- Players: Brian Timperley and Louis Jardim
- Company: Turrito Networks
- Established: 2010
- Visit: turrito.com
As senior account managers in a major ICT company during the 2000s, the corporate accounts that Brian Timperley and Louis Jardim serviced enjoyed substantial support, but smaller customers were falling through the cracks.
Everybody wanted the huge incomes from the really big organisations, so SMEs were largely neglected.
They also realised that Internet connectivity had become a commodity, so Timperley and Jardim opened discussions with potential investors and suppliers to launch their own start-up. They accepted an investment offer and launched a company. It did not go well.
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A clash of cultures
There was a massive culture clash with the investors, and the entrepreneurs admit candidly that they had been seduced by the idea of being business owners, without considering the responsibility that went with it.
Their initial investors got into financial difficulties, so Timperley and Jardim ensured that all the staff were paid and supplier invoices settled, and then put the operation behind them.
They didn’t quit and go back to their corporate jobs though. Instead, they immediately set about refining their business model and finding a new investor, having learnt valuable lessons.
With a new business model in hand, they started looking for a more compatible investor. They came close to hitting the wall and quitting after 14 consecutive pitches to various investment companies, until pitch number 15 to the MICROmega group, who agreed to invest almost immediately.
Finding a niche
“We focused exclusively on the neglected SME sector, defined as 10 to 300 users. This focus has proved very successful,” says Timperley. “We wanted to make our customers feel as important as the big blue chips by giving them preferential support, pricing and service delivery.”
The second key differentiator stemmed from the realisation that bandwidth and network connectivity had become a commodity, so Turrito was set up to be a network aggregator, with the rights to resell products from all significant network suppliers. Customers are able to purchase all available solutions from a single provider.
The ‘halo’ effect of being backed by a large and successful listed technology investor also gave the business credibility. MICROmega provided capital as required, and the entrepreneurs admit that it was easier to grow using investor money.
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Targeting the SMEs
The SME market can be difficult and costly to break into. What challenges did Timperley and Jardim face in marketing to SMEs?
“At the start, we canvassed extensively and focused on what was in it for the potential customer. We learnt what the customers wanted, and what they didn’t care about. In the early stages, it was all about growing the business. Our approach was consultative and all about addressing customers’ pain points. To be considered by prospects (and retain existing customers) we have to boast technical excellence in products and abilities.”
“Almost 80% of our new customers are now referrals by existing customers, so providing really top-class product, support and service has proved a better marketing strategy than many traditional strategies. Thankfully, we have great sales people, so we were able to develop the initial customers fairly quickly,” says Jardim.
How to manage growth
MICROmega might have been footing the bill, but that didn’t mean that expanding the operation was necessarily easy. It took hard work and a clever approach to doing business.
So how did the company manage to scale so quickly and effectively?
“We targeted a large market of SMEs, designed the company to support them well, and secured the products they wanted, so we had a great offering. We also delegated decisions to where they were best made, enabling us to respond rapidly.”
The partners are very different. Timperley is the entrepreneur, building the strategic initiatives to grow the business, with strong industry knowledge. Jardim describes him as a ‘people magnet’. Jardim, meanwhile, is the ‘make-it-happen man’, a problem-solver with a talent for operational excellence.
Leading as a team
“We use each other’s strengths to manage the company. We have never had a serious dispute,” says Jardim.
“The management style is best described as agile chaos — it is highly decentralised decision-making, especially when it comes to the sales teams. For example, if a customer needs a facility for which Turrito Networks is not a registered supplier, employees are expected to use their initiative to motivate new suppliers to management, or find alternatives.
“We don’t make lengthy to-do lists in meetings. When a decision is made, the responsible party must just do it — often from right inside the meeting. We cannot tolerate procrastination, being right or wrong is much less damaging than indecision. It’s okay to fail and learn fast, but it’s not okay to do nothing.”
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Decentralised decision-making has been instrumental in rapid growth. “This process has allowed us to grow, because, as directors, we don’t need to focus on the day-to-day running of the company as much as we otherwise would need to. We can focus more on strategic issues such as customer-care standards, target markets and suppliers.
