#57 - Acquired
Overstretched, acquired, and creating value
My previous startup journey ended in failure.
Well, this week that startup got bought by Revolut. They clearly benefited from my absence.
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Over Stretched
Let’s get a couple of things clear:
I did not get a pay out in this acquisition. Rightly so because…
The chapter I featured in was a failure.
You see, we did fail. We tried to go global. We overstretched and failed to achieve it. At the peak we had 70 people across 4 geographies, gearing up for a big Series A. But the money didn’t come.
When this became clear it all changed fast. We closed the US and Australian offices. We scraped the sales team. And I quit to start Unplugged with Ben. (Much to the relief of those who remained no doubt)
Acquired
But what a wonderful example of just how anti-fragile a startup is. The startup I left was in a state. For which I wasn’t blameless. But the hard conversations happened. The founders dug deep. And two years on they got the acquisition.
I’m sorry to bore you with yet another newsletter on failure but I find it fascinating. We have such a warped view of it. It feels so dangerous, so painful. A fear of failure is akin to a fear of dying. But so often it’s just the fuel we need to get our act together.
Creating Value
The other lesson from this acquisition is just how much value a startup journey creates. You set out for an ultimate vision and often that doesn’t materialise. But in striving to that end, value is created.
We wanted to be one of the 3-4 POS companies serving the planet. That didn’t happen. But all the work, all the creation, that leaves something. From there it's down to the resilience and resourcefulness of the founders. Hats off to the Nobly team.
My Week in Books📚
Leadership in Turbulent Times by Doris Kearns Goodwin
So good. Following the life of Abe Lincoln, Theodore Roosevelt, FDR, and Lyndon Johnson. Four remarkable, and very different, characters. Between them they suffered terrible setbacks, but persevered. Timely.
I’ll be updating the books I’ve read this year here. Any recommendations? Let me know!
A Final Thought 💡
“Failure is simply the opportunity to begin again, this time more intelligently.”
– Henry Ford
I promise I’ll relax on the failure posts. 🙏