Extreme Ambition, Speed, and Ownership Build Generational Companies

Deep Dive

Alan Chang's journey from early Revolut hire to co-founder of Fuse Energy demonstrates that generational companies are built on an unwavering commitment to extreme ambition, speed, and ownership, principles he believes are undersupplied in the founder ecosystem. His experience highlights that while talent is crucial, the willingness to embrace relentless work and accept accountability for outcomes, rather than excuses, is the true differentiator for achieving hyper-growth and market dominance. This approach, while demanding, is essential for tackling incumbents and reshaping entire industries.

Chang's tenure at Revolut provided a masterclass in execution. He observed that the company's success was not due to a unique product roadmap, but rather an unparalleled ambition and speed of execution, differentiating it from competitors like Monzo and N26. This was achieved through small, independent teams with clear goals, where performance was rigorously monitored, and underperforming teams were replaced. He learned from Revolut's founder, Nik Storonsky, the critical importance of identifying and maximizing individuals who can self-identify and hit targets, or at least hit targets when directed, as the company's throughput directly correlates with the proportion of these individuals. Chang amplified this ethos at Fuse Energy, emphasizing a "get shit done" culture and continuously pushing for faster execution, even deeming four-out-of-ten execution as insufficient. He advocates for a single, core cultural value -- "never settle" -- believing that while picking battles is important, the most critical roles in a company demand an uncompromising standard. This philosophy extends to hiring, where performance and potential are prioritized over specific technical skills, and compensation is directly tied to demonstrated capability, aiming to create a "no-brainer" offer for top talent.

A key insight from Chang's experience is the power of product diversification, exemplified by Revolut's ability to offset declining interchange revenue during COVID-19 lockdowns with booming trading revenue. This resilience, he argues, is crucial for long-term success and can be achieved even with or without a banking license, though regulatory caution often hinders incumbents. He also critiques the over-reliance on KPIs, warning that incentivizing specific metrics can lead to unintended consequences, such as a focus on hire volume over quality in recruitment. Instead, he stresses the importance of understanding second-order effects and focusing on outcomes, particularly for leadership roles where excuses are unacceptable. This conviction is rooted in the belief that true leaders internalize failures, learn from them, and drive improvement, rather than seeking justifications. He champions a culture of truth-seeking where direct, even harsh, feedback is delivered with the intention of fostering growth, recognizing that top performers will internalize and act upon it.

Chang's perspective on ambition challenges conventional wisdom, arguing that founders should not be constrained by a perceived scarcity of leaders but should instead focus on hiring more leaders to pursue multiple growth vectors simultaneously. This expansionist mindset, he believes, is the key to building generational companies. He also offers practical advice on MVP development, demonstrating how to build a full-stack energy company with minimal capital by strategically acquiring necessary assets and expertise. His fundraising experience suggests waiting for better terms rather than accepting early agreements, and he believes that with sufficient capital, companies like Fuse can become significantly larger than established incumbents like Shell. Ultimately, Chang is driven by the vision of creating a world where abundant and cheap energy enables unhindered innovation and economic growth, a future he believes is achievable through relentless ambition and execution.