1134: Why the Path to Unicorn is Not All Glitter and Rainbows w/ Joel Bar-El

WEBVTT 1 00:00:00.040 --> 00:00:04.799 Wouldn't it be nice to have several thought leaders in your industry know and Love 2 00:00:05.000 --> 00:00:10.230 Your brand? Start a podcast, invite your industries thought leaders to be guests 3 00:00:10.310 --> 00:00:15.429 on your show and start reaping the benefits of having a network full of industry 4 00:00:15.429 --> 00:00:25.699 influencers? Learn more at sweet fish Mediacom. You're listening to be tob growth, 5 00:00:26.100 --> 00:00:30.500 a daily podcast for B TOB leaders. We've interviewed names you've probably heard 6 00:00:30.539 --> 00:00:34.420 before, like Gary vanner truck and Simon Senek, but you've probably never heard 7 00:00:34.500 --> 00:00:38.729 from the majority of our guests. That's because the bulk of our interviews aren't 8 00:00:38.770 --> 00:00:43.289 with professional speakers and authors. Most of our guests are in the trenches leading 9 00:00:43.329 --> 00:00:48.170 sales and marketing teams. They're implementing strategy, they're experimenting with tactics, they're 10 00:00:48.250 --> 00:00:52.759 building the fastest growing BTB companies in the world. My name is James Carberry. 11 00:00:52.799 --> 00:00:56.320 I'm the founder of sweet fish media, a podcast agency for BB brands, 12 00:00:56.439 --> 00:00:59.640 and I'm also one of the cohosts of this show. When we're not 13 00:00:59.719 --> 00:01:03.600 interviewing sales and marketing leaders, you'll hear stories from behind the scenes of our 14 00:01:03.640 --> 00:01:07.510 own business. Will share the ups and downs of our journey as we attend 15 00:01:07.590 --> 00:01:11.590 to take over the world. Just getting well? Maybe let's get into the 16 00:01:11.629 --> 00:01:21.459 show. Welcome back to BEDB growth. I am your host for today's episode, 17 00:01:21.500 --> 00:01:23.420 Nikki. I be with sweet fish media. Guys up got with me 18 00:01:23.540 --> 00:01:30.299 today Joel Bar l who is CEO of tracks retail. Joe, how you 19 00:01:30.340 --> 00:01:33.849 doing a day? Hey, hi, nice to be here and I'm doing 20 00:01:34.010 --> 00:01:36.810 time. Things good, good, so I'm excited to have you talked to 21 00:01:36.849 --> 00:01:41.650 us today. You guys just recently achieved Unicorn status, which is really exciting, 22 00:01:42.090 --> 00:01:45.329 and you're going to talk to our listeners about some of the hurdles that 23 00:01:45.489 --> 00:01:48.959 you ran into on your way there and some of the things you learned for 24 00:01:49.040 --> 00:01:52.920 the folks who are on our way there. So I would love it if 25 00:01:52.959 --> 00:01:56.920 you just give us a little bit of background on your cell phone you and 26 00:01:57.000 --> 00:02:00.200 the folks attracts have been up to these days. Yeah, sure, I'm 27 00:02:00.239 --> 00:02:08.229 a serial entrepreneur and tract is my third company established and after selling my last 28 00:02:08.750 --> 00:02:14.830 stop up, which was around wealth management, I made a cofounder of trucks 29 00:02:14.909 --> 00:02:20.219 drawer in Singapore. Drawer is coming from a background or recal execution. I'm 30 00:02:20.300 --> 00:02:24.699 coming from a technology background and draw came with the needs and idea of forming 31 00:02:24.819 --> 00:02:29.419 trucks, and this is how it calls began. It tracks is all about 32 00:02:29.500 --> 00:02:35.129 digitizing the physical world of retail and meaning to say it, taking Britain motor 33 00:02:35.210 --> 00:02:40.330 stores and digitize them in a way that they become transparent and accessible, just 34 00:02:40.610 --> 00:02:46.319 like online retale. And we do refusing the computer vision technology. We take 35 00:02:46.400 --> 00:02:51.879 images on shelf spaces in the Briton boast the stores and in real time, 36 00:02:52.039 --> 00:02:55.680 provided digitized image of the store. It's as of every product on every shelf 37 00:02:55.800 --> 00:03:00.389 in every island. Wow. So