Building a billion-dollar business is a journey of growth, resilience, and learning. At our 2024 Growth Summit Gurman Hundal, co-founder of MiQ, previously backed by ECI, shared valuable lessons from his personal experience.
From starting MiQ in 2010 with co-founder Lee Puri, to growing the company into a global leader in programmatic advertising with over $100 million in EBITDA, Gurman’s story offers rich insight into how to scale a business.
Here are five key lessons he shared on how the MiQ team delivered that success:
1. Diversification is key to resilience and growth
One of the most critical factors in MiQ’s success has been its focus on diversification in three key areas - geographies, client types, and product offerings – which have been essential for driving both growth and stability. By expanding into new markets, such as North America, and diversifying its client base, MiQ was able to protect itself from over-dependence on a single revenue stream or market condition.
MiQ's expansion into smaller cities in the U.S., such as Kansas City and Cleveland, proved to be highly effective. There was often more opportunity to be had in some of these US cities than in expanding into whole new countries. The lesson here is clear: Diversification should be intentional. Businesses that focus on strategic growth and carefully assess where to expand can unlock new opportunities while maintaining resilience. As MiQ’s approach demonstrates, the right markets aren’t always the most obvious ones.
2. Go big in big markets
The second major piece of advice is to go big in big markets. For MiQ, this meant fully committing to the U.S. market - the largest advertising market in the world. Gurman learned that scaling in a significant market not only drives revenue, but also builds credibility, helping the business attract larger clients, top talent and strategic partnerships.
However, succeeding in such markets requires more than just an entry, you have to commit fully. Gurman personally moved to the U.S. to spearhead MiQ’s expansion, ensuring that the company could adapt to the market's demands and seize the opportunities present. This kind of dedication was essential to make a meaningful impact.
3. Building robust operational foundations
As MiQ scaled, Gurman learned the importance of building robust operational departments. In the early stages, he and his partner Lee managed most of the operations themselves, but as the company grew, they realised the necessity of bringing in specialised teams for finance, HR, and talent management. Gurman said that, earlier in his career, he felt that to be a good CEO you also had to be a great CPO, CFO, CRO etc, but now he understands that to be a good CEO you must have really good leaders in those areas.
A strong finance team, for instance, helped MiQ manage the complexities of expanding globally while maintaining profitability. Having a well-structured finance and talent departments allowed Gurman to focus on strategic growth rather than getting bogged down in operational details.
4. The power of team and culture
Building a resilient team and maintaining a strong company culture were central to MiQ’s success. MiQ achieved an impressive 85% employee retention rate, a figure Gurman is rightly incredibly proud of. This high retention rate was due in large part to MiQ’s focus on creating an environment where top talent wanted to stay and grow with the company.
One of the cornerstones of MiQ’s culture is a balance between ambition and safety. Gurman encourages his teams to take risks and make mistakes and emphasises that failure is part of the process. He built a culture where making some mistakes was not discouraged as it was seen as a positive sign of courage and innovation. Simultaneously, MiQ developed a set of "anti-values"— behaviours such as ego and territorialism that were discouraged to foster a collaborative and open working environment.
5. Preparation and diligence pay off
The final key lesson is that preparation and diligence are critical when scaling a business, especially when pursuing a capital event, such as private equity investment. MiQ spent over a year preparing for their first private equity investment from ECI, focusing on building out robust financial systems, data reporting, and internal processes.
One strategy that MiQ employed was to use a refinancing process as a "dry run" to prepare for larger future events. By treating the refinancing process as a rigorous test of their diligence capabilities, MiQ ensured that when the time came to engage with investors, their data and narratives were well-organised, leading to a faster and more successful deal process.
Preparation is not just about the numbers, it’s also about building relationships. Building strong personal relationships with potential investors, meeting face-to-face or via Zoom to understand if they were the right partners for MiQ. These personal connections, paired with strong diligence, allowed MiQ to find the right investors and scale the business alongside them.
Insights
12/02/2025
Read Time: Min
5 lessons in building a billion-dollar business

Each month, we turn the spotlight on the leadership teams in our portfolio to find out what drives them, who inspires them, and the biggest lessons they’ve learned.
