{"id":9302,"date":"2023-09-18T16:21:14","date_gmt":"2023-09-18T14:21:14","guid":{"rendered":"https:\/\/techleap-design.nl\/tl-scaleups\/?p=9302"},"modified":"2025-04-11T16:22:33","modified_gmt":"2025-04-11T14:22:33","slug":"achieving-scale-and-profitability-as-a-dutch-tech-company","status":"publish","type":"post","link":"https:\/\/techleap.nl\/media\/achieving-scale-and-profitability-as-a-dutch-tech-company\/","title":{"rendered":"Achieving Scale and Profitability as a Dutch Tech Company"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-w725f2-00aa4ee330b490d9bb8731b627327bd2\">\n.avia-section.av-w725f2-00aa4ee330b490d9bb8731b627327bd2{\nbackground-color:#ffffff;\nbackground-image:unset;\n}\n<\/style>\n<div id='header-blog'  class='avia-section av-w725f2-00aa4ee330b490d9bb8731b627327bd2 alternate_color avia-section-default avia-no-border-styling  avia-builder-el-0  el_before_av_section  avia-builder-el-first  avia-bg-style-scroll container_wrap fullsize'  ><div class='container av-section-cont-open' ><main  role=\"main\" itemprop=\"mainContentOfPage\"  class='template-page content  av-content-full alpha units'><div class='post-entry post-entry-type-page post-entry-9302'><div class='entry-content-wrapper clearfix'>\n<div class='flex_column_table av-33vgn2-ea969ef090207d8a6b59fc8a28eb6a91 sc-av_one_half av-equal-height-column-flextable'><div  class='flex_column av-33vgn2-ea969ef090207d8a6b59fc8a28eb6a91 av_one_half  avia-builder-el-1  el_before_av_one_half  avia-builder-el-first  first flex_column_table_cell av-equal-height-column av-align-middle  '     ><p><div  class='av-post-metadata-container av-lrosrfgy-49dfd7448871e030ed12b946fe9416c3 av-metadata-container-align-left  avia-builder-el-2  el_before_av_heading  avia-builder-el-first  av-metadata-container-1'><div class='av-post-metadata-container-inner'><span class=\"av-post-metadata-content av-post-metadata-meta-content\"><span class=\"av-post-metadata-content av-post-metadata-published\"><span class=\"av-post-metadata-published-date\" >September 18, 2023<\/span><\/span><\/span><\/div><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-ltfj1kdz-1fe0fa777a286830462d7ced15cd859a\">\n#top .av-special-heading.av-ltfj1kdz-1fe0fa777a286830462d7ced15cd859a{\npadding-bottom:28px;\n}\nbody .av-special-heading.av-ltfj1kdz-1fe0fa777a286830462d7ced15cd859a .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-ltfj1kdz-1fe0fa777a286830462d7ced15cd859a .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-ltfj1kdz-1fe0fa777a286830462d7ced15cd859a av-special-heading-h2 blockquote modern-quote  avia-builder-el-3  el_after_av_post_metadata  avia-builder-el-last  tl-heading-subtitle'><h2 class='av-special-heading-tag '  itemprop=\"headline\"  >Achieving Scale and Profitability as a Dutch Tech Company<\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><\/p><\/div><div class='av-flex-placeholder'><\/div><div  class='flex_column av-ltud5a-6b37c7245dd032fbe6116061915bff10 av_one_half  avia-builder-el-4  el_after_av_one_half  avia-builder-el-last  flex_column_table_cell av-equal-height-column av-align-middle  '     ><style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-7i6am-9af14c9819114ed85538ffba32636e65\">\n.avia-image-container.av-7i6am-9af14c9819114ed85538ffba32636e65 img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-7i6am-9af14c9819114ed85538ffba32636e65 .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-7i6am-9af14c9819114ed85538ffba32636e65 av-styling- avia-align-center  avia-builder-el-5  avia-builder-el-no-sibling '   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" fetchpriority=\"high\" class='wp-image-9303 avia-img-lazy-loading-not-9303 avia_image ' src=\"https:\/\/techleap.nl\/wp-content\/uploads\/sites\/3\/2025\/04\/oz-2.webp\" alt='' title='oz (2)'  height=\"1280\" width=\"1518\"  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/techleap.nl\/wp-content\/uploads\/sites\/3\/2025\/04\/oz-2.webp 1518w, https:\/\/techleap.nl\/wp-content\/uploads\/sites\/3\/2025\/04\/oz-2-300x253.webp 300w, https:\/\/techleap.nl\/wp-content\/uploads\/sites\/3\/2025\/04\/oz-2-1030x869.webp 1030w, https:\/\/techleap.nl\/wp-content\/uploads\/sites\/3\/2025\/04\/oz-2-768x648.webp 768w, https:\/\/techleap.nl\/wp-content\/uploads\/sites\/3\/2025\/04\/oz-2-1020x860.webp 1020w, https:\/\/techleap.nl\/wp-content\/uploads\/sites\/3\/2025\/04\/oz-2-1500x1265.webp 1500w\" sizes=\"(max-width: 1518px) 100vw, 1518px\" \/><\/div><\/div><\/div><\/div><\/div><!--close column table wrapper. Autoclose: 1 --><\/div><\/div><\/main><!-- close content main element --><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-igi826-ee92d418fe22e49841c90b5e3d4736ff\">\n.avia-section.av-igi826-ee92d418fe22e49841c90b5e3d4736ff{\nbackground-color:#ffffff;\nbackground-image:unset;\n}\n<\/style>\n<div id='content-blog'  class='avia-section av-igi826-ee92d418fe22e49841c90b5e3d4736ff alternate_color avia-section-default avia-no-border-styling  avia-builder-el-6  el_after_av_section  el_before_av_section  avia-bg-style-scroll container_wrap fullsize'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-full alpha units'><div class='post-entry post-entry-type-page post-entry-9302'><div class='entry-content-wrapper clearfix'>\n<section  class='av_textblock_section av-gzuflq-bc5c6ce92e2d0967ab7f935dc2f52006 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><h3>Last week, we posted a poll on the Community Slack:<\/h3>\n<p><em>\u201cWe\u2019re going to start creating content specifically for Community Members to address some of the key challenges you face \u2026what should we write about?