10 Superpowers of Hyper Growth Companies 1.0

John Batistich - 2021
10 Superpowers of Hyper Growth Companies
Learning from the World’s Fastest Growing Companies
John Batistich
1.0 August 2021

Largest ever companies
Hyper growth companies are amongst the world’s largest companies and have driven consistent double digit growth for more than 5 years
435
494
499
511
544
581
590
661
739
946
1642
1646
1887
1902
2115
NIVIDIA
Smasung
JP Morgan Chase
Visa
TSMC
Tesla
Alibaba
Berkshire Hathaway
Tencent
Facebook
Alphabet
Amazon
Saudi Aramco
Microsoft
Apple
Top 15 Companies in Market Capitalisation – US$ Billions June 2021

High expectations for future returns
PE Ratios measure a company’s share price to its earnings per share. hyper growth companies typically have higher than average PE ratios with investors
expecting hyper returns in the future
22.7
36
25.5
28.3
28.3
32.6
34.2
37.7
43.9
49.7
58.2
59.8
61
83
94.5
300
300
599
ASX All Ords
SA&P 500
Alibaba
Apple
Facebook
Google
Microsoft
Tencent
Adobe
Salesforce
Palo Alto
Netflix
Amazon
Nividia
Shopify
Square
Meituan
Tesla
Hyper Growth Company PE Ratio - June 2021
Spotify, Atlassian, Zip, Afterpay,
Crowdstrike, Atlassian and Pinduoduo have
no earnings, and as a result, do not have a
PE ratio

Hyper growth companies

10 Superpowers of hyper growth companies
Learning from the most disruptive and fastest growing companies on the planet is valuable for all businesses at any stage or size.
Invention
Culture.
Big Problem
Solvers
Better
Products.
Beautiful
UX
Inspiring
Founders.
Visionary
Storytellers
New Business
Model to Create
& Dominate
Category
Vertical &
Global Network
Effects
Venture Fund &
Acquirers
Recurring
Revenue
Model. High
Switching Costs
Positive Unit
Economics.
Scale at Marginal
Cost
Career
& Wealth
Accelerator
AI Fuelled
Personalisation.
Intense Customer
Love

Factors contributing to start-up success – 6Ms
Moment Management Market
Purpose
Burning ambition
Strategy
Funding
Timing
Does the
technology exist to
solve the problem?
Are consumers
ready?
Development of the
ecosystem
Model Motive
Quality of the
founders and team
Quality of their
execution
Access to product
and engineering
talent
Business model
Burn rate vs Funding
Viability
Idea/Product
Design
IP
6Ms contribute the success of a start up. Bill Gross studied over 200 successes and found that timing (42%), team/execution (32%), Idea (28%), business model
(24%) and funding (14%) were factors affecting success
Momentum
Attractiveness of
addressable market
Customer
understanding
Ecosystem partners
Customer active
usage frequency
Utility
NPS and referral
rates
Revenues
Mercenary
Missionary

1. Inspiring Founders/Visionary Storytellers
On a mission to change the world, these Founders have a clear purpose and a burning ambition with access to almost
unlimited cheap capital

Founders have some common characteristics
Company Key Founder Other Founders Age/Gender Family Founder Origin Tertiary Education
Apple Steve Jobs Steve Wozniak, Ronald Wayne 55 Male Only Child Biological Father from
Syria
None
Amazon Jeff Bezos Makenzie Bezos 57 Male Oldest of 3 Cuban Step-Father Princeton Computer Science
Microsoft Bill Gates Paul Allen 65 Male Middle of 2
sisters
USA Harvard
Alphabet Larry Page and Sergey Brin 48/47 Male SB Russian Stanford Computer Science
Facebook Mark Zuckerberg Eduardo Saverin, Dustin Moskovitz,
Chris Hughes, Andrew McCollum
36 Male Oldest of 2
sisters
USA Harvard Dropout
Netflix Reed Hastings Marc Randolph 60 Male Only Child USA Stanford Computer Science
Alibaba Jack Ma 57 Male Only Child China Arts Hangzhou University
Tencent Ma Hueteng Chen Yidan and Ahang Zhidong 49 Male China
Salesforce Marc Benioff Parker Harris 56 Male Oldest of 2 USA Southern California
Adobe Charles Geschke John Warnock 81 Male Xavier - Mathematics
Pinduoduo Colin Huang 41 Male Only Child China Zhejiang University - Computer
Science
Tesla Elon Musk JB Straudel, Martin Eberhard, Marc
Tarpenning, Ian Wright
49 Male Oldest of 3 South Africa Stanford and Pen State
Shopify Tobias Lutke Daniel Weinand, Scott Lake 40 Male German Dropped out
Square Jack Dorsey Jim McKelvey 45 Male 2 Brothers English, Irish and Italian NYU drop out
Nividia Jensen Huang Chris Malachowsky, Curtis Priem 58 Male Taiwan Oregon and Stanford – Electrical
Engineering
Dominated by educated, driven and resilient Males living in cities in close proximity to the best Universities/ecosystems

Many founders are idolised by employees
Source: Glassdoor 2021 John Batistich - 2021
Hyper growth companies typically receive hyper CEO approval amongst employees who enjoy growth cultures and highly competitive compensation
74%
86%
88%
89%
90%
92%
93%
95%
95%
96%
97%
97%
98%
Telstra
Tesla
Alibaba
Amazon
Afterpay
Facebook
Xero
Apple
Google
Atlassian
Microsoft
Zip
Nividia
Employee Approval of CEO
Glassdoor Ratings - May 2021
Jen-Hsun "Jensen" Huang

