Why this top salesperson is moving from LinkedIn to a startup
Exclusive: Phong Lam moves from LinkedIn to Capmo. What draws him to Munich, why his working day usually only lasts ten hours and why he is convinced that he doesn't earn less at a start-up than at a global corporation.
It's already dark outside when Phong Lam (33) smiles joyfully into the camera. His hair is black like the shirt he wears with its sleeves rolled up, his forearms heavily tattooed on both sides. A tripod lamp provides light in the background as Lam narrates. For a long time, Phong Lam was Head of Sales for the German market at LinkedIn. In mid-February, he will move to Munich to join Capmo, a start-up that develops software for the construction industry. Here he explains his reasons.
Mr Lam, you left LinkedIn for a start-up in Munich. How bad was it in Dublin?
It wasn't bad at all (laughs). On the contrary, it was a unique professional experience with many benefits that you can probably only dream of in many other companies. There's food from top chefs, a dedicated gym on campus, and even an in-house massage service. Of course, this is a real magnet for young talent, but for me it was more incidental. What I really appreciated was the open culture and the exchange and knowledge transfer with inspiring personalities, some of whom have been working internationally in the tech and IT industry for 20 or more years.
Sounds like paradise. So why did you move to Munich?
The main reason for my move is my family situation. I've been a father for some time now, and since the children are now of kindergarten age and my wife also wants to return to her job as a high school teacher soon, the conditions in Germany are more attractive. Plus, grandparents are close by and can help with childcare.
You also decided to work for a start-up instead of a large tech company or a medium-sized enterprise. Why is that?
I actually considered staying with my current employer. Things have been going extremely well for me at LinkedIn lately, and that could have continued for two or three years. Now I'm very happy with my decision to quit on a high and move on to a new challenge. I have had many conversations, including with well-known tech companies in Munich. Of course, those would have been jobs where I would have stayed very much in my comfort zone. So the question was: do you go to a more or less made nest with a given infrastructure or do you take the challenge, apply your acquired knowledge from the last seven years in a young company and try yourself out in a start-up environment? The answer then was Capmo.
Do you have to give up salary when you move to a smaller company in the start-up phase?
In my experience, no. Especially in the sales area, which is where I am, there is always a fixed component and a variable component. The variable component is the most appealing for any sales person, regardless of rank or position, because you are responsible for getting the most out of your performance. It was that way at Groupon, it was that way at LinkedIn, and it will be that way at Capmo.
How important is growth to Capmo in the coming years?
I'm a fan of healthy growth, not just expanding at any cost. At Capmo, we want to triple sales year over year, and that's sustainable. Early in my career, I saw people massively increase their workforce globally, the whole company got overstretched and in the end they had to consolidate because the market didn't provide enough potential for the growth in staff. That can't be allowed to happen.
Why did you actually choose the construction industry? It could have been a start-up in the communications sector.
I don't want to be in charge of the thousandth start-up that improves communication or processes in the workplace. I wanted one that stood out and did something very unique, preferably in a market that hasn't been fully tapped yet. That's the case with Capmo. Digitizing the construction industry holds tremendous potential. Surprisingly, the construction industry is almost at the bottom of the list when it comes to digitalization. There is a lot of catching up to do. Capmo has the right approach and the necessary team to achieve this and become a key player in the European construction industry. This, coupled with the experience of the investors (Capnamics, UVC Partners and HW Capital), convinced me personally to apply my learned knowledge here and build something from scratch.
A start-up is actually not the best choice for a healthy work-life balance. What does the family have to say about it?
I've learned over the years, and especially as a father, that the job isn't everything. I now work eight to ten hours very efficiently and the rest of the time belongs to my family. It is important that this is clearly communicated and that it is lived and proactively encouraged as a contemporary company. It is crucial to communicate in start-ups that this is a completely normal and possible decision. As managers, we also have the task of being a good role model.
So did you work more in the past?
Of course, in the early days of my career I went to the office at seven, worked all day and until shortly before midnight, then took the last train and fell asleep at three o'clock with my laptop on my stomach. Who hasn't experienced that in the industry? That was quite normal. And it works for a while, but not in the long run - it's especially not smart or exemplary.
Finally, hand on heart: what do you think is the worst thing about the start-up scene?
What I observed in the scene during my time in Berlin, for example, is that many young founders or so-called executives in start-ups often overestimate themselves. With very little or no relevant experience in professional life except for internships or entry-level positions at consulting firms, this generation often behaves very arrogantly and takes itself far too seriously. Sometimes this works, but mostly the founders fail. My feedback to the industry: be humble.
Is that any different at Capmo?
The way I got to know Capmo in the interview process, the growth mindset is very much lived in this company. It's perfectly okay to not know everything and to now bring in experienced new people with relevant and deep knowledge in this area to join a leadership team that can help Capmo achieve and exceed its ambitious goals together as a team.
Thank you very much for the interview.