This month, we chat with Jens Penny, CEO of TAG, the high-touch travel management company to the entertainment and corporate markets.
Jens has been with TAG since 2019, throughout a period of intense disruption in the travel sector, and now leads a global team of over 450, together shaping the future of travel management for entertainment and corporate clients. Jens shares what motivates him and his view on what makes a good leader:
Q: Which one rule do you expect your employees to abide by?
The principle rule I emphasise is to just do what's right. It sounds simple but in business, it's crucial that everyone is behaving in the right way, and acting in the best interests of the company. It only takes one person to push in the wrong direction to create issues, so it's vital to maintain integrity and trust. Intuitively most people know what’s right, and our job as leaders is to find people you can trust to do that.

Q: What motivates you?
I'm motivated by seeing outcomes from effort. Whether it's a business plan or a change project, witnessing the results of hard work is incredibly fulfilling. This was especially evident as we navigated through COVID and emerged stronger, and seeing the effort that went in and then led to so much new business was incredibly motivating.
Q: What are you most proud of in your career?
The TAG journey stands out. Joining the business post their first private equity investment in 2018, navigating through COVID, and then experiencing unprecedented growth and getting investment from ECI in 2024. It’s been a challenging yet fantastically rewarding journey, and it is exciting to now go again. It’s your day job so you take it for granted, and then you have a capital event and look back and think, what a lot we’ve achieved over the past six years.
Q: Who do you admire / who inspires you?
My biggest inspirations are my parents and my wife. Their guidance, values, and lessons have shaped who I am today. While there are many admirable public figures, it's the personal influences that have had the most profound impact on me.
Q: Why did you choose ECI as your investment partner?
ECI's track record of success, particularly in travel over the last couple of decades, along with their commitment and chemistry with our team, made them the right fit. They understood the dynamics of the industry from day one, and were committed from the start, which was crucial for our partnership
Q: How do you switch off from thinking about work?
Spending time with my family, walking the dog and playing golf. Golf allows me to switch off. It's a great way to disconnect from work, as your phone is out of sight, and you need to completely focus to play well. It's a great social game and it allows me to spend time outdoors without distractions.
Q: Where is the best place you've travelled to?
Having worked in travel all my life, I've been fortunate to visit many places. So, I don’t have a single favourite, for me it’s all about exploring something new, experiencing different destinations and different cultures.
Q: Favourite film?
"Some Like It Hot" has to be my favourite. I first watched it in on a family caravan holiday in the Eighties in Sweden, with Swedish subtitles! It doesn’t age and is still a very clever comedy to this day, even though I probably know every line in the film now!

Insights
11/02/2025
Read Time: Min
“In Focus” with TAG CEO, Jens Penny


Where we read business books so you don’t have to! In an age marked by instability, the ability to navigate uncertainty has become a non-negotiable skill for leaders. This month we read Mastering Uncertainty by Matt Watkinson and Csaba Konkoly, to highlight what leaders can do to increase their chances of success in changeable times.
In their chapter on Creating Your Own Luck they discuss that while yes, successful leaders can get lucky, it’s individuals that strive to create their own good fortune and keep their heads when dealt a bad hand that end up being successful. As Wayne Gretzky says, “You miss 100% of the shots you don't take.” Watkinson and Konkoly detail five mindset principles that help to create this good fortune:
- Develop a growth mindset
- Develop a healthy relationship with failure
- Be tenacious
- Seek the truth
- Pursue mastery not perfection
1. Develop a growth mindset
A growth mindset is the belief that our abilities can change and grow with continuous effort and guidance from others. The alternative is a fixed mindset, where we believe our qualities are immutably set in stone. In the latter scenario, individuals focus on proving rather than improving their abilities. A fixed mindset and fear of failure go hand in hand and keep us in our comfort zone, which is not where you want to sit in an uncertain world, where you need to constantly learn and change tack.
Leaders should question how they can maintain a growth mindset as they develop in their career. What do you do to stay coachable? Would others say your ego impacts your decision making?