High advocacy founders lead growth
3.3
4 4.3 4.1
6.7
5
6.9
9.7
11.7
10.9
16.7
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Nividia Revenue
US$ Billions
Market Cap
$Billions
0.3
0.6 0.6
0.4
0.6 0.6
1.7
3
4.1
2.8
4.3
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Net Income
US$ Billions
Source: MacroTrends
Nividia grew revenue of their graphic processing units and chip units by +50% in 2020 that doubled market capitalisation to over $500B

Investor stories of profit or promise
Promise Profit
There are only two narratives for investors: promise which reinvests everything to fuel growth to generate future profits or profits that translates into dividends

Valuations follow sales with profits following
Source: Frazis Capital John Batistich - 2021
Amazon shareholders are rewarded for reinvestment for long term value
Amazon Revenues, Profitability and Market Cap
1997 to 2021

Founders
Source:
“At Amazon we like things to work in five to
seven years. We’re willing to plant seeds,
let them grow and we’re very stubborn. We
say we’re stubborn on vision and flexible
on details…our fundamental approach
remains the same. Stay heads down,
focused on the long term and obsessed
over customers. We have the good fortune
of a large, inventive team and a patient,
pioneering, customer-obsessed culture”

Storytelling
Source: Amazon.com. Annual Report. John Batistich - 2021
Jeff Bezos developed Amazon culture through 14 leadership principles for employees and created an annual letter to shareholders to set his agenda and ambition
whilst manage expectations.
Leadership Principles Annual Letter to Shareholders

Content of Bezos’ annual letters
Source: https://www.inc.com/bill-murphy-jr/i-ran-full-text-of-jeff-bezoss-23-amazon-shareholder-letters-through-a-word-cloud-generator-insights-were-astonishing.html John Batistich - 2021
28
53
176
312
340
443
Competitors
Shareholders
Team/People/Employees
Prime/AWS/Kindle/Alexa
Amazon
Customers
Mentions across 23 Amazon Shareholder Letters
1997 to 2019
Over 23 years and 44K words, customers get the largest level of mentions

Creating the most disruptive giant
6.96.5
10.7
14.8
19.2
24.5
34.2
49.1
61.1
74.5
89
100.7
136
177.9
232.9
280.5
386.1
2
0
0
4
2
0
0
5
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
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2
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1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Amazon Revenue
US$ Billions
Market Cap
US$ Billions
0.6 0.9 1.1
0.6
-0.1
0.3
-0.2
0.6
2.4
3
10.1
11.6
21.3
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Net Income
US$ Billions
Source: MacroTrends
We have never seen a company so large grow so fast and so consistently with $386B Revenue and a $1.7T market cap

Founders become billionaires
Source: Statista John Batistich - 2021
75.6
78
80.4
85.2
88.2
89.8
90.9
91.7
95.7
123.7
157.7
182.2
189.3
Francoise Bettencourt
Mukesh Ambani
Steve Balmer
Larry Ellison
Sergey Brin
Zhong Shanshan
Larry Page
Warren Buffet
Mark Zuckerberg
Bill Gates
Bernault Arnault
Elon Musk
Jeff Bezos
Global Billionaires Net Worth - US$ Billions February 2021
Founders of hyper growth companies have driven extraordinary personal wealth through their shareholdings

2. Invention culture solving big problems
These companies are focused on solving big customer problems. They don’t look to improve the customer
experience incrementally, rather, they invent to augment or remove stages in the customer experience making it
easier, faster, cheaper, more special and more personalised.

They have clear unifying purposes
Creativity is in our DNA. Our game-changing innovations are
redefining the possibilities of digital experiences. We
connect content and data and introduce new technologies
that democratize creativity, shape the next generation of
storytelling, and inspire entirely new categories of business.
Give people the power to build community and
bring the world closer together.
To empower creative exploration and
self-expression.
Entertain the world.
Make it easy to do business anywhere. We enable
businesses to transform the way they market, sell
and operate and improve their efficiencies.
Accelerate the world's
transition to sustainable energy.
Help teams all over the planet advance humanity
through the power of software. Our mission is to
help unleash the potential of every team.
Economic empowerment. We builds
tools to help more people
participate and thrive in the
economy.
We Help People
Eat Better, Live
Better.
Revolutionize the way people and
businesses communicate, collaborate,
and get work done.
Unlock the potential of human creativity—by
giving a million creative artists the
opportunity to live off their art and billions of
fans the opportunity to enjoy and be inspired
by it.
Use technology to enrich the
lives of Internet users.
Organize the world's information
and make it universally
accessible and useful.
Earth's most customer centric company. Continually raise the bar of
the customer experience by using the internet and technology to
help consumers find, discover and buy anything, and empower
businesses and content creators to maximise their success.
Empower every person and every
organization on the planet to achieve more.
Source: Company Reports

“We need to end the dumbest experiment in
human history (reliance on fossil fuels).
To accelerate the transition to sustainable
energy, we need to produce more [electric
vehicles], they need to be affordable. We need
and a lot more energy storage, while building
factories faster and with far less investment."

