Kiwi startup Double Yolk has scaled from $100,000 to $5 million in annual recurring revenue in just four years.
The Auckland- and Sydney-based company, which helps SaaS organisations tap into offshore software talent, has achieved this by doing just one thing at a time.
“This level of ruthless prioritisation is simple on paper but remarkably difficult to execute in reality,” says Jack Coleman, the CEO and founder of Double Yolk.
Double Yolk’s USP is local tech support in the discovery and ideation phase, then assistance with the set-up of remote teams, while still working closely with the customer, supporting them on their development journey and taking ownership for the delivery.
Coleman first met Henry Wallace, Double Yolk’s co-founder and COO, at university. Their paths crossed again when Coleman realised he needed a partner at the helm of the startup, someone with the skills he didn’t have.
The duo’s approach to business and growth is very much the same. For the most part, it comes down to prioritisation of tasks and strict adherence to the one-thing mentality – focusing on and completing a given priority before starting another one.
“Humans are actually remarkably bad at multi-tasking, so it’s about identifying the one core thing we can do each day that will shift the business forward. You can answer emails till you’re blue in the face, but it’s probably not going to be the activity that will be the catalyst for growth,” says Wallace.
“To identify what one thing you should work on, we use a question to identify high leverage actions: ‘Is there one thing that will make other tasks easier or unnecessary?’ By asking this question we are able to identify what actions may have a wider flow-on effect.”
While their mindset is still one of continuous improvement, Coleman and Wallace are conscious of how far they have come. So, they want to support other tech startups by sharing with others what has worked, and what hasn’t, on their journey.
“We are a completely open book. If we can provide a bit of insight and encouragement to other Kiwis who want to start something, then that works in everyone’s favour,” says Wallace.
Photo: Jack Coleman (left) and Henry Wallace.
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