Want to learn the best business insights from remarkable speakers at Slush 2023, but don’t have the time to watch the full speeches on YouTube?
You’ve come to the right place. Below is a summary of a speech by Shuo, Deel’s co-founder & CRO. Shuo Wang joins Sarah Pinto, Partner and Head of Growth Investing at Emerson Collective, to discuss Deel’s incredible journey and advice for other founders looking to supercharge their revenue streams.
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<p class="h1-rich">🤏 TL;DR</p>
Deel is an all-in-one HR platform that helps companies with payroll management, compliance, and international talent payments, covering over 160 countries. The founder's international background and experience with immigration challenges influenced the desire to create a platform that removes barriers for talented immigrants to work for their desired companies. Deel prioritizes profitability and financial control, which sets them apart from many tech companies, and aims to continue growing and serving upper-market clients across industries. Action items include discussing potential partnership opportunities, scheduling a meeting to discuss budget control and ROI measurement strategies, developing and implementing a plan to expand Deel's sales team in key regions, and exploring the possibility of leveraging Deel's data set to develop and launch the Deel AI product.
<p class="h1-rich">✨ Summary</p>
Deel's Product Offering
- Deel is an all-in-one HR platform that helps companies with payroll management, compliance, and international talent payments.
- They cover over 160 countries and enable talent from anywhere to have job opportunities that were previously limited to places like Silicon Valley.
Impact of Immigrant Background on Starting Deel
- The founder's international background and experience with immigration challenges influenced the desire to create a platform that removes barriers for talented immigrants to work for their desired companies.
- Deel now helps 300,000 international talents work for innovative companies.
Example of a Company Using Deel
- Deel is working with Walt, a local food delivery services company, to expand its operations in eight different countries.
Secrets to Deel's Rapid Growth
- Hiring top talent and building a strong team have contributed to Deel's fast growth.
- Interviewing candidates based on their analytical skills and problem-solving abilities has been a successful hiring strategy.
- Building a robust process, leveraging data, and going global early have also played key roles in Deel's growth.
Managing a Fully Remote Company
- Deel operates as a fully remote company with no physical offices.
- They rely on tools like Slack to manage their global team and ensure quick responses to client needs.
- While they don't have physical offices, they encourage meetups and have central hubs in major cities.
Commitment to Profitability and Financial Discipline
- Deel prioritizes profitability and financial control, which sets them apart from many tech companies.
- They focus on ROI, careful spending, and being accountable for every dollar invested.
- Being a remote company helps control fixed costs and promotes frugality.
Transition from SMB to Enterprise Customers
- Deel initially served small businesses and startups but has expanded to serve enterprise clients.
- They have developed an all-in-one HR platform to cater to enterprise needs and provide consulting services for global expansion strategies.
- The expectations and skillsets required for selling to enterprise clients differ, but the company values execution and problem-solving abilities in all sales hires.
Deel's Future Plans
- Deel recently launched Deel AI, a product that utilizes their extensive data set on salaries, labor laws, and compliance to help clients optimize their global expansion strategies.
- They aim to continue growing and serving upper-market clients across industries and empower millions of international talents to work for the best companies.
Advice for Startup Founders
- Take action and start your venture without waiting for the perfect idea or timing.
- Embrace change and be open to adapting and evolving your ideas and product.
- Deel's booth is available for further discussions on startups and global hiring.