Hyper growth companies stay at day one
hyper growth companies stay at invention and entrepreneurial stages longer fighting off enterprise level administrative or bureaucratic practices (stasis)
Invention Entrepreneurial Managerial Administrative Bureaucratic
Business Focus To establish the business, primarily
working with pioneering leaders, teams
and early-adopter customers who buy
and prove the viability of the business
model
To invest in increasing market share
while enjoying the overall growth of
the market. Significant resources are
traditionally invested in sales and
marketing
To drive new growth with existing
and new customers, as the
marketing, sales and offerings
evolve towards maturity.
Companies fight to maintain
market share. Marketing and
finance functions become more
powerful.
Continuous pressure to reduce production costs or
sell the company’s products/services to other,
cheaper markets. Focus needs to be on
transforming the culture to re-inject energy, spirit
and passion.
Leadership
Qualities
The leader must be hyperly
knowledgeable in the product or service
they are innovating, and access their
expertise to achieve escape velocity for
their venture
Transitions from one of
product/service visionary to sales
expert. In many cases, the
entrepreneurial leader is the typical
“alpha” driver who overshadows their
team and is the brightest star.
The leader must now adopt a very
different mindset. They must
become an enabler, coach, mentor
and strategist who recruits a team
of manager-leaders who are
empowered to lead others.
Leadership transitions from
managerial to administrative. The
size of the team stabilizes, maybe
even declines as operational and
systems efficiencies are
developed and implemented.
Leadership qualities: When the company was
healthy, staff members got promoted to leadership
roles because they’re great at administrative, but
they’re not built to lead. The overall organizational
health of the business typically declines because
the team isn’t built to adapt to market changes.
Leader’s Role To leverage their visionary qualities and
source proof-of-concept customers who
are prepared to endorse the innovation.
Brand evangelist dedicated to
converting as many prospects as
possible into customers. They must
also be able to recruit and lead a
team that can promote and deliver the
product or service to a much wider
audience.
Leader’s role: A new leadership
style is required: a managerial
leader who shares power,
manages people and not growth.
The managerial leader looks to
enable those below in the
organization, and provide
guidance and wisdom.
To manage people, regularly
occurring activities, various
product/service innovations
(typically minor). Refine existing
systems and processes, and
strive to maximize efficiency and
profit.
Resist the power of process and procedure.

”I’ve been reminding
people that it is Day 1 for a
couple of decades…Day 2
is stasis. Followed by
irrelevance. Followed by
excruciating, painful
decline. Followed by
death. And that is why it is
always Day 1”
Jeff Bezos

They outperform on employee engagement
Source: Glassdoor May 2021 John Batistich - 2021
Hyper growth companies over-perform on engagement (for leavers), advocacy and leadership.
3.7
3.8
3.9
4.1
4.2
4.3
4.3
4.4
4.4
4.5
4.6
4.6
Afterpay
Tesla
Alibaba
Netflix
Shopify
Amazon
Xero
Apple
Facebook
Nividia
Zip
Atalassian
Experience Rating
66%
68%
72%
85%
86%
88%
89%
90%
91%
93%
97%
Alibaba
Tesla
Afterpay
Xero
Apple
Facebook
Zip
Microsoft
Google
Atlassian
Nividia
Recommend to Friends

3. Build Better Products that Deliver
Beautiful User Experiences
These companies deliver unique and better product experiences. They are focused on solving a customer problem
in ways that are faster, easier and cheaper or more special and personalised.

“It is difficult for us to imagine that
ten years from now, customers will
want higher prices, less selection,
or slower delivery. Our belief in the
durability of these pillars gives us
the confidence required to invest in
strengthening them. The most
important single thing is to focus
obsessively on the customer. Our
goal is to be earth’s most customer-
centric company.”
Jeff Bezos

Amazon makes it easier, faster and cheaper
Source: Amazon John Batistich - 2021
Amazon is creating easier/faster shopping experiences with one click payments online and Amazon go removing the payment stage of the customer journey

Hyper growth valuations exceed incumbents
Source: MacroTrends John Batistich - 2021
Amazon is rewarded by being so big and growing so fast with a market capitalisation that is larger than next 20 listed global retailers.
Relative Market Capitalisation – Retail USD June 2021

Search
Source: Google Images John Batistich - 2021
Search Google or type a URL

10.6
16.6
21.8
23.7
29.3
37.9
46
55.5
66
75
90.3
110.9
136.8
161.9
182.5
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Alphabet/Google Revenue
US$ Billions
Market Cap
US$ Billions
Source: MacroTrends
Net Income
US$ Billions
4.2
6.5
8.5
9.7
10.7
12.7
14.1
15.8
19.5
12.7
30.7
34.3
40.3
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
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2
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2
0
1
9
2
0
2
0
Monopolising search = hypergrowth
Google have grown revenues consistently in double digits whilst improving levels of profitability to $1.8T market cap

Smartphone

37.5
42.9
65.2
108.2
156.5
170.9
182.8
233.7
215.6
229.2
265.6
260.2
274.5
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
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1
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2
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5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Apple Revenue
US$ Billions
Apple Market Cap
US$ Billions
Source: MacroTrends
Net Income
US$ Billions
6.1
8.2
14
25.9
41.7
37
39.5
53.4
45.7
48.4
59.5
55.3
57.4
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
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2
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2
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7
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2
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1
9
2
0
2
0
Revenue growth slows but valuation accelerates
We have never seen a company so large with so strong margins. PE ratios have increased based upon future value driven by subscriptions (higher recurring
revenue)

Social discovery

0.30.81.93.75.1
7.8
12.5
17.9
27.6
40.7
55.8
70.7
86
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Facebook Revenue
US$ Billions
Market Cap
US$ Billions
Source: MacroTrends
-0.06
0.12
0.37
0.67
0.03
1.5
2.9
3.7
10.2
15.9
22.1
18.5
29.1
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Net Income
US$ Billions
Revenue, income and valuation growth
Facebook has driven consistent double digit growth with incredible margins to create a market capitalisation +$1T

Irresistible micro-entertainment

7.4
17
37
2018 2019 2020
Bytedance Revenue
US$ Billions
Daily Active Users
Millions
0
3
7
2018 2019 2020
Net Profit
US$ Billions
AI fuelled deep engagement
TikTok has grown to become one of the most downloaded apps with extreme levels of engagement (both frequency and time per session) leading to a monetisation
acceleration
0
600
800
2018 Sep-20 Apr-21