Hiring the right people
Of course this approach has created its own set of problems, especially when it comes to hiring employees.
“We’ve found that track record in a corporate organisation is irrelevant when it comes to hiring staff. Corporate people do not fit into this environment, so instead we look for agility. We reward high performance well and punish underperformance. We’ve also stuck to our two core strategies of selling only to SMEs and being network agnostic, and this means stability for staff, suppliers and customers,” says Jardim.
Although company growth has been impressive, the staff complement has remained fairly small. When Turrito started, there were four people. Today, there are 31.
“We are still growing, and should do more than 50% year-on-year growth this year. There’s a lot to do in the SME market. It’s a huge segment that will keep us growing rapidly. We have some customers in other African countries, so the rest of Africa offers a lot of potential as well. We are well organised to manage rapid growth and it’s great to have a large and resourceful company like MICROmega backing us,” says Timperley.
Don’t abandon your niche
“Many of our competitors have established their own network, selling their own bandwidth. This is profitable, but we’ve resisted the temptation. We believe this erodes the value of being product agnostic and places doubt on whether we benefit from one of the specific products we offer,” says Jardim.
“We’ve been tempted by large corporates that have heard about our services and wanted us to bid for their business. We stick to our guns – we’ve taken on small business units within a large corporate, but entire networks that exceed our SME definition are not for us. If we try to manage large corporate businesses that we’re not geared to scale to, we ruin our long-term strategy for a short-term windfall.”
5 Steps To A Multi-million Dollar Business Before 30
If you want the multi-million dollar business price tag, you’d better be ready to work for it.
Turning your idea into a multi-million-dollar business before you hit 30 may sound impossible, but with the right attitude and commitment it’s just a long-term goal that you can achieve with the right mindset. Everything in life, from age to business success, is just a number – it’s what you do with that number and how you get there that really counts. Creating a company that has this hefty price tag isn’t easy, but here are five steps you can take to make it less of a dream and more of a reality…
This point cannot be emphasised enough. You need to be passionate about your idea and to be prepared to work 24-hour days, seven days a week, 30 days of the month to make it happen. Hard work is pretty much the only way that any business becomes a so-called ‘overnight success’. In fact, a quick Google search will reveal that most companies touted as quick wins and huge overnight success stories have had people labouring behind the scenes for years.
You also need passion for your customers and clients. This is critical. In fact, passion for your customer should come first, followed by passion for your idea. Don’t forget that your customer is the only reason why your business will succeed.
It may be that you have the passion for your idea, but you also need to mix in a dose of realism. Is the idea scalable? Will the business grow? Is your idea really big enough that it could achieve a multi-million-dollar success? If your idea has that potential and scale, then you’re on the right track, but you need to be absolutely honest with yourself, set specific targets and be prepared to adapt. Which leads to point three….
The idea that first had potential should not be the one that sees you past the multi-million-dollar finish line. You need to be open to reinventing your business model at each phase of development and growth because each one of these phases will introduce new challenges and demand different approaches.
Stubborn refusal to change your idea may work in movies or on increasingly rare occasions, but the reality is that every idea needs to be polished and refined by customer need, feedback and demand.
I fundamentally disagree with the idea that failure is a benchmark of success. You don’t need to see your business implode five times to say you’re successful. No. It is the ability to adapt and the willingness to adapt that defines success. Don’t be precious about your ideas – some work, some don’t.
Just be ready to identify the ones that don’t work because people who cling to their ideas often fail. That level of failure isn’t a sign that you’re on the path to millions, it’s a sign that next time you embark on a new business, you need to redefine your adaptability.
That said, every business is going to have a few failures. These don’t need to be earth shatteringly huge – small failures can be extremely beneficial in fine tuning a product, understanding customer requirements and truly taking advantage of opportunities.
It may sound tedious and repetitive, but there really is no way of getting around having a plan. You must define where you want to go (multi-million-dollar business), how you plan to get there (the market, the customer, the growth plan), and the measurements that define your success.
The last point is crucial – set short cycle goals so you can regularly determine if your business is still on track. These allow you to plan accordingly, make far more insightful decisions, and maintain a pragmatic approach.
