Elbaite CEO and co-founder Mortaza Tollo unveils the key strategies that propelled Melbourne-based crypto exchange Elbaite from a startup to a thriving scaleup.
MELBOURNE, VICTORIA, AUSTRALIA, Scaling is a critical phase of the journey between a startup and a fully-fledged business. While the ‘startup’ phase of business is surrounded by excitement and attention, the less glamorous ‘scaleup’ phase can be overlooked, which can be detrimental to a company’s long-term success. Elbaite CEO and cofounder Mortaza Tollo unveils seven key strategies he used when successfully scaling the Melbourne-based noncustodial cryptocurrency exchange Elbaite, a leading Australian crypto exchange.
1. Ensure you have a clear vision and mission:
Having a clearly defined vision and mission is crucial. The vision and mission act as anchor points for the company to provide strategic direction, align efforts towards common goals, and ensure consistent branding and communication.
2. Bring it back to the MVP:
MVPs (minimal viable products) are frequently discussed in the startup phase, they remain no less important in the scaleup phase. It is crucial to continually evolve and develop the product market fit and identify the necessary optimisations to ensure the product continues to succeed beyond the scaleup stage.
3. Invest in efficiency and automation:
It is essential to utilise resources effectively in the scaleup phase. Automating repetitive tasks allows you to allocate time more efficiently and focus on higher-level activities. Scaling often coincides with a huge increase in volume. Once-manageable manual tasks become unmanageable and unsustainable. When Elbaite invested in good automation software, it allowed the team to spend less time on repetitive tasks and more on strategic planning and engaging activities.
4. Invest in people and culture:
Another frequently overlooked aspect of scaling is ensuring that prospective employees’ values, beliefs, and personalities align with the existing workplace culture. Many scaleups focus on filling their numerous new positions without assessing the candidates’ compatibility within the company culture.
Properly vetting new staff may lengthen and complicate the hiring process, but it is a worthy investment to reduce employee turnover. Elbaite takes pride in its 100% employee retention rate.
Promoting diversity within your team fosters better innovation and creativity, as it draws from a range of experiences and perspectives. Elbaite is proudly diverse from the graduate to the executive level.
5. Establish strategic partnerships:
Strategic partnerships can provide access to numerous potential customers through a single channel. Collaborating with a partner whose customer base aligns with your target market enables you to tap into a larger audience with minimal effort.
Strategic partnerships can also enhance your brand’s credibility and reputation and provide a great cost-saving opportunity through resource sharing.
6. Customer obsession:
Focusing on customer experience and utilising feedback ensures customer retention and drives sustainable growth.
Concentrate on customer experience and get obsessed with your customers! Your company would not exist without them. Understanding what your customers want, like, and dislike about your product is essential information. Use customer feedback to create a product so perfectly tailored to their needs that they cannot live without it.
7. Plan and execute a fluid growth strategy:
A fluid growth strategy enables you to adapt to changing market conditions and pivot quickly in response to external factors.
Your expansion roadmap should allow for flexibility and be adjustable on the fly as economic climates, competition, or customer preferences change. This adaptability is crucial for longterm success, helping your company remain agile and responsive to external factors affecting its growth trajectory.
Born from the co-founders’ experiences with exchange hacks and the desire for a better, cheaper, and safer way to trade digital assets, Elbaite is Australia’s leading self-custodial cryptocurrency exchange. The revolutionary peer-to-peer platform enables users to buy and sell cryptocurrencies directly from their crypto wallets. Elbaite has become a shining example of successfully navigating the scale-up phase. Through a combination of clear vision, unwavering dedication to customers, strategic partnerships, and investment in people and technology, Elbaite has achieved long-term success and growth in the ever-evolving fintech landscape.
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