Be proactive in developing this. Find experts, surround yourself with them, and ask them questions about what they do and then seek to put it into practice. There are no medals for finding your way on your own – when things change, find someone who has walked this path before. Truly question if you are really asking for and getting constructive criticism – if no one around you has given you feedback that is slightly uncomfortable, chances are they aren’t able to and the impact on that is that you’re not moving forwards. A good example of this is when Satya Nadella, CEO of Microsoft, adopted a Growth Mindset and has since stated that much of their success is due to this cultural change - the learn-it-all does it better than the know-it-all.
2. Develop a healthy relationship with failure
Companies that don’t take chances are unable to pivot when needed, and to take chances, they need a heathy relationship with failure. That doesn’t mean accepting poor results, it means that fear of failure doesn’t prevent them from taking opportunities.
This is largely about company culture. Are people judged harshly for things that don’t work, or do people push for success but accept that not everything has to be successful to continue to grow and thrive? Some ways to reset how your team think about failure include:
- Remind people that the opposite of success is not failure, it’s learning. We only learn through iteration and experimentation.
- Share success stories where people have shown courage and focussed on trying new things
- Understand when failure is a success. For example stepping away from an acquisition because it’s not quite right, a product being sunsetted as other products have now overtaken it… these things can feel like a failure, but they don’t need to be framed that way. They are steps on the path to success.
3. Be tenacious
The book highlights that the biggest difference between those who succeed and those who don’t is whether or not they give up. While successful CEOs are cognisant of when something isn't working, they also back themselves and persevere if they believe in projects.
Tenacity doesn’t mean pursuing one goal at all costs, it usually means learning, adjusting and then making progress. It is ensuring that setbacks such as operating on a changed playing field, don’t cause you to give up. It took James Dyson 5,127 prototypes before his bagless vacuum cleaner worked, and then every distributor rejected his idea, leading him to found his own company. The whole process took 15 years, but he recognised that his fundamental idea was one he still believed in and kept pursuing.
4. Seek the truth
In business, and in life, clarity comes from sifting the truths from the untruths, and it helps us to recalibrate when we’re in an uncertain environment. To achieve this it’s important for CEOs to adopt active open-mindedness, so that they are happy to seek out new ideas, as well as new people who provide a diverse array of perspectives. By having this range of perspectives it is easier to filter what is real and pragmatic, rather than having a narrowminded view of the horizon. Surround yourself by people who have different skills and behaviours to you, rather than those who will support or replicate your own outlook.
5. Pursue mastery not perfection
A desire to keep improving is a good thing, but perfection can be the enemy of progress, and when things change quickly it can very quickly put you behind. Perfectionism is often driven by fear and anxiety; you see this when tech teams keep tweaking their product rather than putting it into the market. Instead, it is more important to focus on mastery – in that scenario you launch, learn and improve. The book highlights the three phases individuals go through to reach this stage:
- Apprenticeship: learn the basics of your craft through focus, practice and observation
- Creatively active: apply your own ideas adding life experiences and personality into the mix
- Mastery: you have deeply internalised the skills of your craft. Your intuition has become a powerful tool and allows you to connect dots others can’t see
In this scenario, the activity you’re pursuing then becomes the reward in itself and leads to a virtuous cycle of continuous improvement.
Insights
07/02/2025
Read Time: Min
Mastering uncertainty

SMEs continue to be the backbone of economies worldwide, but 2025 presents a unique set of challenges. Building on the issues from 2024, such as tightening regulation and sluggish growth, this year brings new difficulties for businesses to overcome.
Here, we explore the five biggest challenges SMEs are likely to face in 2025 and offer insights into how they can navigate these turbulent times.
1. Employment costs and taxation
Labour's policies, including increases in the minimum wage, changes to NI contributions, and enhanced employment rights, are set to put pressure on SMEs. According to the Autumn Budget 2024 report, rising costs could hinder growth and limit hiring capacity, particularly in people-intensive sectors. However, while the overall NI contribution changes pose a challenge, the government has proposed measures to mitigate the impact, making the net effect less severe than some headlines suggest. For example, the Employment Allowance has increased from £5,000 to £10,500, with the £100,000 eligibility cap removed, enabling more SMEs to reduce employer NI contributions. So, while the overall effect is net-negative, SMEs should be wary of knee-jerk reactions.
