Justin Dry profile image

Justin Dry

Owner at

Member Since February 2015

Richmond, VIC,

SHARE

9 FOLLOWERS

Entrepreneur, Angel Investor & Co-Founder + Joint CEO @vinomofo. Australian Young Entrepreneur of the Year 2014

Justin Dry answered this question

Charley May
Charley May, Communications Manager at Fowles Wine

Recruitment

How do you attract the best people and maintain energy and creativity among your employees

The employee journey at Vinomofo is a little different to many places, and a lot of thought has gone into it, and will continue to.
We’ve disconnected salary and performance from how our team behave as humans: salary is market-based and reviewed annually; performance is rewarded periodically via a team-based bonus; human behaviour becomes our ongoing focus for continual improvement.
On hiring, people tend to come to us, because they believe in what we do, and how and why we do it. It’s a natural process, and that’s the best first step for us. Then we just have to screen those candidates using the right measures. Those measures are attitude, strengths and behaviour rather than skills and education. You can always teach, but the person has to be willing to learn, and actually want to be the best at what they do.
We hire on attitude, and we coach to keep people. We’ve had many people change their role within the company because their strengths turned out to be better utilised in other areas. Our GM started as a buyer, wasn’t great at that, moved through a content role and is now a leader in the company. That doesn’t happen many places, and you just have to watch the engagement to see how a human approach produces human results.

Justin Dry answered this question

How do you get your team to generate and share ideas?

First we actively encourage them to think about it and share with the team. Even if it’s not related to Vinomofo. We call this Mofo Projects and it has led to some really cool ideas and even the creation of a few startups!

In regards to the secret deals example, they say necessity is the mother of all invention and it certainly was in this case.

In the early days of Vinomofo we were regularly facing the same challenge - wineries wanted to sell us their wines but at such epic prices, distributors and other retailers would get upset.

Then one day a team member said “what if we hid the label?” and the secret deal was born.

So now we have an agreement with the producers not to reveal these wines and a promise to our customers that they’ll have the “wow” moment when it arrives and they found out what it is.

We have 100% confidence that if a wine passes our tasting panel (only 5% do) then our Mofos will love it. And we stand behind that by offering a 100% no questions asked money back guarantee.

Justin Dry answered this question

How do you know when it's time to let an idea die, rather than pursuing it?

That is a great question but an incredibly hard one to answer because it depends on so many different factors.

However I do believe there is a time for ideas. Think about it like you’re a surfer catching a wave…

You go out too early and it doesn’t matter how much you paddle, you have to wait for the wave to catch up. I’ve had a few of these...

Get in just as the wave hits and it’s much easier to catch. First mover advantage in a market is awesome. You obviously still need to deliver a great product, make good decisions and have a little bit of luck along the way but there are far less obstacles. This was Vinomofo.

Catch the wave late and it’s steep and harder to pull off. Think more competition, noise and expense.

Miss the wave and no matter how hard you paddle, it’s gone. Think saturated market. A good time to start looking at how you can disrupt the space :)

The above is easy to say in hindsight but if you keep an eye on markets and spaces around the world, you can start to spot trends and may just be able to pick the next wave.

Hope that helps!

Justin Dry answered this question

How did you build the necessary connections in the wine industry to allow for Vinomofo's success?

Vinomofo wasn’t the first business we had in the tech wine space so it actually happened in the years leading up to the launch.Qwoff was the first one in 2007 and was actually a really cool idea but to be honest had a shit business model. It was like a facebook for wine. Too early for the space and the market was too niche for the business model.We then pivoted the business 4 times over the next few years before launching Vinomofo in early 2011.Each one was better than the last but more importantly, we were building great relationships within the industry and a large tribe of wine lovers along the way who followed us into Vinomofo.

Justin Dry answered this question

How did you score such an amazing co-founder?

Haha get off the site Andre. I obviously found one with plenty of time on his hands... And get back to work Chris :)

Justin Dry answered this question

What 20% factor can you attribute Vinomofo's success to in terms of the 80/20 rule?

I actually live by this rule as often as possible and it has served me well.

As far as Vinomofo goes I would say our most valuable time has been spent on delivering the best possible product.

Make it so good that your customers do the marketing for you. On the flip side if your product is shit no amount of advertising is going to save you.

Justin Dry answered this question

What is your favourite breakfast?

It’s actually my favourite meal of the day! I LOVE free range poached eggs on sourdough with smashed avocado feta. Oh and coffee, very good coffee.

