Last Thursday I was lucky enough to attend the inspire event at Monzo’s head office near London’s Silicon Roundabout.
The event speakers were:
- Tom Blomfield CEO – Monzo
- Juliana Zarate Co-Founder and CEO – Mucho!
- Tom Freeman – Learning and Development Manager – Headspace
Monzo is a bank which challenges the idea of a traditional bank because it is available at your fingertips. They are completely digital which provides their users with the ultimate customer experience by avoiding the queues and long waiting times you would get in a traditional bank. This is because they have no physical stores and operate through their smartphone app. Users are given a prepaid card which is linked to the app, so when the card is used the app is updated. So customers get spending notifications immediately, can add notes or receipts to their transactions and are provided with a real time budget analysis that allows them to see where all their hard-earned cash is being spent. Another major perk of joining is, there are no transaction fees even when abroad, something major banks do not offer. All these perks combined is why Monzo has over 370,000 users and rising.
Before I divulge into talking about the Headspace App I have to talk about their meditation and mindfulness expert co-founder Andy Puddicombe.
“Andy is doing for meditation what Jamie Oliver has done for food” – New York Times
Andy cut his sport science degree to become a Buddhist monk for 10 years. After completing his monastic commitment he returned to the UK with the goal of teaching mediation and mindfulness to as many people as possible. He met co-founder Rich Pierson in 2009 who needed help in dealing with the stress of the advertising world and Headspace was born. Headspace was originally established as an events company in 2010 teaching politicians, athletes, business leaders and others about mindfulness and meditation. It evolved into the app we see today because attendees wanted to practice what they learnt at home. The app has guided meditations, animations, articles and videos.
Mucho! is an iOS app which removes all the complexities from cooking as it recommends recipes, products & shopping lists that are tailored to each user, it is essentially a personal stylist for your tastebuds. Mucho! hand-picks recipes to suit a customer’s needs whether it be allergy, vegan, budget or they want a lot of cheese, they have already done the nutritional research for their food so the customer doesn’t have to. Mucho! also has partnered up with retailers to allow customers to get their food delivered.
Why work for a start-up?
Start ups can be very exciting if you believe in the company’s mission and can be very rewarding too as you will get a lot of job responsibility because it is a small team so all your hard work can be connected to you. You also get the unique experience of working with innovative minds and can receive some great company benefits including:
- Company shares
- Free gym membership
- Daily meditation time
The main disadvantage of working at a start up is that could fail and it probably won’t be as luxurious as a normal corporate job in the beginning.
How do you change your an idea into business?
Once you have your idea you have to figure out the ways in which it will work through testing and researching. You may face criticism and skepticism from friends, family and firms but you need to be determined to turn your idea into a reality. Your competitors may view your product as a toy but that’s okay because you might have the last laugh, think of Blockbuster VS Netflix.
Paul Graham Essays, The Innovator’s Dilemma (Management of Innovation and Change)The Innovators Dilemma and The Innovator’s Dilemma (Management of Innovation and Change) The Lean Start Up were all recommended for reading. Since attending I have read three of Paul Graham’s essays, How to do what you love, How to get start up ideas and Write like you talk.
How do you stay motivated?
I asked this question to all three speakers. To stay motivated you need to find your mission. What drives you? What makes you get up in the morning? What is your passion? What are your strengths? What are your weakness? What issues do you want to solve and how will your strengths and weaknesses help you?
A great starting point for this is: “Start with Why” Start With Why: How Great Leaders Inspire Everyone To Take Action The Global Bestseller and Ted Talk by Simon Sinek. I also watch Gary Vanyerchuck videos for inspiration and blunt answers.
How can you manage your time better?
Decide the top 4 things you’re passionate about then complete them. Ensure that you are not wasting your time on futile things which are not helping you move forward because you’re only fooling yourself. Read books and articles related to your passions so they can help you on your journey.
What have I learnt about entrepreneurs?
Entrepreneurs have a natural curiosity which sets them apart from others. They are continuously trying new things, willing to test out ideas and step out of their comfort zone. This leads them to finding a gap in the market which needs to be filled by their product. For example Jennifer wanted to travel more outside her hometown in Columbia, her travelling led her to create “Become Colombia Ltda” which allowed discounts for young people to explore the city they lived in, they also partnered with large tour wholesalers to provide clients with flights hotels and other adventures similar to Groupon. None of this would have happened if she was not curious.
Another thing I have learnt is success does not happen overnight, both Co-Founders had been working hard for years and had previous businesses/start-ups which they then sold.
You have two choices in life, take the opportunities available to you or make opportunities for yourself.
If you are offered the opportunity to try new things take them and if you cannot find opportunities reach out and create some of your own. 5 years ago Tom F. became a graduate intern at Headspace after emailing them because he liked the company and was interested in meditation, he was also able to show his creativity by creating an online CV slideshow. Now he’s the Learning Development Manager at Headspace, held 7 different position and has relocated from London to Santa Monica with the company. Tom B. was not allowed to play video games when he was younger so he started messing around with html and building websites. This skill lead him to creating a website for his local estate agent when he was in secondary school and Co-Founding 3 start-ups including Monzo and Go Cardless.
How do you attract customers in an established and over-saturated market?
To attract customers you have to communicate a mission that resonates with people. Speaking with enthusiasm and passion is so vital, from the event I could tell that all speakers believed and loved their products which made me want to find out more about each company and write this post.
Monzo is able to attract customers through their mission of creating a better bank and create an intelligent hub where customers can view their entire financial life. This was reinforced by their innovative approach, transparency, open dialogue with users and zero transaction fees. Headspace is able to attract customers due to their mission of improving the health and happiness of the world and their calming user interface. Mucho! is able to attract customers because they want to take away the complexities of cooking without taking away the nutrition. Mucho! knows everyone is extremely busy but they want to make cooking nutritious food easier for all their customers hence why their personalized recipes have been so successful.
How do you get yourself out there?:
- Ask for advice for people who have done it before you
- Social media
- Word of mouth
- Get a Mentor
- Ask people to test your product (after you’ve patented it, unless you trust them)
- Partnerships with known brands who align with your mission. Headspace partnered with Twinings because tea is associated with relaxations and Virgin Atlantic to try and stop people from being scared of flying