The Future of Retail “Arming the Rebels!” with Tobi Lütke, CEO/Founder of Shopify.com - Escape Velocity Show #16
Dec 5, 2019
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Tobi Lütke, CEO/Founder of Shopify.com, discusses how they compete against Amazon and win. They talk about building a team, managing product development, and growing as a company. Tobi shares his unique approach to scaling a huge company in a non-traditional tech city like Ottawa, Canada. They also explore the power of neurodiversity, unconventional hiring methods, and creating an incredible environment for success. Tobi reflects on their journey as an entrepreneur and the skills acquired along the way.
Shopify's focus on reducing friction and providing easy-to-use tools has led to a significant increase in the number of entrepreneurs using their platform.
Shopify actively embraces neurodiversity and diverse perspectives, leading to better decision-making and overall success of the company.
Deep dives
Reducing Friction and Increasing Entrepreneurship
Shopify's mission is to reduce friction and make it easier for entrepreneurs to start and grow their businesses. By simplifying the process of setting up online stores, Shopify has seen a significant increase in the number of merchants using their platform. The company's focus on reducing friction and providing easy-to-use tools has resulted in a growing number of entrepreneurs actively selling online. With over a million merchants on Shopify, the company has successfully addressed the friction that previously limited the number of online businesses.
The Value of Neurodiversity and Unique Perspectives
Shopify recognizes the value of neurodiversity and the importance of diverse perspectives in problem-solving. The company actively seeks out individuals with different life experiences and backgrounds, believing that a more diverse team leads to better decision-making. By embracing neurodiversity and different ways of thinking, Shopify has been able to solve problems more effectively and foster an environment where individuals can thrive. This approach has not only attracted top talent but has also contributed to the overall success of the company.
Developing a Culture of Efficiency and Continuous Improvement
Shopify places a strong emphasis on developer efficiency and continuous improvement. The company understands the value of efficient processes and provides developers with the tools and resources they need to be productive. Through automation, seamless deployment processes, and access to powerful internal tools, Shopify enables its team members to focus on solving problems and creating innovative solutions. By investing in developer efficiency, Shopify has created an environment where engineers can excel and drive the company's growth.
Adapting and Innovating to Stay Ahead
As a company, Shopify recognizes the need to continuously adapt and innovate in order to stay ahead. By constantly exploring new ideas, questioning existing norms, and challenging the status quo, Shopify has been able to evolve and grow. The company's ability to identify new pain points and develop innovative solutions has allowed them to expand beyond their initial offerings and enter new markets. Shopify's commitment to innovation and its focus on solving problems has been instrumental in its success as a global leader in the e-commerce space.
Want to learn what it’s like to compete against Amazon and win? I first met Tobi the Co-founder & CEO of Shopify.com 10 years ago in San Francisco while they were fundraising for their series A… … most investors said “No”. (We dig into this during my interview… specifically, what those investors missed!) Fast forward to today and they have more than 1M businesses paying them every month, from over 175 countries with total gross merchandise volume exceeding $50 BILLION. Many consider them the ONLY company actually competing against Amazon and winning. But how did they do it? How did they build their team, manage their product development or grow as a team to be the company they are today and making Tobi a Billionaire? That was actually my first question to him “What’s changed now that you’re a Billionaire?” 🙂 As a technical founder growing up I actually used a framework called ActiveMerchant (that Tobi built) to accept credit cards within my Ruby on Rails application… … so our connection goes way back even before we ever met in person. Our technical background and systems thinking approach is what makes this interview completely different from anything you’ve heard before. Watch to learn how Tobi used this unique approach to scale a HUGE company in a non-traditional tech city like Ottawa, Canada (and those benefits). During this conversation, you’ll learn: - The dramatically different way Tobi looks at exponential growth - How to get your culture fit right for growth - The advantages of starting off as a programmer - The power of neurodiversity - The single question loop that drives their strategic growth - How to increase developer throughput - Why you need to disagree with the general consensus to build innovation - And sooo much more. One of my favourite conversations was deconstructing Tobi’s view on talent acceleration. It’s something I discovered in the early days when I was visiting their office and found out they had an internal executive coach who worked with several of their exec leadership team. This was years before having a coach was “cool” (it still may not be :). Today that coaching team is 50+ people. The core belief Tobi has that drove that decision is that if your business is growing by % – call it 50% – then you need to develop your team’s abilities by 50% on an annual basis!?! Are you growing your team at the same rate you’re growing? Probably not. He also believes that everyone needs to requalify for their role every year – including him. Watch or listen to this interview and leave a comment letting me know what your biggest insight from our conversation was. Can’t wait to hear your feedback! Enjoy. -- Dan Martell has advised more startups than his hometown has people and teaches startup founders like you how to scale.He previously created, raised venture funding for and successfully exited two tech startups: Flowtown and Clarity.fm. You should follow him on twitter @danmartell for tweets that are actually awesome. + Instagram (behind the scenes): http://instagram.com/danmartell + Facebook (live trainings + Q&A): http://FB.com/DanMartell + Twitter (what I'm reading): http://twitter.com/danmartell
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