Justin Dry answered this question

Wendy Huang
Wendy Huang, Full Time Blogger and YouTuber at A Custom Blog in 4 Minutes

Cashflow Management

How important was cash flow to Vinomofo?

Incredibly. We started Vinomofo with $100k in the bank so we didn’t have much wiggle room. It was so important to us that we would actually update it daily. This way we knew exactly where we were going to be (based on projections) at any time over the next 3 months.We also kept the business very lean to give ourselves the longest runway possible. Obviously the numbers are bigger now but we still manage cash flow and stock levels very closely.

No results found.

Justin Dry answered this question

Charley May
Charley May, Communications Manager at Fowles Wine

Recruitment

How do you attract the best people and maintain energy and creativity among your employees

The employee journey at Vinomofo is a little different to many places, and a lot of thought has gone into it, and will continue to.
We’ve disconnected salary and performance from how our team behave as humans: salary is market-based and reviewed annually; performance is rewarded periodically via a team-based bonus; human behaviour becomes our ongoing focus for continual improvement.
On hiring, people tend to come to us, because they believe in what we do, and how and why we do it. It’s a natural process, and that’s the best first step for us. Then we just have to screen those candidates using the right measures. Those measures are attitude, strengths and behaviour rather than skills and education. You can always teach, but the person has to be willing to learn, and actually want to be the best at what they do.
We hire on attitude, and we coach to keep people. We’ve had many people change their role within the company because their strengths turned out to be better utilised in other areas. Our GM started as a buyer, wasn’t great at that, moved through a content role and is now a leader in the company. That doesn’t happen many places, and you just have to watch the engagement to see how a human approach produces human results.

Justin Dry answered this question

How do you get your team to generate and share ideas?

First we actively encourage them to think about it and share with the team. Even if it’s not related to Vinomofo. We call this Mofo Projects and it has led to some really cool ideas and even the creation of a few startups!

In regards to the secret deals example, they say necessity is the mother of all invention and it certainly was in this case.

In the early days of Vinomofo we were regularly facing the same challenge - wineries wanted to sell us their wines but at such epic prices, distributors and other retailers would get upset.

Then one day a team member said “what if we hid the label?” and the secret deal was born.

So now we have an agreement with the producers not to reveal these wines and a promise to our customers that they’ll have the “wow” moment when it arrives and they found out what it is.

We have 100% confidence that if a wine passes our tasting panel (only 5% do) then our Mofos will love it. And we stand behind that by offering a 100% no questions asked money back guarantee.

Justin Dry answered this question

How do you know when it's time to let an idea die, rather than pursuing it?

That is a great question but an incredibly hard one to answer because it depends on so many different factors.

However I do believe there is a time for ideas. Think about it like you’re a surfer catching a wave…

You go out too early and it doesn’t matter how much you paddle, you have to wait for the wave to catch up. I’ve had a few of these...

Get in just as the wave hits and it’s much easier to catch. First mover advantage in a market is awesome. You obviously still need to deliver a great product, make good decisions and have a little bit of luck along the way but there are far less obstacles. This was Vinomofo.

Catch the wave late and it’s steep and harder to pull off. Think more competition, noise and expense.

Miss the wave and no matter how hard you paddle, it’s gone. Think saturated market. A good time to start looking at how you can disrupt the space :)

The above is easy to say in hindsight but if you keep an eye on markets and spaces around the world, you can start to spot trends and may just be able to pick the next wave.

Hope that helps!

Justin Dry answered this question

How did you build the necessary connections in the wine industry to allow for Vinomofo's success?

Vinomofo wasn’t the first business we had in the tech wine space so it actually happened in the years leading up to the launch.Qwoff was the first one in 2007 and was actually a really cool idea but to be honest had a shit business model. It was like a facebook for wine. Too early for the space and the market was too niche for the business model.We then pivoted the business 4 times over the next few years before launching Vinomofo in early 2011.Each one was better than the last but more importantly, we were building great relationships within the industry and a large tribe of wine lovers along the way who followed us into Vinomofo.

Justin Dry answered this question

How did you score such an amazing co-founder?

Haha get off the site Andre. I obviously found one with plenty of time on his hands... And get back to work Chris :)

Justin Dry answered this question

What 20% factor can you attribute Vinomofo's success to in terms of the 80/20 rule?

I actually live by this rule as often as possible and it has served me well.

As far as Vinomofo goes I would say our most valuable time has been spent on delivering the best possible product.

Make it so good that your customers do the marketing for you. On the flip side if your product is shit no amount of advertising is going to save you.

Justin Dry answered this question

What is your favourite breakfast?