I mean straight up. Part of the 38 00:03:00.469 --> 00:03:02.629 reason why you guys cheat Unicorn set as I have to guess it's just because 39 00:03:02.669 --> 00:03:09.629 it's a really good idea. To miss some ideas the basis of every successful 40 00:03:09.710 --> 00:03:13.939 company. Yes, yes, of course it takes more than that and that's 41 00:03:13.979 --> 00:03:16.020 why, whether you hear, talk to us about that. So so just 42 00:03:16.300 --> 00:03:20.060 first just talk to us a little bit about what were some of the more 43 00:03:20.180 --> 00:03:23.500 difficult aspects of that's what things would have surprised you on your journey there. 44 00:03:23.939 --> 00:03:30.849 So I think that the one of the challenges of a company with a good 45 00:03:30.969 --> 00:03:35.810 idea, good clients, good solution is really to scale to that next level 46 00:03:36.050 --> 00:03:42.919 and I know many companies can achieve certain amount of growth and usually in sales 47 00:03:43.039 --> 00:03:46.960 it measures anywhere between ten and twenty meediity revenue. In terms of headcount, 48 00:03:47.159 --> 00:03:53.000 you go to anywhere between hundred and twenty, hundred and sixty employees. And 49 00:03:53.360 --> 00:03:58.189 this type of metrics usually is being called in the industry the value of death, 50 00:03:58.750 --> 00:04:01.990 because many companies go in and only a few came out comes out on 51 00:04:02.069 --> 00:04:05.349 the other side, and usually when they do come out, these are the 52 00:04:05.469 --> 00:04:11.099 ones that go to kind of the Unicorn status and can scale further. And 53 00:04:11.460 --> 00:04:15.980 they wanted to discuss a bit about those further so how to bring those attributes 54 00:04:16.019 --> 00:04:23.019 to the company and kind of successfully passed through that valley. And I think 55 00:04:23.740 --> 00:04:27.250 there are few dimensions. I think one of the dimensions that will work for 56 00:04:27.410 --> 00:04:33.610 tracts is the absorbing robs of the notion that's the way the company is being 57 00:04:33.730 --> 00:04:39.079 managed and needs to be changed. And as you grow the company in terms 58 00:04:39.120 --> 00:04:43.319 of number of the employees, and many times you also grow the company in 59 00:04:43.439 --> 00:04:46.680 terms of the number of products or the number of markets. As the company 60 00:04:46.720 --> 00:04:53.310 expands and scales, we started to put a lot of emphasis not just on 61 00:04:53.470 --> 00:04:57.470 the IQ of our employees. That means how good are they in their positions, 62 00:04:58.069 --> 00:05:01.790 whether those are programmers or lawyers, or product people or sales people. 63 00:05:02.350 --> 00:05:08.379 It's really also to put an equal amount of emphasis on the Equ side, 64 00:05:08.899 --> 00:05:13.339 how people are working together in a better way, how to form the right 65 00:05:13.459 --> 00:05:17.699 teams and how to have a leadership which is all prone towards collaboration rather than 66 00:05:17.899 --> 00:05:26.490 self success and kind of more egocentric approach toward life and towards career. And 67 00:05:27.089 --> 00:05:32.209 by making those adjustment around the way we do things, I think that gave 68 00:05:32.290 --> 00:05:40.399 us a very big foundation in terms of building the next layer of trucks in 69 00:05:40.480 --> 00:05:45.439 a scalable and sustainable manner. Wow, wow, I love that. I 70 00:05:46.000 --> 00:05:47.639 saw that. The difficulty, and I think this is common in a lot 71 00:05:47.680 --> 00:05:50.069 of businesses, like you said, that are that are trying to scale as 72 00:05:50.069 --> 00:05:54.790 you you want so badly, when you've got this great idea, as you 73 00:05:54.949 --> 00:05:59.110 talked about, to get to this point where you've got it figured out right 74 00:05:59.310 --> 00:06:02.149 as far as you're being the company is being managed in the direction that you 75 00:06:02.189 --> 00:06:05.379 want to be managed in, you've got the right people in the right positions. 