Incremental goals not only refine the overarching strategy, but they give you the chance to recognise the smaller successes. It’s fantastic to have the multi-million-dollar vision, but set yourself short goals that allow you to taste success. The saying that success breeds success isn’t wrong. Allow yourself to build a highlight reel that showcases achievements along the way otherwise you run the risk of losing sight of the vision and the motivations behind it. Your multi-million is the final destination, but there is no reason why you can’t appreciate the moments along the way.
Striata Founder Mike Wright Gives Top Advice On Going Global
Mike Wright launched Striata in 1999 from his converted garage in Kensington, Johannesburg. He was 30 years old, with limited capital, and had resigned from his job as MD of a leading web design firm to follow his dreams. To get started, he rescheduled his bond and provisional tax payments, and started working on his big idea. These are his lessons in high-level growth, and the do’s and don’ts of international expansion.
- Player: Mike Wright
- Company: Striata
- EST: 1999
- Turnover: In excess of $10 million (+-R120 million+)
- Visit: striata.com
Striata is a R120 million+ business that operates across South Africa, the Americas, Europe from a base in the UK, and Asia. Launched in South Africa in 1999, founder Mike Wright reached a point where the only way he could grow the business further was to go offshore.
Expansion in the US has been extremely successful, and Mike moved to the UK with his family to spearhead European growth. The business’s efforts in Australia have been less successful however, and a second office has since opened in Hong Kong to service Asia Pacific. Here are Striata’s lessons on international expansion — what worked for them, what hasn’t worked, and how to approach new territories to guide your business’s success.
Learning from the ground up
Mike Wright’s first piece of advice to any entrepreneur looking at international expansion is not to rely on statistics. “In my view, statistics don’t work for the individual,” he explains.
“You can be successful and be doing the opposite of what the statistics say should work, or you can do exactly what the stats applaud and still be struggling.
“If you’re thinking of expanding beyond your borders, hopefully you are already successful in your own market. We reached a level of success and maturity in South Africa that led us down this path. Along the way we’ve learnt that when you enter new markets that aren’t in the business landscape you know and understand, all bets are off. Past achievements don’t guarantee future success.
“You need to look at your business, what you offer, your differentiators, strengths and weaknesses, and use those to determine your go-to-market strategy, based on intensive research into the markets you’re entering. You need to know how and why people do business, and who they do it with, in all the territories you’re looking at.”
In each of the three territories they entered (Australia, the UK and the US), Striata sent pioneers — people they knew, who had worked with them or knew them, and who understood who and what the brand stood for — to spearhead the new international offices.
There’s a fundamental choice you have to make when you launch a division in a new territory: Employ a local with an entrenched network, or send someone that you know shares your values and company culture,” says Mike. The most obvious way to tap into an established network is to find a local partner, or purchase a local business. The downside to this strategy is culture. “The bedrock of a successful business is a shared company culture, but fundamentally you can’t change people. If you go the acquisition route, you need to be absolutely sure you have cultural alignment, and too often it’s only once you’re in business together that you realise you don’t.”
Striata opted for door number two: Supporting individuals from within the organisation to spearhead international growth and building networks on the ground.
“Building a network takes time. You need to attend conferences and networking events and make meaningful connections. We saw this in action in the US. Our pioneer was very good at growing his community and leveraging contacts. The US is a large, mature market, and no one cares where you’re from as long as you deliver. We had a product to sell, not just a concept, and a track record. The right person, market, timing and opportunity aligned for us, and our launch and subsequent growth was successful. We didn’t gain traction overnight, but there was a market for our services, which is the biggest hurdle.”
The strategy worked well in the US and the UK — but not that well in Australia. “We learnt the hard way that the Australian business market is built on long-standing relationships, and it’s a difficult market to break into as an expat.”
As a result, Striata invested more in the market that was working. From 2005 to 2008, US growth was a top priority. “We hired more people, attended conferences and ensured we had a good product with exceptional back-up support and account management. Not every decision will be a win — even when you’re accustomed to getting things right. Sometimes you have to cut your losses and focus on what is working.”