4. Products get more personalised with
usage creating intense customer love
AI makes their products become more relevant and more personalised resulting in higher engagement and
conversion and lower churn

“The balance of power is shifting
toward consumers and away from
companies… The right way to
respond to this if you are a company
is to put the vast majority of your
energy, attention and dollars into
building a great product or service
and put a smaller amount into
shouting about it, marketing it.
Tomorrow, through personalisation,
online commerce will accelerate the
very process of discovery.
Amazon.com uses the Internet to
create real value for its customers
and, by doing so, hopes to create an
enduring franchise”

Personalised shopping
More than 30% of Amazon’s retail is generated by personalised recommendations based upon prior search and purchase behaviour.
Recommended for you, John

Personalised entertainment
Netflix personalised based upon your viewing history.
Top Picks for John

1.41.72.1
3.23.6
4.4
5.5
6.8
8.8
11.7
15.8
20.2
25
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
21.6
30.4
41.4
54.5
70.8
89.1
110.6
139.3
165.9
195
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Netflix Revenue
US$ Billions
Subscribers
Millions
Source: MacroTrends
Market Cap
US$ Billions
Net Income
US$ Millions
83
116
161
226
17
112
267
123
187
559
1211
1867
2761
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Global personalised entertainment growth
Netflix generate $25B in Revenue across 195M Subscribers resulting in $2.7B Net Income and a Market Cap over $200B.

Personalised music
Spotify learns about your listening preferences based upon what music you stream making better recommendations.
John

Global personalised music and podcasts
4.6
6.2
7.6
9
2017 2018 2019 2020
Spotify Revenue
US$ Billions
Market Cap
$Billions
-1.4
-0.1
-0.2
-0.7
2017 2018 2019 2020
Net Income
US$ Billions
Source: MacroTrends
Spotify has grown to $9B in Revenue (90% membership and 10% ad supported), is seeing lower average revenue per user, does not return positive Net Income
and yet has a Market Cap in excess of $50B.
7.06
6
5.24
4.89
4.65
2015 2016 2017 2018 2019
Average Revenue
Per User Euros

Top 10 Websites
Monthly Visitors 2020
Top 10 Mobile App - Downloads
2010-2019
Source: App Annie
Hyper growth companies have global reach and own websites and app with high daily active users
Top 10 Mobile Apps - Spend
2010-2019
3.3
3.4
3.8
5.6
6.1
6.1
6.6
25.5
34.6
92.5
Pornhub.com
xvideos.com
Yahoo.com
Baidu.com
Instagram.com
Wikipedia.org
Instagram.com
Facebook.com
Youtube.com
Google.com
Massive reach and daily usage
App Parent
Facebook Facebook
Messenger Facebook
WhatsApp Facebook
Instagram Facebook
Snapchat Snap
Skype Microsoft
TikTok Bytedane
UC Browser Alibaba
Youtube Google
Twitter Twitter
App Parent
Netflix Netflix
Tinder InterActive
Pandora Sirius
Tencent
Video
Tencent
Line Line
iQIYI Baidu
Spotify Spotify
Youtube Google
HBO Now AT&T
Kwai OneSmile

Focus on active usage
0.8
1
1.5
1.9
2
Jan
12
Mar
13
Jun
17
Jul
2018
May
19
YouTube MAUs
Billions
Facebook DAUs
Billions
0.89
1.04
1.23
1.59
2.03
2.26
2.6
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
5
2
0
1
8
2
0
1
9
2
0
2
0 0.4
2
4
6
8
10
12
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Slack DAUs
Millions
WeChat MAUs
Millions
50
195
396
549
762
938
1040
1100
1170
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Driving hyper frequency active usage in interactions, attention and time creates a huge monetisation opportunity.

Affect higher interactions and attention
Source: Sequoia. Frazis Capital John Batistich - 2021
Intense customer love results from hyper frequency of interactions and the length of the engagement.
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F
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a
g
r
a
m
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o
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g
l
e
C
h
r
o
m
e
Y
o
u
T
u
b
e
T
w
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t
t
e
r
S
p
o
t
i
f
y
F
B
M
e
s
s
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g
e
r
P
a
n
d
o
r
a
G
o
o
g
l
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a
p
s
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e
t
f
l
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M
i
c
r
o
s
o
f
t
O
u
t
l
o
o
k
A
m
a
z
o
n
User Interactions Per Day
2019
28
40
41
52
Minutes Per Day per MAU

Drive higher NPS and then monetise

Hyper growth companies earn higher NPS
Source: Retently John Batistich - 2021
97
77
72
69 68
59
38
18
(8)
Tesla Starbucks Apple Amazon Netflix YouTube Verizon Bank of
America
Citi
Net Promoter Scores
US - 2019
6 Factors Affecting NPS
o Simple reliable products
o Unique innovative products
o Exceptional customer experience
o Fast quality services
o Amazing customer service
o hyper customer loyalty
Intense customer love can be measured by NPS. Hyper growth companies typically solve big problems, create new business models and redefine services.

Tesla leads on car satisfaction
Source: Tesla John Batistich - 2021
Tesla’s market cap exceeds that of all other car manufacturers. Their customers report hyper levels of satisfaction and advocacy which translates in hyper valuations.
2,600
22,400
32,000
50,000
76,200
103,100
245,200
367,500
499,550
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Tesla Annual Deliveries Tesla Market Cap
Customer Satisfaction

Growth potential gets rewarded
Tesla accounted for only 0.7% of global car deliveries but has a market cap in excess of Toyota, VW and Daimler collectively based on the expectations of future
value.
Toyota VW
Daimler
GM
BYD
BMW
NIO
Stellan
tis
Ford
Relative Market Capitalisation – Top 10 Manufacturers in USD June 2021
Share of Car Deliveries - 2020
$583B
Global Total

Brand Ranking 2000 2010 2020 2020 Value/Trend
1 $332B +38%
2 $200.1B +60%
3 $166B +53%
4 $165.4B -1%
5 $62.3B +2%
6 $56.9B -10%
7 $51.6B -8%
8 $49.3B -3%
9 $42.8B -6%
10 $40.8B -8%
They have become valuable brands
Source: Interbrand John Batistich - 2021
Hyper growth technology companies have become some of the most valuable global brands.

