Transforming Startup Jobs into a Thriving Business: The Story of Fidelity

Leading a startup can be a hectic and demanding task that requires quick decisions and limited time. As a result, paperwork and administrative tasks are not always a priority for many company leaders. However, it is essential to keep these documents neat and tidy, as it can be challenging to organize everything when an investor demands a full explanation of a company’s financials. Fidelity Her Investments recognized these challenges and acquired Shoobx, a technology company developed in 2013, to help streamline startups’ administrative and financial processes.

Fidelity and Shoobx leveraged Jobs to be Done as the underlying logic to develop their services. This technique, developed by Clayton Christensen at Harvard’s School of Business, focuses on what users are trying to achieve rather than what a company sells. The Jobs to be Done approach helped Fidelity and Shoobx build broad and detailed features that align with users’ needs.

Understanding the Jobs to be Done within the startup stakeholder ecosystem will enable companies like Shoobx to consider all options, as it is not always easy to get noticed in such a saturated market. Thus, Shoobx primarily focuses on investors with an early Go-to-Market strategy. This attention from investors influenced Shoobx’s product design that not only targets startups’ requirements but also provides features that benefit investors.

Jason Furtado, CEO of Shoobx and now Senior Vice President of Markets at Fidelity Private, views the acquisition as an opportunity for Fidelity to look at its clients from a multi-decade perspective, offering substantial benefits to employees. He also emphasizes building a deep understanding of the various financial tasks startups need to perform to establish trust and relationships.

Jobs to be Done provided both Fidelity and Shoobx with a customer-oriented compass for their efforts in this space, enabling them to offer tailored solutions to their clients. The approach proves its effectiveness by ensuring the services provided align with users’ needs rather than just selling a product or service.

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