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As an entrepreneur in the fields of HR technology and fintech, I revolutionized pay accessibility for employees in 2015 with the launch of DailyPay. This venture introduced earned wage access (EWA), a crucial innovation that allows hourly workers to access their wages whenever needed, thus supporting them during emergencies or enabling timely bill payments.
The landscape today features numerous EWA providers globally, and the EWA market is anticipated to grow significantly, escalating from an estimated $30.83 billion in 2025 to an impressive $242.46 billion by 2034. I had the privilege of leading DailyPay as its Chairman and CEO until 2022, a period during which the company reached a valuation of $2 billion.
In 2022, I founded my second venture, Salt Labs, driven by a commitment to enhance financial opportunities for frontline workers. Salt Labs is pioneering in creating employee loyalty and rewards solutions, and the company successfully raised $18 million in seed funding before being sold to Chime Financial in July 2024.
Following the acquisition of Salt Labs, I stepped into the role of Chief of Chime Enterprise, focusing on developing innovative, employee-centric financial wellness products. My journey continues to influence financial wellbeing in the workplace.
Here are some insights gained from my experience in founding, expanding, and exiting two successful companies.
On Product Development
Focusing on a single product and executing it exceptionally well is crucial for success. Companies that attempt to diversify too rapidly often risk their stability due to overextension. Aiming for excellence in one area can create foundational opportunities for growth and expansion in the future.
It’s also vital to remain prepared for potential growth milestones, whether through capital injections or acquisitions. At Salt Labs, an unexpected acquisition presented a chance to broaden our offerings, ultimately benefiting our customers and stakeholders.
On Board Composition
Conventionally, keeping a small board comprising primarily of investors is recommended; however, I advocate for incorporating independent board members early in the process. This not only adds diverse perspectives but also mitigates the risk of investor dominance. While the prevalent urgency of scaling a business might overshadow the importance of strong board membership, proactive efforts in securing knowledgeable independents are essential.
Related: Finding the Right Board Members for Your Company is Crucial to Success. Here’s How to Do it.
On Selecting Investors
For most entrepreneurs, particularly those without familial wealth, investors play a vital role in the growth and sustainability of their venture. Contrary to traditional views that suggest limiting investor engagement, I believe a broader base can be advantageous. Even small investments can yield significant connections and opportunities that enhance business development. Diverse investor backing can open doors you didn’t know were there.
On Building an Executive Team
The pace of company growth dictates the timing for assembling an executive team. If expansion occurs at a moderate pace, it’s imperative to take the time required to find the right leaders who can propel the company forward. Rushing this process can lead to mismatches, so sometimes it may be necessary to fill roles temporarily until the right candidates can be found.
On Staff Growth Strategy
When expanding a team, I employ a specific hierarchy of skills that varies by the company’s growth phase. Initially, the focus is on:
- Commitment
- Intellect
- Experience
As the company progresses, the emphasis shifts to:
- Intellect
- Commitment
- Experience
And in the later stages, it focuses on:
- Experience
- Commitment
- Intellect
Though all these attributes hold value, understanding the priority at varying phases can guide effective hiring practices.
Related: As Your Company Scales, These Are the 8 Keys to Hiring the Right Team Members
On Timing an Exit
Regardless of economic conditions, the principle that “Cash is King” remains valid. Exiting a private company for cash can be challenging, but when the opportunity arises, it is typically a decision that brings significant returns. This principle applies to both personal holdings and the organization itself, as I have experienced firsthand.
On Your Role as a Founder
As a founder, it’s essential to focus exclusively on the responsibilities that only you can handle. Delegate other tasks to those best suited for them, allowing you to maximize your contributions to the organization’s vision and direction.
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