Pulling together the threads of success
According to Mike, Striata’s South African success was based on a simple formula: To successfully run (and grow) a business, you need to keep moving forward — hire the next person, make the next contact, add new partners where applicable, run a good business with a good team that’s focused on execution. You also need a good product, back-up support and account management.
“The minimum level of all these parts working together allows you to service your customer. The maximum level creates a customer who loves you and gives you more business,” says Mike.
“There isn’t one secret to success. You need to get lots of little (and big) things right. A minimum level of service requires repeatability, a focus on service, references, and a good product. The problem is that when you think most of them are ticked, you end up finding one you ignored.”
For Striata, that has not been people. The company’s senior team are all veterans of the business. “A business becomes easy to run — and infinitely more scalable, especially across multiple territories — when your core management team have been with you for a long time. We value our team, offer the right rewards, create wealth for them and give them a career path, and we have the foundation of a phenomenal business.”
However, before you can get your people, systems, processes and service right, you need to start with a product and a business model.
“When I launched Striata I knew I wanted a business based on annuity income. I’d been MD of VWV Interactive, a web design company, and in my 18 months there I’d learnt that when your business is built around projects, you’re either snowed under with work, or scrambling for your next project. I did not want to pursue that business model.”
Prior to VWV, Mike was employed as an accountant at Coopers & Lybrand (pre- PwC), where he was part of their Computer Assurance Services. This was the beginning of computer auditing. “The Internet had come along, and we needed a website. I straddled tech and marketing, so this became my project. Next, we developed eTaxman, a form that calculated your tax return online. It went viral before the term viral even existed. I was on TV, at conferences and on the radio talking about eTaxman. Coopers was at the top of the game and experts in the ‘Internet’.”
The exposure brought VWV knocking. A team of brilliant young designers, they decided they needed more structure in the business. Being 28 and tech savvy meant Mike qualified for the position. “They were the best in the business in terms of creative design, but they needed to build a business around those capabilities as the market shifted to eCommerce,” he says. “It was a fantastic 18 months, but I realised I needed more — I wanted to build something of my own.” At the time, Mike was at the forefront of what corporates could do with tech, and how the Internet was changing the way companies did business and interacted with their customers. “I was looking for a gap, and concentrating on where there were — and weren’t — already players in the market.” Paying attention led the young entrepreneur to a key question: Who was handling corporate focused emails?
“Corporate South Africa caught on to email quickly — it was an excellent way for companies to communicate with customers and constantly tell them what they were doing, and how they were building a better online experience. The problem was that a corporate exchange server can’t handle 100 000 messages in a queue, particularly when that bulk message could delay the CEO’s very important email. We needed to provide a service that could deliver personalised bulk emails.”
With his idea in hand, Mike’s first move was to ‘take a loan from the taxman’ by delaying his provisional tax payments. “I spoke to SARS, acknowledging the debt, and they charged me interest. I wouldn’t recommend this avenue to everyone. You have to be extremely disciplined to pay it off as agreed, and the interest was high, but it worked for me.”
He also reached out to his network, and secured some corporate funding. It was enough to hire a techie who understood email. “We bought a license for ‘list-serving’ software that allowed for personalisation, and entered the market with our solution.”
Since pre-launch, Mike has consistently asked himself these two questions: What do we do/sell? Is there a market for that? “The secret to any business success is being able to take an idea or concept, put it together, connect the dots and get someone else to pay for it. Then you need to ensure you can repeat what you’ve just done, and that you have access to the resources you’ll need to do so. Build it, sell it more than once, and then iterate. That’s where you create value.”
The foundations of growth
There’s a second set of questions Mike asks himself, and these are the foundations for growth: Where are my constraints? What’s stopping me from getting to the next level? “Within our first year, it became clear that not being able to make changes to the licensed software was constraining us. We needed to be more flexible. If you have your own code, you’re in control. Ninety percent of competing software solutions do the same thing. It’s the 10% that gets you the job — you need that 10% to be exceptional, and you need to own it.”
In Mike’s own words, to create the complex and ground-breaking products that Striata is built upon, you need a ‘serious’ rocket scientist. Luckily, Mike knew where to find one — he just needed to wait out the one year non-solicitation he’d agreed on when he left VWV. The second it was over, he approached Nic Ramage to join the business.