76 00:06:05.980 --> 00:06:10.180 So and you've tried so hard, you get to that point that it 77 00:06:10.259 --> 00:06:15.100 can be really difficult to accept that when you trying to get to the next 78 00:06:15.180 --> 00:06:18.050 point, more change is necessary. So when you talk about, you know, 79 00:06:18.250 --> 00:06:21.009 step one being everybody happen to be on the same page, that like 80 00:06:21.170 --> 00:06:25.009 look, we I know we worked hard to get to where we are, 81 00:06:25.050 --> 00:06:27.930 but in order to get to this next place it's going to take more. 82 00:06:28.050 --> 00:06:30.569 It's going to take more than being good at your job, is going to 83 00:06:30.610 --> 00:06:33.800 take more than being smart and it's going to take this other level of emotional 84 00:06:33.839 --> 00:06:39.040 intelligence like you mentioned, to get there. I really didn't expect for that 85 00:06:39.240 --> 00:06:42.120 to come out so, so cool, so early on in the process, 86 00:06:42.920 --> 00:06:46.199 but it makes sense the way you you lay it out. What are some 87 00:06:46.319 --> 00:06:51.110 of the methods that you can use in that stage to get folks on board, 88 00:06:51.189 --> 00:06:54.550 to get that sort of internal buy into, Hey, this is what 89 00:06:54.629 --> 00:06:57.389 we need to do to get to the next level? To make what excellent 90 00:06:57.430 --> 00:07:00.990 question and and it's not an easy message. It sends to me. The 91 00:07:00.069 --> 00:07:03.980 message is that when you want to go and scale for the next level, 92 00:07:04.139 --> 00:07:06.899 you can not do this. Said, they thinks the way you did it 93 00:07:08.019 --> 00:07:13.019 in the past. If, in the early stages of a company you are 94 00:07:13.100 --> 00:07:16.089 putting a little focus on the sands and execution in the market in terms of 95 00:07:16.209 --> 00:07:23.649 bringing you those first clients, establishing those kind of beachheads accounts which are giving 96 00:07:23.689 --> 00:07:28.089 you kind of the claim to fame in the market in terms of what you 97 00:07:28.209 --> 00:07:31.279 do. When it comes to the next level, it's all about replication, 98 00:07:31.560 --> 00:07:39.879 it's all about creating commonality around the different deliveries that you have, especially in 99 00:07:39.959 --> 00:07:45.750 the bit. To be context, there is always some extent of customizations and 100 00:07:45.990 --> 00:07:49.230 a bit of flexibility when it comes to those first clients, because you do 101 00:07:49.470 --> 00:07:57.029 need to make sure that you actually delivering, delivering to them the best of 102 00:07:57.110 --> 00:08:01.259 resolution, but also your solution itself is probably not perfect from the one and 103 00:08:01.339 --> 00:08:07.100 you are adjusting it to their needs. So the next scale really means about 104 00:08:07.620 --> 00:08:13.290 creating more of a cookie cutter type of the solution that can be replicated easily 105 00:08:13.329 --> 00:08:18.050 from account to account and also changing the mindset and your question. Any change 106 00:08:18.529 --> 00:08:24.810 is difficult and difficult to absorb. We did workshops where we take a too 107 00:08:24.930 --> 00:08:31.279 external consultant to provide like a workshop of which took anywhere between one to two 108 00:08:31.279 --> 00:08:35.159 day, depending on the employee audience, to deliver, and in those workshops 109 00:08:35.639 --> 00:08:43.990 we gave tutorials and we gave the stories around exactly why that change is needed. 110 00:08:43.350 --> 00:08:48.190 What happened if the change will not happen. We gave obviously a lot 111 00:08:48.269 --> 00:08:52.830 of industry exam because of different companies in different stages, and explaining, really 112 00:08:54.710 --> 00:08:58.019 trying to be more academic about it, why is such a change. It's 113 00:08:58.059 --> 00:09:03.019 a must and it's not the luxury. It's actually something that we will we 114 00:09:03.139 --> 00:09:05.779 will have to go through if we want to go to the next level. 