Businesses can also turn to automation and technology adoption to increase efficiency. We have seen this in our own portfolio, with platforms like CMap helping their customers to optimise project management and resource allocation. They can also invest in their own technology, leveraging the R&D tax relief scheme, which offers the dual benefit of operational improvements and financial savings. 2025 also marks the launch of the “Business Growth Service,” a UK government initiative designed to streamline and improve support for SMEs, offering additional resources to navigate these financial challenges.
2. Trade barriers and supply chain disruption
The global trade landscape remains changeable, with potential shifts in US trade policy adding further complexity. For example, discussions around tariffs by the US administration could impact UK exports, creating uncertainty for SMEs reliant on international markets.
Labour shortages in logistics and rising energy costs further exacerbate supply chain challenges. Additionally, raw material shortages continue to impact production timelines and costs. This is compounded by ongoing geopolitical tensions, including the Russia-Ukraine conflict and war in the Middle East.
Product-based SMEs selling to the US may feel the greatest impact, but broader disruptions are also expected in Europe and beyond. To mitigate risks, SMEs should diversify supply chains, source locally where feasible, and build stronger relationships with suppliers. Lessons learned from Brexit-related trade disruptions - such as contingency planning, improving demand forecasting, and investing in cybersecurity - are more relevant than ever for navigating these uncertainties.
3. Reversal of the WFH trend
Remote working has been a transformative shift for SMEs, but in 2025 we’re seeing a growing trend toward a return to the office. Challenges such as maintaining productivity, upskilling employees, and preserving company culture are among the driving factors.
For SMEs, this shift presents both opportunities and challenges. Large corporations returning to in-office work may leave top talent seeking flexibility elsewhere, giving SMEs a potential competitive advantage. However, SMEs also risk losing employees if they adopt rigid policies without considering staff preferences.
To stay competitive, SMEs can use flexibility as a unique selling point while investing in areas that improve workplace satisfaction. Prioritising culture, employee experience, and training can make a significant difference. Solutions from companies like Ciphr, which acquired Avantus and Marshall to expand their focus on these areas, can help SMEs implement strategies to create a supportive and engaging work environment.
4. Rising customer service expectations
Expectations for seamless customer service continue to rise, with SMEs under increasing pressure to deliver experiences comparable to those of larger enterprises. According to McKinsey, businesses that prioritise customer experience are more likely to achieve higher growth rates.
Technology offers an opportunity for SMEs to meet these expectations on a budget. CRM systems, chatbots, and automation can streamline customer service operations. However, SMEs should be cautious with automation, as overly impersonal interactions may alienate customers.
Outsourcing customer service communication to providers like Moneypenny can help SMEs deliver high-quality, human-centric experiences while minimising the need to invest in headcount. Balancing technology with personalisation will be crucial for creating long-term customer loyalty.
5. Cybersecurity threats
As SMEs increasingly adopt digital tools, their exposure to cybersecurity risks grows, especially with remote working. In the last year, UK businesses experienced approximately 7.8 million cybercrimes, including phishing, ransomware, and data breaches.
While SMEs often lack the resources of larger organisations, affordable solutions exist to improve resilience. Employee training, firewalls, and endpoint security are cost-effective measures to safeguard sensitive data. SMEs should also consider leveraging managed IT services and cyber security providers like BCN to give them additional resilience, or platforms like ISMS.online can help them to streamline implementation of ISO certifications, such as ISO 27001, to improve security standards.
Striking a balance between investing in cybersecurity and maintaining operational budgets will be a critical challenge for SMEs as they navigate the digital landscape.
Conclusion
While 2025 presents challenges ranging from economic pressures to digital vulnerabilities, SMEs remain uniquely resilient. By staying informed, investing strategically, and adapting to changing circumstances, they can navigate the year ahead with confidence and success.
Insights
03/02/2025
Toby Fitzherbert
Read Time: Min
5 biggest challenges for SMEs in 2025

In our latest Quick Fire, we chat with ECI’s Head of ESG, Fiona Moore, to talk about her career in private equity, whether she worries about an ESG backlash, and why lists help her to relax…
Q: You are coming up to your 5-year anniversary at ECI? How has it compared with expectations?