\u201d<\/em><\/p>\n<p>This topic got more votes than anything else:\u00a0<strong>How To Achieve Scale AND Profitability<\/strong>.<\/p>\n<p>Given the current climate with fundraising drying up, it\u2019s not surprising that many of our Community Members are keen on learning more about this route. Profitable growth is in vogue.<\/p>\n<p>Amongst the 400+ founders that make up our Community, only a handful have achieved both scale and profitability. Case in point, when I asked who in the Community I should talk to about this topic\u2026 I got crickets\u2026<\/p>\n<p>But Oz was the first person I thought of who fit the bill. He\u2019s the founder of Vio.com, a hotel travel aggregator that\u2019s doing over \u20ac50 million in revenue per year, profitably. He\u2019s also a member of Techleap\u2019s Founder Advisory Board.<\/p>\n<p>He learned Vio.com\u2019s business from the ground up before building his own product.<\/p>\n<p><strong>In this piece, he shares\u2026<\/strong><\/p>\n<ul>\n<li>The unusual way he got started<\/li>\n<li>His strategies for managing cash flow<\/li>\n<li>Keys to hiring talent while saving on costs<\/li>\n<li>Why he\u2019s never had to fire anyone for financial reasons<\/li>\n<li>Why NL has so many advantages for scaleups, and more\u2026<\/li>\n<\/ul>\n<\/div><\/section>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-47b7r2-19f5d125ff1a11c46000ea4d845dfde1\">\n#top .hr.hr-invisible.av-47b7r2-19f5d125ff1a11c46000ea4d845dfde1{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-47b7r2-19f5d125ff1a11c46000ea4d845dfde1 hr-invisible  avia-builder-el-8  el_after_av_textblock  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-m9cn3x4h-abd2e1fc996af4c3167a25ae5a09190c '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p><img decoding=\"async\" class=\"aligncenter wp-image-9304\" src=\"https:\/\/techleap.nl\/wp-content\/uploads\/sites\/3\/2025\/04\/vio-1.jpg\" alt=\"\" width=\"905\" height=\"453\" srcset=\"https:\/\/techleap.nl\/wp-content\/uploads\/sites\/3\/2025\/04\/vio-1.jpg 1919w, https:\/\/techleap.nl\/wp-content\/uploads\/sites\/3\/2025\/04\/vio-1-300x150.jpg 300w, https:\/\/techleap.nl\/wp-content\/uploads\/sites\/3\/2025\/04\/vio-1-1030x515.jpg 1030w, https:\/\/techleap.nl\/wp-content\/uploads\/sites\/3\/2025\/04\/vio-1-768x384.jpg 768w, https:\/\/techleap.nl\/wp-content\/uploads\/sites\/3\/2025\/04\/vio-1-1020x510.jpg 1020w, https:\/\/techleap.nl\/wp-content\/uploads\/sites\/3\/2025\/04\/vio-1-1500x750.jpg 1500w\" sizes=\"(max-width: 905px) 100vw, 905px\" \/><\/p>\n<\/div><\/section>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-3syr66-195532fe6b9cc6055d17c4b7b909ff7c\">\n#top .hr.hr-invisible.av-3syr66-195532fe6b9cc6055d17c4b7b909ff7c{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-3syr66-195532fe6b9cc6055d17c4b7b909ff7c hr-invisible  avia-builder-el-10  el_after_av_textblock  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-m9cnk2pj-6edc03b587dcf1f67bec16079082f1d3 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><h3>Hey Oz! Who are you and what\u2019s your business?<\/h3>\n<p><span style=\"font-weight: 400\">My name is Oz Har Adir, and I\u2019m the founder and CEO of Vio.com (formerly FindHotel). I\u2019m originally from Israel and have lived in the Netherlands for 18 years, having arrived in 2005 as a Bachelor in BA at Erasmus University.<\/span><\/p>\n<p><span style=\"font-weight: 400\">FindHotel BV was founded in 2016, but it evolved out of an affiliate company called Innovative Travel, which I began after graduating in 2010.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Vio.com aims to be the best place to find and book accommodation deals, anywhere in the world.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The company is B2C at its core and this year we expanded to B2C2B via affiliates, which already includes the likes of Skyscanner and TimeOut.<\/span><\/p>\n<h3>Why did you start it?<\/h3>\n<p><span style=\"font-weight: 400\">I didn\u2019t think there was any place for travellers to search the entire market and find the best deals, so I built it. I began with flights during university but that failed, so I switched to accommodation.<\/span><\/p>\n<h3>Have you raised funding? How much?<\/h3>\n<p><span style=\"font-weight: 400\">No. I took out a small family loan when starting and returned it our second year. We considered an equity investment but decided that the time-saving vs the common downsides were not worth it for us.<\/span><\/p>\n<h3>When did you start to focus on profitability?<\/h3>\n<p><span style=\"font-weight: 400\">We were profitable from our second year of operation and have been ever since, with only 2017 and 2020 ending slightly negative. More recently we\u2019ve focused on growing both as profitably and as fast as we can.