FoKo is Photo Sharing for Companies. Imagined as an ‘Instagram for business,’ it allows employees, customers and partners to share everything from mockups, to event snaps, to culture photos.
Marc is a big believer in the idea that consumer behaviour will always become adopted – and so leveraged – by enterprises. It was with this premise in mind, paired with the prospect of working with a strong team, that Marc decided to work with FoKo rather than be just an investor in them.
One of Marc’s tactics in building a sustainable company is creating a company’s own Hierarchy of Needs. One layer might be ‘generate revenue,’ another ‘invest in marketing.’ When you’ve completed the bottommost layer, you move up to the next one. When great new ideas are brought to the table, you wait until your company has reached the right layer to work on that idea.
In discussing hiring, Marc describes his objective: he hires based on whether a person will have enough tools to leave FoKo after five years to start a business of their own. If that’s not the case, they need not be hired.
Marc finishes by talking about ego. His parting words: “when you think you’re right because you’re right then you’re wrong – when you think you’re right because of facts, fight for it.”
Thanks to Marc for stopping by, and stay tuned for next weeks FounderTalk!