What Founders Get Wrong About Scaling – With Carta’s CEO

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Mar 7, 2025

Henry Ward, co-founder and CEO of Carta, shares insights from over a decade of scaling his company. He discusses the importance of hiring 'missionaries' over 'mercenaries' to maintain company culture. Ward emphasizes the crucial timing of achieving product-market fit and reveals the evolving role of a CEO in building effective systems as a company grows. He highlights focusing on input metrics rather than just revenue for sustainable growth and underscores the necessity of clear written communication in shaping company culture.

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INSIGHT

Founder Uniqueness

Founders are unique and don't fit neatly into categories.
Their strength lies in identifying overlooked opportunities, making them valuable.

ADVICE

Missionaries vs. Mercenaries

Hire missionaries early on: they are passionate about the problem.
As your company grows, balance them with mercenaries.

ANECDOTE

Unexpected Product-Market Fit

Henry Ward recalls discovering Carta's product-market fit when sales unexpectedly soared despite a broken sales line.
This demonstrated strong demand despite their selling efforts.

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Henry Ward, cofounder and CEO of Carta, has spent over a decade scaling his company from an early-stage startup to a 2,000-person industry leader. In this a16z Speedrun conversation with Games partner Josh Lu, Henry shares hard-earned lessons on:

Hiring missionaries vs. mercenaries — and how to keep company culture intact as you scale
The reality of product-market fit and why many founders try to sell too soon
The evolution of a CEO — from building a product to building a system around you
Inputs vs. outputs, and why companies should focus on the right leading indicators
Transparency in leadership, including when (and when not) to share

This episode is packed with candid insights and lessons on company building. Recorded live at the a16z Speedrun program, you can learn more at a16z.com/games/speedrun.

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