Agile Businesses: Matt Wursta On How Businesses Pivot and Stay Relevant In The Face Of Disruptive Technologies
An Interview With Fotis Georgiadis
Don’t underestimate the power of training and clear communication. The teams will need more training than you think, they’ll need more communication, they’ll need more understanding. All of this is sometimes lost in the shuffle, but incredibly relevant.
As part of my series about the “How Businesses Pivot and Stay Relevant In The Face of Disruptive Technologies”, I had the pleasure of interviewing Matt Wursta.
Matt is the founder and CEO of Wursta, a firm focused on helping organizations use cloud technologies to compete in a modern world. Prior to founding, he spent time at PNC bank, another startup, and then a short time at Google. He’s passionate about the confluence of business and technology, and he’s an avid snowboarder.
Thank you so much for joining us in this interview series. Our readers would love to “get to know you” a bit better. Can you tell us a bit about your ‘backstory’ and how you got started?
The backstory is kind of a fun one. My parents have had a restaurant since I was born, and for as long as I can remember, I’ve had this work ethic associated with it. Restaurants are hard. You’ve got to be there to make money, and your customers depend on you to be open. It’s a really tough thing, but it’s helped me tremendously in life. Today, we might think it’s a little funny helping out when you’re 12 years old, or working your weekends in high school, but it just was the way of things. That stuck with me.
I did eventually leave the restaurant, however. It was actually over a dispute over technology. I got to answer phones in big corporate america for a bit, and then spend a few years at a small fast moving startup. It was at that startup that I learned there is a market for almost anything, and if you frame the value properly, there are whole worlds to be unlocked. This was an incredible exposure for me, because I just didn’t have the visibility prior. For example, paying $500 for 1 hour of training on a particular piece of technology seemed absurd to me, but if the 25 people in the session each even saw just one hour a month of productive time gained, the organization would see a tenfold return on that money. That type of thinking was just missing for me until I really got to sit and listen first hand. It was a great experience.
Then I moved on to the big G, Google. While I enjoyed my time, I had this inflection moment where I realized I wouldn’t have a better chance to start my own firm, and the downside was minimized. So, I took the leap.
Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lessons or ‘take aways’ you learned from that?
There aren’t a lot of ‘funny’ mistakes in the beginning, at least not for me. Most things seemed like life and death. Of course, they weren’t, but they certainly seemed so at the time. One thing I learned early on is that traditional banks are not set up to support entrepreneurs, regardless of what they say. It actually makes a lot of sense, from a risk management perspective, but when you’re trying to get your first business credit card, it doesn’t seem particularly fair. Many of the terms and requirements for things like an AR line of credit really aren’t as common sense as you might think, primarily because you’re not thinking fraudulently, but the bank has to cover for those scenarios. This was definitely a lesson learned that I’ve stuck with, always be ahead of your banking needs.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story?
I still really can’t thank my parents enough, as trite as it might sound. They let me move home, live in their basement, and really put myself in a position to minimize my bills. This was incredibly instrumental in the early years at Wursta.
Along the way, there have been countless others who have all acted as wonderful guideposts. I’m particularly interested in candid feedback, and many folks are willing to give it to you if you ask. This has been a huge part of my learning curve. Even some of the CEOs and Founders of my competitors have helped along the way. It’s amazing what playing nice and asking for feedback will get you.
Extensive research suggests that “purpose driven businesses” are more successful in many areas. When your company started, what was its vision, what was its purpose?
When we started, there was this idea; it went roughly like this: Technology is innovating faster than most organizations have the ability to adapt. This creates a problem, despite the availability of tons of technological horsepower, folks weren’t using it. Our mission was, and continues to be, to help organizations maximize their use of the cloud, to compete in a modern world. The last bit was added later, but it was a byproduct of our work. Organizations, our clients, were better able to compete in the thing they were good at, once they started to build a better technology muscle. That premise still stands today.
Thank you for all that. Let’s now turn to the main focus of our discussion. Can you tell our readers a bit about what your business does? How do you help people?
Wursta is a technology firm, a consultancy, that helps organizations invest in and leverage technology to make their business processes better. We look at the available tech and their business and industry, and help create and execute a strategy to ensure they’re as nimble as possible to compete. We’re helping in all sorts of ways, but ultimately we like to think we make life easier for our clients, easier to do what they’re focused and good at. This is centered on collaboration, custom application and infrastructure, and organizational change management.
Which technological innovation has encroached or disrupted your industry? Can you explain why this has been disruptive?
I think cloud computing has been on a pretty steady path for some time. Recently, however, Web3 and the technology surrounding blockchain has started to make a lot of noise. For us, as future thinkers, we’re keen to hear the noise, but it took us some time to really hear it. The blockchain is going to (and is already) disrupt many of the markets our customers are in. It’s helping people to see things in a new way, and empower them through its decentralized nature, an entirely new set of business models and economies. The disruption is just beginning, but it’s happening so quickly.
What did you do to pivot as a result of this disruption?
I wouldn’t call it a full on pivot, so much as an area of explicit focus for us. We were in a position, working to find our niche in certain industries, when I was exposed to Web3, and specifically NFT technology. While many people think of this as monkey pictures on the web, it’s actually the proof of concept for decentralized identity and ownership for the web. Really powerful stuff. So, we quickly built out an internal team to start doing some research. I personally also sought out some experts in the industry to really help me understand better what was happening. Then, we presented to the whole team this addition of the Web3 technology into our focus areas, and we’ve been doing great since. Everyone is excited and engaged, knowing that we’re focusing on our core business, but we have this next step outlined.
