CEO Morten Strunge gives inspirational talk on the strategy behind his successful companies
“There are no instant success stories” – this is the advice that we often get from successful entrepreneurs. This could not be more true for CEO of Mofibo, Morten Strunge, who gave a talk to the CBS MBA Alumni on November 16, 2016.
Start-up in the blood
While most of us were busy playing video games, at the tender age of thirteen, Morten Strunge was running a profitable business with 10 employees. By the time he was 18, his mobile retail business had lost over DKK2 million of his parents' money; a loss that seemed to have defined Morten’s strive to build new companies.
There is no doubt that entrepreneurial blood runs through his veins. After such a traumatic experience, Morten relayed, how he picked himself up and started another venture, Onfone, which ultimately became a public inspirational story when he sold it for DKK300 million to TDC. However, what most people don’t know is that he had struggled with Onfone for four years before it became profitable.
Radical strategy shifts
His mantra to be a winning start-up is “You need to be able to radically shift strategies within a short time frame if the idea is not working”. He believes that this is one of the biggest challenges that corporates face, they launch a strategy, wait for at a least year before they review it and even longer before they decide to change direction. This makes it hard for corporations to respond to the rapidly changing market conditions.
As CEO of Mofibo, Morten’s been challenged by an industry vastly different from telecom and an operational set-up which focuses on business intelligence and data crunching more so than sales and customer service. He challenges himself with international expansion and in his ‘spare time’, he spends his time on two big ventures, Plenti and Winefamly, which are both set to disrupt the mobile and wine industry, respectively.
“I don’t do it for the money. Once I have an idea, I can’t rest until I see it come to life.” With that kind of attitude, there is no doubt that this is only the beginning for Morten Strunge, and we will be hearing of a lot more accomplishments from him.
By Khanya Vokwana-Shabalala, Full-time MBA student 2016-17