The IO Podcast: Investor + Operator

He Started A Business That Sold For $2.5 Billion. Here's What He Learned | Blake Murray, Divvy CEO | I/O Pod Episode 11

Jun 4, 2024

Blake Murray, Divvy CEO, shares insights on building a successful startup. Topics include: identifying a big idea, creating a world-class team, selling before building, hiring like-minded individuals, building a performance culture, sacrificing for upside, and seeking loyal investors. Learn about Divvy's journey to success and valuable founder advice.

01:10:08

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Episode guests

Blake Murray

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Highlights

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Episode notes

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Quick takeaways

Real-time financial insights led to the creation of Divvy, addressing a common business challenge.

Recruiting like-minded, competitive individuals and fostering a performance culture are crucial for business success.

Having a short memory, adapting to new realities, and prioritizing performance drive entrepreneurial achievements.

Deep dives

Capturing the Essence of Capitalism and Business Growth

The episode delves into the core philosophy of capitalism and the relentless pursuit of business growth. The podcast highlights the intense focus on revenue as a means to expand and achieve success, portraying the competitive nature of entrepreneurship. It emphasizes the drive to build a large business and alter life trajectories through unwavering determination and a mindset geared towards winning in the competitive business landscape.

Competitive Urgency as Key Hiring Criteria

01:18

Creating Product Excellence for Effortless Go-to-Market

01:47

CEOs need to become elite storytellers

03:02

Cultivate a Performance Culture

03:49

Introduction

1min

The Birth of Divi

10min

Mastering the Art of Business Storytelling and Authentic Communication

3min

Building a Disruptive Product Before Market Launch

5min

Innovative Education and Hiring Strategies at Divvy

17min

Navigating Financial Pressures and Resilience in Crisis

26min

The Pursuit of Greatness and Continuous Growth

7min

When Blake Murray came up with the idea of Divvy, it was because he had a problem: he couldn’t get real-time data on the financial health of his business. So in 2016, Blake set out to find a solution and realized there was none. Blake spent the next several years building what would become one of the fastest-growing startups in history—a platform combining expense management software and a corporate card to help businesses of all sizes manage their finances.

Blake, along with Tyler and Sterling—Divvy’s SVP and CRO—break down why this startup was such a remarkable success: a world-class team, a world-class product and a performance culture that pushed Divvy and it’s people to the top.

Chapters:

01:38 - How Blake Knew Divvy Would Be A Big Idea

07:17 - The Insight: No Real-Time Financial Information For Businesses

09:20 - The Idea: Blake Lands A 7-Figure Deal With Only A Deck

14:15 - Sell, Design, Build: How Divvy Built First Then Sold To Solve GTM

24:30 - Hire Like-Minded People Instead of People Who’ve Done It (Culture vs Acumen)

37:00 - ’Nobody’s Coming, It’s Up To Us’. How To Do More With Less

42:27 - Founder Advice: Have A Short Memory

43:45 - Founder Advice: Build A Performance Culture

49:52 - Work-Life Balance Myth: Big Sacrifices Are Required for Asymmetric Upside

59:00 - Investor Advice: Founders Want Investors Who Will Be Loyal To Them

1:04:45 - Tyler and Sterling’s Recap