They create or leverage transformation and become unregulated monopolies
5. Disruptive business models that create
and dominate categories with tailwinds

Leverage hyper growth tech platforms
Source: ARK Investment Management John Batistich - 2021
Estimated Impact of Innovation Platforms on Economic Activity
Hyper growth companies have created and ridden mobile, cloud, ecommerce, social waves. Will they catch the next
waves?

Global venture investments – 5 growth categories
Source: CB Insights John Batistich - 2021
Global venture deals and investments are focused on Fintech, Ecommerce, Cybersecurity, Digital Health and AI.
Global Venture Deals and Investments
US$ Billions 2016 – Q2 2021
Ecommerce Cybersecurity
Digital Health AI
Fintech

Right side of technology transformations
Source: Deloitte. AFR. Reuters. Twitter. John Batistich - 2021
Hyper Growth companies tend to create or lead fast growing categories that disrupt legacy sectors. Tesla has become a catalyst for EVs.
Outlook for Global Cars to 2030

Building semiconductors to fuel IoT
9.3
13.3
14.5
17.4
20
24.1
26.6
29.3
3333.7
35.8
47.7
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
TSMC Revenue
US$ Billions
Market Cap
$Billions
Net Income
US$ Billions
5.2
4.6
5.7
6.2
8
9.7
10.2
11.6
11.9
11.8
18.2
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Margins
%
Taiwan Semiconductors have seen revenues, net income, margins and market cap step-change as they ramp up production to tackle global chip shortage

255
396
598
928
1379
1755
2274
2900
3408
2
0
1
4
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Palo Alto Revenue
US$ Millions
Market Cap
$Billions
EBITDA
US$ Millions
71.6%
73.0%
73.1%
73.2%
73.5%
72.2%
71.7%
72.0%
70.0%
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Gross Margin
%
Palo Alto Networks have maintain +70% Gross Margin whilst growing Revenues.
Cyber security is a booming category
10
-7
-193
-45
-88
29
171
376
397
2
0
1
4
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0

Unprecedented investments in innovation
Source: Macrotrends John Batistich - 2021
42.7
27.6
19.3
18.8
18.5
6.1
2008 2009 2010 2011 2012 2013 2014 1015 2016 2017 2018 2019 2020
R&D Investment
US$ Billions
Hyper growth technology companies invest in invention and product innovation to disrupt business models.

Holding high levels of cash to sustain growth
Source: Macrotrends John Batistich - 2021
84.4
136.7
90.9
62
53.5
136.5
2014 1015 2016 2017 2018 2019 2020
Cash at Hand on Balance Sheets
US$ Billions
These hyper growth technology companies are holding record cash levels which they will use for innovation, M&A or return to shareholders. The S&P500 have
$2T Cash in 2020 (+25% vs LY)

6. Recurring Revenue Models
Subscription based revenue with high costs of switching and low levels of churn enabling strong LTV

Developed recurring revenue models
Source: BMI John Batistich - 2021
An average Netflix subscriber stays on board for 25 months. Lifetime value of a Netflix customer is $291.25.

62.5
69.9
73.7
77.8
86.8
93.6
91.1
96.6
110.4
125.8
143
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Microsoft Revenue
US$ Billions
Market Cap
US$ Billions
18.8
23.1
17
21.9 22
12.2
20.5
25.5
16.5
39.2
44.3
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Net Income
US$ Billions
Source: MacroTrends
Microsoft has a reported 230M Office 365 subscriptions with hyper levels of recurring revenue and low levels of churn.
Microsoft created the subscription playbook

Prime membership drives recurring revenue
600
1400
Non Member Member
Number of Amazon Prime Members
(Millions)
Annual Spend of Prime vs Non-Prime Members
(USD)
25
40
54
75
91
101
112
152
2013 2014 2015 2016 2017 2018 2019 2020
Amazon Prime drives higher life time value (2.3X p.a) with very low levels of churn

Subscription potential drives Apple valuation
Apple Market Cap
USD Billions
37.542.9
65.2
108.2
156.5
170.9
182.8
233.7
215.6
229.2
265.6
260.2
274.5
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
6.1 8.2
14
25.9
41.7
37 39.5
53.4
45.748.4
59.5
55.357.4
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Revenue Net Income
PE Ratio
10.3411.2710.45
12.8613.12
15.9615.6116.0416.7115.6216.25
18.48
12.65
15.6516.59
18.65
22.96
19.79
27.6
35.4135.88
32.83
Dec
15
Mar
16
Jun
16
Sep
16
Dec
16
Mar
17
Jun
17
Sep
17
Dec
18
Mar
18
Jun
18
Sep
18
Dec
18
Mar
19
Jun
19
Sep
19
Dec
19
Mar
20
Jun
20
Sep
20
Dec
20
Mar
21
Market Expects
More Subscription
Base Revenue
2019
Whilst Apple’s revenue growth has slowed, valuations have step-changed based upon the potential for subscription based revenue

