Fifo Capital Q3 2018 NZ

Page 7

“ If you’re offered a seat on a rocket ship, don’t ask what seat. Just get on.” Early career After a short stint as a management consultant, Sandberg took a job as Chief of Staff for US Secretary of the Treasury Lawrence Summers. From there, she moved on in 2001 to join Google, initially with the somewhat vague title of “Business Unit General Manager”. While interviewing for the job, Sandberg famously told Google CEO Eric Schmidt that she had no idea what the scope of the job really was, as Google actually had no business units to manage at the time. However, this did not stop her from using her position to help propel Google through its astronomical growth phase in the early and mid 2000s. Serving as Vice President of Global Online Sales and Operations, she grew Google’s Ad and Sales team from 4, to over 4,000 people over the course of 7 years with the company.

In 2007 she met Mark Zuckerberg, who considered her an ideal candidate for COO of Facebook, a role he wasn’t formally recruiting for at the time. She joined the company in March of 2008.

Monetising Facebook Before Sandberg joined, Facebook was primarily focused on creating an excellent user experience, assuming that profits would result naturally. Sandberg did not agree with this attitude, and set about turning the social media network into the incredibly profitable business that it is today. Upon her arrival she proceeded to convince the business’ leadership to rely on advertising for its revenue, and to begin discreetly displaying ads. Two years later, Facebook became profitable for the first time. Since then, Facebook’s revenue growth has been nearly exponential, going from $1.97 billion USD in 2010, to breaking $40 billion in 2017.

Fifo Capital Headway

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