Responding effectively to customer issues builds brand loyalty.Chapters00:00 Introduction and Background01:12 Innovative Marketing at L'Oreal03:14 Brand Strategy and Product Launches05:53 Consumer Insights and Market Trends08:55 Transitioning from Corporates to Startups11:37 Joining Elvie: A Mission-Driven Approach13:18 Identifying Customer Segments14:46 Building Product Advocacy18:43 Expanding into New Markets21:01 Marketing Strategies for FemTech23:43 Key Questions for Founders26:18 Transitioning to Zumper28:43 Understanding User Needs30:43 Building Trust in Marketplaces33:25 Conclusion and Final Thoughts
31. #31 - Rory McEntee on viral marketing campaigns for Gymbox and how he's cementing GymNation as the GCC's most disruptive gym brand.
49:40||Ep. 31In this conversation, Rory shares his journey through the marketing landscape, focusing on his experiences with disruptive brands like Gymbox and Gymnation. He discusses the importance of community engagement, the art of creating memorable campaigns, and the challenges of measuring success beyond financial metrics. Rory emphasises the need for creativity, especially when working with tight budgets, and the role of cultural adaptation in marketing strategies. He also touches on the impact of AI in marketing, advocating for a balance between technology and human curiosity.Key takeawaysRory's journey into marketing began with a passion for disruptive brands.Working agency side provided Rory with diverse brand experiences.Transitioning to client side allowed Rory to own brand narratives.Memorable campaigns often stem from real insights and community engagement.Disruption in marketing requires buy-in from senior leadership.Measuring success goes beyond financial metrics to include brand fame and community.Physical experiences in gyms can translate into engaging digital content.Budget constraints can foster creativity and innovative marketing tactics.Community engagement is crucial for brand loyalty and retention.Cultural differences must be considered when scaling marketing strategies.Chapters00:00 Introduction and Background00:54 Career Path to Disruptive Marketing03:40 Memorable Campaigns at Gymbox09:23 The Art of Disruption in Marketing14:03 Measuring Campaign Success18:48 Bridging Physical and Digital Experiences23:26 Budget Constraints as a Creative Advantage28:22 Community Engagement and Brand Loyalty33:19 Joining Gymnation and Future Plans37:50 Cultural Adaptation in Marketing42:33 The Role of AI in Marketing
30. #30 - Alex Dirdin on being a x4 intrapreneur whose products have generated billions of dollars of revenue across the globe, and why we need more intrapreneurs.
45:26||Season 1, Ep. 30In this conversation, Alex Dirdin shares his journey from launching the e-commerce vertical at GeoPost to his role at AmmanPost. He discusses the challenges of navigating corporate politics, the importance of stakeholder management, and the differences between startup and corporate environments. Alex emphasizes the need for alignment among stakeholders, the significance of a unifying purpose, and the role of passion in rallying support for new ideas. He also reflects on the evolving landscape of e-commerce in the Middle East and the strategic decisions involved in operating within a governmental framework.KeywordsGeoPost, AmmanPost, e-commerce, corporate startups, stakeholder management, entrepreneurial journey, logistics, innovation, career development, Middle East, business development, product management, corporate ventures, AI in business, postal operations, strategy, entrepreneurship, tech knowledge, market validation, startup insightsTakeawaysAlex Dirdin launched the e-commerce vertical at GeoPost, transforming it into an industry leader.The journey into e-commerce began unexpectedly through a friend's idea.Launching a corporate startup involves navigating corporate politics and stakeholder management.Overcoming internal resistance is crucial for success in corporate environments.Aligning stakeholders with a common purpose enhances project support.In startups, fast validation from the market is essential; in corporates, validation is more complex.A strong MVP can help gain support and resources in both startups and corporates.Understanding different stakeholders' motivations is key to effective persuasion.Corporate environments often have slower learning loops compared to startups.Passion and storytelling are vital for rallying support for new ideas. Navigating political dynamics can make business more interesting.Balancing strategy and operations is crucial for success.Alignment fatigue can hinder progress in corporate ventures.Bypassing unnecessary validations can accelerate product development.Business development focuses on creating new revenue streams.Understanding technology is essential