It’s actually my favourite meal of the day! I LOVE free range poached eggs on sourdough with smashed avocado feta. Oh and coffee, very good coffee.

Justin Dry answered this question

Wendy Huang
Wendy Huang, Full Time Blogger and YouTuber at A Custom Blog in 4 Minutes

Cashflow Management

How important was cash flow to Vinomofo?

Incredibly. We started Vinomofo with $100k in the bank so we didn’t have much wiggle room. It was so important to us that we would actually update it daily. This way we knew exactly where we were going to be (based on projections) at any time over the next 3 months.We also kept the business very lean to give ourselves the longest runway possible. Obviously the numbers are bigger now but we still manage cash flow and stock levels very closely.

TOPICS FOLLOWED

Online Business

Online Business 9340 FOLLOWERS

Legal

Legal 5935 FOLLOWERS

Sales and Marketing

Sales and Marketing 8731 FOLLOWERS

Human Resources

Human Resources 6736 FOLLOWERS

Finance and Accounting

Finance and Accounting 8221 FOLLOWERS

Information Technology

Information Technology 7688 FOLLOWERS

Startup

Startup 6866 FOLLOWERS

Business Management

Business Management 11133 FOLLOWERS

Ecommerce

Ecommerce 7545 FOLLOWERS

Selling Online

Selling Online 7608 FOLLOWERS

Social Media

Social Media 7690 FOLLOWERS

Web Design

Web Design 7526 FOLLOWERS

Web Development

Web Development 7573 FOLLOWERS

Web Hosting

Web Hosting 7425 FOLLOWERS

Business Structure

Business Structure 5407 FOLLOWERS

Insolvency

Insolvency 5289 FOLLOWERS

Intellectual Property

Intellectual Property 5349 FOLLOWERS

Buying a Business

Buying a Business 5353 FOLLOWERS

Employment Law

Employment Law 5320 FOLLOWERS

Customer Acquisition

Customer Acquisition 6944 FOLLOWERS

Graphic Design

Graphic Design 6873 FOLLOWERS

Video Production

Video Production 6853 FOLLOWERS

Advertising

Advertising 7006 FOLLOWERS

Branding

Branding 7018 FOLLOWERS

Market Research

Market Research 6911 FOLLOWERS

Digital Marketing

Digital Marketing 7068 FOLLOWERS

Public Relations (PR)

Public Relations (PR) 6907 FOLLOWERS

Recruitment

Recruitment 5447 FOLLOWERS

Leadership

Leadership 5507 FOLLOWERS

Team Management

Team Management 5485 FOLLOWERS

Outsourcing

Outsourcing 5482 FOLLOWERS

Succession Planning

Succession Planning 5442 FOLLOWERS

Career Planning

Career Planning 5427 FOLLOWERS

Cashflow Management

Cashflow Management 5622 FOLLOWERS

Taxation

Taxation 5582 FOLLOWERS

Insurance

Insurance 5562 FOLLOWERS

Superannuation

Superannuation 5562 FOLLOWERS

Banking

Banking 5578 FOLLOWERS

Accounting

Accounting 5614 FOLLOWERS

Government Grants

Government Grants 5581 FOLLOWERS

Website

Website 6255 FOLLOWERS

Cloud Computing

Cloud Computing 6163 FOLLOWERS

App Development

App Development 6148 FOLLOWERS

Hardware and Software

Hardware and Software 6128 FOLLOWERS

IT Support

IT Support 6135 FOLLOWERS

Product Development

Product Development 6459 FOLLOWERS

Startup Branding and PR

Startup Branding and PR 6492 FOLLOWERS

First 100 Days

First 100 Days 6458 FOLLOWERS

Bootstrapping

Bootstrapping 6422 FOLLOWERS

Research and Innovation

Research and Innovation 6463 FOLLOWERS

Customer Retention

Customer Retention 7371 FOLLOWERS

Importing

Importing 7262 FOLLOWERS

Business Growth

Business Growth 7385 FOLLOWERS

Market Trend

Market Trend 7338 FOLLOWERS

Business Partnership

Business Partnership 7343 FOLLOWERS

Lifestyle and Health

Lifestyle and Health 7355 FOLLOWERS

Risk Management

Risk Management 7320 FOLLOWERS

Franchising

Franchising 7268 FOLLOWERS

Business Coaching

Business Coaching 7387 FOLLOWERS

Business Planning

Business Planning 7413 FOLLOWERS

New Business Ideas

New Business Ideas 6523 FOLLOWERS

View more