One of the reasons I joined ECI was because they did a very impressive sell of their culture – but I won’t lie, there was always the concern that companies can say anything they like about their culture when they’re trying to win you over! But ECI have delivered on what they told me about their organisation – it being low-ego, supportive, collaborative – in spades. And that has been tested, whether it was going into lockdown in my third week, or even how ECI have supported me to return to work since coming back from maternity leave in September. They are very consistent in how they think about supporting people. They are individuals who trust you to do your job, and are interested in and focussed on problem solving together. When everyone is aligned on that, it makes work incredibly enjoyable and rewarding.
Q: How has your role changed since joining ECI?
I joined ECI as Head of Marketing five years ago and then after having joined the ESG Committee in 2022, I was increasingly picking up more ESG work and now have a dual role, splitting my time equally between Marketing and ESG. You might ask if that is a natural fit, and to be honest those are very much two separate hats. While being able to communicate effectively is important in ESG, if you are doing too much marketing in your ESG work, there’s something wrong!
It has been a fascinating new challenge shifting into the ESG space. I have always been passionate about how companies can be a positive force for good, and in my view the climate crisis can only be mitigated by governments, asset managers and companies making progress together. Beyond my personal optimism for what can be achieved, I also believe the recommendations that we make to our portfolio companies are driven by good business practice and are value accretive. So, it’s fair to say my role has changed a lot over the last five years and is more interesting and motivating with each new project.

Q: Do you worry about a backlash to ESG, given the shifting global politics?
As someone who thinks the climate crisis will be the defining and life-limiting problem for the next generation, obviously any negativity that will hinder progress concerns me. I don’t want people to lose their homes to floods, hurricanes and fires, and when those things do happen, I hope people will move to action as they come to understand that this will happen more frequently, that our lives will become more difficult to insure, and we will increasingly suffer loss due to extreme weather. So, when that doesn’t happen, and instead commentators spend time discussing the backlash to ESG as a concept, that does sadden me.
But, despite all that, when it comes to the work I do at ECI, I genuinely don’t think about it too much. The label ESG is really just a way of describing preparing for the future. We would ask the same questions of a company as we do now, because we need to understand the risks and opportunities that will hinder or support their growth. At the moment, most of our LPs have clear ESG objectives and I don’t think any backlash from commentators has negated the strong global movement of asset managers to make progress on this topic, even if some in the US may be less vocal about it publicly. But even if they were less interested, it wouldn’t change the questions we ask and the progress we want to make, because we are not doing it due to some moral code we hold – we do it because it makes sense as a way of protecting and driving the value of our investments, which is our duty to investors.
Q: What does a typical day look like for you?
I would say managed to within an inch of its life! Having a dual role and returning four days a week post-maternity leave means that I must be very focussed and efficient in what I do. It can often involve jumping quickly between my two roles, so I tend to know what I’m doing each minute of the day before I start. It’s not a very cool admission, but my to-do lists are immaculate. They keep me sane when I get especially busy; I probably spend more time with my Trello board than is healthy.
As an example though, at the moment I am working with the ECI portfolio on their end of year ESG assessments, where we come up with a list of prioritised recommendations for what they are going to achieve over the next 12 months. I work closely with our Commercial Team to make sure those companies have the support they need to progress on those recommendations. For ECI, I am responsible for making sure the objectives set in our Impact Report are progressing, so today that includes starting projects to find ESG training providers, beginning the process of calculating our 2024 carbon footprint in support of our decarbonisation goals, and working with the ESG Committee to progress initiatives around DEI such as evolving our internship programme. Then on the marketing side, I have a call with our PR agency to discuss upcoming appointments across our portfolio, I am drafting an article on SME challenges in 2025 and creating our social posts for the next week. So, there’s no doubt it’s busy, but very varied.
Quick Fire with Fiona:
What did you think you would be when you were younger?
When I was five, I genuinely thought being a fairy was a profession and was very disappointed when I found out that no school existed to give me the required qualifications. Then post-university, I thought I would be a music journalist and did a number of freelance roles and sofa surfing for a while, before realising it was almost as unrealistic as the fairy idea…
What is your favourite film?
Either Roman Holiday or The Lego Movie.
What’s the best concert you’ve ever been to?
