Join our Waitlist for Expert Advice!

The Co-Founder of Retail Tech Company Upside Shares Three Secrets to His Success Alex Kinnier reminds readers that there's nothing wrong with following your own advice.

By Robert Tuchman Edited by Bill Schulz

Upside

Alex Kinnier is the co-founder and CEO of Upside, a retail technology company that helps consumers get more value on the things they need while simultaneously allowing merchants to earn more profit on every transaction.

Alex began planning his company when he saw how Google Adwords revolutionized the online shopping experience by using anonymized historical user data. As Google optimized brick-and-mortar businesses, their economically inefficient static pricing and curation were having a hard time keeping up.

Drawing from his work experience at Google, Alex realized that he could create the same optimized shopping experiences in our neighborhoods that we've come to expect online. Seven years later, Upside has 50,000 locations on its platform, reaches 30 million people and is valued at 1.5 billion dollars. Here are the three things that Alex contributes to his success.

Related: The Internet of Things Might Not Be Doomed, Here's Why

1. Create a business model that ensures mutual benefit

When Alex founded Upside, he made sure the product was a win for businesses, consumers and his bottom line. Its profit-sharing business model is structured so that when Upside brings its merchants a customer or a purchase they weren't expecting–and can prove it–his company and the merchant share in the profit earned on that purchase. Users get cash back for choosing that business and businesses get more profitable sales. It's a win-win and Upside doesn't get paid until both make money first.

Related: How to Give Customers the Digital Experience They Crave

2. Empower teams to think for themselves

Alex kicks off all new employee orientations by telling them to always do what's right and not necessarily what they're told. Having people follow orders means at least 50% of the brainpower in that equation is sacrificed. But because Upside's culture empowers everyone to weigh in on a decision, it maximizes the company's probability of success. If people don't know what the right decision is, then they need to ask questions. This creates an opportunity for everyone to learn.

3. Prioritize measurement as you grow

Alex believes entrepreneurs must prioritize measurement so they don't delude themselves into thinking they're making an impact when they're not, or develop a culture of personality where people blindly believe in the founder's direction. Measure everything, set goals and then measure against those goals so that you have a rational set of factors to judge whether your business is actually succeeding.

Related: 13 Ways To Increase Your Ecommerce Sales This Holiday Season

Robert Tuchman

Entrepreneur Staff

Host of How Success Happens

Robert Tuchman is the host of Entrepreneur's How Success Happens podcast and founder of Amaze Media Labs the largest business creating podcasts for companies and brands. He built and sold two Inc. 500 companies: TSE Sports and Entertainment and Goviva acquired by Creative Artists Agency (CAA).

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Business News

You Have One Month Left to Buy a House, According to Barbara Corcoran. Here's Why.

"If you are planning on waiting a year and seeing where interest rates go, you are out of your mind," Corcoran said.

Thought Leaders

These 3 Trends Will Change What It Means to Be an Entrepreneur in 2025

Here are three entrepreneurship trends from the new Global Entrepreneurship Monitor report that are changing the landscape for the future.

Business News

These 3 Side Hustles Make the Most Money While Working Fewer Hours, According to a New Survey

The survey also found that having a side hustle doubled as a path to becoming more employable.

Side Hustle

I Made $14,000 in 1 Week With a Spontaneous Halloween Costume Side Hustle — Here's How

Sabba Keynejad was in art school when he started to refine his entrepreneurial skills.

Franchise

The McRib Is Back, But Only at Select McDonald's — Here's Where to Find It

This scarcity is nothing new. In 2022, McDonald's announced a "Farewell Tour" for the McRib, suggesting that it might be the last time customers could get their hands on it.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.