Fintech Chatter: Insights From Fintech Leaders Liam Millward - Instant 2024
About this Episode
In episode 198 of the Fintech Chatter Podcast, host Dexter Cousins reconnects with Liam Millward, CEO and Co-Founder of Instant. They discuss the remarkable growth and evolution of Instant since their last conversation. Liam shares insights on shifting from a product-focused mindset to a revenue-driven approach, navigating challenges in a competitive landscape.
He shares the importance of building a high-performance team. Liam emphasises the significance of leadership, decision-making, and the role of personal experiences in shaping his entrepreneurial journey. The conversation also touches on the future of Instant and the strategies for market expansion.
The Instant Journey
As CEO and Co-founder of Instant; Liam is on a mission to power the world's most innovative brands, helping to drive their revenue and retention on autopilot. He launched his first funding round led by Blackbird, at age 17, generating $7.5m, the biggest pre-seed to date in Australia.
As the business grew to $1.5m in annualised revenue, they have raised an additional $30m across Seed and Series A rounds. Hitting a healthy 1 million shoppers within 12 months of their launch.
Since Instant launched its Checkout product, they have gone on to develop Audiences and Targeting offering their 3 product across the US and Australia.
This is a triple-pronged approach to customer retention and greater outcomes for business revenue.
About Liam Millward
Liam started his first venture aged 13 in a caravan, travelling around Australia and the world with his family. His love of travel resulted in him curating and developing a well-known travel magazine, Navigate Australia with a monthly readership of 50,000+.
Key Takeaways
- Liam Millward reflects on the rapid growth of Instant since its inception.
- The importance of focusing on revenue rather than just product development.
- Building a strong sales strategy is crucial for startup success.
- Creating a high-performance culture is essential for team motivation.
- Leadership requires transparency and accountability within the team.
- Identifying and nurturing talent is key to sustaining growth.
- Travel and personal experiences can significantly influence an entrepreneurial mindset.
- Having a clear vision can inspire teams to achieve ambitious goals.
- Market expansion requires understanding and adapting to new environments.
- Failing as a company is not an option; resilience is vital.
Chapters
00:00 Introduction to Instant and Liam's Journey
05:28 Shifting Focus: From Product Obsession to Revenue
11:04 Sales Strategies for Rapid Revenue Growth
16:40 Leadership and Transparency in Startups
22:27 Creating an Inspiring Vision for the Team
27:00 High Performance Work Environments
34:26 The Impact of Life Challenges on Entrepreneurship
42:13 Setting Ambitious Goals
49:14 The Realities of Starting a Business
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