<\/span><\/p>\n<h3>What\u2019s your business model?<\/h3>\n<p><span style=\"font-weight: 400\">It is a transaction model, partially affiliate (we refer visitors to other sites to book) and partially marketplace (where visitors book directly on Vio.com). In both cases we earn a commission when customers complete a stay at their accommodation.<\/span><\/p>\n<h3>How big are you? Can you share numbers that give a sense of your scale?<\/h3>\n<p><span style=\"font-weight: 400\">We generate \u20ac50M a year in revenue and employ 180 FTE. We\u2019ve been profitable in each of the past 5 years with the exception of 2020, which was slightly negative.<\/span><\/p>\n<h3>Take us through the process of building and launching your first version.<\/h3>\n<p><span style=\"font-weight: 400\"><strong>We started out as an affiliate, without our own product.<\/strong> This had many advantages, and helped us develop a profit-mindset from early on:<\/span><\/p>\n<ol>\n<li><span style=\"font-weight: 400\">We needed almost <strong>no capital to get started.<\/strong><\/span><\/li>\n<li>We had few product costs \u2014 we weren\u2019t building our own product, so we didn\u2019t have the need for any product engineering.<\/li>\n<li>We first <strong>learned how the industry worked, by getting real data from the inside.<\/strong><\/li>\n<li>We saved a lot, while <strong>simultaneously getting paid to learn how to build our own product \u2014 a product we knew would work.<\/strong><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400\">Starting as an affiliate is a path few scaling companies take, but it\u2019s actually how Booking.com evolved (from Bookings.nl).<\/span><\/p>\n<h3>How do you think other Community Members can do something like this?<\/h3>\n<p><span style=\"font-weight: 400\">If you\u2019re a classic SaaS company you could for example become a distributor, and learn how your market works from the inside, before going all-in on building for your industry.<\/span><\/p>\n<p><span style=\"font-weight: 400\">A more common approach for technical founders is to set-up a services \/ consulting business to serve as an income generator while building their product. This can help ensure you have enough revenue coming in to pay the bills, while also learning from your clients, which can help build your product. <a href=\"https:\/\/www.bynder.com\/en\/\" target=\"_blank\" rel=\"noopener\">Bynder<\/a>, which was formed out of the service business Label A, is a good local example of such a spin-out.<\/span><\/p>\n<h3>What metrics do you focus on?<\/h3>\n<p><span style=\"font-weight: 400\">Our main metric is <a href=\"https:\/\/hbr.org\/2017\/10\/contribution-margin-what-it-is-how-to-calculate-it-and-why-you-need-it\" target=\"_blank\" rel=\"noopener\">\u2018contribution margin\u2019<\/a>. Volume without profits is easy to achieve in a mature market, but profits means you are doing something right. In our case we are looking for millions in contribution margins per year to justify significant investments in anything.<\/span><\/p>\n<p><span style=\"font-weight: 400\">We also pay attention to retention, such as the share of our visitors coming directly, and the probability a booker will search and book again. Retention is a result of exceptional value in the travel niche, and that\u2019s what we strive for.<\/span><\/p>\n<h3>What\u2019s been your growth strategy?<\/h3>\n<p><span style=\"font-weight: 400\">In travel getting a demand channel to work is key. At first we focused only on PPC (Adwords etc.), assuming the SEO market was too saturated.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Later, we began specialising in price comparison marketing (<a href=\"https:\/\/www.wordstream.com\/meta-search-engine#:~:text=A%20metasearch%20engine%2C%20otherwise%20known,search%20engines%20they%20come%20from.\" target=\"_blank\" rel=\"noopener\">Metasearch<\/a>), developing unique tech, pricing, and bidding to become one of the best in the world in this niche.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Nowadays we\u2019re making in-roads in app marketing and via affiliates, complimenting the first two strategies. However, we waited a long time before we added to these, preferring to focus on executing a few channels exceptionally well first.<\/span><\/p>\n<p><span style=\"font-weight: 400\">On the operational side, when our growth stalls, we slow down \u2014 largely hiring \u2014 and correct course. We don\u2019t increase spending until we see results improve.<\/span><\/p>\n<h3>What\u2019s your approach to product?<\/h3>\n<p><span style=\"font-weight: 400\">Originally, we tried to build as little as possible ourselves, focusing only on what we couldn\u2019t find in the market.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Many startups try to build every aspect of their technology in-house, which requires ample investment, and is often based on limited market feedback. Our approach is to build quickly, gather market feedback, and only build in-house when a system becomes core to us, and something the market cannot offer.