for product managers.Validating ideas is more important than personal opinions.AI can enhance product development but should not replace real-world validation.Effective product management requires both art and science.Working closely with founders can lead to more successful outcomes.Sound Bites"You're never the smartest person in the room.""In startups, you fail faster and learn faster.""Passion ignites people to support new ideas.""Do we need to be an operator or a regulator?""I love being both strategist and operator.""Alignment plays such a crucial role.""You bypassed necessary validations.""The founder's vision excited me."Chapters00:00 The Journey Begins: Alex's Career at GeoPost08:00 Navigating Corporate Politics: Stakeholder Management Insights12:00 From GeoPost to AmmanPost: Embracing New Challenges19:32 Navigating Political Intrigues in Business20:32 The Complexity of International Postal Operations21:55 The Balance of Strategy and Operations22:41 Challenges in Corporate Ventures23:49 Learning from Past Experiences26:14 Defining Business Development28:35 The Importance of Tech Knowledge29:41 Principles of Product Management32:33 The Role of AI in Product Development34:26 AI's Impact on Business Development37:26 Embracing New Opportunities at RSA Global
29. #29 - Yuri Misnik on leading tech teams as the Global CIO of HSBC, National Australia Bank and First Abu Dhabi Bank, and why software engineers not using AI won't survive
38:24||Season 1, Ep. 29In this conversation, Yuri Misnik shares his extensive career journey from Microsoft to AWS and then to HSBC, discussing the evolution of technology, project management best practices, and the cultural differences between major tech companies. He emphasizes the importance of communication, leadership, and customer obsession in driving successful technology initiatives.KeywordsYuri Misnik, Microsoft, AWS, HSBC, technology leadership, project management, cloud computing, corporate culture, digital transformation, mission critical systems, leadership, innovation, banking, technology, AI, startups, vendor selection, cloud computing, digital transformation, agileTakeawaysYuri Misnik emphasizes the importance of being in the right place at the right time in one's career.He highlights the rapid evolution of technology in the early 2010s, particularly in cloud computing.Yuri discusses the significance of customer relationships in technology projects.He notes that Microsoft was perceived as a lower-cost alternative for mission-critical systems during his tenure.The need for modernization drove many organizations to migrate to Microsoft platforms.Effective communication and team collaboration are crucial for project success.Yuri reflects on the cultural differences between Microsoft and Amazon, particularly in customer focus.He believes that Amazon's leadership principles are embedded in daily operations, unlike many other companies.Yuri advocates for building capable leadership teams and empowering them to make decisions.He stresses the importance of transparency in communication when managing large teams. Your job as a leader is to remove obstacles.Trusting your team is essential for effective leadership.Innovation in banking requires a cultural shift.Balancing risk management with innovation is crucial.Controls should be treated as software products.Vendor selection should prioritize agility over tradition.Startups must understand large organizations' internal processes.AI is a powerful tool that requires proper training.Foundational knowledge is necessary for effective AI use.Being proactive in AI adoption is key to staying relevant.TitlesFrom Microsoft to AWS: A Tech JourneyNavigating Corporate Culture in TechLeadership Lessons from a Tech VeteranSound Bites"It's great to hit record.""I was lucky to be at the right time.""The trick was about the quality of people.""Amazon was known for its customer obsession.""My job is to remove obstacles.""AI is a very big thing, an amazing tool.""You will be fired if you're not using AI."Chapters00:00 Introduction and Career Beginnings02:51 Transition to Microsoft and Mission Critical Projects06:02 Best Practices in Project Management08:57 Joining AWS and Cultural Insights11:57 Cultural Differences: Microsoft vs. Amazon15:07 Leadership at HSBC and Managing Large Teams19:06 Empowering Leadership and Trust20:37 Innovation in Banking: A Cultural Shift22:31 Balancing Control and Innovation24:06 Vendor Selection: Agile vs Traditional25:30 Advice for Startups Selling to Enterprises27:25 Transitioning to the National Australia Bank30:08 The Excitement of AI in Technology33:25 Caution in AI Adoption and Development
28. #28 - Santi Rasanayagam on allocating a +$100m acquisition war chest, leading 800 people and why CFOs need to spend more time with customers.
