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Betterkop: Running a Scaling Startup as a Democracy Slows the Business Down

Mads Vejderkop · QuickOrder Hits $6m Helping Restaurants Drive Loyalty. Next? Raising $20m on $100m Valuation. · Jul 24, 2021 · at 16:15

Mads Betterkop, co-founder of restaurant software platform QuickOrder, reflects on leadership mistakes made in the company's early days.

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“The importance of not making everything a democracy in the business. And sometimes as a leader, you gotta make decisions. You can't talk everything out. So be more decisive. And we kind of had a tendency, you know, in the early days with my founders that we talked about every decision. And that kind of, it's fine in the beginning, but when you get a bit further, it starts to slow down business. So you've got to get to the point where the C-level makes decisions, even if not all founders aren't C-level.”

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More from Mads Vejderkop

Disclosure
Vejderkop: QuickOrder bought back 50% equity stake dollar-for-dollar
“So we kind of pressured him out and he accepted to take the money we put down dollar by dollar and give us all the shares back.”
Mads Vejderkop Oct 3, 2020 ▶ 16:30 QuickOrder Hits $4m In Under 18 Months Helping Restaurants Survive Pandemic
Disclosure
Betterkop expects QuickOrder Series A valuation above $100M
“Plus a hundred.”
Mads Vejderkop Jul 24, 2021 ▶ 11:13 QuickOrder Hits $6m Helping Restaurants Drive Loyalty. Next? Raising $20m on $100m Valuation.
Disclosure
Betterkop: QuickOrder will be the acquirer, not the acquired
“We are going to eat other companies.”
Mads Vejderkop Jul 24, 2021 ▶ 12:30 QuickOrder Hits $6m Helping Restaurants Drive Loyalty. Next? Raising $20m on $100m Valuation.
Disclosure
Vejderkop: QuickOrder Co-Founders Split Equity Equally at 20% Each
“Yeah, so it's 20% and equally shared ever since.”
Mads Vejderkop Oct 3, 2020 ▶ 2:04 QuickOrder Hits $4m In Under 18 Months Helping Restaurants Survive Pandemic
Assertion Not checkable as stated
Vejderkop: QuickOrder generates $368k in monthly recurring revenue
“So we are now at 368 came on pretty quick revenue.”
Mads Vejderkop Oct 3, 2020 ▶ 3:11 QuickOrder Hits $4m In Under 18 Months Helping Restaurants Survive Pandemic
Assertion Not checkable as stated
Vejderkop: QuickOrder averages $283 per location across 1,300 locations
“So we are now at 283 US dollars per location, and that puts us at just around 1300 locations all across Dynamics.”
Mads Vejderkop Oct 3, 2020 ▶ 4:03 QuickOrder Hits $4m In Under 18 Months Helping Restaurants Survive Pandemic
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