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Further, our entire product team is treated as a full-time member from day one, with the occasional use of embedded engineers who are also fully integrated into the team. We also set it up so we can hire them directly after 12 months, which has occurred about a dozen times.<\/span><\/p>\n<h3>What operational challenges have you faced?<\/h3>\n<p><span style=\"font-weight: 400\">The main issues we\u2019ve faced are:<\/span><\/p>\n<ol>\n<li><span style=\"font-weight: 400\"><strong> Finding enough strong contributors<\/strong>. Our solution was to hire from abroad, and later to hire fully remotely (more on why and how below).<\/span><\/li>\n<li><span style=\"font-weight: 400\"><strong> Finding enough leaders who can lead significant initiatives.<\/strong> There\u2019s no easy fix here \u2014 our solution has been to hire people with high potential and promote them in-house. Occasionally we\u2019ll add an external leadership team member, but we do this rarely, no more than one a year.<\/span><\/li>\n<li><span style=\"font-weight: 400\"><strong> Building high-performing product teams.<\/strong> We have about 15 product teams today, and it took us ages to get them consistently staffed with the right technical leads, product managers, designers, and analysts to the point we can say that most of our product teams are \u2018high performing\u2019.<\/span><\/li>\n<\/ol>\n<h3>What\u2019s your approach to hiring, while keeping costs in check?<\/h3>\n<ol>\n<li><span style=\"font-weight: 400\"><strong>Hire from abroad.<\/strong> We mostly hire from abroad, and more recently we hire abroad remotely. If the timezone works, they can communicate well and work remotely, we\u2019ll hire them. This has greatly broadened our talent pool, helped us hire in reasonable time, and is also cheaper. Our biggest \u2018trick\u2019 to finding talented individuals early on was our willingness to hire regardless of location, as long as they were willing to relocate to the Netherlands. This approach does require a higher level of screening, as people from certain countries may be more motivated by the ticket out, than the actual company and role. However, this has also allowed us to hire a lot of highly-motivated people, something that we\u2019ve found not as easy to achieve when only recruiting locally. A specific example we never planned for was Brazil. After two hires from there in 2016, we noticed: \u2018Hey, they\u2019re a great cultural fit!\u2019, so we began focusing more on the market. We even worked with a local recruiter for a brief period. Brazil now represents the largest origin country in our company (we have \u00b130 Brazilians today), and they almost never leave. Those two who originally joined in 2016 recently celebrated their 7th anniversaries.<\/span><\/li>\n<li><strong>Take bets on hires others may not.<\/strong> Sometimes that means younger, less experienced people, who are talented and willing, but will take some time to mature. This also means we can pay less than we would have to pay \u2018All-Stars\u2019, yet more than their local markets offer.<\/li>\n<li><strong>Hire wisely.<\/strong> Every wrong hire (or no hire) can set you back by months, and prevent teams from becoming highly effective. It also takes time to build team dynamics. That\u2019s one of the hardest parts of scaling a tech company in my experience. In 2022, when we hit peak scale (hiring 23 people in just 30 days), we noticed a substantial increase in our error rate \u2014 only 83% of these hires are still there a year later, an exceptionally low rate for us.<\/li>\n<li><strong>Stay flexible.<\/strong> We\u2019ve also made it very easy for people to transfer when they want to stop living in the Netherlands and go back home, or to go from remote to moving here. That\u2019s constantly happening and we have very high retention rates as a result.<\/li>\n<li><strong>Never over hire.<\/strong> It\u2019s much easier to add people later to a successful product or team, or shift to focus internally to the best opportunity. Headcount can often be a vanity metric for scaleups, one you\u2019d be wise to avoid in my view.<\/li>\n<\/ol>\n<\/div><\/section>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-2tdgmm-9dbc2e32d819b0f6d03586ccd44a7536\">\n#top .hr.hr-invisible.av-2tdgmm-9dbc2e32d819b0f6d03586ccd44a7536{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-2tdgmm-9dbc2e32d819b0f6d03586ccd44a7536 hr-invisible  avia-builder-el-12  el_after_av_textblock  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-m9cnkjhn-fd3feebd5af32b798c4c9424c98d779c '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p><img decoding=\"async\" class=\"aligncenter size-full wp-image-9305\" src=\"https:\/\/techleap.nl\/wp-content\/uploads\/sites\/3\/2025\/04\/9ff7f06fd183b07646f25200f5448e0a.jpg\" alt=\"\" width=\"828\" height=\"629\" srcset=\"https:\/\/techleap.nl\/wp-content\/uploads\/sites\/3\/2025\/04\/9ff7f06fd183b07646f25200f5448e0a.jpg 828w, https:\/\/techleap.nl\/wp-content\/uploads\/sites\/3\/2025\/04\/9ff7f06fd183b07646f25200f5448e0a-300x228.jpg 300w, https:\/\/techleap.nl\/wp-content\/uploads\/sites\/3\/2025\/04\/9ff7f06fd183b07646f25200f5448e0a-768x583.jpg 768w\" sizes=\"(max-width: 828px) 100vw, 828px\" \/><\/p>\n<\/div><\/section>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_hr-b3efe7d82a337b53c62677a9866033f7\">\n#top .hr.hr-invisible.av-av_hr-b3efe7d82a337b53c62677a9866033f7{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-av_hr-b3efe7d82a337b53c62677a9866033f7 hr-invisible  avia-builder-el-14  el_after_av_textblock  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-m9cuywyr-6eeb05daac1fa75dd3b360281741b3c7 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><h3>Most scaleups want to move as fast as possible. What&#8217;s been your approach?