Building Australia's First Unicorn and OIF with David Shein
Dec 13, 2022
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David Shein, founder of Australia's first unicorn Com Tech, discusses facing reality and making tough decisions to succeed as a founder. He reflects on leaving a company and the challenges of transitioning. The podcast also explores managing reality and the future of OIF, his admiration for others in the industry, and memorable investments at OIF.
Facing the current reality is crucial for founders to navigate challenges and succeed.
Seizing opportunities requires evaluating the right timing, opportunity cost, and having determination to make a move.
Exceptional customer service is vital for building a successful company, fostering loyalty, and outperforming competitors.
Deep dives
Importance of Face Reality as It Is
One of the core principles in David Shane's book is to face reality as it is, not as it was or as you wish it to be. He learned this lesson from a book summary about Jack Welsh, the legendary CEO of General Electric. David emphasizes the importance of facing the current reality, even if it differs from the past or our wishes. By acknowledging and adapting to the present circumstances, founders can navigate challenges and make necessary changes to succeed.
Taking Risks and seizing Opportunities
David Shane shares that he took risks and seized opportunities throughout his career. He attributes his willingness to take risks to his father's influence and advice to always pursue independence. David also conveys that seizing opportunities requires considering the opportunity cost, evaluating the right timing, and having the determination to make the move. By taking calculated risks and embracing opportunities, individuals can explore new ventures and potentially achieve success.
Importance of Exceptional Customer Service
David Shane emphasizes the vital role of exceptional customer service in building a successful company. He shares that at his company, Comtech, their commitment to delivering unmatched customer service allowed them to retain 70% market share despite having multiple competitors. David emphasizes the importance of investing in people and nurturing a team that is dedicated to providing outstanding customer service. By prioritizing excellent customer service, companies can build loyalty, retain customers, and outperform the competition.
Finding and Nurturing Talent
David Shane highlights the significance of identifying and nurturing top talent. He states that despite not being a technologist himself, he hired highly skilled individuals who became key drivers of Comtech's success. David looks for attitudes and values rather than just skills when hiring, as he believes that hiring for attitude and training for skills leads to a strong team. He also values the ability to energize others and make tough decisions, seeking founders who execute their business plans with determination and efficiency.
Achieving Success Beyond Financial Wealth
David Shane reflects on the importance of family and maintaining personal values amidst professional success. He shares how his objective was always to have a family similar to the one he admired, and that his wife played a significant role in keeping him grounded. David emphasizes that genuine success goes beyond financial wealth and material possessions, and that maintaining personal relationships and integrity are key to a fulfilling life.
This week we had the pleasure of chatting to David Shein. David is the founder of Australia’s first unicorn Com Tech, Author of The Dumbest Guy at The Table and the co-founder of the VC fund OIF. We dived into Daves lucky breaks, identifying talent, living a fulfilling life and OIFs mission. This isn’t an episode you want to miss.
Show Notes
Book: Ride of a Lifetime- Bob Iger
Podcast: Master of Scale
Dinner Guest: Mikel Arteta
Favourite Investor: Instaclustr
If he could share something with the audience : Imagine- John Lennon
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