115 00:09:05.340 --> 00:09:09.860 Wow. So thank you for that example. I A lot of folks will 116 00:09:09.899 --> 00:09:11.850 just simply say right, Oh, you have to make sure in order if 117 00:09:11.850 --> 00:09:15.169 you're going to go through anything, I make sure you get everybody on board, 118 00:09:15.210 --> 00:09:18.970 and then we don't often get inside into okay, but how and workshops 119 00:09:18.049 --> 00:09:22.090 makes so much sense. I've actually now that you mentioned it. I didn't 120 00:09:22.090 --> 00:09:24.759 realize at the time, but I've actually been a part of something like that 121 00:09:24.879 --> 00:09:30.320 where the company was going through changes and they, particularly with the sales people, 122 00:09:30.840 --> 00:09:35.320 took the three days a week or so where everybody the remote team, 123 00:09:35.759 --> 00:09:39.389 you know, whether you were, you know, a new individual contributor or 124 00:09:39.429 --> 00:09:41.350 someone who did with those company for a long time. And yes, we 125 00:09:41.470 --> 00:09:46.750 did these these workshops where we talked about. You know where we are now, 126 00:09:46.950 --> 00:09:48.230 where we where we want to be, and that kind of leads to 127 00:09:48.309 --> 00:09:52.710 my next question. A lot of companies do when they have this good idea. 128 00:09:52.750 --> 00:09:56.740 Right from day one. They're like, Oh, the goal is Unicorn 129 00:09:56.820 --> 00:10:01.059 status, but I'd imagine those folks who actually accomplish it have to have some 130 00:10:01.820 --> 00:10:09.610 deeper why as to what's driving them. So what was the goal to get 131 00:10:09.610 --> 00:10:13.450 from when, in scaling from a hundred and fifty people to eight hundred employees? 132 00:10:13.649 --> 00:10:16.809 What did you guys have as a vision in mind that the end points? 133 00:10:18.850 --> 00:10:20.799 We never thought they're going to be a UNIQUOR company, to be honest. 134 00:10:22.360 --> 00:10:24.720 So in that sense you're not ory. I mean a ply for our 135 00:10:24.799 --> 00:10:26.600 case, you didn't have like these go to say hey, let's be a 136 00:10:26.639 --> 00:10:31.399 Unicorn and build everything was that? I'm not sure if that's recipe will work 137 00:10:31.840 --> 00:10:37.549 for others, for anyone. We really wanted to to be closer to the 138 00:10:37.629 --> 00:10:41.590 vision admission of trucks, which is to digitize the physical world of retail and 139 00:10:41.789 --> 00:10:46.789 the journey really go through the clients and to the customer base, or really 140 00:10:46.830 --> 00:10:52.100 delivering and excelling in the delivery, trying to create a happy clients, happy 141 00:10:52.179 --> 00:10:58.980 customers, obviously customers who are referencing you. We collit in tracts raising funds. 142 00:10:58.139 --> 00:11:03.980 That mean clients that are looking at tract and seeing a company they would 143 00:11:03.019 --> 00:11:09.129 like to to endorse and they would like to to be like us in terms 144 00:11:09.169 --> 00:11:11.889 of our culture, in terms of our delivery, started etc. When you 145 00:11:11.970 --> 00:11:18.639 focus on those fundamentals, which means bringing business value to your clients in the 146 00:11:18.759 --> 00:11:24.120 way that really change your clients life, the company will grow and sooner or 147 00:11:24.159 --> 00:11:26.480 later, agree doesn't matter, you will go to the scale of a uniform, 148 00:11:26.519 --> 00:11:31.000 but the uniform is merely a milestone in that journey. Is just another 149 00:11:31.039 --> 00:11:35.710 validation that probably you are in the right path, but it's definitely not a 150 00:11:35.830 --> 00:11:39.669 goal on itself. You are. I'm so glad that you said that. 151 00:11:39.909 --> 00:11:43.549 I really am, you know. I mean look, there are there are 152 00:11:43.590 --> 00:11:46.909 people who, more often than