<\/h3>\n<p><span style=\"font-weight: 400\">Most founders are stuck on raising money and the need for speed, because it\u2019s marketed so heavily. But there are advantages to focusing on profitable growth, even if it means growing the upper line more slowly.<\/span><\/p>\n<p><span style=\"font-weight: 400\">As a scaling company you\u2019re always somewhat trading time with money. Fundraising introduces new stakeholders who may push a company towards unreasonable goals, like emphasising speed, rapid hiring, or top-line growth.<\/span><\/p>\n<p><span style=\"font-weight: 400\">When someone like Fabrizio Del Maffeo (also part of our Community) is developing an AI chip for Axelera, securing VC is essential to bring the product to market, due to the cutting-edge nature of his niche. But most software companies are not in this position, and need to challenge the need to take VC at every step. This is true even if you raised early on, as my friend Omer Perchik did with Any.do. They began with an early VC round in the Valley, and later pivoted towards profitable growth. They\u2019re now doing exceptionally well, with 30M active users.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Further, by slowing down and doing things more sustainably, you have more time to learn how to manage, build, and grow, compared to if you are always in run mode.<\/span><\/p>\n<h3>How do you manage cash flow effectively?<\/h3>\n<p><span style=\"font-weight: 400\">The main thing with cash flow is that you need to understand your costs, and of course when you\u2019re getting paid. Simple, right?<\/span><\/p>\n<p><span style=\"font-weight: 400\">This means getting a good forecasting model in place to know if you\u2019re on track. We built a <a href=\"https:\/\/docs.google.com\/spreadsheets\/d\/1NQvHKXNiR-6FPnPxmCoiZMSISWnYZxI2wPo65utDrSY\/edit?gid=0#gid=0\" target=\"_blank\" rel=\"noopener\">very simple Excel sheet<\/a>, with a stagger chart next to it. From this, we saw we were getting quite good at forecasting.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, no matter how good your forecasting becomes, you\u2019re always going to get some curveballs. Like many travel companies, COVID was a big one for us \u2014 where everything we\u2019d forecast just didn\u2019t work anymore. We would have these huge partners suddenly sitting on their hands and refusing to pay. Instead of 30 days, apparently they would now pay us in 180. Great, thanks guys!<\/span><\/p>\n<p><span style=\"font-weight: 400\">Another important thing is building up savings. In the beginning, I strived to have 6 months worth of savings, i.e. enough for all operations for 6 months with no revenue coming in. Later on, we got to Bill Gates\u2019 philosophy of 12 months savings. Ever since he started Microsoft, Bill insisted on having enough cash in the bank to keep the company alive for 12 months with no revenue.<\/span><\/p>\n<p><strong>Once you get to 12 months of savings you\u2019re very comfortable, because no matter the downturn, you\u2019re probably going to survive.<\/strong><\/p>\n<p><span style=\"font-weight: 400\"><strong>This has meant we\u2019ve never needed to fire people for financial reasons.<\/strong> We\u2019ve simply never had to do it, not even during COVID (when everyone in travel was cutting a quarter or more of their workforces). We didn\u2019t cut anybody, and as a result we were able to rebound much, much faster than everybody else.<\/span><\/p>\n<p><span style=\"font-weight: 400\">It also helps build your company culture, because people feel safe and protected no matter what happens in the macro environment.<\/span><\/p>\n<h3>Anything specific to our community that you want to highlight?<\/h3>\n<p><span style=\"font-weight: 400\">There are so many advantages of being based in the Netherlands! Here are some things we\u2019ve taken advantage of that have helped us reach scale and profitability:<\/span><\/p>\n<ol>\n<li><span style=\"font-weight: 400\"><strong>It\u2019s incredibly easy to hire and relocate employees from abroad<\/strong> (as long as you\u2019re doing your applications correctly). We use a good immigration lawyer and have her manage every IND interaction (DM me if you\u2019d like their contact). In the history of the company, we\u2019ve probably hired 200 knowledge migrants, and we\u2019ve only ever had one application rejected (which we appealed and eventually got approved).<\/span><\/li>\n<li><span style=\"font-weight: 400\"><strong>The entire immigration process is cheap<\/strong>. With a lawyer and everything we spend maybe \u20ac2K to hire and relocate someone. Compare that with the US: it\u2019s incomparable!