This is a hard one, as I probably have been to over 500 (I say probably…obviously I’ve got a list!) I’m going to say either Rolling Stones at Glasto as it was such a once-in-a-lifetime experience or The National at All Points East as I listen to them all the time. I clearly have the music taste of a middle-aged Dad.
What piece of advice do you like to give other people?
If you set your mind to it, you can do anything. What sets people apart isn’t so much what they can do, it’s whether they can do what they say.
Insights
03/02/2025
Read Time: Min
“Quick Fire” with Fiona Moore

ISMS.online is delighted to announce the appointment of Chris Newton-Smith as Chief Executive Officer. Newton-Smith brings significant expertise in scaling businesses, driving global market expansion, and leading innovation, positioning him to accelerate ISMS.online's impressive growth trajectory.
The global information security and risk management market has experienced tremendous growth over the last five years. As organisations increasingly recognise the importance of information security compliance in driving business results, ISMS.online has seen record-breaking momentum, achieving a 125% increase in platform users in the last 12 months.
Chris joins ISMS.online from Boku, Inc., where, as Chief Operating Officer, he helped to transform the company into a leading global provider of mobile payment solutions. Prior to that, he held executive leadership roles including CEO of iRiS Software Systems and Chief Product & Marketing Officer and General Manager EMEA at Redknee Solutions Inc.
Chris's appointment marks an exciting new chapter for ISMS.online as the company continues to capitalise on the growing global demand for scalable, effective compliance solutions. ISMS.online is committed to empowering organisations worldwide to simplify and strengthen their approach to information security and data privacy.
To find out more about how ISMS.online can help your organisation achieve its information security compliance goals, book a call with our team here
News
29/01/2025
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Welcome Chris Newton-Smith as ISMS.online’s new Chief Executive Officer

ECI have a long track record of supporting businesses on international expansion, in particular with entering the US market. For European CEOs who are weighing up further growth in Europe or whether to make the leap across the pond, we asked our North American Growth Specialist, Brett Pentz; Commercial Team Partner, Rich Pearce; and Investment Manager (and Belgian cultural correspondent) Louis Jans, for their top tips to make US expansion work:
1. Don’t underestimate the diversity of states
When looking at US market entry from a European lens, it is easy to assume that the differences between say, Maryland and Virginia, are much smaller than say, Belgium and the Netherlands. In fact, the differences between states can be vast. The model of the US federal and state regulatory framework is analogous to the European Union and each member state, where there are unique regulations (and other dynamics) by state that might impact demand.
What this means is that if you have mastered European expansion, you will probably also master state-by-state expansion, but it’s important not to assume that it will be easy. Whether you’re looking at different taxes, employment laws, costs of hiring, or even how you approach small talk, states differ significantly, and you need to adapt accordingly.
It’s why our advice for US expansion usually emphasises the importance of not spreading yourself too thinly. Carefully choose the best state for your target market and start there rather than aiming to take the whole US at once, which is more challenging to build the momentum needed to make significant impact.
2. Reap the benefits of the M&A-friendly US market
As a management team, you will need to choose whether your entry strategy is best suited to organic entry or via acquisitions. If you need requisite scale fast, often an acquisition allows you to take that leap at pace, but there are some points to be aware of. In many ways, the US is a very M&A friendly market. Compared to Europe, it is less bureaucratic, with less regulation notably around employment or competition law. That means it is often quicker to get the acquisition signed, sealed and delivered once you have found the right target.
However, it can be trickier to find those targets in the first place. Europe tends to benefit from good financial data on companies, take Companies House in the UK, whereas it can be slightly harder to map the market in the States. This means more is done through personal relationships and networks of advisors, so it is important if you are looking for stateside acquisitions that you have built a solid network of trusted individuals who can scope the market on your behalf. At ECI our Origination Team works closely with Brett Pentz, our North American Growth Specialist, to help map and assess potential stateside acquisitions for our portfolio. Once you have found those prospects, you will likely find that pricing expectations in the US and Europe are different – this should be part of the consideration of the strategy, but once you have decided to acquire in the US, the only comparison you should dwell on is how the valuation multiple compares with other equivalent businesses in that geography.
