Inside the Unicorn’s Belly and Behind the Scenes of a $456 Million Investment

After three years as the Chief Marketing Officer at Kiteworks, I’ve gained some invaluable insights into what truly makes a company tick. More importantly, I’ve learned what separates the wheat from the chaff in the business world. So, enjoy this short journey through the belly of the unicorn, sharing the lessons I’ve learned about building and maintaining a successful business.

1. Remembering What It Means to Be a “Successful Business”

First, let’s tackle the elephant in the room—what exactly constitutes a “successful business”? In the not-so-distant past, the tech world was enamored with the idea of unicorns—those mythical startups valued at over a billion dollars, often without ever turning a profit. But times have changed, folks, and the era of unicorns burning through cash like there’s no tomorrow is well and truly over.

Let’s get back to basics: A successful business is one that turns a profit. Period. It’s not about how much money you can raise or how quickly you can scale. It’s about building a sustainable enterprise that generates more revenue than it spends. Novel concept, right?

The tech bubble of the early 2000s should have taught us this lesson, but it seems we needed a refresher course. The recent economic turbulence has been a wake-up call for many. Companies that were once the darlings of Silicon Valley are now facing harsh realities. We’ve seen mass layoffs, plummeting valuations, and even some high-profile bankruptcies.

So, what does this mean for aspiring entrepreneurs and established businesses alike? It means it’s time to focus on the fundamentals. Revenue growth is great, but not at the expense of profitability. Investors are becoming increasingly wary of companies that can’t demonstrate a clear path to profitability. The days of “growth at all costs” are behind us.

This shift isn’t just about appeasing investors, though. It’s about building businesses that can weather economic storms, that can provide long-term value to customers, employees, and shareholders. It’s about creating something that lasts, not just something that makes a splash.

2. The Power of a Cohesive Executive Team

Now, let’s talk about something that can make or break a company: the executive team. I’ve seen firsthand how crucial it is to have a cohesive group at the top. Enough with the finger-pointing and the blame game. It’s time to own your failures—and your team’s failures—and support each other instead of looking for fires to throw gasoline on.

A unified executive team is like a well-oiled machine. When everyone is aligned on the company’s vision and goals, magic happens. But when there’s discord at the top, it trickles down through the entire organization, creating a toxic environment that stifles innovation and productivity.

In the proverbial “past lives” of mine, I’ve been in meetings where executives spent more time protecting their turf than solving problems. It’s not just unproductive; it’s destructive. Instead of playing the blame game, we need to foster an environment where failures are seen as learning opportunities. Where executives have each other’s backs, even when things go wrong.

This doesn’t mean you can’t disagree. Healthy debate is crucial for making good decisions. But there’s a world of difference between constructive discussion and destructive politics. When the meeting ends, the entire executive team needs to present a united front to the rest of the company.

Remember, your employees are always watching. If they see a fractured leadership team, they’ll lose confidence in the company’s direction. But if they see a group of leaders working together, supporting each other, and taking collective responsibility for both successes and failures, they’ll be inspired to do the same.

KEY TAKEAWAYS

KEY TAKEAWAYS

1. Focus on Profitability, Not Just Growth:
   A successful business is one that turns a profit. Revenue growth is great, but not at the expense of profitability. Investors are becoming increasingly wary of companies that can’t demonstrate a clear path to profitability.
2. Build a Strong and Adaptable Team:
   When building your team, look for people who are curious, resilient, and collaborative. These are the folks who will drive your business forward, find innovative solutions to problems, and create a positive company culture. Nurture them and invest in their growth.
3. The Power of Humor in Business is Underrated:
   A sense of humor can diffuse tense situations, build camaraderie, and keep things in perspective. Don’t be afraid to show your human side and share a funny story or joke with your team. It can make the workplace more enjoyable and productive.
4. Execution Trumps Planning and Debate:
   There really is only one way to find out if something is going to work: just do it. Decision by committee is a surefire way to get passed by more nimble competitors. Don’t get stuck in endless cycles of planning and debate – take action.
5. Successful Businesses Have a Positive Company Culture:
   A positive company culture can’t be manufactured through team-building exercises or company picnics. It’s created when people feel comfortable enough to joke and laugh together, creating a sense of belonging and camaraderie. As a leader, foster this culture by being authentic and showing your human side..

3. Data-driven Decision-making: The Antidote to Gut Feelings

In my time at Kiteworks, I’ve learned the hard way that while instincts are valuable, they’re not enough to base critical business strategies on. We need to have a constant finger on the pulse of ACCURATE data that tells the story of the business.

Don’t get me wrong—I’m not dismissing the value of experience and intuition. These are invaluable assets in any business leader’s toolkit. But they should be used to guide us toward the right questions to ask, not to make decisions in a vacuum.