44:43||Season 1, Ep. 28In this conversation, Santi Rasanayagam shares his journey from CFO to CEO of the Sahara Group, discussing the challenges and insights gained along the way. He emphasizes the importance of adapting to change, understanding client needs, and the strategic role of acquisitions in business growth. Santi reflects on the differences between his roles as CFO and CEO, highlighting the importance of mindset and the need for leaders to engage with clients and their teams.KeywordsCFO, CEO, acquisitions, logistics, leadership, business growth, East Africa, Sahara Group, finance, strategy, business transitions, acquisition preparation, CFO role, CEO-CFO relationship, business growth strategyTakeawaysSanti emphasizes the importance of adapting to changing circumstances in business.He highlights the need for CFOs to be involved in strategy, not just financial oversight.Santi's journey from CFO to CEO involved significant personal sacrifices.Understanding client needs is crucial for business success.Santi believes that the right mindset is more important than industry experience.He discusses the challenges of managing a larger team as a CEO.Santi enjoyed the CFO role more due to its focus on growth and strategy.Acquisitions should align with the overall business strategy and goals.Santi stresses the importance of understanding the business being acquired.He shares insights on the cultural differences in business operations across regions. We let some customers go to bring in new ones.Acquiring businesses can leapfrog your business.CFOs must think about risk management.Preparation is key to a successful transaction.The CEO and CFO should be joined at the hip.Execution has to be flawless for business success.The price is an outcome of running a proper business.You need to have your finances in order before an acquisition.You can't just buy and forget about an acquisition.Founders should focus on solving client problems, not just getting acquired.TitlesFrom CFO to CEO: A Journey of GrowthNavigating Leadership in LogisticsThe Art of Strategic AcquisitionsAdapting to Change in BusinessSound Bites"I've never been a CFO before.""I was made the CEO in 2021.""Being a CEO can be a bit lonely.""We actually let some customers go.""You can't just buy and forget about it.""A CFO needs to think about risk.""You need to have your finances in order.""You have to be on the same page."Chapters00:00 Introduction and Background02:58 Transition to CFO Role05:55 Becoming CEO and Leadership Challenges08:53 Acquisitions and Growth Strategy20:43 Navigating Business Transitions23:59 Preparing for Acquisition: Key Considerations28:17 The Role of CFO in Growing Businesses34:50 CEO and CFO: A Unified Vision for Success39:31 Final Thoughts on Business Growth and Strategy
27. #27 - Jing Ouyang on scaling Patchwork Health to save the NHS over £100m annually, and how medical students and practitioners can find their entrepreneurial spark.
