Imagine being the cofounder of a startup and stepping down from the helm to head of product, only a year later to take up the CEO position again.
That's what Sean Rad, co-founder of dating app Tinder'scurrently doing. And it couldn't come at a more exciting time in the startup's story. Majority shareholder Match Group has just announced Tinder is to raise upwards of $467m in an IPO before the end of the month.
With 1.5 million dates happening per week from the app, 9 billion matches every day and 1.8 billion 'swipes' and most 'major countries' across the world using the app to meet people, it's not a bad company to be at the forefront of.
Rad told a large audience at Web Summit last week he wishes startups would stop trying to be the 'next Tinder', and shared his thoughts on the app's success.
He's not very bothered by competition either, and wants everyone else to stop trying to be "the next Tinder'.
'We're focused on being the next version of ourselves. Everyone else is trying to be the next Tinder and that's a bad business model. We're focused on our goals and our users are driving what we do. We don't care much about the competition or the copycats, we're flattered, but it's a bad business model to want to be another company,' Rad says.
Next year, the CEO says Tinder will delve into the world of ads on which it has barely 'scratched the surface'.
It'll also focus on bringing in the right people and increasing the headcount in the company: 'We have big ambitions but need to recruit to get us to where we want to be. This is the most challenging part of an organisation scaling. Every week there are a handful of new people joining and it's exciting, as it means we can do more now."
'It was a decision we all made together. Of course, I was going to stay. I saw my role as helping the new CEO make the best decisions for the company, passing what I've learned on.
'At the end of the day, we decided it wasn't a fit and for a lot of reasons the board wanted me to be CEO again. I'm happy to play any role, as long as I get to work on the product and make an impact in this world in there. I'll mop the floors if I have to if that's the best use of my time,' Rad says.
He also puts a lot of onus on his team, saying: 'You're only as good as the people you're surrounding yourself with.'
In particular, Tinder's very interested in understanding the 'single culture' and recently carried out a large user survey to find out more. It discovered 80% of people are on the app to find a long term relationship and 20% for something more casual.
The casual nature of these encounters is something that has been on the receiving end of negative press and as Rad puts it: 'There are a lot of Tinder babies.'
But, he stresses all Tinder is doing is connecting people. 'We've built the most efficient way of meeting someone new, sometimes there's marriages, friendships and everything in between.
'There's no doubt Tinder is increasing the number of connections in this world. We are bringing the world closer together at a scale no platform has ever been able to do. In that sense it's changing the world,' he explains.
But Rad says if you're not doing getting negative feedback, you're not doing anything worthwhile. He says the press don't know the full story and he, as being closest to the business, knows more what they're about.
'I don't care what the few things the press likes to focus on that creates newsworthy content. It'll always focus on things that are controversial.
I'm happy to play any role, as long as I get to work on the product and make an impact in this world in there. I'll mop the floors if I have to if that's the best use of my time
'We are closest to the audience than anyone else. We wake up in the morning this is what we think about, this is our passion and we know it's having a positive impact to the world. Whenever you have a huge change in culture you're always going to have repugnance,' he says.
Rad says since day one it has been the app's mission to 'uncover every possible meaningful relationship that can happen'.
'Our frustration is that it's hard to meet someone. There are so many barriers, you get nervous, you may be rejected. If we can make it smarter and create more possibilities I think you're changing the world because...you're not going to remember the picture you saw on Snapchat two hours ago, but you will remember the person you met on Tinder even two weeks ago,' Rad says.
Tinder's users seem to love the minimum viable product (MVP) so it faces a challenge in adding new features and changes without taking away from the app's simplicity and what it does best.
'Tinder is fun. Meeting new people should be fun, as long as you walk in with the mindset to build experiences that people want to interact with, you're going to get that,' Rad explains.
'Be yourself. We underestimate people's abilities to look at a picture and pick up the nuances of who you are. When you're not yourself people can sniff that. Showcase who you are, what your interests are; that leads to most success on Tinder,' he advises.
That's what Sean Rad, co-founder of dating app Tinder'scurrently doing. And it couldn't come at a more exciting time in the startup's story. Majority shareholder Match Group has just announced Tinder is to raise upwards of $467m in an IPO before the end of the month.
With 1.5 million dates happening per week from the app, 9 billion matches every day and 1.8 billion 'swipes' and most 'major countries' across the world using the app to meet people, it's not a bad company to be at the forefront of.