Recurring revenue model drive profitability
Source: MacroTrends. TechCrunch John Batistich - 2021
Adobe Market Cap
USD Billions
Announces
Creative Suite
Subscription
Model
2014
32.1
29.7
17.9
19.3
27.2
32.3
35.4
34.4
36.6
40.3
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
2
0
2
1
EBITDA Margin
%
Adobe’s switch to a subscription model in 2014 drove EBITDA margins and higher valuation multiples

B2B subscription models drives higher LTV
Source: Xero Investor Presentation 1H FY21 John Batistich - 2021
1.7
2.8
3.9
5.4
6.2
2017 2018 2019 2020 2021
Xero’s Total Lifetime Value
AUD Billions – FY1H
Value of a Subscriber
AUD – September 2020
-445
2516
1 2 3 4 5 6 7 8
Unit Economics
AUD – September 2020
ARPU $29.81
MRR Churn 1.11%
Gross Margin 86%
LTV per Subscriber $2,516
LTV/CAC 5.7
CAC Months 14.9
CAC
$445
LTV
$2,516
Year
A Xero subscriber is worth $2.5K (5.7X CAC) paying back within 15 months with extremely low churn rates

As revenues from more and existing users scale, costs go down per unit leveraging fixed costs. These companies have used their
positive unit economics to deliver hyper levels of liquidity and strong balance sheets. They scale at almost no incremental cost which
drives hyper profitability.
7. Positive Unit Economics and Scale at
Zero Marginal Cost

Source: John Batistich - 2021
“Focus on cost improvement
makes it possible for us to
afford lower prices, which
drives growth. Growth
spreads fixed costs across
more sales, reducing cost
per unit, which makes
possible more price
reductions. Customers like
this, and it’s good for
shareholders. Please expect
us to repeat this loop.”

Scale at almost zero marginal cost
The cost to serve one additional customer is almost zero. Unlike linear businesses, hyper growth companies tend to leverage a platform business model
Source: LGS

Scale with positive unit economics
Source: Company Reports, Statista John Batistich - 2021
Netflix invest in content per customer in 2020 declined as subscribers grew and the investment per subscriber declined with less investment (covid impacted)
21.6
30.4
41.4
54.5
70.8
89.1
110.6
139.3
165.9
195
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Subscribers
Millions
2.4
3.18
4.6
6.88
8.9
12.04
14.6
11.8
2013 2014 2015 2016 2017 2018 2019 2020
Content Investment
US$ Billions
57.9758.35
64.99
77.22
80.47
86.06 88
60.5
2013 2014 2015 2016 2017 2018 2019 2020
Investment Per Subscriber
US$

24 50 105
205
389
673
1073
1578
2929
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Shopify Revenue
US$ Millions
Market Cap
US$ Billions
Source: MacroTrends
-1 -5
-22-19
-35-40
-65
-125
320
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Net Income
US$ Millions
55.6
%
53.5
%
-4.9%
10.2
%
201520162017201820192020 Q1
2021
Gross & EBITDA Margin
%
Revenue growth scales to grow profitability
Spotify grew revenue by +85% in 2020, which significantly increased EBITDA Margin driving positive Net Income despite massive investments

8. Vertically Integrated with global network
effects
They own key components of value chain and the direct relationship with customers in the moments that matter in a
self-reinforcing flywheel

Source: John Batistich - 2021
“Focus on cost improvement
makes it possible for us to
afford lower prices, which
drives growth. Growth
spreads fixed costs across
more sales, reducing cost
per unit, which makes
possible more price
reductions. Customers like
this, and it’s good for
shareholders. Please expect
us to repeat this loop.”
Jeff Bezos
“On the Internet, companies
are scale businesses,
characterized by hyper fixed
costs and relatively low variable
costs. You can be two sizes:
You can be big, or you can be
small. It’s very hard to be
medium. A lot of medium-sized
companies had the financing
rug pulled out from under them
before they could get big.”

Tight control over value chain
R&D
Design
Marketing
Manufacturing Warehousing
Direct
Owned retail stores
Owned Ecommerce
Wholesale
Developing new
technologies
Market and product
research
Product and process
design
Concept testing
Product marketing
Warranty and Returns
Recycle/Reuse
Servicing
Membership
Subscription
Distribution
Customer
Relationship
Sourcing of materials
and services
Supplier
management
Subcontracting
Manufacturing
components
Assemble
components in China
Storage
Inventory
management
Supply chain
management
Apple own or have tight control over key components of the value chain

Global flywheels
Source: Facebook by Jang Zhang John Batistich - 2021
More hours
listened
Better Product
Experience
Better user
insights
Improved
recommendation
algorithm
1.Identity, social
graph and
information sharing
2. Strong user
engagement and
expanding user base
3. Advertisers
deliver as with hyper
accuracy
4. Relevant as
heightens user
engagement
5. Attracts ad
revenue which
funds R&D on
engagement
More
merchants
More features
Better UX
More channels
and partners
More GMV
revenues
Hyper growth companies create flywheels that drive users who provide data which is used to improve products in a self-reinforcing cycle

Network effects
Source: Adapted from Salesforce John Batistich - 2021
New and
Enhanced
Offerings
More
Customer
Success
Stronger
Community
More
Subscription
and Support
Revenue
More New
Customers
Expand
Existing
Customer
Relationships
New Markets
New Channels
New Industries
New Categories
R&D
M&A
Venture
Investment
s
Enhance Customer Platform
Enable Better UX
New Product Offering
More users
More use cases
More products per customer
More upgrades
Longer contracts
Lower attrition
Hyper growth companies, like Salesforce, build disruptive business models with global network effects