44:06||Season 1, Ep. 27In this conversation, Jing Ouyang shares his entrepreneurial journey, starting from his first business, Podlearn, which aimed to democratize medical education. He discusses the challenges faced in transitioning to a social enterprise with Healthy Future and the lessons learned from both ventures. The discussion then shifts to the founding of Patchwork, inspired by the inefficiencies in healthcare staffing, and how personal experiences and insights led to the creation of a marketplace model for doctors. Jing emphasizes the importance of understanding pain points and validating ideas through real-world experiences.Keywordsentrepreneurship, medical education, e-learning, social enterprise, healthcare innovation, Patchwork, locum shifts, startup journey, business challenges, medical technology, healthcare, entrepreneurship, fundraising, NHS, startup mistakes, clinician experience, growth strategies, medical students, MVP, cost savingsTakeawaysPodlearn was a formative experience for Jing and Mohammed.The idea for Podlearn emerged from a desire to democratize medical education.Early entrepreneurial experiences laid the groundwork for future successes.Healthy Future was a response to the lessons learned from Podlearn.The transition from Podlearn to Healthy Future highlighted the importance of sustainable business models.Patchwork was inspired by the inefficiencies in booking locum shifts.The founding team of Patchwork recognized a national problem in healthcare staffing.Anas's experience as a Darzi Fellow provided valuable insights for Patchwork.Testing the Patchwork idea involved validating pain points with fellow doctors.The journey of building Patchwork was marked by learning and adaptation. The initial product was buggy but proved the core mechanic.Mistakes made in the early stages were valuable lessons.Patience is crucial in the healthcare industry.Fundraising is challenging, especially for first-time founders.Building relationships with investors is key to success.Cost savings for the NHS are a measure of success.Clinician experience drives efficiency and outcomes.Empathy for stakeholders is essential in healthcare sales.Sales cycles in healthcare are long and require relationship building.Starting early in entrepreneurship provides valuable experience.TitlesFrom Medical Student to Entrepreneur: Jing Ouyang's JourneyBuilding Bridges in Medical Education: The Podlearn StoryCreating Impact: The Social Enterprise ApproachInnovating Healthcare Staffing: The Birth of PatchworkSound Bites"This is not just something unique to us.""We proved the core mechanic.""We made so many mistakes.""None of those mistakes were fatal.""Fundraising is never easy.""We could gain traction despite the odds.""Clinician experience is at its core.""Start early and launch things."Chapters00:00 The Entrepreneurial Journey Begins07:17 Transitioning to Social Enterprise13:27 The Birth of Patchwork20:02 Testing the Waters: Building a Marketplace21:58 Building the MVP and Initial Success22:48 Lessons Learned from Early Mistakes25:29 Navigating the Fundraising Journey29:51 Measuring Success and Growth Opportunities32:41 Driving Growth in the NHS36:34 Advice for Aspiring Entrepreneurial Clinicians
26. #26 - Eli Frank on being Chief of Staff at Samsung, exiting two startups, and what why the Chief of Staff role is better than an MBA.
38:39||Season 1, Ep. 26In this conversation, Eli shares his unique journey from a high school tragedy that sparked his entrepreneurial spirit to his experiences in the music industry and the Web3 space. He discusses the transition from being a founder to a chief of staff, emphasizing the importance of adaptability and continuous learning. Eli reflects on the skills gained from working in the C-suite and the challenges of navigating leadership dynamics, particularly in a dual CEO environment. His insights highlight the blend of personal growth, strategic thinking, and the value of mentorship in shaping a successful career. Keywordsentrepreneurship, chief of staff, music industry, web3, leadership, personal growth, education, business strategy, C-suite, mentorship, Chief of Staff, Board Management, Corporate Transition, Startup Culture, Leadership, Emotional Intelligence, Career Development, Inclusive Fashion, Team Dynamics, Professional GrowthTakeawaysEli's journey began with a tragedy that inspired him to create positive change.His early experiences in the music industry were both challenging and rewarding.Eli's ventures in Web3 showcased the fast-paced nature of the tech world.Education and real-world experience complement each other in entrepreneurship.The chief of staff role requires versatility and problem-solving skills.Building relationships and understanding team dynamics are crucial in leadership.Eli learned the importance of storytelling in business and PR.Navigating dual leadership requires balancing different