Have been picking up some nuggets at SXSW over the last few days, including yesterday's discussion between Seek founders Paul and Andrew Bassat on their experiences building a generational company, before transitioning to investors. A few key takeaways: 👉 SEEK was both disruptor and disrupted - having their own 'oh crap' moment where after dethroning print classifieds they quickly found LinkedIn and Indeed threatening them. 👉 Working out if you've reached product-market fit is more art than science. (Although Paul was unequivocal in saying "if you don't already have a bunch of people who won't shut up about your product to their friends and family - you don't have PMF yet") 👉 How often the two founders steered the conversation back to values and culture as the irreplaceable factor in SEEKs success. Andrew was particularly inspired by the famous Netflix culture deck - not because of what it said; but because its radical transparency allowed individuals to self-select in or out of the work culture. And a few more contentious points 👉 When it comes to raising, Andrew says the "worst error is not to win", even if that means giving away more of your company than you might have needed to 👉 Aggressiveness is winning trait; although Andrew sometimes needs to moderate founders where the market they're operating in isn't necessarily a winner takes all and growth can become inefficient. What we're left wondering 👉 How the brothers think about the differences between their roles as generalist and sector specific investors specifically. If you're at SXSW on the hunt for more nuggets swing by the Mythbusters: Aussie Startup Culture Edition today at 3pm; where I'll be speaking alongside Kirstin Hunter Chris Gillings and 🚀Gemma Clancy! #LinkedInSXSW #BigIdeas2024 #SXSWSydney #LinkedInNewsAustralia #LinkedInNewsAustralia
Ali Sufyan
10mo
Great insights from the Seek founders at SXSW! 👍
Investor | Fund Manager - Venture Capital & Growth Equity
10moThanks for this!