{
  "title": "Growth Company Success and Financing | Olli Sirkiä | Neuvottelija 188",
  "titleOriginal": "Kasvuyritysten menestys ja rahoitus | Olli Sirkiä | Neuvottelija 188",
  "episodeNumber": "188",
  "guest": "Olli Sirkiä",
  "publishedAt": "2023-04-16",
  "duration": "45:16",
  "durationIso": "PT45M16S",
  "youtube": "https://www.youtube.com/watch?v=B9pB4s6quk0",
  "fiCanonical": "https://www.neuvottelija.fi/fi/episodes/277-kasvuyritysten-menestys-ja-rahoitus-olli-sirkia-neuvottelija",
  "originalLanguage": "fi",
  "format": "full",
  "topics": [
    "investing_markets",
    "saas_software",
    "ma_exits"
  ],
  "description": "Olli Sirkiä, founder of Trado Capital, works through how growth companies are chosen and financed. The sharpest passage is his criticism of the Rule of 40: fine for internal steering, but too crude for an investor because it equalises all costs, so a company burning sixty per cent of its budget on sales scores the same as one spending it on product. He adds that a CAC to lifetime value ratio does not reveal the churn profile either, since companies onboard customers not yet ready for the product. Trado's venture debt structure is described concretely: receivables are not taken as security, the loan is meant to be repaid, and conversion to equity carries deliberately harsh terms so that nobody wants it. On Timma he explains why a business combining B2B software with a consumer marketplace has to win the B2B side first, because adoption needs someone locally to show how it works. He argues the reseller model does not work in software — Workday, Salesforce, Monday and Pipedrive all have partners now but none began that way — and concludes that Finland's constraint is not team quality but businesses built to Finland's size from the start.",
  "chapters": [
    {
      "t": "00:00",
      "title": "Olli Sirkiä of Trado Capital and the portfolio: Lyyti, Hoiwa, Augment, Mjuk, Timma, Freska, Fiksuruoka, Jobilla, Profinder",
      "seconds": 0
    },
    {
      "t": "00:24",
      "title": "A job interview simulation — odd questions as a selection criterion",
      "seconds": 24
    },
    {
      "t": "02:52",
      "title": "Trado's co-investments such as Lyyti and Augment",
      "seconds": 172
    },
    {
      "t": "05:00",
      "title": "Augment's business model is healthier than Voi's or Tier's",
      "seconds": 300
    },
    {
      "t": "06:00",
      "title": "Jobilla and Hoiwa",
      "seconds": 360
    },
    {
      "t": "08:30",
      "title": "Timma — B2B2C in one product",
      "seconds": 510
    },
    {
      "t": "12:50",
      "title": "Using venture debt in growth companies when the only collateral is receivables and equity",
      "seconds": 770
    },
    {
      "t": "16:15",
      "title": "Why is the SaaS Rule of 40 a poor metric?",
      "seconds": 975
    },
    {
      "t": "17:40",
      "title": "High cost of sales as a risk",
      "seconds": 1060
    },
    {
      "t": "20:30",
      "title": "What makes a good salesperson, and their KPIs. A bonus model beats a commission model",
      "seconds": 1230
    },
    {
      "t": "21:30",
      "title": "Hoiwa, Auntie, Terapiatalo Noste and Äännekoulu, and how a reform of the care model might land",
      "seconds": 1290
    },
    {
      "t": "25:00",
      "title": "How a brother fixed a childhood speech-sound problem in a day, and how it is done now",
      "seconds": 1500
    },
    {
      "t": "27:00",
      "title": "Mental health services and demand, particularly among young women",
      "seconds": 1620
    },
    {
      "t": "29:30",
      "title": "Fiksuruoka — fighting food waste with dry goods",
      "seconds": 1770
    },
    {
      "t": "31:00",
      "title": "Fredman Group and Chefstein, IoT-based SaaS. The Finnair case",
      "seconds": 1860
    },
    {
      "t": "32:03",
      "title": "How Trado Capital chooses its potential investments",
      "seconds": 1923
    },
    {
      "t": "33:50",
      "title": "Finland has excellent startup teams — the small home market is the problem",
      "seconds": 2030
    },
    {
      "t": "34:50",
      "title": "The challenge of going abroad: local hires, a country company, or an acquisition",
      "seconds": 2090
    },
    {
      "t": "35:58",
      "title": "The reseller model does not work well in software",
      "seconds": 2158
    },
    {
      "t": "37:30",
      "title": "When it is worth joining the board as well as investing",
      "seconds": 2250
    },
    {
      "t": "38:45",
      "title": "OKRs or Must Win Battles? Board incentives and target setting",
      "seconds": 2325
    },
    {
      "t": "41:23",
      "title": "The value added reseller model, and whether AI could make these valuable",
      "seconds": 2483
    },
    {
      "t": "42:36",
      "title": "Translink's SaaS expertise versus the competition",
      "seconds": 2556
    },
    {
      "t": "43:27",
      "title": "How Sirkiä uses AI",
      "seconds": 2607
    },
    {
      "t": "44:20",
      "title": "Outro: how to reach Olli Sirkiä",
      "seconds": 2660
    }
  ],
  "sourceTranscriptType": "macwhisper_srt",
  "subtitleMethod": "none",
  "provenance": "Owner page assembled from YouTube metadata, the neuvottelija.fi episode record and a MacWhisper transcription of the Finnish audio. The chapter marks are the publisher's own list as released with the video, each verified to fall within ten seconds of a real transcript cue. No English caption track was produced, so no transcript is published here. The transcription contains one gap of roughly thirty seconds at 17:33-18:02, in the middle of the Rule of 40 argument, where speech resumes from the second half of a comparison whose opening is not preserved; the summary is written only from what the transcript contains and the gap has not been filled by inference.",
  "slug": "ep188-kasvuyritysten-menestys-ja-rahoitus-olli-sirkia",
  "guestsCanonical": [
    "Olli Sirkiä"
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  "guestPages": [
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  ],
  "page": "https://www.neuvottelija.com/podcast/episodes/ep188-kasvuyritysten-menestys-ja-rahoitus-olli-sirkia/",
  "markdown": "https://www.neuvottelija.com/podcast/episodes/ep188-kasvuyritysten-menestys-ja-rahoitus-olli-sirkia/index.md",
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}