Rad told a large audience at Web Summit last week he wishes startups would stop trying to be the 'next Tinder', and shared his thoughts on the app's success.
On the IPO
Rad says the IPO won't change much for Tinder. 'We're accustomed to worlds where we're part startup and part public company. We've always operated independently, always had the freedom to grow like a startup. Tinder has a board, it just so happens that our largest shareholder is a public company,' he says.He's not very bothered by competition either, and wants everyone else to stop trying to be "the next Tinder'.
'We're focused on being the next version of ourselves. Everyone else is trying to be the next Tinder and that's a bad business model. We're focused on our goals and our users are driving what we do. We don't care much about the competition or the copycats, we're flattered, but it's a bad business model to want to be another company,' Rad says.
Next year, the CEO says Tinder will delve into the world of ads on which it has barely 'scratched the surface'.
It'll also focus on bringing in the right people and increasing the headcount in the company: 'We have big ambitions but need to recruit to get us to where we want to be. This is the most challenging part of an organisation scaling. Every week there are a handful of new people joining and it's exciting, as it means we can do more now."
On being CEO
This time last year, Rad was removed as CEO and stayed on as head of product. Now, he's back at the helm.'It was a decision we all made together. Of course, I was going to stay. I saw my role as helping the new CEO make the best decisions for the company, passing what I've learned on.
'At the end of the day, we decided it wasn't a fit and for a lot of reasons the board wanted me to be CEO again. I'm happy to play any role, as long as I get to work on the product and make an impact in this world in there. I'll mop the floors if I have to if that's the best use of my time,' Rad says.
He also puts a lot of onus on his team, saying: 'You're only as good as the people you're surrounding yourself with.'
On user data
Rad says the app anonymously collects data on its users to recommend a better set of people for them to meet.In particular, Tinder's very interested in understanding the 'single culture' and recently carried out a large user survey to find out more. It discovered 80% of people are on the app to find a long term relationship and 20% for something more casual.
The casual nature of these encounters is something that has been on the receiving end of negative press and as Rad puts it: 'There are a lot of Tinder babies.'
But, he stresses all Tinder is doing is connecting people. 'We've built the most efficient way of meeting someone new, sometimes there's marriages, friendships and everything in between.
'There's no doubt Tinder is increasing the number of connections in this world. We are bringing the world closer together at a scale no platform has ever been able to do. In that sense it's changing the world,' he explains.
On negative press
This year, Vanity Fair ran a piece condemning the app as heralding the end of dating as we know it and brought 'hookup culture' to the forefront.But Rad says if you're not doing getting negative feedback, you're not doing anything worthwhile. He says the press don't know the full story and he, as being closest to the business, knows more what they're about.
'I don't care what the few things the press likes to focus on that creates newsworthy content. It'll always focus on things that are controversial.
I'm happy to play any role, as long as I get to work on the product and make an impact in this world in there. I'll mop the floors if I have to if that's the best use of my time
'We are closest to the audience than anyone else. We wake up in the morning this is what we think about, this is our passion and we know it's having a positive impact to the world. Whenever you have a huge change in culture you're always going to have repugnance,' he says.
Rad says since day one it has been the app's mission to 'uncover every possible meaningful relationship that can happen'.
'Our frustration is that it's hard to meet someone. There are so many barriers, you get nervous, you may be rejected. If we can make it smarter and create more possibilities I think you're changing the world because...you're not going to remember the picture you saw on Snapchat two hours ago, but you will remember the person you met on Tinder even two weeks ago,' Rad says.
On Tinder's future
The data Tinder's been collecting, coupled with user requests, have enabled them to start trailing things like 'SuperLike' which is a change to the app's ecosystem. And there's more on the way to 'reduce barriers of connecting and increase the number of quality connections.Tinder's users seem to love the minimum viable product (MVP) so it faces a challenge in adding new features and changes without taking away from the app's simplicity and what it does best.
'Tinder is fun. Meeting new people should be fun, as long as you walk in with the mindset to build experiences that people want to interact with, you're going to get that,' Rad explains.
Advice
Rad had some parting advice for Tinder users which BusinessZone thinks is also applicable to startups.'Be yourself. We underestimate people's abilities to look at a picture and pick up the nuances of who you are. When you're not yourself people can sniff that. Showcase who you are, what your interests are; that leads to most success on Tinder,' he advises.
