Preface

by David Shein

Two decades after selling the company that I founded, Com Tech Communications, for an enterprise value of over $1 billion – arguably Australia’s first tech unicorn – I decided to write a book.

Hopefully the lessons provided in this book will provide valuable advice to anyone looking to start a company. One of the benefits of turning 60 back in 2020 is that I have been around long enough to see products come and go. But what hasn’t changed is that every company still has staff, customers and business partners. I firmly believe that the way you treat these three constituents will determine whether you build a good company, a great company or one that simply disappears.

While achieving financial success has been a great outcome for myself and my family, there are so many other fulfilling outcomes of building a successful company. Seeing people, including myself, achieve way more professionally than they ever thought possible; seeing staff members who helped to build the company share in the success of the company; and, importantly, that feeling of being part of a phenomenal team that achieved something great – we would all have done anything for each other.

One of the two greatest compliments that I received after selling Com Tech came from Bob Dwyer, Australian Rugby World Cup winning coach and Com Tech board member, who said: ‘Dave, you taught me that you don’t have to be an asshole to build a successful company.’ The other came from my best friend and founder of Nando’s (the world’s best chicken), Robbie Brozin, who told me: ‘Dave, you’re still the same guy that you were when you left South Africa in 1986 – you haven’t changed.’

While I achieved more than I ever dreamed I was capable of, it pales into insignificance when you compare it with the success of the next generation of founders – companies like SEEK, carsales.com and REA. But then, the third generation of founders have truly shown what this country is capable of delivering to the world. Scott and Mike from Atlassian, Mel and Cliff from Canva, Larry and Pete from Zip, Nick and Anthony from Afterpay and all the rest have proven that Australia has emerged as an innovation powerhouse.

I should explain right at the outset that the Com Tech sales model was a traditional business-to-business sales model. This sales-led growth was driven by account executives who built relationships with the buyer, usually the CTO, who generally purchased the industry-standard market-leading product from a partner who he/she believed would deliver the best service and support at a fair price. The advent of the cloud has provided alternative sales methods, including marketing-led growth, where marketing targeted business execs who made purchasing decisions on KPIs (key performance indicators) and ROI (return on investment). And the latest sales model is the end-user era, where product-led growth drives sales – Atlassian was the pioneer and famously built Australia’s most successful tech company without hiring a salesperson. All three methods still have their place, and in OIF VC’s own portfolio each company has chosen their individual method for driving sales. What I do know is that no matter the method, NOTHING HAPPENS UNTIL YOU SELL SOMETHING.

I truly believe that Australia is the Scale-Up Nation. I am convinced that the next generation of founders will provide even more success for our great nation, and together with my partners at OIF I am so proud to be a small part of the innovation ecosystem, trying to uncover the next big thing! There has never been a better time to be Australian.

• • •