Instant Success! The 21 Year Old Entrepreneur Building Australia's Next Unicorn.

Ep 198 Liam Millward - Instant

In episode 198 of the Fintech Chatter Podcast, I reconnect with Liam Millward, CEO and Co-Founder of Instant.

It's been two years since Liam was last on the show. At the time he was still 18 years old and Instant was less than one year into operation.

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We discuss the remarkable growth and evolution of Instant since our last conversation. Liam shares insights on shifting from a product-focused mindset to a revenue-driven approach, navigating challenges in the competitive landscape all founders have faced this last two years. The conversation also touches on the future of Instant and the strategies for market expansion.

I also chat to Liam about the importance of building a high-performance team. Liam demonstrates leadership and decision-making capability I rarely see in seasoned execs, let alone a 21 year old! IMHO Liam is a generational talent and one of the reasons I'm against a social media ban on under 16 year olds. What he's done so far is remarkable.

One of my favourite parts of the discussion is the role of personal experiences in shaping his entrepreneurial journey and how he hires.

The Instant Journey

As CEO and Co-founder of Instant; Liam is on a mission to power the world's most innovative brands, helping to drive their revenue and retention on autopilot. He launched his first funding round led by Blackbird, at age 17, generating $7.5m, the biggest pre-seed to date in Australia.

As the business grew to $1.5m in annualised revenue, they have raised an additional $30m across Seed and Series A rounds. Hitting a healthy 1 million shoppers within 12 months of their launch.

Since Instant launched its Checkout product, they have gone on to develop Audiences and Targeting offering their 3 product across the US and Australia.

This is a triple-pronged approach to customer retention and greater outcomes for business revenue.

About Liam Millward

Liam started his first venture aged 13 in a caravan, travelling around Australia and the world with his family. His love of travel resulted in him curating and developing a well-known travel magazine, Navigate Australia with a monthly readership of 50,000+.

Key Takeaways

• Liam reflects on the rapid growth of Instant since its inception.
• The importance of focusing on revenue rather than just product development.
• Building a strong sales strategy is crucial for startup success.
• Creating a high-performance culture is essential for team motivation.
• Leadership requires transparency and accountability within the team.
• Identifying and nurturing talent is key to sustaining growth.
• Travel and personal experiences can significantly influence an entrepreneurial mindset.
• Having a clear vision can inspire teams to achieve ambitious goals.
• Market expansion requires understanding and adapting to new environments.
• Failing as a company is not an option; resilience is vital.

Chapters

00:00 Introduction to Instant and Liam's Journey

05:28 Shifting Focus: From Product Obsession to Revenue

11:04 Sales Strategies for Rapid Revenue Growth

16:40 Leadership and Transparency in Startups

22:27 Creating an Inspiring Vision for the Team

27:00 High Performance Work Environments

34:26 The Impact of Life Challenges on Entrepreneurship

42:13 Setting Ambitious Goals

49:14 The Realities of Starting a Business

Links & Resources:

• Visit Instant website
• Connect with Liam Millward
• Connect with Dexter Cousins
• Learn more about Tier One People