Ettle
Head of Engineering
2021 – 2022
Head of Engineering at Ettle – Deeper Role Notes
This page provides expanded insights into my role as Head of Engineering at Ettle, beyond what’s covered in the main CV.
Stage, Team, and Stack
- Stage: Early-stage venture-backed Web3 startup building an AUD cash-backed stablecoin
- Team: Small but highly capable group of engineers, designers, and product leaders with a strong bias for technical perfection and scale
- Stack:
- Services: TypeScript microservices deployed on Kubernetes
- Infrastructure: Terraform and Helm charts (IaC and infra management)
- CI/CD: GitHub Actions
- Data: PostgreSQL and Redis
- Blockchain Layer: Proprietary smart contracts on Algorand and Ethereum
- Payments: Maneuver-powered fiat ↔ crypto rails
Culture
- High-energy, early-stage startup environment with strong technical talent
- Bias towards building for scale and perfection, sometimes at the expense of shipping quickly
- Collaborative, but lacking discipline in balancing innovation with urgency
Key Challenges Deep Dive
Challenge 1: Loss of Key Banking Partner
- Original plan depended on Volt Bank to provide the fiat on/off-ramp and customer source of truth (including KYC/AML).
- Volt collapsed early in the project, forcing a pivot to an internal blockchain-enabled customer record.
Solution Approach:
- Designed and delivered a blockchain-based customer record using Algorand’s unique features.
- Made the banking partner a plug-and-play element rather than the architectural centrepiece.
- Integrated Maneuver rails for fiat ↔ crypto movement.
Outcome:
- Created a highly secure, efficient solution that preserved flexibility and resilience.
- Delivered pivot rapidly, enabling progress despite external shock.
Challenge 2: Engineering Cohesion
- Rapid delivery and ambitious scope created inefficiencies, rework, and uneven quality.
Solution Approach:
- Introduced lightweight structure to engineering practices (reviews, clear acceptance criteria, improved sprint discipline).
Outcome:
- Improved delivery consistency, reduced rework, and enhanced engineering cohesion.
Notable Achievements
- Pivoted architecture successfully after Volt’s collapse, turning a potential existential risk into a differentiator
- Delivered blockchain-enabled customer record leveraging Algorand’s advanced functionality
- Strengthened engineering practices, improving cohesion and reducing wasted effort
Transition and Market Context
Despite technical successes, Ettle was unable to secure follow-on funding in an increasingly hostile venture environment:
- May 2022: TerraUSD/LUNA collapse wiped ~$45B of market value, undermining confidence in stablecoins
- June 2022: Three Arrows Capital, a major crypto hedge fund, entered liquidation
- Late 2022: FTX, the world’s second-largest exchange, collapsed amid revelations of fraud and misuse of funds
- Institutional money largely retreated from Web3, spooking the entire sector.
Ettle’s funding round unfortunately coincided with this “crypto winter,” and while the technology proved viable, market conditions closed off the capital required to continue. I supported the Board in winding down responsibly, ensuring IP preservation and assisting staff with their transitions.
Reflections and Key Takeaways
- Bias for Scale vs Speed: My first foray into startup leadership showed me that while the team naturally leaned towards elegant, scalable solutions, I should have pushed harder for speed of delivery. Shipping fast, accepting some technical debt, and getting in front of customers earlier would have better demonstrated value and improved fundraising chances.
- Market Forces Matter: Even well-executed technology can be swept away by broader market movements. Learning to factor external timing and macroeconomic risks into decision-making is just as important as internal execution.
- Leadership Growth: Developed deeper understanding of startup dynamics, including investor relations, the trade-offs between speed and quality, and managing through external crises.