“Start-ups generally can’t afford the top experts in their field, even with VC backing, so you need to get creative,” says Mike. “Nic was up for the challenge, but he also came on as a partner and shareholder. If you really want to attract top talent, you need to give them the right incentives.”
From year two Striata started making money. Mike says, “It may be ‘old school’ but whether you have funding or not — or perhaps even more importantly if you do — I believe you must pay your own way by becoming profitable as quickly as possible.” Trained as an accountant, and growing up with a parent in the financial services sector, Mike admits he’s no gunslinger. His approach to business is conservative, and he hates unnecessary risks. But he’s also very focused on growth. “You need to do the work, bill your clients, pay salaries and then put what’s left into R&D. As our development team grew we needed to fund this from normal operations. Perhaps this constrained our growth, but we built a stable base, which worked in our favour when we started focusing on international expansion.”
Striata has chosen to stay focused and niche. “We’ve built up domain experience. It’s tough to be a mile wide and a mile deep — you have to choose between being a generalist or a specialist. We’ve chosen specialist. But, this doesn’t mean we haven’t added new solutions to our overall offering.
“We recently introduced a secure document storage solution in the Cloud — like a document vault. Online archiving and storage is the second leg of our product set. Our differentiator has always been security. All documents we send or store (such as bank statements invoices and insurance policies), are encrypted and password protected.
“We’ve learnt to listen to our customers. That’s how we grew from emails to encrypted documents. Then we realised they needed a way to store documents, so we built a solution to that. We’re also clear on the fact that we do message delivery — not only email. Our model is being ready for the next mode of communication. We need to have solutions before our customers ask for them.
“Our value proposition is to enable communication as an efficient customer service and an engaging customer experience. There’s more interaction between companies and customers than ever before. The actual protocol might change (email, SMS, WhatsApp), but our product is communication. We can go deep within this niche area of expertise.”
Striata’s plan was simple: Develop the secure attachment market in South Africa, until it become a de facto standard. By focusing on a need and creating the right products to address it, while adding functionality customers could benefit from, this is exactly what happened.
“The first time we offered an encryption service was for Diners Club statements. Their parent company, Standard Bank, also liked the idea and issued an RFP.” And this is where Striata moved up a level — its competitors were IBM, who were going to build a similar solution, but hadn’t yet, and an international company, ACI, who had no track record in South Africa.
“We were ahead of the curve, and this secured us the Standard Bank project. We were local and we sold the hell out of our software and capabilities.” Today, Striata counts a number of South Africa’s top banks as clients.
From 2004, Mike aggressively sought growth avenues. His five-year-old business was established, and servicing much of corporate South Africa. “There are two ways to grow: Add a product to sell to your current clients, or look at new geographies. We did both.”
There are a few major points that work in Striata’s favour. “Our currency gives us a margin that international competitors can’t match.” That said, many other international tech companies, including Amazon, have set up development hubs in Cape Town to take advantage of local skills and the exchange rate.
Second, South Africa operates in the same time zone as the UK and Europe, so tech support is only a phone call or email away.
“When we started looking overseas, we were a relatively young software company that had a software as a service (SaaS) offering. We knew we had the capability to sell anywhere and everywhere, and we had a cost advantage based on the rand exchange rate. We had the ideal business model for international expansion, we just needed to gain traction.”
By 2008 Striata — and Mike in particular — reached a crossroads. The US was growing, the Australian business was struggling, and the UK presented a fantastic opportunity, yet many deals just didn’t close. “I realised I could make a difference in the UK market. South Africa had a strong, established team. I wasn’t needed there anymore to continue the day-to-day operations of the business.” Mike has spent the past nine years in the UK, and travels between all of Striata’s operating territories. “We’ve got a good base, but we’re just getting started. Communication is shifting so quickly; we have to stay on our toes to ensure we’re the ones spearheading new solutions and growing our markets.”
The Make Up of Makeup: How One Entrepreneur is Changing the Cosmetics Industry
Energetic, enthusiastic and fun are three words to describe Alina Lucía Imbeth Luna. But her favorite words are organic, vegan and cruelty free. They’re the backbone of her Medellin, Colombia-based cosmetics company, Pure Chemistry. Learn how this chemist and engineer is revolutionizing the cosmetics industry and read about her advice for future entrepreneurs.
