Want to learn the best business insights from remarkable speakers at Slush 2023, but don’t have the time to watch the full speeches on YouTube?
You’ve come to the right place. Below is a summary of a speech by Sequoia Partner Alfred Lin, Tony Xu (DoorDash) and Miki Kuusi (Wolt).
(psst: the notes were automatically generated with Wudpecker's AI notetaking tool. If you'd like to check these notes + transcript + audio recording without needing to log in, press here.)
<p class="h1-rich">🤏 TL;DR</p>
Wolt has partnered with DoorDash, resulting in a longer-term focus and expansion of services, including launching in new countries and introducing new features. DoorDash paid 10% of Wolt's company value for the partnership, and since then, Wolt has retained all of its employees and tripled its business. The action items include signing definitive agreements for the DoorDash transaction, informing investors about the decision, focusing on long-term growth and expansion, and managing the partnership effectively.
<p class="h1-rich">✨ Summary</p>
Partnership with DoorDash
- The partnership between Wolt and DoorDash was formed after a long-standing relationship between the two companies.
- Wolt was originally planning to raise a €1.1 billion round of financing before deciding to partner with DoorDash instead.
- The partnership allows Wolt to have a longer-term focus and expand its services, such as launching in new countries and introducing new features.
Benefits of the Partnership
- DoorDash paid 10% of Wolt's company value for the partnership, resulting in a permanent dilution of 10%.
- The decision to partner with DoorDash was a conviction-oriented bet based on shared values and long-term goals.
- Since the partnership, Wolt has retained all of its employees and tripled its business.
Managing as a Founder
- Miki Kuusi, the CEO of Wolt, and Tony, the CEO of DoorDash, both share similar experiences and battle scars as entrepreneurs.
- Miki's role as founder and CEO of Wolt has not significantly changed due to the partnership.
- Tony's management and leadership style have adapted to accommodate Miki as a founder.
Fundraising Challenges
- Raising funds for startups can be challenging, and the current fundraising environment is similar to previous difficult periods.
- Both Wolt and DoorDash faced significant challenges when raising capital in the past.
- The key to successful fundraising is to focus on building a product that people want and to persevere through the difficulties.
Embracing Constraints
- Both Wolt and DoorDash have embraced constraints throughout their journeys.
- Constraints can be demotivating at times but ultimately lead to learning and improvement.
- Constraints have driven innovation and resourcefulness in building the businesses.
Recruiting Exceptional Talent
- Recruiting exceptional talent is a challenging task, and success rates may vary.
- It is important to know what exceptional talent looks like and to understand the cultural fit within the organization.
- Recruiting exceptional talent requires time and effort to truly understand candidates' capabilities and potential contributions.
Scale of Ambition
- Wolt aims to become the most relevant company in its industry globally.
- DoorDash's ambition is to empower and serve every local business, connecting them with consumers in every city.
- Both companies have grown exponentially and continue to strive for success and relevance.
Lessons Learned
- Trust your gut and obsess about building something amazing for your customers.
- Focus on the needs and desires of your users or customers rather than getting caught up in competition or fundraising.
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