priorities and perspectives.Timing is key when considering the addition of a chief of staff.Continuous learning and adaptability are essential for success in any role. Managing a board requires different communication styles.Understanding the perspectives of various stakeholders is crucial.Transitioning from startup to corporate involves significant cultural shifts.Building relationships is key to effective leadership.Productivity increases when empowering team members.A Chief of Staff role can vary greatly across organizations.Being proactive and approachable fosters collaboration.Diverse experiences shape leadership styles and approaches.Inclusivity in fashion is essential for broader representation.Networking and mentorship are vital for career growth.TitlesFrom Tragedy to Triumph: Eli's Entrepreneurial JourneyNavigating the Music Industry: Lessons LearnedWeb3 Ventures: Challenges and OpportunitiesSound Bites"How do we find resolution?""It's a people role.""This is totally different.""What can I do to teach people?""Do cool shit with cool people.""I don't really like titles.""I love meeting cool people."Chapters00:00 Eli's Journey Begins: From Tragedy to Entrepreneurship02:08 Diving into the Music Industry: Early Experiences04:06 Exploring Web3: Ventures and Challenges06:10 The Value of Experience: Learning vs. Education07:12 Transitioning to Chief of Staff: A New Role10:20 Lessons from the C-Suite: Skills and Insights12:30 Navigating Leadership: The Role of a Chief of Staff14:03 Understanding Growth: When to Hire a Chief of Staff16:12 Working with Dual CEOs: Balancing Perspectives17:22 Navigating Board Dynamics20:03 Transitioning from Startup to Corporate26:54 Finding the Right Chief of Staff Role31:25 Building Inclusive Fashion Brands
25. #25 - Denis Konoplev on exiting and building four startups, why founders should obsess over product, and how to build successful companies in the Middle East.
45:45||Season 1, Ep. 25In this conversation, Denis Konoplev shares his experiences navigating different startup ecosystems, particularly contrasting the UK, UAE, and US markets. He discusses the unique challenges and opportunities in each region, emphasizing the importance of customer validation and the need for startups to adapt to local market dynamics. Denis also highlights his journey with Moonin, the significance of building relationships in sales, and the exciting potential of leveraging technology in traditional industries.Keywordsstartup, entrepreneurship, Disperse, Seafood Souq, venture capital, ideation, user experience, accelerator, founder market fit, technology, startup ecosystems, UAE, UK, US market, customer validation, selling strategies, technology, financial freedom, venture building, entrepreneurshipTakeawaysDenis started Disperse during university, driven by a personal need.The initial idea for Disperse emerged from a group project at LSE.Early validation came from working with small businesses and cafes.Accelerator programs can provide crucial guidance for startups.Pivoting is essential when initial ideas do not scale.Cold outreach on LinkedIn can lead to unexpected opportunities.Founder market fit is nuanced; expertise can be sourced from others.User experience is critical in enterprise software development.Simplicity and functionality should guide product design.Competition in the startup space demands a focus on user experience. Customer love is crucial for product success.The UAE offers unique opportunities for startups.Understanding local market dynamics is essential.The US market is highly competitive and rigorous.Experience helps in interpreting customer signals.Pre-sell before writing any code for validation.Face-to-face interactions are vital in sales.Be direct and efficient in communication.Building relationships is key in business.Leveraging AI can transform traditional industries.Sound Bites"You can't be married to what you're building""You have to take knowledge from a lot of places""Does it make your customer love it? Yeah, 100%.""The UAE was like paradise for startups.""The US is like nothing else I've experienced.""You have to understand the problem well enough.""People want to move from A to B extremely fast.""Just be a person."Chapters00:00 Introduction and Background01:02 The Journey of Disperse: Ideation and Problem Discovery03:59 Early Validation and Monetization Challenges06:04 Accelerator Experience and Pivoting Strategies09:02 Raising Capital and Navigating VC Landscape11:55 Founder Market Fit and Validating New Opportunities15:07 Transition to Seafood Souq: A New Venture16:59 Lessons Learned and User Experience in Software Development21:31 Navigating Startup Ecosystems: UK vs UAE24:58 Scaling Ventures: Insights from the US Market26:29 The Founding Journey of Moonin31:22 The Importance of Customer Validation34:42 Selling in the US: Strategies for Success37:36 Embracing Technology in Traditional Industries