Episode Details

Content in a Flash How Grant Munro and Flashstock created an agile solution for on-brand, custom photo and video—and reaped a big windfall.

For Grant Munro, nothing felt right.

He had always aspired to start his own business, but never knew what to pursue. He went on to work for larger companies as a software developer and product manager, but those paths didn’t feel quite right either.

Despite not having an explicitly creative background (what with coming from tech and software development), Munro finally found a pursuit that excited him—helping brands express themselves creatively.

He first came upon the opportunity after major clients he was working with at a creative boutique kept asking for help with creating custom visual content. As photo and video on social media were taking off, and major brands were seeking solutions for creating unique content, Munro realized it was time to start his own thing.

“It got to the point, I was like well, if I’m gonna to start a company, this seems like a pretty good one,” Munro says.

Good turned out to be great. In 2014, Flashstock was born, and it was perfectly timed to the rise of Instagram as an advertising platform.

As a leading custom content creation company with a global network of freelancers and contributors, Flashstock’s proprietary platform allowed hundreds of brands across the Fortune 500 to streamline on-demand visual content (think photos, videos, GIFs, and so on). With its steady growth, unique software, and a list of high-profile clients, Shutterstock acquired the Toronto-based company in 2017, after it had been in business just four years, for $50 million in cash. Flashstock was subsequently rebranded as Shutterstock Custom.

However, had it not been for a former employer making a change to its business model, Flashstock may never have come into existence.

This Seems Like a Good Company to Start

After those early stints at major companies and acquiring his MBA, Munro took his first steps into the startup world, joining a boutique social media agency in Toronto. That’s when he really started to find some joy in his work.

With his experience in product development and software engineering, he joined the company’s product team with the hopes of coming up with new ideas to increase their SaaS revenue. Along the way, he learned that he enjoyed the customer development process, and understanding clients’ pain points and problems.

As the company’s product business grew and it became established as an early player in social media management, the team realized that they no longer wanted to focus on traditional creative agency services, such as content creation.

“They viewed that as something that wasn’t a good type of revenue that they wanted to continue, so they discontinued offering it,” Munro says. “And because we were providing content mostly for social at the time, and some digital stuff, the clients were very unhappy about this.”

Munro was surprised by his clients’ reactions. Although this shutdown may have provided a temporary inconvenience, he assumed that someone else would simply take over their content production, maybe another agency.

That wasn’t the case.

The agency had created a formula for creating low-cost, quick-turnaround content for social media, and clients loved it. They didn’t want to see it go away, and they kept asking Munro for different solutions around content, despite the agency no longer providing the service.

Realizing that these questions would never go away, and that companies were not finding a so