<\/span><\/li>\n<li><strong>It\u2019s not a hard sell.<\/strong> People want to come here, and often they want to get the passport, which only takes five years.<\/li>\n<li><strong>We have the <a href=\"https:\/\/www.rvo.nl\/subsidies-financiering\/wbso\" target=\"_blank\" rel=\"noopener\">WSBO<\/a><\/strong>. If you\u2019re a small company, that might mean up to \u20ac25k per year per employee, and if you\u2019re a bigger company \u20ac12\u201315k that you get back in income tax returns, which is immediate money.<\/li>\n<li><strong>There\u2019s also the <a href=\"https:\/\/business.gov.nl\/starting-your-business\/business-taxes\/\" target=\"_blank\" rel=\"noopener\">Innovation Box<\/a><\/strong>, another tax tax discount, which often doubles that of the WSBO.<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400\">No other ecosystem I know of has those five. Take advantage of them!<\/span><\/p>\n<p><span style=\"font-weight: 400\">If you ran a VC-funded company and had to shift focus to profitability due to market changes, what actions would you take?<\/span><\/p>\n<ol>\n<li><span style=\"font-weight: 400\">I\u2019d start with a quick win. When you look at most tech companies, usually something like 15\u201320% of their OPEX is going to other web services. Hosting is a big one of course, but also product management tools, design, productivity tools etc. We periodically do cost-cutting in this area. <strong>At the end each year we ask our engineers \u2014 what optimisations they can do, or which tools are duplicated<\/strong>, and we regularly celebrate optimisations in weekly demos.<\/span><\/li>\n<li>Many problems stem from the fact scaleups over hire, and often because they\u2019ve tried to build too many products at the same time. Out of the three products you\u2019re building, maybe only one is a good idea, or generating revenue? Maybe you can <strong>shuffle teams a little, and\/or kill products which aren\u2019t working<\/strong> or don\u2019t need a team.<\/li>\n<li>Further on hiring, if you\u2019re smart you will have structured it in a way that employee contracts have some sort of expiration. For example, we always hire new people on a one year contract and see how they perform. I\u2019d <strong>start with not renewing, shuffling teams, and less future hiring, rather than doing layoffs<\/strong> straight away.<\/li>\n<li>I would mostly just focus. <strong>Do more of what\u2019s working and generating revenue, less of what\u2019s not and costing a lot.<\/strong> Again, simple.<\/li>\n<\/ol>\n<h3><\/h3>\n<h3>Any last thoughts?<\/h3>\n<p><span style=\"font-weight: 400\">Raising money is like being at a buffet and ordering everything, then finding not only can you not eat it all, you have to work out how you\u2019ll pay for all the dishes you piled up!<\/span><\/p>\n<p><span style=\"font-weight: 400\">What\u2019s a better way to grow than like an all-you-can-eat buffet? Instead, fill your plate just a bit first. Sit down, eat, and think for two minutes. It\u2019s a more sustainable way, it\u2019s better for you, and you probably won\u2019t end up blowing (or throwing) up!<\/span><\/p>\n<p><span style=\"font-weight: 400\">But in all seriousness, when you have investors, they often become your most important stakeholders. When you don\u2019t have investors, or by becoming profitable so you don\u2019t have to rely on them anymore, your most important stakeholders then become your customers or your employees.<\/span><\/p>\n<p><span style=\"font-weight: 400\">That is huge, and exactly how it should be. The way you treat them, and the way you build a culture, is everything you have in my opinion.<\/span><\/p>\n<h3>That was great, thanks Oz! Where can we learn more or get in touch?<\/h3>\n<p><a href=\"https:\/\/www.vio.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Vio.com<\/span><\/a><\/p>\n<p><a href=\"https:\/\/ozharadir.medium.com\/what-happens-to-profitable-companies-when-vc-funding-runs-out-dc014ef3b87\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">What happens to profitable companies when VC funding runs out?<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400\"><a href=\"https:\/\/ozharadir.medium.com\/what-happens-to-profitable-companies-when-vc-funding-runs-out-dc014ef3b87\" target=\"_blank\" rel=\"noopener\">How we survived and quickly rebounded from Covid-19<\/a> (shared in May 2020) \u2014 also a <a href=\"https:\/\/open.spotify.com\/episode\/4ykmfFki7kE1q5lZWRHdvS?si=ULHXcZufRnKkXNm9IHT7nQ\" target=\"_blank\" rel=\"noopener\">podcast on the same topic<\/a><\/span><\/p>\n<p><a href=\"https:\/\/ozharadir.medium.com\/why-i-prefer-to-be-late-funded-than-heavily-funded-3c88288febd6\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Why often being late-funded is better than being heavily-funded (early)<\/span><\/a><\/p>\n<\/div><\/section>\n<\/div><\/div><\/div><!