Was there a specific “Aha moment” that gave you the idea to start this new path? If yes, we’d love to hear the story.
We sponsored an art gallery in Miami during Art Basel. There’s this great artist, Blake, and he asked if we wanted to come and be ‘NFT Educators’ since the team had been ramping up. We went down, and it was a total blast. But, most importantly, I remember standing in the gallery, full of people, listening to the conversations going on around me. An Architect, with a new way to transfer house plans. An artist, with new access to his fans. A climate activist, with a new non-profit driven by access tokens. I knew then, this technology was going to touch so many things, we needed to be there.
So, how are things going with this new direction?
It’s early, so it’s sort of hard to tell. I can say that the majority of the team is excited. We’ve got great engagement from the market, we’re working on a permanent installation in Austin, sort of like a thinktank for Web3, and we’re starting to promote some of these offerings to our clients. So, all in all, it’s going great.
Can you share the most interesting story that happened to you since you started this pivot?
My team, at least for some period of time, thought I was quitting and running off to another company! I had been working to get educated as quickly as possible, through an advisory engagement with another firm deeply entrenched in the space. What I hadn’t done was clearly communicate with the team, because at first, I didn’t know if there was anything there. By the time I had the thought to communicate, it was probably a little too late. It all worked out in the end, but I was definitely blindsided, I’m not going anywhere!
What would you say is the most critical role of a leader during a disruptive period?
I’m still a lead from the front kind of guy. I really think it’s important to demonstrate to the group the type of individual you want them to be. In this case, it means being energetic, engaged, and naturally curious. We’re sharing articles internally, I’m having chat conversations (digital and IRL) with folks, sharing knowledge, and really trying to drive the excitement. I think that’s really important.
When the future seems so uncertain, what is the best way to boost morale? What can a leader do to inspire, motivate and engage their team?
At Wursta, we’ve worked hard to create a culture of transparency. Because of this (specifically), for me, having a level talk with the team and letting them know we’re on this journey together has been incredibly valuable. Everyone at Wursta puts a ton of time and effort into every day, and we wouldn’t succeed without each other. I’m reminded daily how complex a machine it’s become, and it’s important for everyone to know there’s no such thing as failure when you try new things, only learning. But you are certain to fail if you don’t try at all.
Is there a “number one principle” that can help guide a company through the ups and downs of turbulent times?
Our first and arguably most important principle is ‘Win-Win’. I’ve actually gone round and round a few times on this one, but I’m a firm believer, if you look for the situations that allow for a win-win, you will always be successful, regardless of the times.
Can you share 3 or 4 of the most common mistakes you have seen other businesses make when faced with a disruptive technology? What should one keep in mind to avoid that?
The first mistake businesses make when it comes to disruptive technologies is being afraid of it. We saw so many companies being thrown into embracing new technology that they had previously resisted when the pandemic hit. Because they had avoided it for so long, they were wholly unprepared to quickly change gears for remote operations that it was devastating to their business. The companies that had embraced new technology were better prepared because they were more forward thinking.
The second mistake companies make when it comes to disruptive tech is trying to tackle it without help. Not everyone is meant to be a technology expert. Even internal IT departments are not always equipped to deal with all technologies. If you want things deployed properly — bring in outside help.
Lastly, you don’t have to be the first one to the party, but you do have to be aware. I always recommend spending time to educate yourself on the technologies, even if they seem like they are sitting on the fringe. It doesn’t take long for a disruptive technology to take hold.
Ok. Thank you. Here is the primary question of our discussion. Based on your experience and success, what are the five most important things a business leader should do to pivot and stay relevant in the face of disruptive technologies? Please share a story or an example for each.
- Leaders have to set an example. It’s important to embrace change, and to really own the change yourself, daily. Many times, we run into leaders who want to pivot their company towards a new technology, but then they won’t adopt it themselves. That’s not the recipe for success.
- Don’t underestimate the power of training and clear communication. The teams will need more training than you think, they’ll need more communication, they’ll need more understanding. All of this is sometimes lost in the shuffle, but incredibly relevant.
- When it comes to a disruptive change in your industry, seek knowledge. Often, out of habit, or perhaps fear, leaders will shy away from the things that appear to be impacting their market. Lean in and learn. Find ways to acquire knowledge about the technology, so you can make more informed decisions.
- Tie it all together. Too often, leaders will address disruptive technology as a massive change. It’s often the case that it can be correlated back, and your teams will want to know how it all ties together, how it connects to the mission and vision.
- Don’t forget about the people. The team and people are the folks making the program come together, whatever it is. When disruptive technology emerges, lean on your team, give them transparent information, and they’ll step up to the plate to help adapt and evolve. Keep them in the dark, and you’ll struggle to make the changes needed.
Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?
“Whatever you can do or dream you can, begin it. Boldness has a genius, power, and magic in it.” — Johann Wolfgang von Goethe
For me, this saying encapsulates it all. You have to take action, begin, in order for great things to happen. Don’t be afraid of that action, it’s the first step. By just starting, I’ve ended up where I have today, and in every situation, where the people I’ve seen start, they are likely to find success, or learning. Both are better outcomes than waiting.
How can our readers further follow your work?
Thank you so much for sharing these important insights. We wish you continued success and good health!
Agile Businesses: Matt Wursta On How Businesses Pivot and Stay Relevant In The Face Of Disruptive… was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.
