Ep184 – Adrian Osman (Co-founder & COO – Me&U) on metrics, ratios and mergers
May 22, 2024
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Adrian Osman, Co-founder & COO of Me&U, discusses Mr. Yum's early days, focusing on ratios, raising $89M Series A, and the merger with me&u. Insights on unconventional entrepreneurship paths, challenges in consulting, and growth in the food industry. Also covers team dynamics, merger negotiations, and peer learning during scaling.
Focus on key metrics to establish as a category leader in a competitive market.
Adaptability and resilience in quickly pivoting business strategies during the COVID-19 pandemic.
Strategic merger decisions based on closely aligned businesses in terms of revenue and volume.
Optimizing organizational efficiency through role switching and leveraging co-founders' strengths.
Deep dives
Strategic Rivalry Between Me and You and Mr. Yum
The intense rivalry between Me and You and Mr. Yum, spanning over five years, led to constant battles over deals and customers. Despite the fierce competition, mutual respect grew between the two companies as neither could outdo the other. The companies vied for deals globally in the UK and the US, creating a challenging yet respectful relationship.
Adrian Osman's Journey into Entrepreneurship
Adrian Osman, co-founder and COO of Me and You (previously Mr. Yum), began his career with a sales job and later ventured into entrepreneurship. Starting with a consulting business, Pitch Black, Adrian transitioned to launching Mr. Yum, a sales and marketing tool for the hospitality industry. Through various startup ideas, Adrian learned resilience and persistence in his entrepreneurial journey.
Navigating the Challenges During COVID-19
The COVID-19 pandemic posed a significant challenge for Mr. Yum as venues shut down, leading to a complete halt in revenue. To adapt, the company swiftly introduced pickup and delivery features to support struggling restaurants. Despite initial setbacks, the team's resilience and quick thinking proved pivotal in sustaining the business during the uncertain times.
Series A Funding and Expansion to the US
Securing a substantial $90 million Series A funding round was no easy feat for Mr. Yum, as the metrics weren't optimal during the challenging period. Leveraging introductions from investors, the team navigated through a demanding fundraising process, eventually attracting global funds. With the funding in place, the company expanded into the US market, seizing the opportunity for growth and market exploration.
Competitive Landscape and Market Positioning
The podcast episode discusses the competitive landscape in the UK market where numerous companies were confusing both businesses and consumers with similar order and pay solutions. This led to the challenge of establishing a clear category leader. The importance of focusing on key metrics that matter and adapting to market changes to position as a category leader are highlighted.
Merger vs. Acquisition Decision
The episode delves into the decision-making process behind a significant merger between two leading companies within the industry. The founders of these companies engaged in discussions that eventually led to a merger due to their closely aligned businesses in terms of revenue and volume. The challenges of negotiating a merger, without cash involvement, and the complexities of merging organizational structures are detailed.
Role Switching and Organizational Adaptation
The conversation shifts to the strategic role switching between co-founders to optimize their strengths within the organization. By realigning responsibilities in areas like product, engineering, and revenue functions, they were able to better leverage their skills and adapt to the growth phases of their businesses. The importance of empathy, clear communication, and respecting each other's expertise in driving organizational efficiency is highlighted.
My guest for Episode 184 of The Startup Playbook Podcast is Adrian Osman. Adrian is the Co-founder & COO of Me&U formerly known as Mr. Yum. He started his career as the Founder of pitchblak, an agency that helped hundreds of Australian entrepreneurs to validate and test their startup ideas. From that agency, the idea […]
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