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Ryan Murtagh is the founder and CEO of Neto. He started retail management platform after encountering first-hand the problems of trying to efficiently scale a retail business. Nine years, four offices and thousands of successful retailers later, Ryan shares his personal story and the lessons learned in turning an idea into a profitable business.
1. Although it was clearly worth it, with the benefit of hindsight, what would you have sold to Telstra again on the same terms (in particular % stake) that you did at the time?
Although it would be nice to still have the majority share in the company I founded, in reality, the incremental value we have been able to generate from the Telstra investment is far greater than what I would have been able to achieve organically. In addition, Telstra has given us the freedom and runway to execute our own plans without disruption, something that is not often the case with these types of relationships.
2. What methodology do you use to hire now?
Neto needs people who: understand and appreciate its mission; think fast on their feet; take ownership; are excellent problem solvers, and know how to “think out of the box” rather than relying on conventional wisdom.
To that end, Neto uses some unconventional hiring methods that fit its specific culture. I recommend, in order to keep that startup vibe, hire for:
3. Describe your culture
Collegial, fun and young (at heart).
4. As founder, what was the first role you delegated to someone else?
One of the first roles I delegated to someone else was the legal and financial control side of the business. This allowed me to focus on product and people, the two things that matter for a growing tech startup.
5. What was the best piece of advice you received for when things went crazy?
Don't lose sight of the problem you are solving.