Nik Storonsky founded Revolut in 2015, gradually introducing consumers to the world of neobanks. Despite ups and downs along the way, the startup became Europe's most valuable private technology company last month with a valuation of $45 billion.
Storonsky is also among the European founders who have raised funds for other startups. In 2022, he founded the VC firm QuantumLight, which focuses on AI-driven investments.
QuantumLight today released a playbook with step-by-step instructions for building high-performance startups.
“We’re publishing best practices that I wish I had had access to when I was starting out at Revolut,” said Storonsky, who co-authored the playbook.
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These best practices are also based on Revolut’s recently launched business management platform called Revolut People.
Here are the playbook’s top seven tips for achieving peak performance:
- Performance is a priority and the focus is on the top players
- Form a performance team. One or two operators should manage the performance processes
- Define a talent framework that clearly distinguishes between great and good performance
- Standardize appraisals. Appraisals should be a quick, quarterly process that saves managers time.
- Standardize promotions, but also identify low performers early with automatic triggers that keep the bar high
- Motivate top performers with performance-based stock awards. Consider increasing bonuses exponentially based on individual, team or company performance.
- Pay above-average salaries for above-average talent to ensure competitive compensation
Personally, I would add: 8) a healthy, pollution-free work environment and 9) growth opportunities for top talent. But, well, I didn't start Europe's most valuable fintech company.
Interested founders can download the playbook here for free.
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