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8 lessons in building a $2 billion company
Jamie Sutherland General Manager, US Products & Solutions
@sutherlandjamie
1. Colossal shifts in technology 2. Why Xero is unique 3. 8 lessons learned
Agenda
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1. Colossal shifts in technology
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Computing power is increasing exponentially
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One insect brain
One human brain
All human brains
1920 2000 2080
Exponential growth of computing
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Entire industries being disrupted
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Technology adoption lifecycle
Innovators Early adopters Late majority LaggardsEarly majority
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Early adopters eat the late comers
Innovators Early adopters Late majority LaggardsEarly majority
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Blockbuster → Netflix Borders → Amazon Yellow Cab → Uber Tower Records → Spotify, Pandora ABC → Hulu, Amazon video
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Smartphone shipments dwarf PCs
0
50
100
150
200
250
300
Mar 95 Mar 97 Mar 99 Mar 01 Mar 03 Mar 05 Mar 07 Mar 09 Mar 11 Mar 13
QUARTERLY UNIT SHIPMENTS
PCs
iOS & Android
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EARLY ADOPTER
New ways to pay
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New ways to sell @sutherlandjamie
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1. Why Xero is unique
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What is Xero?
OTHER
XERO
Cloud accounting subscribers outside US
#1 Fastest growing financial application 2014
#1 Most Innovative Growth Company 2015, 2014
Lessons learned
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Lesson 1: go after a big market
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@
Small business is important & significant
to every economy
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90%
companies
~65%
employment
>85%
job creation
@ @sutherlandjamie
Lesson 2: be mission-driven
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Improve the small business economy worldwide
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Lesson 3: create experiences people love
@sutherlandjamie
@Xero is just fantastic. So many problems, solved. Done. Love it. I’m actually enjoying getting ready for taxes.@peeja
After setup & training on Friday, the meeting ended w/ the client saying, "I looovvveee Xero!" #xerolove@WFUDeac
Just asked another client how they are enjoying their new @Xero file. They said "they don't like it, they love it"@kmiddlemis
@sutherlandjamie
I would rather face root canal surgery with no anaesthetic than do bank reconciliations.
“
DEVAN SABARATNAM
@sutherlandjamie
@sutherlandjamie
Xero however, actually makes bank reconciliations fun! There is an almost 'game' like quality to the whole process, and I am actually disappointed when it is all done.
“
DEVAN SABARATNAM
@sutherlandjamie
Lesson 4: if you hire clowns, you’ll end up with a circus
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A big difference between a good hire and a great hire
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Lesson 5: partner with purpose
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Connect businesses to an advisor
Lesson 6: new markets aren’t always rinse and repeat
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Get product basics right before you enter
a new market
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Lesson 7: influence influencers
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Lesson 8: attach to a major brand
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SUPPLIERS &CUSTOMERS
BANK
PERSON
DESKTOPSOFTWARE
FINANCIALREPORTS
RECONCILE
The old way
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XERO
ADVISOR
FINANCIALREPORTS
SUPPLIERS &CUSTOMERS
BANK
The new way
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www.xero.com