We have a fantastic track record of supporting management teams to acquire in the US and Europe – for example last year we supported Commify to acquire Tennessee-based Text Request, and French business, SMSFactor. Both geographies have different challenges and opportunities, which is why it is helpful if you can lean on an investor who has seen M&A in those markets before.
3. Take a pragmatic view of total addressable market
It is not uncommon for management teams to size the whole US market in their plans when launching in the US. In our experience, it is better to take a state-by-state view, just as you would size only the Dutch market if you were opening an office in Amsterdam. It is highly unlikely you will be able to run a US -operation from just one location in the States, and you may also find that you simply don’t need to. The size of states or cities in the US is often surprising – did you know Indiana has the same GDP as Norway? That Florida is equivalent to Spain?
While some states such as California and New York are obvious economic powerhouses, there are a massive number of other states where you will find huge demand. When MiQ launched in the US, they found that the advertising hotbed of New York wasn’t a very productive location, as costs were phenomenally high and the market was overcrowded. Instead, they found untapped demand in places such as Tulsa, Oklahoma, or Boulder, Colorado, which contributed to them growing US revenues to 80% of total by our exit.
4. Remember the importance of boots on the ground
One thing we have heard again and again from management teams that have expanded into new countries is the importance of being on the ground. Geographic distance makes this all the more important in the US market. It’s very hard to lead wholly from afar; you will likely need to move over for a period of time, or at least be very willing to jump on a flight regularly. Not only will this give you a better understanding of the culture and ways of working of your new office, but it is also important that you role model company culture and act as a brand ambassador to your new team. How you as a leadership team will make this work should be considered well in advance of starting expansion plans. The distances and time difference involved simply mean it is a much greater challenge than operating between France and Germany, for example.
It also means, even if you’re regularly flying over the Atlantic, that you will likely need a US MD in a way you are less likely to need to hire a Spanish MD. If you have acquired a business, it may be straightforward to appoint the incumbent CEO in the role. But if you are expanding organically, start the process early so that the US leader can spend time getting under the skin of the European business so that they can reflect your company culture in the new market.
5. Overindex on political and cultural sensitivity
Whenever you move into a new geography, there are always differences in culture, language and technology, which need to get considered. Much like how the US version of The Office only really took off once they adjusted the personality and humour to an American audience, so too will your US office only take off once it mirrors the world in which it lives. Because we feel culturally and linguistically aligned to the US, this can cause blind spots. For example, when CPOMS, a safeguarding software business, was expanding into the US, they discovered that the US didn’t use the term safeguarding. Another CEO realised that ‘drinks after work’ didn’t really happen as everyone got into their car and left, and therefore new social norms needed to be established rather than relying on a European company culture, which doesn’t translate.
Culturally, especially if your workforce is younger, you may find in today’s US media environment that everything is more politically charged and emotionally sensitive than you might expect. From across the Atlantic, recent elections may look like a political event akin to Brexit, but people have stopped speaking to their families over this, and increasingly there is a growing division and mistrust which has made speaking about politics at work almost impossible. Similarly, the US led the way in conversations about DEI at work, and therefore the expectations between there and continental Europe were sizable, however now in the Trump era, some employees will be very sensitive around even using the term DEI. Essentially, you are likely operating in a more delicate employee ecosystem than you might have been five or ten years ago.
If you would like to find out more about how we are helping CEOs with US expansion or how we could help your business, please get in touch with brett.pentz@ecipartners.com
Insights
27/01/2025
Brett Pentz,
Rich Pearce,
Louis Jans
Read Time: Min
5 considerations for European CEOs weighing up US expansion

Last year we asked Lewis Bantin which hires he expected to see in 2024, with his predictions for top five roles as below:
- CRO
- Revenue Operations
- Chief of Staff
- CISO
- Data & Solutions Architects
We asked Lewis to mark his own homework as to whether that played out across the year and whether he is changing his predictions for 2025. Here are his insights for the coming year:
1. Revenue teams continue to grow
The increasing focus on CRO and Revenue Operations teams across our portfolio was confirmed from our prediction for 2024. For example, we saw Greville Coe join CSL as CRO, helping to further expand the company's secure connectivity services into new IoT verticals such as payments and telehealth. We also saw growth in the revenue teams at compliance platform ISMS, with Ross Down joining as VP Customer Success and Ian Bellamy as VP Growth.
