The Wix magic….the untold story.
By Mark Tluszcz
CEO of Mangrove Capital Partners & Chairman Of Wix
As we near 100 million users and celebrate our 3rd year as a public company, the Wix story is one of unbridled commitment to product innovation. This singular focus has allowed us to build an extraordinary company with a suite of products serving users in more than 150 countries. Combine this with world-class marketing capabilities and you have the basic ingredients driving our current success.
Of course, this not does not tell the whole story nor does it provide any great insights. To that end, I could provide a long list of things that have contributed to our $2 billion market capitalisation, including unparalled teamwork, great leadership and tremendous employee loyalty but that would not be specific enough either.
What stands out at Wix is the strong desire to build and promote an eclectic company culture with strong core values. Wix is a place where employees can chose their own titles, take risk and challenge leadership. Simply said it is a place where people are respected and rewarded. More specifically, I believe the Wix magic lies in two of its core values: Equity Participation and Diversity.
Equity Participation. From the outset, the company has been committed to making employees participants in the equity story. So you might be saying, what is so special about this? At Wix we believe that the scale of participation matters. To date, Wix has created over 100 employee millionaires, and this out of a total of 1300 employees. Even by Silicon Valley standards, this is an extraordinary achievement and reflects our belief that employee participation is the guarantor of future success.
Diversity. Today we employ 40% women and 60% men and it just works. We are living proof that the benefits of diversity are immeasurable. The operational and financial results are also unequivocal: Wix has beaten its guidance to the street 11 out 12 quarters since going public, thanks in no small part to our diverse team.
I believe these core values have had an outsized impact on our business. As such, they should constitute part of the building blocks of any start-up. I encourage you to take the plunge, it works.
The Wix story will only get better…..
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Note: I am Chairman of Wix and might just be drinking the cool-aid, but hey, I have seen it work.
This post is by Mark Tluszcz, CEO of Mangrove Capital Partners and Chairman of Wix. It originally appeared on Mark’s blog.