1.31.7
2.3
3.1
4.1
5.4
6.7
8.4
10.5
13.3
17.1
21.3
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Salesforce Revenue
US$ Billions
Market Cap
$Billions
Source: MacroTrends
Net Income
US$ Millions
43 81 64
-12
-270
-232
-263
-47
323
360
1110
126
4071
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Salesforce has exploded profitability
Hyper growth companies make choices on profitability based upon their global investment profile

Create business ecosystems
Source: Fung Business Intelligence John Batistich - 2021
Tencent and Alibaba have created wide ecosystems that include commerce, logistics, social media, finance, payments, gaming, media and entertainment technology

They make lots of venturing bets to protect adjacencies and invest in synergistic acquisitions to control future
capabilities, technologies, IP and talent
9. Active VC Investing and Acquisitions

Massive flow of capital focused on technology
Source: NVCA John Batistich - 2021
50.8
37.4
47.8
66.9 62
73.7
118.6
174.2 176.9
198.7
331.4
282.5
321.3
51
26 35.5
48.9 45.8 37.6
56.7
81.3 89 94.8
124.5
92.8
111.8
28.4 30.3
68
95.5
138
100.6
201.8
124.4 114.9
172.4
363.4 363.6
464.7
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Global VC Fundraising, Deal Flow and Exit Value
US$ Billions Exit Value
Deal Flow
Fundraising
Hyper growth companies are contributing to the capital flow into the technology ecosystem.

These companies are attracting massive VC
Source: CB Insights John Batistich - 2021
Hyper growth companies dominate the leading VC backed exits through IPOs.
Top 25 VC Backed Exits

Company Acquisitions Investments Exits Total Fund Value
33 221 53 $8.9B
18 562 91 $6.65B
89 35 0 $16.1B
236 148 38 $1B
123 16 8 $6.2B
18 17 4 $4B
11 1 0 $122M
245 126 30 $36.1M
88 102 23 $108M
16 6 1 $210M
They become Venture Investors
Source: Crunchbase John Batistich - 2021
Hyper growth companies have become early stage Venture Investors.

Lots of global bets
Source: Technode. Crunchbase John Batistich - 2021
Tencent invests on Fintech, Gaming and AI. in relatively mature markets (US) they prefer to make a lot of small bets at the early stage. In immature markets
(Southeast Asia and Africa), they go with larger players at later stages.
4
5
5
7
9
9
9
24
26
26
Enterprise
Mobility
Space
IoT
Content/Ent
ertainment
Health
Social
Media
AI/Analytics
Gaming
Fintech
2
3
6
13
15
17
97
South
America
Africa
SEA
Europe
Asia
India
North
Amercia
Tencent’s Investments Investments by Sector Investments by Region

Company Acquirer Year Price
Current Market
Cap Contribution
ROI
Multiple
2012 $1B $153.3B 153
2007 $3.1B $126.4B 41
2006 $1.65B $72.1B 52
2005 $50M $63B 1,441
1997 $429M $47.1B 147
They have delivered accretive acquisitions
Source: Acquired John Batistich - 2021
Hyper growth companies have led some of the most accretive acquisitions (and some failures).

They attract and retain the world’s best talent who earn life-changing equity
10. Career and Wealth Accelerator

Access to the world’s best talent
Source: Myvisajobs.com via Statista John Batistich - 2021
Hyper growth companies source the world’s best talent and pay above the market median with the promise of long term equity.
1,683
1,708
1,711
3,212
6,041
7,237
9,416
10,577
Intel
Apple
AWS
Facebook
Microsoft
IBM
Amazon
Google
Applications for H-1B Visas
US 2019
Average Salary
$143,373
$134,117
$107,449
$142,132
$166,068
$129,888
$150,548
$124,116

Geared to stock based compensation
Source: FactSet, FTSE Russell and Alliance Bernstein (AB) as of 31 December 2020 John Batistich - 2021
Hyper growth companies rely heavily on stock based compensation (particularly in early stages)
8.6%
2.9%
2.1%
1.7%
1.2%
Software Semi
Conductors
IT Services Electrical
Equipment
Comm
Services
Stock-Based Compensation by Tech Sector
2020 % of Sales – US Companies
20.5%
16.6%
11.7%
7% 7%
2.5%
Atlassian Crowdstrike Zoom Adobe Facebook Amazon
Stock-Based Compensation for Growth Companies
2020 % of Sales

Highly skilled and highly paid
Source: Payscale.com John Batistich - 2021
Hyper growth companies skew younger and male. They have hyper technical skills, low levels of experience and are paid well above the market.
Company
Employee
Numbers
Early Career
Median Pay
Mid Career
Median Pay
Median Age
Years with
Company
%
Female
% Job
Stress
% Job
Meaning
% Job
Satisfaction
140K $106,900 $151,600 30 2.0 30% 53% 72% 89%
147K $91,300 $145,400 31 2.7 31% 66% 74% 73%
58.6K $116,800 $149,300 29 1.1 32% 44% 78% 96%
166.5K $102,500 $139,700 33 4.8 27% 58% 59% 72%
1.3M $81,900 $130,400 30 2.0 39% 66% 42% 69%
22.5K $91,900 $141,900 31 3.3 28% 47% 24% 84%
70.7K $81,400 $118,500 30 1.6 20% 70% 89% 70%
56.6K $84,800 $154,600 30 1.8 42% 55% 54% 89%
HP 53K $65,400 $104,200 38 6.3 32% 56% 41% 64%

The Case Against Hyper Growth Companies
Are these companies creating net gains or losses to our society?

