Iris co-founder rues “gung ho” global expansion
Ian Millner, co-founder of marketing agency iris Worldwide has spoken of a back to basics approach for the agency after enduring a hangover following a spending spree fuelled by £10m of debt.
Speaking at “Marketing 4 Start Up Britain” - a free small business advice session run by Iris, Millner observed that he had allowed himself to be led by the “gung ho attitude” of outside advisers after scooping his cash windfall.
Rueing the day he secured £10m in funding from HBOS, Millner informed his audience: “If you make growth your one and only target, you’ll make a stupid mistake like we did. We could have easily gone out of business.”
Outlining the spendthrift acquisition spree that this ideology spurned Millner recounted how 14 failed global start up’s and a bloated management structure brought the firm to the brink of ruin.
Millner surmised: “We’re better business people – we’ve changed the company back to how it used be. Only borrow what you need, and remember outside experts don’t always know best.”