-- close content main div --><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-5kwu5q-38482c5fb8f3cf613b783256fb56aa81\">\n.avia-section.av-5kwu5q-38482c5fb8f3cf613b783256fb56aa81{\nbackground-color:#ffffff;\nbackground-image:unset;\n}\n<\/style>\n<div id='related-posts'  class='avia-section av-5kwu5q-38482c5fb8f3cf613b783256fb56aa81 alternate_color avia-section-default avia-no-border-styling  avia-builder-el-16  el_after_av_section  avia-builder-el-last  avia-bg-style-scroll container_wrap fullsize'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-full alpha units'><div class='post-entry 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itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><a href=\"https:\/\/techleap.nl\/media\/deloitte-and-techleap-announce-strategic-partnership\/\" data-rel=\"slide-1\" class=\"slide-image\" title=\"Techleap and Deloitte announce strategic partnership\"><img decoding=\"async\" fetchpriority=\"high\" width=\"495\" height=\"400\" src=\"https:\/\/techleap.nl\/wp-content\/uploads\/sites\/3\/2025\/04\/Techleap-and-Deloitte-announce-strategic-partnership-495x400.png\" class=\"wp-image-9299 avia-img-lazy-loading-not-9299 attachment-portfolio size-portfolio wp-post-image\" alt=\"\" \/><\/a><div class=\"slide-content\"><header class=\"entry-content-header\" aria-label=\"Slide: Techleap and Deloitte announce strategic partnership\"><h3 class='slide-entry-title entry-title '  itemprop=\"headline\" ><a href=\"https:\/\/techleap.nl\/media\/deloitte-and-techleap-announce-strategic-partnership\/\" title=\"Techleap and Deloitte announce strategic partnership\">Techleap and Deloitte announce strategic partnership<\/a><\/h3><span class=\"av-vertical-delimiter\"><\/span><\/header><div class=\"slide-meta\"><time class='slide-meta-time updated'  itemprop=\"datePublished\" datetime=\"2025-04-11T12:51:40+02:00\" >April 11, 2025<\/time><\/div><div class='slide-entry-excerpt entry-content'  itemprop=\"text\" ><div class=\"read-more-link\"><a href=\"https:\/\/techleap.nl\/media\/deloitte-and-techleap-announce-strategic-partnership\/\" class=\"more-link\">Read more<span class=\"more-link-arrow\"><\/span><\/a><\/div><\/div><\/div><footer class=\"entry-footer\"><\/footer><span class='hidden'>\n\t\t\t\t<span class='av-structured-data'  itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" >\n\t\t\t\t\t\t<span itemprop='url'>https:\/\/techleap.nl\/wp-content\/uploads\/sites\/3\/2025\/04\/Techleap-and-Deloitte-announce-strategic-partnership.png<\/span>\n\t\t\t\t\t\t<span itemprop='height'>575<\/span>\n\t\t\t\t\t\t<span 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class='av-structured-data'  itemprop=\"mainEntityOfPage\" itemtype=\"https:\/\/schema.org\/mainEntityOfPage\" ><span itemprop='name'>Techleap and Deloitte announce strategic partnership<\/span><\/span><\/span><\/article><article class='slide-entry flex_column  post-entry post-entry-9294 slide-entry-overview slide-loop-2 slide-parity-even  av_one_third  real-thumbnail posttype-post post-format-standard'  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><a href=\"https:\/\/techleap.nl\/media\/aws-techleap-collaborate-dutch-tech-innovation\/\" data-rel=\"slide-1\" class=\"slide-image\" title=\"AWS and Techleap collaborate to accelerate Dutch tech innovation\"><img decoding=\"async\" fetchpriority=\"high\" width=\"495\" height=\"400\" src=\"https:\/\/techleap.nl\/wp-content\/uploads\/sites\/3\/2025\/04\/AWS-x-Techleap-495x400.png\" class=\"wp-image-9295 avia-img-lazy-loading-not-9295 attachment-portfolio size-portfolio wp-post-image\" alt=\"\" \/><\/a><div class=\"slide-content\"><header class=\"entry-content-header\" aria-label=\"Slide: AWS and Techleap collaborate to accelerate Dutch tech innovation\"><h3 class='slide-entry-title entry-title '  itemprop=\"headline\" ><a href=\"https:\/\/techleap.nl\/media\/aws-techleap-collaborate-dutch-tech-innovation\/\" title=\"AWS and Techleap collaborate to accelerate Dutch tech innovation\">AWS and Techleap collaborate to accelerate Dutch tech innovation<\/a><\/h3><span class=\"av-vertical-delimiter\"><\/span><\/header><div class=\"slide-meta\"><time class='slide-meta-time updated'  itemprop=\"datePublished\" datetime=\"2025-04-11T12:47:16+02:00\" >April 11, 2025<\/time><\/div><div class='slide-entry-excerpt entry-content'  itemprop=\"text\" ><div class=\"read-more-link\"><a href=\"https:\/\/techleap.nl\/media\/aws-techleap-collaborate-dutch-tech-innovation\/\" class=\"more-link\">Read more<span class=\"more-link-arrow\"><\/span><\/a><\/div><\/div><\/div><footer class=\"entry-footer\"><\/footer><span class='hidden'>\n\t\t\t\t<span class='av-structured-data'  itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" >\n\t\t\t\t\t\t<span itemprop='url'>https:\/\/techleap.nl\/wp-content\/uploads\/sites\/3\/2025\/04\/AWS-x-Techleap.png<\/span>\n\t\t\t\t\t\t<span itemprop='height'>934<\/span>\n\t\t\t\t\t\t<span itemprop='width'>1294<\/span>\n\t\t\t\t<\/span>\n\t\t\t\t<span class='av-structured-data'  itemprop=\"publisher\" itemtype=\"https:\/\/schema.org\/Organization\" itemscope=\"itemscope\" >\n\t\t\t\t\t\t<span itemprop='name'>friederike<\/span>\n\t\t\t\t\t\t<span itemprop='logo' itemscope itemtype='https:\/\/schema.org\/ImageObject'>\n\t\t\t\t\t\t\t<span itemprop='url'>https:\/\/techleap-design.nl\/techleap\/wp-content\/uploads\/sites\/2\/2023\/11\/Techleap_Logo_BrandBlack_Techleap_Logo_Reversed.svg<\/span>\n\t\t\t\t\t\t<\/span>\n\t\t\t\t<\/span><span class='av-structured-data'  