This article originally appeared on FedEx Blog.
What is Pure Chemistry?
Pure Chemistry is a company that invents, manufactures and sells beauty products directly to the consumer. What makes us stand out is that we are certified organic, vegan, and cruelty-free.
Many companies say they do no testing on animals, but we go one step further. None of our processes or ingredients has any animal components. Ingredients from animals are common in the cosmetic industry but for us it is not an option.
If it’s common, how do you avoid using them?
For virtually any synthetic or animal ingredient, there is an organic, plant-based alternative.
Collagen, for example, is an animal protein that we don’t use because there are vegetable alternatives that give us better results.
As for honey, we don’t take honey away from bees, we use cane honey.
So for whatever reason people have, be it religion, ethics or they just decide not to use a product that has ingredients that come from or are tested on animals, they can come to Pure Chemistry.
Many companies use the word “organic,” but you are “certified organic.” How is that different?
We are proud to have the Ecocert certification. Ecocert is an international entity that has a standard for the definition of what’s considered organic cosmetics.
To get certified, ingredients need to come from renewable resources, manufacturing must be environmentally friendly, packaging must be biodegradable or recyclable so it’s not just about the product, it’s also the packaging and the production of all our ingredients.
Certification, for us, is very important. I could tell you right now that I am Hillary Clinton, but if I don’t show you an I.D., you won’t believe me, right?
That’s why it’s important to be certified.
How are your products tested?
Our products are tested on people because they are made for people.
We have a testing club at Pure Chemistry. Many are from our University and are chemists and physicists as well friends and customers who volunteer to test our products.
People call all the time about being in our new product test group and we pay no one for testing. This is very important to us so people are honest about the product and their results.
What is your team like?
We are a company of women and everyone has their own expertise.We all have some authority roles over our own specialties but there are no hierarchies here. The business model is a circle. We all support each other.
We have no set schedule. Our team comes to work when they need to – at the time that they need to work. You don’t have to be sitting here doing nothing if, at that time, there is nothing to do. It works very well for us.
Our customers are also an important part of the Pure Chemistry team. Since 2015, many new product ideas have come from clients’ requests. They write to us, send us messages, and we keep a list.
People started requesting, “Please, we need a toothpaste,” and we said, “Let’s work on a toothpaste.”
Others wrote, “Please, we need a product in a size that can go in a carry on bag at the airport,” so we did.
We mean it when we tell our clients, “Your comment, message, suggestion won’t be in vain.”
How hard is it to develop your products?
As a child, you don’t think about having to make money to do this and that.
For me, product development is like that little girl inside me that wants to experiment.
It’s fun, but not easy. It took us almost six years to develop a shampoo to make sure it did not have sodium lauryl sulfate or sodium laureth sulfate, the quickest, fastest, and cheapest way to make shampoo. It took us that long to get a product that would comply with the organic certification and one that you could use on both babies and adults.
We also have to think ahead. When we started developing nail polish, we also needed an organic nail polish remover, one that was also not flammable so it can easily be shipped internationally. Now we have a patent pending water based nail polish remover.
We are always amazed and encouraged when something that we came up with is working for someone. They write things like “I love this product. I love this company. I love you guys.” It’s very heartwarming.
This is what makes me get up in the morning.
It’s creativity with a purpose.
What advice do you have for other women entrepreneurs?
Don’t just make a business plan and wait. Entrepreneurship shouldn’t stay on paper.
There should be no excuses. Go for it. Be willing to make mistakes. As long as you are clear about where you want to go, there are many ways to get there. You can make a mistake, you can fall, a million things can happen.
Examine and redefine your goals as you learn from your mistakes.
What advice do you have for little girls?
I would tell any little girl or boy, “Start by writing it.” Write about what you want to do, what you dream about.
As years go by, look to see if that was just a kid thing, a whim, or if it was really a dream. As you grow up you forget that as a child you wanted many things, but if you write them down, it will give you something to look back on.
For me, I can say, “Look, I wanted to be a scientist, and I did it!”
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