not, like I mentioned there earlier, not 153 00:11:46.990 --> 00:11:48.700 the most successful people, but there are folks who are like are out there 154 00:11:48.740 --> 00:11:54.059 reading everything they can read on how to, you know, how to scale 155 00:11:54.100 --> 00:11:56.539 your company as being uniform, how to be a uniform, and they focus 156 00:11:56.620 --> 00:12:00.539 a lot on the valuation, the Exit, the money, if I'm being 157 00:12:00.659 --> 00:12:03.570 honest, and when you talk about, you know, this being just the 158 00:12:03.730 --> 00:12:09.850 milestone on your endeavor to make your clients lives better. Had is what it's 159 00:12:09.850 --> 00:12:15.250 all about. is so refreshing to hear and again, it's just it leaves 160 00:12:15.919 --> 00:12:20.279 no wonder that you guys are achieving what you're achieving. You need put this 161 00:12:20.480 --> 00:12:26.639 good idea together with action behind you, know, good intentions. This is 162 00:12:28.000 --> 00:12:31.549 this is the the result and as I'm really glad that you laid that out 163 00:12:31.549 --> 00:12:35.950 before we get to the next segment, I really want our listeners to hear 164 00:12:35.669 --> 00:12:39.590 you, know, give us a couple things that you learn from from this 165 00:12:39.629 --> 00:12:43.029 journey. You let us know how you got there in a way that I 166 00:12:43.110 --> 00:12:46.580 think is really useful, way that folks can actually go out and apply, 167 00:12:46.700 --> 00:12:50.259 and I'm so thankful for that. What are a couple things maybe that surprised 168 00:12:50.340 --> 00:12:54.740 you along the way, that you learned or that you might tell someone who 169 00:12:54.899 --> 00:12:58.340 is on their way, or trying to be on their way to achieve you 170 00:12:58.379 --> 00:13:01.450 guys have achieved? I think we show only one thing, which I seek 171 00:13:01.529 --> 00:13:07.370 to that was the the main thing that I've learned through that journey that I 172 00:13:07.450 --> 00:13:11.809 can, I think can be very, very helpful for others and this is 173 00:13:11.889 --> 00:13:16.639 to make decisions quickly. In the journey itself, there's a lot of changes 174 00:13:16.799 --> 00:13:22.279 and transformations that the company should go through in order to achieve to the next 175 00:13:22.320 --> 00:13:26.309 level, and not always a person that starts with you from day one, 176 00:13:26.750 --> 00:13:31.389 with the same person. You need on your one and it's not the same 177 00:13:31.470 --> 00:13:35.029 person. Maybe you need a near three and your for and practice already ten 178 00:13:35.110 --> 00:13:39.509 years down the road and some changes are needed and in the heart, in 179 00:13:39.590 --> 00:13:43.419 the bottom heart of employees, of the listeners, you you know what is 180 00:13:43.460 --> 00:13:48.580 right. You know where there has the peoples and many times it's very difficult 181 00:13:48.620 --> 00:13:54.659 to do a change because of legacy, because people have been around, from 182 00:13:54.659 --> 00:13:58.730 from soap for so long they have kind of engraved in the world kind of 183 00:13:58.850 --> 00:14:05.450 things of the company. And my only advice on that one is make changes 184 00:14:05.490 --> 00:14:09.720 quickly and don't hesitate. The faster you do the change, the faster you 185 00:14:09.879 --> 00:14:13.960 see the results. And this doesn't mean to forget the ones that brought the 186 00:14:15.000 --> 00:14:18.519 company where it is today. It just means that some people may need to 187 00:14:18.600 --> 00:14:22.720 change roles, so to be in other positions within the company as it scales, 188 00:14:24.159 --> 00:14:26.549 and maybe you need to bring more experience people at some point. is 189 00:14:26.789 --> 00:14:31.950 to head some of those areas. Wow, yeah, no, I mean 190 00:14:31.029 --> 00:14:35.710 that, and Nics for persons. You've given us a lot of things about 191 00:14:35.149 --> 00:14:39.620 and a lot to