Revenue Operations also took centre stage at our Growth Summit in September, where many portfolio companies shared how investing in this area has improved their ability to deliver growth, and improve forecasting, especially in today's lower growth environment. When you don’t have market tailwinds behind you, or a cheap cost of money, you need to work harder to create value, usually by targeting your ideal clients and by sharpening your competitive edge over rivals. Rev Ops has become essential in driving these improvements.
2. Chief of Staff role still not a common hire in the UK
While the Chief of Staff role has grown in prominence globally, it remains rare in the UK, with its adoption often only at large cap companies. Instead, we've seen increased investment in People teams and the appointment of Heads of Transformation to address many of the challenges this role might otherwise handle. It would also be true that in our portfolio, our Commercial Team plays some of this role!
Since Covid, People functions have taken on broader responsibilities, moving beyond traditional HR tasks to focus on engaging and motivating teams, which in turn drives growth. As well as these teams having a broadening remit, they are often now much more involved in recruitment with a notable trend this year of growth in in-house recruitment teams, whether fully in-house or outsourced but embedded. This approach reduces hiring costs and creates teams that better understand the business.
Heads of Transformation have also become crucial, particularly for businesses undergoing significant change. For example, as Insurance Insider is no longer part of the Delinian Group following ECI's carve out deal, it has needed leaders to establish new structures quickly. Similarly, other companies that are pursuing acquisitions are bringing in specialists to integrate these businesses at pace.
3. AI and the hiring hype cycle
AI's influence continues to grow, but its impact on hiring has shifted. Initially, businesses focussed on hiring "scientists” to build AI tools, but as the hype cycle wanes, the emphasis has moved to roles that maintain and optimise these systems, and the fuel for these systems: data.
This transition has created a gap. Many data scientists thrive on variety and intellectual challenge, while maintaining and tweaking existing systems often involves slower, iterative work. Going forward, we expect to see an increase in data engineers with AI experience, supported by teams using AI-powered tools. Whereas larger, bespoke AI projects will likely be outsourced to the real specialists.
Additionally, data governance and compliance are becoming increasingly important areas for businesses, bringing a sharper focus to roles that help companies navigate the legalities of data harvesting while optimising their AI systems. We expect we will see more legislation and litigation around privacy and the use of data (see Apple fined $95m for Siri “listening” in).
4. Heads of Engineering and more focus on cyber
Our prediction about the rise of CISO hires proved accurate, with cyber threats becoming a critical Board-level discussion in 2024. Within our portfolio, Ash Patel, our Cyber Growth Specialist, has helped businesses strengthen their frameworks, but many companies in the broader market remain vulnerable – with almost 70% of European companies still not providing their employees with any cyber training at all, according to Statista.
As cyber threats grow, CTOs are under increasing pressure, often stretching their responsibilities to the limit. To support them, we're seeing more companies invest in roles like Heads of Engineering, who can manage teams, ensure deadlines are met, and maintain productivity while allowing CTOs to focus on strategy.
5. Challenges hiring at the C-level
Hiring at the C-level has been particularly challenging over the last 12 months. With growth harder to achieve in the current market, candidates are more cautious, prioritising cash today over jam tomorrow!
To attract top talent, companies need a compelling growth strategy and the ability to instil confidence in their prospects. Non-executive hires or specialists are becoming more common, providing expertise without increasing the full-time headcount. At ECI, our Growth Specialists provide access to skills in areas like Tech and People without companies requiring permanent hires.
As we expect more deal volume in 2025, we anticipate more movement at the C-level. New investors will seek to grow management teams and that will lead to senior executives such as COOs and CFOs to potentially find new leadership roles, including CEO positions. This shift could ease the current hiring challenges and bring new opportunities for businesses to attract top-tier talent.
Looking ahead to 2025
When we consider our hiring trends predictions, it’s clear that businesses need to remain agile, focussing on roles that drive value and resilience. Whether through Revenue Ops, Heads of Transformation, or VPs of Engineering, the key to success lies in adapting to the challenges of today’s market while preparing for tomorrow’s opportunities.
Insights
17/01/2025
Lewis Bantin
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Hiring trends for 2025
