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Navigating the Hurdles on the Journey From Start-up to Scale-up | Monzo & Accel | Slush 2023
Learn how Monzo and Accel navigated the challenges of transitioning from start-up to scale-up, achieving sustainable growth and expansion, while maintaining a unique company culture and authentic mission.
- It’s essential to separate the customers who use and love real products from those who are just chasing moderate profit.
- Building a business in a specific way, such as having the correct product at the right time, can cause confusion and make it easier for competition to catch up.
- Embracing challenges and difficulties is an opportunity to build a better and more durable business.
- A company should set up a clear vision and roadmap when taking on new challenges, ensuring unity within the team.
- Competitive dynamic: Monzo focuses more on acquiring customers through word-of-mouth due to the high customer value acquisition cost.
- Having realistic growth expectations and a strong desire for the company’s unique characteristics will help Monzo expand to the US and Europe sustainably.
- The company needs people to believe in it from its DNA, and then these principles will spread throughout the business unit and grow the company sustainably over time.
- Companies which offer products that users cherish also need to have an authentic foundation to stand on. What I think is the case – having the right people are needed for the right role are to ensure the company stays unique to its mission.