Mission Driven Startups

1. @nilanp
Mission
Driven
Startups

2. @nilanp @flat__mike

3. Step 1 - Be Mission Driven
Step 2 - Solve a real problem
Step 3 - Capture less value than you create
Step 4 - Build a 10x product
Step 5 - Marketing != Growth
Step 6 - Scale people
@nilanp @cataflu

4. What are
Mission Driven
Startups ?
@nilanp @cataflu

5. A mission driven
organisation is…
… a achieving a change
in the world
@nilanp @cataflu

6. We didn’t have a
mission for our first
5 years
@nilanp @cataflu

7. But we were always
focussed on solving
a customer problem
@nilanp @cataflu

8. Step 1 - Be Mission Driven
Step 2 - Solve a real problem
Step 3 - Capture less value than you create
Step 4 - Build a 10x product
Step 5 - Marketing != Growth
Step 6 - Scale people
@nilanp @cataflu

9. TransferWise was started
to solve a problem
@nilanp@nilanp

10. Where did our mission come from ?

11. Why do people recommend our
product ?

12. @nilanp
Would you recommend us to
your friends?
1 2 3 4 5 6 7 8 9 10
Detractors Neutral Promoters

13. @nilanp
Would you recommend us to
your friends?
1 2 3 4 5 6 7 8 9 10
Detractors Neutral Promoters
Total
Promoters - Detractors
= NPS

14. @nilanp
The NPS Richter scale

15. @nilanp
1 2 3 4 5 6 7 8 9 10

16. @nilanp
If promoters >
detractors you WILL
grow

17. @nilanp
N.B. This is hard.

18. It works !
(But barely)

19. It works !
(But barely)
It works with
no significant
issues !

20. It works !
(But barely)
It works with
no significant
issues !
It works. Wow
that was slick

21. It works !
(But barely)
It works with
no significant
issues !
It works. Wow
that was slick
You’ve just blown
my socks off that
was incredible

22. RATIONalRational Emotional

23. RATIONalProduct Mission

24. RATIONal
Speed
Price
Convenience
Coverage
Mission

25. To achieve advocacy we need to be
10x better than the alternative

27. But don’t do this as “growth hack” do
it because its the right thing to do

28. RATIONal
Speed
Price
Convenience
Coverage
Mission

29. You can’t copy
that !

30. We defined our mission as solving the
problem completely

31. Solving the problem is the biggest
driver of recommendation

32. The TransferWise Mission.
Money without borders
Instant, convenient, transparent
and eventually free
We’re powering money for people and businesses:
to pay, to get paid, to spend, in any currency,
wherever you are, whatever you’re doing

33. Follow NPS to define your mission.
Using NPS and recommendation as a
north star - forces you to prioritise
solving your customer problem better
than anyone else
@nilanp
NPS is your north star

34. Step 1 - Be Mission Driven
Step 2 - Solve a real problem
Step 3 - Capture less value than you create
Step 4 - Build a 10x product
Step 5 - Marketing != Growth
Step 6 - Scale people
@nilanp @cataflu

36. RATIONal
Make
customers
happy

37. RATIONal
Make
customers
happy
Create
shareholder
value

38. RATIONal
Make
money

39. RATIONal
Make customers
happy
sustainably

40. Have one list

41. Step 1 - Be Mission Driven
Step 2 - Solve a real problem
Step 3 - Capture less value than you create
Step 4 - Build a 10x product
Step 5 - Marketing != Growth
Step 6 - Scale people
@nilanp @cataflu

42. But how do you explain this to
shareholders ?
@nilanp

43. @nilanp
Mission led
Growth
Create a huge
amount of value
for your
customers

44. @nilanp
Mission led
Growth
Create a huge
amount of value
for your
customers
Capture less
value than you
create

45. @nilanp
Mission led
Growth
Create a huge
amount of value
for your
customers
Capture less
value than you
create
Create a huge
amount of good
will

46. @nilanp
Mission led
Growth
Create a huge
amount of value
for your
customers
Capture less
value than you
create
Create a huge
amount of good
will
Word of mouth
growth

47. Revenue isn’t your money
@nilanp @cataflu

48. It’s your customer’s money…
… invest it wisely to accelerate progress
towards your mission
@nilanp @cataflu

51. Being customer led means putting
customers ahead of shareholders
Relentlessly listening to them will
help you discover your Mission
@nilanp
Let your customers lead you
(to your mission)

52. Step 1 - Be Mission Driven
Step 2 - Solve a real problem
Step 3 - Capture less value than you create
Step 4 - Build a 10x product
Step 5 - Marketing != Growth
Step 6 - Scale people
@nilanp @cataflu

53. Not all products generate customer
led growth
@nilanp

54. 10x products generate customer led
growth
@nilanp

55. How to build something that is 10x
better than anything else in the
market ?
@nilanp

56. Build something that doesn’t exist
@nilanp

57. Build something that you don’t know
could ever exist
@nilanp

58. @nilanp
Singapore

59. @nilanp@nilanp
UK

60. To build a 10x product you need to build
something that doesn’t exist.
This takes a long time - and usually has many
set backs
To get through these you need to build
conviction on what matters to your customers
@nilanp
Build a 10x product

61. Step 1 - Be Mission Driven
Step 2 - Solve a real problem
Step 3 - Capture less value than you create
Step 4 - Build a 10x product
Step 5 - Marketing != Growth
Step 6 - Scale people
@nilanp @cataflu

62. Marketing != magical growth machine

72. Revenue
Marketing $$$$

73. Revenue
Marketing $$$$

74. Revenue
Marketing $$$$

75. THE INFINITELY
SCALABLE
MARKETING CHANNEL
DOESN’T EXIST
Revenue
Marketing $$$$

76. What is the problem
marketing is solving ?

82. Viral growth.

86. SEO.

89. Marketing isn’t a magical growth
machine but can amplify the growth
of a mission driven product
@nilanp
When the product is working
Add marketing

90. Step 1 - Be Mission Driven
Step 2 - Solve a real problem
Step 3 - Capture less value than you create
Step 4 - Build a 10x product
Step 5 - Marketing != Growth
Step 6 - Scale people
@nilanp @cataflu

91. Autonomous
independent teams that focus
on KPIs that make a
difference to customers and
drive growth
@nilanp

92. Autonomous
independent teams that focus
on KPIs that make a
difference to customers and
drive growth
@nilanp
Regulated
and
available
Instantly
and almost
zero cost
IdentityOnboarding Worry Evangelism
Problem
awareness

93. Autonomous
independent teams that focus
on KPIs that make a
difference to customers and
drive growth
@nilanp
Currencies OperationsVerificationConversion Experience ViralityComparison
Regulated
and
available
Instantly
and almost
zero cost
IdentityOnboarding Worry Evangelism
Problem
awareness

94. We grow at the rate we hire and
onboard our people to have an impact
@nilanp

95. Step 1 - Be Mission Driven
Step 2 - Solve a real problem
Step 3 - Capture less value than you create
Step 4 - Build a 10x product
Step 5 - Marketing != Growth
Step 6 - Scale people
@nilanp @cataflu

96. @nilanp
Onwards