Episode 187: From Paper Stocks to Private Capital: Vrushali Paunikar's Journey at Carta

Product Thinking

Melissa Perri sat down with Vrushali Paunikar, Chief Product Officer of Carta, on this episode of the Product Thinking podcast. In this fascinating discussion, Vrushali explores her journey in product management and how Carta has redefined traditional practices in the finance and accounting space. With over a decade of experience, Vrushali shares how Carta's innovative approach to building a custom general ledger and managing equity compensation has propelled their success.

She details the challenges and breakthroughs of creating a tailored solution that integrates seamlessly with existing systems and how a fresh perspective can drive meaningful innovation. Additionally, Vrushali offers insights into the art and science of equity compensation for startups, emphasizing the importance of context and data.

If you're keen to understand how to challenge the status quo, foster innovation, and leverage data to make informed decisions in product management, this episode is a must-listen.

You’ll hear us talk about:

• 10:51 - Balancing Depth and Breadth in Product Strategy
  
  

Vrushali highlighted the challenges of balancing depth and breadth in product development at Carta. Initially, the company experimented with a wide range of ideas, focusing on solving smaller, niche problems that often led to the discovery of larger, more impactful opportunities. This approach allowed Carta to experiment and innovate, identifying which solutions resonated with the market and were worth scaling.

However, as Carta matured, the focus shifted from broad experimentation to deepening its existing product lines. Vrushali emphasized the importance of discipline in this phase, where the company now prioritizes going deep on proven products to create truly differentiated experiences.

• 32:34 - Balancing Innovation with Customer Validation
  
  

Vrushali stressed the importance of validating innovations to ensure they are solving real customer problems and not just innovating for the sake of it. She described how Carta has built a unique foundation that unlocks capabilities no one else in the industry can replicate. However, she also recognized the importance of confirming that these "unlocks" are actually desired by customers. Paunikar explained her process of sending out strategy snippets to customers and network contacts to gather feedback, which helped them refine their approach and invalidate ideas that didn't resonate.

• 37:31 - Strategic Equity Compensation for Startups
  
  

In discussing equity compensation for early startup employees, Paunikar offered valuable advice grounded in both data and experience. She recommended that founders and those looking to join startups use Carta's data as a reference point for making informed decisions about equity distribution. However, she also noted that equity compensation is highly context-dependent, varying based on factors such as the employee’s experience, the value they bring to the company, and the stage of the company’s growth.

Episode Resources:

• Vrushali Paunikar
• Carta
  
  

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Previous guests include: Shruti Patel of US Bank, Steve Wilson of Contrast Security, Bethany Lyons of KAWA Analytics, Tanya Johnson Chief Product Officer at Auror, Tom Eisenmann of Harvard Business School, Stephanie Leue of Doodle, Jason Fried of 37signals, Hubert Palan of Productboard, Blake Samic of Stripe and Uber, Quincy Hunte of Amazon Web Services
Check out our Top 3 episodes:

• Episode 177: The Evolution of User Research: A Conversation with Steve Portigal, Author of Interviewing Users
• Tackling Product Research with C. Todd Lombardo
• Episode 128: Scaling Product Operations with Blake Samic, Former Global Head of Product Operations at Stripe and Uber

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