Data should be the foundation of every major decision. Whether it’s launching a new product, entering a new market, or changing your pricing strategy, you need solid data to back it up. This means investing in robust analytics tools and building a culture of data literacy across your organization.

But here’s the kicker—not all data is created equal. I’ve seen companies drowning in data but starving for insights. It’s not enough to collect data; you need to ensure it’s accurate, relevant, and actionable. This often requires a significant investment in data infrastructure and talent, but believe me, it’s worth every penny.

One of the most valuable lessons I’ve learned is the importance of testing and iterating. Use data to form hypotheses, test them in the real world, and then analyze the results to inform your next move. This approach allows you to make bold moves while minimizing risk.

Remember, though, that data is a tool, not a crutch. It should inform your decisions, not make them for you. The best leaders know how to balance data-driven insights with strategic vision and creativity.

4. People Power: The Heart of Every Successful Business

While data is critical, it’s the people who bring it to life. Without the right team, even the most data-driven strategy will fall flat. And when I say “right people,” I’m not just talking about skills and experience. The key factor that determines the “right people” is attitude.

In my experience, hire for fit and outlook first, intelligence second, and specific skills third. Why? Because skills can be taught, but attitude is ingrained. A team member with the right attitude will learn, adapt, and grow with your company. They’ll bring energy and enthusiasm that can lift the entire team.

This doesn’t mean you should ignore skills entirely, of course. But in a rapidly changing business environment, the ability to learn and adapt is often more valuable than a specific set of skills that might become obsolete in a few years.

When building your team, look for people who are curious, resilient, and collaborative. These are the folks who will drive your business forward, who will find innovative solutions to problems, and who will create a positive company culture.

And once you’ve built this dream team? Nurture them. Invest in their growth. Create an environment where they can thrive. Because at the end of the day, your people are your most valuable asset. They’re the ones who will turn your vision into reality.

5. The Underrated Power of Humor in Business

Now, let’s talk about something that’s often overlooked in the business world: the importance of having a sense of humor. Life’s too short, and what we think is important, nine times out of ten, isn’t. Make a joke, fix the problem, and move on.

I can’t tell you how many times I’ve seen minor issues spiral into major crises simply because people took themselves too seriously. A little humor can diffuse tense situations, build camaraderie, and keep things in perspective.

This doesn’t mean you should laugh off serious problems or not take your work seriously. But it does mean recognizing that not every issue is a catastrophe. Sometimes, a well-timed joke can help a team step back, take a breath, and approach a problem with fresh eyes.

Humor also plays a crucial role in building a positive company culture. When people feel comfortable enough to joke and laugh together, it creates a sense of belonging and camaraderie that can’t be manufactured through team-building exercises or company picnics.

As a leader, don’t be afraid to show your human side. Share a funny story, laugh at yourself when you make a mistake, celebrate wins with joy and humor. You’ll find that it not only makes the workplace more enjoyable but also more productive.

6. The Power of Execution: Just Do It

Finally, let’s talk about something that separates successful companies from the also-rans: execution. There really is only one way to find out if something is going to work. As Nike has famously said, just do it.

I’ve seen too many great ideas die on the vine because companies got stuck in endless cycles of planning and debate. Decision by committee is a surefire way to get passed by more nimble competitors.

Don’t get me wrong—planning is important. But at some point, you need to pull the trigger, say yes, push the go button, whatever it takes—just take action.

It’s better to be in the market than not, even if it fails or causes momentary egg on your face (see the note about laughing things off). You can always course-correct based on real-world feedback. But if you never launch, you’ll never know what could have been.

This approach requires a certain tolerance for risk and failure. Not every initiative will be a home run. But each attempt, successful or not, provides valuable lessons that can inform your next move.

It also requires empowering your team to make decisions and take action. If every decision has to go through multiple layers of approval, you’ll never move fast enough to stay competitive.

Closing Thoughts

As I reflect on my three years as CMO at Kiteworks, these are the lessons that stand out. Building a successful business isn’t just about having a great product or a clever marketing strategy. It’s about creating a profitable enterprise, fostering a cohesive leadership team, making data-driven decisions, hiring the right people, maintaining a sense of humor, and above all, taking action.

The business world is constantly evolving, and what worked yesterday might not work tomorrow. But these principles—profitability, teamwork, data, people, humor, and execution—are timeless. They’re the foundation upon which successful businesses are built, regardless of industry or era.

As you navigate your own business journey, I encourage you to keep these lessons in mind. They’ve served me well in my time inside the unicorn’s belly, and I hope they’ll serve you too. Remember, success in business isn’t about chasing mythical creatures or burning through cash. It’s about building something real, something sustainable, something that adds value to the world.

So, here’s to all the entrepreneurs, executives, and business leaders out there. May your profits be high, your teams cohesive, your data accurate, your people passionate, your laughter frequent, and your execution swift. Here’s to building businesses that don’t just survive, but thrive.

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