Revolut founder shares 7 tips for building high-performance startups
Nik Storonsky founded Revolut in 2015, gradually engaging consumers with the world of neobanks. Despite ups and downs throughout its journey, last month the startup became Europe’s most valuable private tech company reaching a valuation of $45bn.
Storonsky is also among the European founders who have set up funds for other startups. In 2022, he launched VC firm QuantumLight, which focuses on AI-driven investments.
QuantumLight has published today a playbook with step-by-step guidelines on how to build high-performance startups.
“We are publishing best practices that I wish I had access to in the early days of Revolut,” said Storonsky, who co-wrote the playbook.
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These best practices also draw from Revolut’s recently launched company management platform, dubbed Revolut People.
Here are the playbook’s seven main tips for driving high performance:
- Treat performance as a priority and focus on A-players
- Set a performance team. One to two operators should manage performance processes
- Define a talent framework that accurately distinguishes great and good performance
- Standardise assessments. Reviews should be a quick quarterly process that saves managers’ time
- Standardise promotions, but also identify underperformers early with automatic triggers that keep the bar high
- Incentivise A-players with performance-based equity bonuses. Consider exponentially increasing bonuses based on individual, team, or company performance
- Pay above-average salaries for above-average talent to ensure competitive compensation
I would personally add: 8) a healthy, non-toxic working environment, and 9) growth opportunities for top performers. But, well, I haven’t founded Europe’s most valuable fintech company.
Interested founders can access the playbook for free here.
