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Its no secret that the most exciting companies are often run by their founders. Whats less obvious is that the rare opportunities to become CEOespecially of fast-growing tech companiestend to go to people who have been acting like founders all along. Founders often bring the rare combination of vision, grit, and salesmanship that can take a company from idea to juggernaut. As a result, founder-run companies tend to dominate the tech space. In fact, founders remain CEOs at 88% of B2B software companies at IPO, according to recently published SaaStr analysis of 65 major IPOs in this space. I remember being very intrigued during the 2017 Uber CEO search, precisely because of this dynamic. For a company as exciting and transformative as Uber, it was quite rare to have an open CEO role. And for that reason, candidates who were CEOs of much larger revenue scale companies were rumored to be considering the role, including CEOs of companies like General Electric and Hewlett Packard. Dara Khosrowshahi was chosen for the role, and it was no accident that he had trained so closely with IAC founder, Barry Diller. I think most would agree that Khosrowshahi, despite having never been a founder, has been excellent at Ubers helm (and the stock price shows it). The same is true of nonfounder CEOs Satya Nadella of Microsoft, Nikesh Arora of Palo Alto Networks, and so many otherslike Greg Peters, who rose through the ranks at Netflix and became co-CEO in 2023. Show up for the company In early 2024, I started getting calls to interview for CEO roles, including one at Figure, a fast-growing blockchain and fintech company. The founder was considering moving into an executive chairman role. Instinctively, I knew this was a big opportunity. I had worked for its founder, Mike Cagney, before and my fintech experience had shown me the enormous opportunities in solving capital market inefficiencies with blockchain technology. I think a big reason why I had these opportunities is that I had been operating like a founder rather than an executive for years. I remember distinctly when I was the VP of finance at SoFi, but was asked to turn around the mortgage division. A number of people advised me against it: The role was very specific (not every company has a mortgage division, but every company has a finance department) and I had to move out of San Francisco to an operations center far outside the city. I chose to do it, because that was what the company needed. I optimized for the companys needs rather than what I thought was the career-optimizing decision. Ultimately, optimizing for the company was the career-optimizing decision too, as I was later promoted to chief revenue officer. However, whenever I share that anecdotewhether talking with mentees or employees about them making similar moves, I have been almost universally rejected. It can be unnatural to optimize for companies. But for a founder, its second nature. Volunteer for opportunities That lesson came back again at Brex, which I joined following SoFi. Our initial public product launch was highly anticipated internally, as we had worked for over a year to build the product, and were keeping our $50 million in capital raises in stealth. Three months before the scheduled launch, we unexpectedly lost our marketing head. I knew nothing about marketing at the time, but I had witnessed SoFis marketing success firsthand. I was the CFO, but I knew we had to have a marketing launch, so I stepped up, offering to run marketing and the launch. This was a high stakes launch, and I had no experience. It was tough, with a lot of ups and downs. But ultimately it was not only hugely rewarding for me, but also a very successful marketing launch. In looking back at my experiences, and of people I admire, there are a few common themes: Optimize for the company, not your resume. A founder mentality does what needs to be done for the companys success, whereas an executive mentality can view it as presenting more downside than upside. The best opportunities dont involve applications Rather, theyre created by those who think and act like founders long before theyre given the CEO title. They almost always come from inside organizations or via referral. Get comfortable with being uncomfortable. Whether its stepping into unchartered territory or taking on that role that looks like a headacheit might just be your best move yet. The best CEO jobs may seem unavailable or out of reach, but if you act like a founder today, you might just be asked to fill one tomorrow. Michael Tannenbaum is CEO of Figure.
Category:
E-Commerce
TJX Companies has announced the grand opening of six new T.J. Maxx stores later this month. The off-price retailer, which carries major brands at discounted rates, has over 5,000 stores across nine countriesin the United States, it also operates Marshalls, HomeGoods, HomeSense, and Sierra. Currently, there are more than 1,330 T.J. Maxx stores in the U.S. This news comes a little over a year after CEO Ernie Herrman announced the companys goal of adding 1,300 stores to its global portfolio of locations during a quarterly earnings call. T.J. Maxx enthusiasts, read onhere’s the full list of new locations coming soon, as well as the opening date for each. Glen Allen, Virginia Address: 9850 Brook Road, Glen Allen, Virginia Opening date: August 10 Clinton, Connecticut Address: 215 East Main St., Clinton, Connecticut Opening date: August 21 Dickinson, North Dakota Address: 446 18th St. West, Dickinson, North Dakota Opening date: August 24 Saratoga Springs, Utah Address: 1233 North Lake Drive, Suite E, Saratoga Springs, Utah Opening date: August 24 Tooele, Utah Address: 945 North Main St., Suite F, Tooele, Utah Opening date: August 24 Washington D.C. Address: 5300-B Wisconsin Ave. NW, District of Columbia Opening date: August 28 Despite consumers and department stores facing retail uncertainty as tariffs loom, off-price retailers may be at an advantage as they typically receive their goods after supplying brands have already paid the price of tariffs. TJX Companies has seen a steady stock increase over the past five years. The stock price (NYSE: TJX) dipped slightly today before beginning a steady increase this afternoon.
Category:
E-Commerce
The State Department announced on Monday it will start a new pilot program in August that will require some foreign travelers to pay up to $15,000 for a bond, so they won’t overstay their visas. Here’s what to know. What are the details of the new visa bond program? On Monday, the Federal Register listed the program details, and while many remain unclear, in short, it said the State Department would begin a 12-month-long visa bond pilot program, which could apply to foreign citizens applying for temporary B-1 or B-2 visas visiting the U.S. for business or pleasure. It applies to “nationals of countries identified . . . as having high visa overstay rates, where screening and vetting information is deemed deficient, or offering Citizenship by Investment, if the alien obtained citizenship with no residency requirement.” In that case, consular officers may be required to post a bond of up to $15,000. The bond is “reimbursable,” and meant to deter people from staying for longer than theyre allowed. Those travelers who stay in the U.S. after visa expires will forfeit their bond; those who leave before it expires will get their money back, according to the New York Times. When does the requirement begin? The pilot program starts in about two weeks on August 20, according to a statement from the State Department sent to the Washington Post. It will expire on August 5, 2026, but it is unclear if that date will be extended. Which countries are being targeted? On Tuesday, a notice from the State Department said travelers from Malawi and Zambia would be required to post the bonds, the Washington Post reported. It also indicated additional countries could be added. How can I get further information? For further information, contact the Visa Services Office at the Bureau ofConsular Affairs, Department of State, by phone at (202) 485-7586 or via email at VisaRegs@state.gov.
Category:
E-Commerce
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