itemprop=\"author\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/Person\" ><span itemprop='name'>friederike<\/span><\/span><span class='av-structured-data'  itemprop=\"datePublished\" datetime=\"2023-09-18T16:21:14+02:00\" >2025-04-11 12:47:16<\/span><span class='av-structured-data'  itemprop=\"dateModified\" itemtype=\"https:\/\/schema.org\/dateModified\" >2025-04-17 15:24:38<\/span><span class='av-structured-data'  itemprop=\"mainEntityOfPage\" itemtype=\"https:\/\/schema.org\/mainEntityOfPage\" ><span itemprop='name'>AWS and Techleap collaborate to accelerate Dutch tech innovation<\/span><\/span><\/span><\/article><article class='slide-entry flex_column  post-entry post-entry-9288 slide-entry-overview slide-loop-3 slide-parity-odd  post-entry-last  av_one_third  real-thumbnail posttype-post post-format-standard'  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><a href=\"https:\/\/techleap.nl\/media\/ondernemerschap-als-sleutel-voor-digitale-weerbaarheid\/\" data-rel=\"slide-1\" class=\"slide-image\" title=\"Ondernemerschap als sleutel voor digitale weerbaarheid\"><img decoding=\"async\" fetchpriority=\"high\" width=\"495\" height=\"400\" src=\"https:\/\/techleap.nl\/wp-content\/uploads\/sites\/3\/2025\/04\/IMG_6992-1-495x400.jpg\" class=\"wp-image-9289 avia-img-lazy-loading-not-9289 attachment-portfolio size-portfolio wp-post-image\" alt=\"\" \/><\/a><div class=\"slide-content\"><header class=\"entry-content-header\" aria-label=\"Slide: Ondernemerschap als sleutel voor digitale weerbaarheid\"><h3 class='slide-entry-title entry-title '  itemprop=\"headline\" ><a href=\"https:\/\/techleap.nl\/media\/ondernemerschap-als-sleutel-voor-digitale-weerbaarheid\/\" title=\"Ondernemerschap als sleutel voor digitale weerbaarheid\">Ondernemerschap als sleutel voor digitale weerbaarheid<\/a><\/h3><span class=\"av-vertical-delimiter\"><\/span><\/header><div class=\"slide-meta\"><time class='slide-meta-time updated'  itemprop=\"datePublished\" datetime=\"2025-02-03T12:18:58+01:00\" >February 3, 2025<\/time><\/div><div class='slide-entry-excerpt entry-content'  itemprop=\"text\" ><div class=\"read-more-link\"><a href=\"https:\/\/techleap.nl\/media\/ondernemerschap-als-sleutel-voor-digitale-weerbaarheid\/\" class=\"more-link\">Read more<span class=\"more-link-arrow\"><\/span><\/a><\/div><\/div><\/div><footer class=\"entry-footer\"><\/footer><span class='hidden'>\n\t\t\t\t<span class='av-structured-data'  itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" >\n\t\t\t\t\t\t<span itemprop='url'>https:\/\/techleap.nl\/wp-content\/uploads\/sites\/3\/2025\/04\/IMG_6992-1.jpg<\/span>\n\t\t\t\t\t\t<span itemprop='height'>1536<\/span>\n\t\t\t\t\t\t<span itemprop='width'>2048<\/span>\n\t\t\t\t<\/span>\n\t\t\t\t<span class='av-structured-data'  itemprop=\"publisher\" itemtype=\"https:\/\/schema.org\/Organization\" itemscope=\"itemscope\" >\n\t\t\t\t\t\t<span itemprop='name'>friederike<\/span>\n\t\t\t\t\t\t<span itemprop='logo' itemscope itemtype='https:\/\/schema.org\/ImageObject'>\n\t\t\t\t\t\t\t<span itemprop='url'>https:\/\/techleap-design.nl\/techleap\/wp-content\/uploads\/sites\/2\/2023\/11\/Techleap_Logo_BrandBlack_Techleap_Logo_Reversed.svg<\/span>\n\t\t\t\t\t\t<\/span>\n\t\t\t\t<\/span><span class='av-structured-data'  itemprop=\"author\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/Person\" ><span itemprop='name'>friederike<\/span><\/span><span class='av-structured-data'  itemprop=\"datePublished\" datetime=\"2023-09-18T16:21:14+02:00\" >2025-02-03 12:18:58<\/span><span class='av-structured-data'  itemprop=\"dateModified\" itemtype=\"https:\/\/schema.org\/dateModified\" >2025-04-11 12:29:14<\/span><span class='av-structured-data'  itemprop=\"mainEntityOfPage\" itemtype=\"https:\/\/schema.org\/mainEntityOfPage\" ><span itemprop='name'>Ondernemerschap als sleutel voor digitale weerbaarheid<\/span><\/span><\/span><\/article><\/div><\/div><\/div>\n<\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":5,"featured_media":9303,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[24],"tags":[60,103],"class_list":["post-9302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-media","tag-press-release","tag-quarterly-funding-report"],"acf":[],"_links":{"self":[{"href":"https:\/\/techleap.nl\/wp-json\/wp\/v2\/posts\/9302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/techleap.nl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/techleap.nl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/techleap.nl\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/techleap.nl\/wp-json\/wp\/v2\/comments?post=9302"}],"version-history":[{"count":4,"href":"https:\/\/techleap.nl\/wp-json\/wp\/v2\/posts\/9302\/revisions"}],"predecessor-version":[{"id":9333,"href":"https:\/\/techleap.nl\/wp-json\/wp\/v2\/posts\/9302\/revisions\/9333"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techleap.nl\/wp-json\/wp\/v2\/media\/9303"}],"wp:attachment":[{"href":"https:\/\/techleap.nl\/wp-json\/wp\/v2\/media?parent=9302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techleap.nl\/wp-json\/wp\/v2\/categories?post=9302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techleap.nl\/wp-json\/wp\/v2\/tags?post=9302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}