Posted on Friday, Sep 20th 2019
This is another wonderful story of an Australian founder who has diligently scaled his startup to over $10 Million in revenue.
Sramana Mitra: Let’s start at the very beginning of your
journey. Where are you from? Where were you born, raised, and in what kind of
background? Hugh Massie: I was born in Sydney, Australia. I was
privately-educated at a very good private school. When I finished that, I
earned a degree in Commerce and Economics at the University of New South Wales.
Following that, I became a Chartered Accountant and worked with Arthur
Andersen for 10 years in auditing, mainly in the tax area. I worked in the
Sydney office and then in the Singapore and Thailand offices as well.
years, I wanted to go out on the street and become an entrepreneur. That was
really the start of my entrepreneurial journey. I had always been an
investor though, ever since the age of 20. As soon as I got my first job, I
bought a house and got an investment rental property and was always doing
things that were related to investing.
also had a cattle ranch in Queensland. I had some business experiences through
having to manage that as well while I was doing my day job. That set me up to
want to be an entrepreneur. I was always interested in money, how businesses
are built, and why people are successful.
Mitra: Before you got into the business, you described a bunch of different
things. Can you give us a timeline point of view? What year are we talking about
when you started working on your business that we are going to be discussing
today? Hugh Massie: The
idea first came up at the end of 1999. Sramana Mitra: Before that, you were working at Arthur Andersen? Hugh Massie: I worked at Arthur Andersen up until
1996. At the beginning of 1996, I set up a financial services business. Sramana Mitra: That is not the business that we are going to be talking
about. Hugh Massie: No, but the idea for the business that
we are talking about today came out of having had the financial services
business and my business experiences generally speaking. Sramana Mitra: What was the idea? Hugh Massie: This is important for entrepreneurs to
understand. The roots of fostering an idea and doing something about it came
from my personal passion and a discovery of what my life purpose was. That came
from a friend asking me a very simple question, “Hugh, what is your purpose?
You don’t seem to be happy in what you’re doing.”
sprouted out of my mouth very quickly was, “I would like to help people all
over the world become more financially self-empowered.” I realized that I
needed to figure out what that meant and how that could be done. Then I could
see on the other side of that two components. In working with the clients that
I was working with, I didn’t know enough about them as people to guide them on
the journey of wealth creation, developing their talents, and building their
lives. I needed to understand more about them.
very few products in the market that were geared towards helping somebody
address money issues, provide them with the confidence and knowledge to become
self-empowered. What I realized is financial self-empowerment is not about
knowing what a financial product is. It’s knowing about who you are and how you
deal with money, and how you manage with emotions.
figured that out, I was lucky enough to have some chance meetings with two
different people – one in Australia and one in America. They showed me that my
theory about human behavior had a lot of merit and was true in that people are
born with an innate set of strengths and struggles in terms of how they make
decisions. They helped me build the product. That product that we started with
was Financial DNA.
have a broad range of products under the banner of DNA Behavior. That’s the
journey. It really came out of a personal passion and what my life purpose was.
I built products and services around that. I could see that the financial
services industry would need them and that eventually people were going to make
decisions not just about how much money they’re going to make. It was also
going to become goals-based. It was going to become about who they are. Today,
you’ve got a plethora of organizations who started down that journey of putting
in place processes to do exactly that. It has taken 15 years to see that kind of
here. This segment is a part in the series : Best of Bootstrapping . Bootstrapping to an Exit . Why is Bootstrapping Important? . How Can You Play this Low-Probability Game Intelligently? . Do NOT Go to VCs as Beggars - Go as Kings . Excess is NOT Required for Success . Bootstrap First and Raise Money Later . Some Bootstrapping to Exit Case Studies . The Buy Side of Bootstrapping to an Exit . Blitzscaling vs. Bootstrapping . Bootstrapping to Unicorns More »» . Cinedigm Acquires Bootstrapped 1Mby1M Company Future Today for $60 Million . Mailchimp Bootstraps to $600M Revenue . Bootstrapping from Arizona to $10 Million . Bootstrapped Basecamp Executes a No Nonsense Strategy . How Under30Experiences Bootstrapped to $5 Million . Bootstrapping with a Paycheck . How Algo.ai CEO Amjad Hussain Bootstrapped using Services from Michigan . Seed Investors Who Like Bootstrapped Businesses . How iHeartRaves CEO Bootstrapped a Niche e-Commerce Company to $20 Million . Bootstrapping with Services . 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