go out and apply if we're, you know, in 192 00:14:39.779 --> 00:14:41.500 the position to be trying to achieve what you achieve. And I just Again't 193 00:14:41.500 --> 00:14:43.659 want to thank you so much for laying that out for us the way you 194 00:14:43.740 --> 00:14:48.580 did and come to talking to us about how you guys grew from hundred of 195 00:14:48.620 --> 00:14:50.299 the employees to eight hundred, which is just one measure that I know I 196 00:14:50.379 --> 00:14:54.409 keep using because it's sort of a tansible thing, but so much more, 197 00:14:54.970 --> 00:14:58.730 you know, growth was you know happened, and so many more things were 198 00:14:58.809 --> 00:15:03.210 achieved on your journey there. I'm sure that can't be measured and x's and 199 00:15:03.250 --> 00:15:07.960 Oso. Congratulations to you guys on that. And now, Joel, that 200 00:15:07.039 --> 00:15:09.519 I've successfully picked your brain and see what I could get out of it, 201 00:15:09.600 --> 00:15:13.159 it is time for you to tell us what you are putting in it. 202 00:15:15.240 --> 00:15:20.879 So talk about a learning resource that you've engaged with recently that is forming your 203 00:15:20.919 --> 00:15:24.309 approach, or it's just that you excited these days on a personal level, 204 00:15:24.389 --> 00:15:31.590 I mean to to get energized. The I mightself thing I actually take a 205 00:15:31.710 --> 00:15:37.259 condivnce and some some colors and the troll pictures. I'm not exactly you know, 206 00:15:37.419 --> 00:15:41.259 pick up, though. It has nothing to worry about. became of 207 00:15:41.340 --> 00:15:48.539 these, but still something that I do. And on the track level, 208 00:15:48.580 --> 00:15:52.330 I think I read a lot. I read a lot of research from a 209 00:15:52.529 --> 00:16:00.090 very known kind of industry experts around, especially around the Equ side of things, 210 00:16:00.169 --> 00:16:06.799 about organization and design, organization and philosophy and the other tas to picks 211 00:16:06.879 --> 00:16:10.720 that the pick. My interest in that type of reading also helps me look. 212 00:16:10.960 --> 00:16:14.000 I love it. I'll tell you, I'm sorry to the other listeners, 213 00:16:14.039 --> 00:16:15.919 but I mean the other guests have been on the show, but you're 214 00:16:15.919 --> 00:16:19.909 one of my favorites. Uh. You've given us this little insight into you. 215 00:16:21.149 --> 00:16:25.509 I love that you that you paint and that there's some art in your 216 00:16:25.590 --> 00:16:29.629 in your life, even as you're achieving what many want, what most won't, 217 00:16:29.750 --> 00:16:32.070 and and all the technical stuff that you gave us today as well. 218 00:16:32.110 --> 00:16:33.740 And I'm sure that, just like me, everybody listening has become a fast 219 00:16:33.779 --> 00:16:36.940 fan of yours and they're going to want to know how to keep up with 220 00:16:37.059 --> 00:16:40.340 you. So, Joe, tell us how folks can connect with you and 221 00:16:40.740 --> 00:16:42.899 really happy. I mean if anyone wants to ask me question, they can 222 00:16:42.980 --> 00:16:48.009 just send me an email. In my email is Setuel, my name Joel, 223 00:16:48.129 --> 00:16:52.009 a truck to retailer and try to answer to devise from my ability. 224 00:16:52.409 --> 00:16:56.730 Perfect well, thank you so much all. Congratulations on this milestone and and 225 00:16:56.929 --> 00:17:00.009 here's a here's looking forward to the next. Thank you for having me. 226 00:17:03.799 --> 00:17:07.000 We totally get it. We publish a ton of content on this podcast and 227 00:17:07.079 --> 00:17:11.160 it can be a lot to keep up with. That's why we've started the 228 00:17:11.279 --> 00:17:15.109 BB growth big three, a no fluff email that boils down our three biggest 229 00:17:15.150 --> 00:17:21.349 takeaways from an entire week of episodes. Sign up today at Sweet Fish Mediacom 230 00:17:22.029 --> 00:17:26.230 big three. That sweet fish Mediacom Big Three