Wolt founder Miki Kuusi: "Pay employees more than they expect"

"There are many things in life we ​​simply have to do, like eating. And time is the only currency we can't get back... It's not a question of laziness, but rather, instead of cooking, we could be doing something more useful," said Finnish entrepreneur Miki Kuusi when asked what the point of a grocery delivery app was. Kuusi founded Wolt, a restaurant delivery service, in 2014—six years before the pandemic.covid-19 , during which even those who had previously been skeptical appreciated the benefits of delivery.

In 2015, Kuusi ranked 32nd on Wired's list of the most influential tech startups, and a year later, he made Forbes' "Thirty Under Thirty" list twice—one for consumer tech and one for e-commerce. By then, the Finnish entrepreneur had not only raised $3 million in early-stage funding for Wolt but also founded two projects for similarly passionate startup founders. The first was the startup accelerator Startup Sauna, and the second was Slush, an annual event for founders and investors. Kuusi managed to transform it from a small conference of 150 people into one of Europe's largest tech forums.

Wolt, Kuusi's full-time focus, grew over 11 years into an online platform, launching its own grocery delivery service and partnering not only with restaurants but also with stores, pharmacies, and other retailers in 29 countries. In 2022, Kuusi did what many entrepreneurs couldn't do: he sold his project, retaining his leadership position. DoorDash, the largest food delivery platform in the US , acquired Wolt for $8 billion, retaining Kuusi as CEO of the company's European branch. Here's what the entrepreneur advises founders to do to ensure their project's success.

Kuusi recalls being close to burnout while working at Slush, where he was co-founder and CEO. He felt he'd taken on too much, but couldn't bring himself to discuss it with his colleagues, leading to a near-nervous breakdown. After leaving Slush, he began working on a new project, the grocery delivery app Wolt, and, recalling his previous experience leading a company, decided to share his concerns with his employees. "I used to worry that if I let my employees know about every problem the company was facing, they, being highly skilled professionals, would decide to leave because they realized it wasn't a good fit," Kuusi remarked.

"When we started Wolt, we didn't think much about management, and we didn't really have any managers. While the team was under 30 employees, I was in charge. Back then, I believed that since we were faced with so many different tasks—for example, creating a product, building relationships with restaurants, establishing customer support, sales, and so on—management would likely slow us down and make us ineffective," Kuusi said during a presentation at the Slush conference in 2024. To plan their work, all employees simply gathered for a weekly call. It was then, according to the entrepreneur, that he formulated one of the key principles that he still relies on in his work: to try to immerse slightly more employees in the context than he personally thinks is necessary.

According to him, in 2017, when Wolt was forced to lay off part of its team due to a lack of funding, Kuusi, along with other board members, invited the company's rank-and-file employees to review the report prepared for them. "As a result, every team member was fully aware of the company's situation: everyone knew how much money we had left, what steps we needed to take to prepare for the next round of funding, and what metrics we needed to achieve. And I'm very proud that over the next six months, as we prepared for Series B, which, by the way, brought us €27 million, only one of the 70 people remaining on the team left," he concluded.

Kuusi believes it's important to trust employees from the start, but trust doesn't mean your work team becomes your inner circle. "Many companies use the approach of thinking you and your colleagues are a family, when in fact, you should be building a culture where you become a team," he explains. "What's the difference between a team and a family, you ask, and I'd say it's the ability to win. A team that doesn't produce results won't remain a team for long, while a family remains a family, no matter what. Therefore, in work, just like in sports, you need to set high standards when hiring new employees and make difficult decisions to ensure the team is competitive." This way, you avoid micromanagement—if all employees feel a stake in the outcome, this in itself disciplines them. At the same time, the entrepreneur believes that mistakes are not an indicator of a person's failure to fulfill their responsibilities. "The most important thing is trust, and I trust someone if I see that it's important to them to do their job well and be part of the team. Mistakes don't make them a bad employee; they're a normal part of the job, because you can't grow without making mistakes."

Kuusi also believes that employees should be paid above their expectations—this also helps maintain motivation: "I often notice that managers pay employees for doing a certain amount of work, but expect their subordinates to take on more responsibilities. If you want to build a company where employees will do everything to make it successful, you need to be the first to meet your subordinates halfway. Personally, I try to be a little more generous."

"For us, leadership isn't the most important quality for a managerial position. Leadership skills can be developed; anyone in the company can become a leader. Personal effectiveness is far more important. Above all, a good leader is able to get things done. And if you're in a leadership position, it's important to be a professional—that's the only way to earn the respect of the people you work with, which is essential for building a strong team and building strong processes," he emphasizes.

Moreover, a good leader, according to Kuusi, knows the importance of maintaining balance—even though working at a startup requires dedication. "If you're looking to build a startup with a small team and limited funding, you likely understand that from that point on, your mind will always be on work. Your peace of mind is the biggest sacrifice you make for work... But it's important to set reasonable limits for yourself, and if at any point you find yourself becoming irritable or short-tempered, or starting to make bad decisions, that's a sign that your energy reserves are depleted."

"I really recommend everyone read Ben Horowitz's book, The Hard Thing about Hard Things, because it's full of useful insights and concepts... Horowitz writes, among other things, about the importance of self-management. When you're in an environment where you have to work under high demands and expectations—which is perfectly normal, by the way—it's important to recognize when your energy is depleted and take responsibility for it to restore that balance," advises Kuusi.

According to the businessman, sometimes entrepreneurs think that if a company is going through hard times, everything will change with the arrival of investors or a change in processes. In this case, he suggests asking themselves: what can be done now if things don't get any better? In reality, he notes, something will always go wrong.

"The company will grow, and everything will become more complex. That's why we at Wolt have come up with this analogy. Being a sprinter, accustomed to covering short distances quickly, won't allow you to run a marathon with the same results. It's the same with business: it's a long-term project; you can't quickly bring a startup to success. It's important to find the right balance—developing quickly, but also recognizing that some things will take time, and slowing down when necessary," advises Kuusi.

If a company's problem can't be solved by changing its structure or implementing new processes, it can be addressed through hiring. Kuusi believes that hiring experts isn't necessary right away: "It's always better to hire smart, talented people who can learn and grow with your company. Some of our best employees, who tackled complex challenges like real-time logistics optimization, were doing so for the first time." As the entrepreneur later admitted, he realized the importance of giving his subordinates the opportunity to step outside their area of ​​responsibility and demonstrate their skills in improving the overall quality of the product. According to Kuusi, it's precisely these types of employees who develop into the best specialists.

Sources: Business Insider, Crunchbase, 20VC with Harry Stebbings podcast, Slush 2024, Wired