The case against hyper growth companies
Unsustainable
Business
Models
Net Negative
Social
Impact
Avoid
Tax
Unregulated
monopolies
Acquire emerging
competitors
Employ fewer than the
industries they disrupt
Power with customers
Monetise after
incumbents are weak
Customer can be the
product
Privacy data is
monetised
Some are focused on
advertising revenue
Cant grow forever
Promise vs profit
Reliant on good news
flow
Low profit levels
(promise group)
Fewer dividends
Priced for perfection
Extreme PE ratios
Reduce
Competition
Unrealistic
Valuations
Low diversity
Geographic concentration
Impacts housing affordability
Screen addiction
Rising anxiety
Misinformation
Privacy breaches
Labour and housing
shortages
Reinvest into R&D
and hold high levels
of Cash
Global tax structures
Global transfer
pricing
Pay lower levels of
tax than incumbents
Political influence
These companies cannot grow forever and have a range of negative affects on our communities

Rising rate of depression amongst teens
Between 2009 and 2019, hyper school students were asked whether they had experienced the following over the past 12 months. Experts are finding link between
screen and social media obsession as a key cause.
Source: US CDC National Youth Risk Behaviour Surveys. (Credit: Zach Levitt/NPR)
US Teen Depression
2009 - 2019

Offshore tax avoidance schemes
Facebook buys advertising inventory from offshore affiliates and resells that inventory in Australia. As a % of Pre-Tax Profit, Facebook pay more than the 30% corporate tax rate.
Source: ASIC. AFR
2019 2020 2020 % of Revenue
Revenue 674 712.7 100%
Payment to Offshore Subsidiary (Resale of
Ad Inventory)
506.9 559 78.4%
Net Revenue 167.1 155.3 21.8%
Employee Expenses 55.1 67.4 9.5%
Marketing/Sales Expenses 28.4 20.1 2.8%
Other 28.3 4%
Pre Tax Profit 37.9 5.3%
Tax Paid to ATO 16.7 20 2.8%

Aggressive tax avoidance
Amazon is investing in R&D and faster Fulfilment to dominate and pays a lower effective tax rate than many competitors.
Source: Institute on taxation and Economic Policy via Forbes and Statista
Amazon’s effective tax rate on pre-tax profits
US 2009 - 2020
8.1% 5.9% 4.7% 5.1%
15.1%
91.7%
5.9%
10.0%
-2.5%
-
1…
1.2%
9.4%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Federal corporate tax rate in the US is 21%

Dominate through political influence

Lobbying and political donations
Source: CNBC. Public lobbying disclosure forms submitted by the companies. John Batistich - 2021
16.7
16.1
11.8
10.2
7.4
19.7
17.9
7.5
9.4
6.7
Facebook Amazon Google Microsoft Apple
21.0
17.0
8.9
6.0 5.7 5.4
0.7
Google Microsoft Amazon Facebook Apple Netflix Twitter
Spend on Political Lobbying
US$ Millions
Political Donations 2020 US Election
US$ Millions
Source: Observer.
5 Companies reported $61M spent on Lobbying and $59M on Donations.

Key Takeaways
So What?

Key Takeaways - Profitable Giants
The profitable hyper growth companies meet the majority of key characteristics
1. Inspiring founders who
are visionary storytellers
2. Invention culture. Big
problem solvers
3. Invent beautiful
products that earn
intense customer love
4. Customer experiences
gets better (more
personalised) with usage
5. Positive unit
economics and scale at
zero marginal cost
6. Recurring revenue
models
7. Create and dominate a
hyper growth category
8. Global reach/network
effects and vertically
integrated
9. Active acqui-hire and
venture investing
10. Career and wealth
accelerator

Key Takeaways – Promise
1. Inspiring founders who are
visionary storytellers
2. Invention culture. Big
problem solvers
3. Invent beautiful products
that earn intense customer
love
4. Customer experiences
gets better (more
personalised) with usage
5. Positive unit economics
and scale at zero marginal
cost
6. Recurring revenue models
7. Create and dominate a
hyper growth category
8. Global reach/network
effects and vertically
integrated
9. Active acqui-hire and
venture investing
10. Career and wealth
accelerator
The hyper growth companies who are reinvesting and not yet delivering profitability, have a lower fit to the growth characteristics than the profitable giants they
aspire to…

Takeaways – 10 Superpowers
Learning from the most disruptive and fastest growing companies on the planet is valuable for all businesses at any stage or size.
Invention
Culture.
Big Problem
Solvers
Better
Products.
Beautiful
UX
Inspiring
Founders.
Visionary
Storytellers
New Business
Model to Create
& Dominate
Category
Vertical &
Global Network
Effects
Venture Fund &
Acquirers
Recurring
Revenue
Model. High
Switching Costs
Positive Unit
Economics.
Scale at Marginal
Cost
Career
& Wealth
Accelerator
AI Fuelled
Personalisation

Sources
o Acquired Podcast
o AFR
o Amazon.com and Amazon Company Reports
o ASIC
o App Annie
o Atlassian Investor Presentation
o Ark Investment Management – Cathie Wood
o BCG
o Benedict Evans
o BMI – Business Model Inc
o CB Insights
o CNBC
o Crunchbase
o Deloitte
o Fact Set – FTSE Russell & Alliance Bernstein
o Frazis Capital
o Fung Business Intelligence
o Glassdoor
o Google Images
o Inc – Bill Murphy
o Interbrand
o Jang Zhang
o MacroTrends
o McKinsey and Company
o NVCA
o Observer
o Payscale
o Retently
o Reuters
o Salesforce Investor Presentations
o S&P Capital IQ
o Scott Galloway
o Sequoia
o Shopify Investor Presentation
o Square Investor Presentation
o Statista
o Tech Crunch
o Tech Node
o Tesla Company Reports
o Twitter
o Xero Investor Presentation
o Yahoo Finance

Connect
@johnbatistich
John Batistich
jbatistich

10 Superpowers of Hyper Growth Companies 1.0

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