Mike is joined in this episode by David Santoro, the CTO and co-founder of CarWow. David shares his fascinating journey in the tech industry, offering invaluable insights on building a resilient business, fostering a positive company culture, and navigating the challenges of acquisitions. With 13 years of experience at CarWow, David's wisdom is a must-listen for anyone looking to grow their tech venture.

KEY TAKEAWAYS

Building business resilience requires a long-term perspective, diversifying revenue streams, and adapting to market changes.
Fostering a positive company culture is crucial for employee retention and overall success, with a focus on collaboration, humility, and personal growth.
Acquisitions can be a strategic move for growth but require careful consideration of cultural integration and resource allocation.
Maintaining a high-quality codebase and keeping technologies up to date is essential for attracting and retaining top engineering talent.
Scope control and prioritisation are key to maintaining speed and efficiency in project development.
Customer feedback and data-informed decisions should guide product development, but not to the point of paralysis.
Navigating regulations and legal requirements is a balancing act between compliance and customer-centric decision-making.
Extreme focus and targeted growth strategies can demonstrate business value and attract investment.

BEST MOMENTS

"Failure was the default in a sense. So, when later in business, we encountered our first dips through the market and so forth and so forth. I think as founders, we were like, this is fine, this is normal, we can cope with that." [3:23] (David discusses how the early challenges and lack of funding at CarWow helped build resilience in the founders)

“You have to be resilient, it’s impossible to grow on and on without challenges” [4:46] (David talking about the importance of resilience in business and why there will always be hurdles when working in any business for a long time)

"I think there were, before COVID, the nuclear market, there were a few other critical events that happened. One was the diesel scandal. Another one was WFPT, where the CEO of a new company thought, wait a second, we have a lots of traffic. We are not monetising really well." [08:00] (David explains how critical events in the automotive industry prompted CarWow's CEO to diversify revenue streams and improve monetisation)

"I'm very happy with the culture. The key differentiator for us is we are highly co-collaborative and we don't just say it, we like helping each other and whenever new people come from other companies, they always mention it" [26:48] (David expresses his satisfaction with CarWow's highly collaborative culture and how it stands out to new employees)

"We are trying to organise the organisation in a way that, hey, If you're helping the department and we help the whole organisation, you thrive." [27:37] (David explains how CarWow's organisational structure encourages collaboration and mutual success)

“You have to compete or you fall behind, simple as that” [33:23] (David talks about how to manage changes and scale, including long term to remain competitive in the market)

"That’s important in a start-up, you need to find people that enjoy technology as a tool to achieve." [40:46] (David on why finding coders and other tech-based employees that share a company’s vision is essential for the companies success)

ABOUT THE HOST

Meet Mike, a seasoned tech entrepreneur and visionary with over two and a half decades of invaluable experience in founding and scaling successful tech startups. Mike brings a wealth of firsthand knowledge and a deep understanding of the challenges faced by entrepreneurs and tech professionals.

As a host, Mike is dedicated to sharing actionable insights, strategies, and stories gathered from conversations with industry leaders, innovators, and experts. With a remarkable ability to distil practical wisdom from guests, Mike curates engaging discussions that resonate with both aspiring entrepreneurs and seasoned professionals.

ABOUT THE SHOW

Welcome to Mastering Tech Growth, where we dive deep into the strategies, challenges, and triumphs of scaling tech-driven ventures. Join us as we explore the dynamic world of technology businesses, uncovering the secrets behind successful growth trajectories. Each episode brings you candid conversations with founders and industry experts, sharing invaluable insights, proven tactics, and real-life stories. Whether you're a budding entrepreneur or a seasoned professional, discover the roadmap to navigating the complexities of scaling in the ever-evolving tech landscape.

Building a Resilient Tech Business: Insights from CarWow's CTO David Santoro

Mastering Tech Growth