Embrace and learn from failure: Mike Quinn, Boost Technology

Mike Quinn, co-founder and CEO of Boost Technology, shares his entrepreneurial journey starting in Zambia in 2009 with Zona, one of Africa's first fintechs. He describes the challenges of building a business in a cash-dominated economy where digital payments were virtually non-existent. Despite raising over $35 million and growing to over 200 staff, the ultimate exit was not the success story he had hoped for, leading him to a moment of introspection and reflection through writing his book, 'Failing to Win'. This section establishes the foundation of failure as a precursor to success and sets the stage for discussions around lessons learned.

A central theme in the conversation is the idea that failure can be a superpower, allowing entrepreneurs to learn crucial lessons that ultimately lead to success. Mike recounts his ten years at Zona, highlighting how each setback and failure contributed to his personal growth and the evolution of his second startup, Boost Technology. The importance of evaluating failure to find root causes of problems is emphasized, showcasing how this approach can facilitate decision-making and encourage resilience.

Mike reflects on how becoming a father has influenced his leadership style. The pressure of balancing a startup and family life taught him prioritization and being present. He shares insights on how his experiences as a dad contributed to his maturation as a CEO, particularly around managing time and energy effectively amidst challenges. This section also dives into the dynamics of family life during the pandemic and the adjustment of moving from Africa to the UK, further highlighting the interplay between work and family.

The evolution of business dynamics in a post-COVID world is discussed, particularly the challenges of remote work. Mike provides insights into building a company culture virtually and the importance of maintaining personal connections even in professional settings. He notes the challenges following the shift to virtual work, including a tendency to avoid in-person meetings due to convenience. The necessity of relationship building in business beyond transactional meetings is stressed.

Mike’s overarching message is intended for his children: to embrace failure as a vibrant part of life and business. He emphasizes the importance of resilience, the understanding that failure is not the end but a stepping stone to growth. The podcast wraps up by highlighting valuable lessons that can be taught to the next generation about navigating challenges and learning from setbacks.