The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

20VC: Why "Hire Great People and Get Out of the Way" is Total BS, Why Your Upbringing Can Make You a Worse Leader & A Bentley, Two Nissan Cubes and Becoming One of Macedonia's Largest Employers; The Story of Slice with Ilir Sela

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Aug 4, 2023

Ilir Sela, Founder and CEO of Slice, shares his journey from humble beginnings in Macedonia to revolutionizing the pizzeria industry. He challenges the idea that great leadership means stepping back, emphasizing active engagement instead. Sela discusses the impact of his upbringing on his leadership style and argues why scaling without initial funding proved beneficial. He reflects on buying a Bentley and reveals his insights on building a successful startup against financial odds. Tune in for his unique perspectives on delegation and the entrepreneurial landscape.

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INSIGHT

Small Business is Lonely

Building a small business is a lonely journey.
Founders become experts in solving infinite problems.

ANECDOTE

Bentley Story

Despite growing up poor, Ilir Sela prioritized hard work over financial security.
He bought a Bentley after bootstrapping Slice to profitability, but quickly refocused on reinvesting.

ANECDOTE

Twitter DM to Funding

Ilir Sela reached out to Wiley Cerilli on Twitter, leading to an unexpected investment.
This happened after declining an $18M acquisition offer, choosing growth over immediate payout.

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Ilir Sela is the Founder and CEO of Slice, the all-in-one ordering and marketing tech platform for local pizzerias. Through its partnerships, Slice has driven over $1B in earnings for over 18,000 independent pizzerias nationwide. Fun fact, Slice is also one of the largest employers in Macedonia and at one point, employed so many people there, they had to start their own school to train more people. Before Slice, Ilir started Nerd Force and sold it in 2008. Huge thanks to Jeff Richards (GGV) and Ben Sun (Primary) for some amazing questions today.

In Today's Discussion with Ilir Sela We Discuss:

1. From Macedonia to the Bright Lights of NYC and Bentley Buying:

How Ilir made his way into the world of startups having grown up in Macedonia?
How did his less affluent upbringing impact his approach to company building?
How does Ilir think about the importance of money? How did he come to buy a Bentley?
What does Ilir know now that he wishes he had known when he started?

2. Why Bootstrapped Was Best & The Decision to Fundraise:

Why did Ilir scale the business to $4M in revenue without ever fundraising?
What does Ilir believe are the benefits of scaling businesses with less money?
What would Ilir have done differently had he raised money earlier?
What advice does Ilir have for founders who see competitors raising more money than them?

3. Why Delegation is BS and Your Upbringing F***** You Up:

Why does Ilir believe that much of our upbringing can instill principles which make us a worse leader?
Why does Ilir believe it is BS to hire great people and get out of the way?
What are the single biggest mistakes Ilir sees founders make in company scaling?
What have been some of Ilir's biggest lessons in talent acquisition?

4. Decision-Making 101:

How does Ilir analyze his decision-making framework today?
Where does he need to improve as a leader today? What does he need to do to get there?
What has been the single best decision he made with Slice? What did he learn from it?
What has been the worst decision he has made in the scaling process? How did that change his mindset?