Inside Duolingo's Collaborative Model for Smarter Investor Relations
Debbie Belevan, VP of Investor Relations, shares how collaboration fuels better IR strategies and stronger shareholder trust.
Duolingo welcomed an unexpected guest during their Q3 2024 earnings call. Lily, the AI agent that guides users through the language-learning experience, joined CEO Luis von Ahn during select moments.
The creative approach effectively demoed Lily’s capabilities to the investment community and underscored the emerging trend of investor marketing in which IR teams are balancing the presentation of financial data with unique storytelling opportunities.
We spoke with Debbie Belevan, VP of Investor Relations at Duolingo, to understand how her team has created a collaborative approach that brings together design, marketing, and PR teams to elevate their IR program.
“We’re lucky to have an amazing in-house design team,” Belevan shared, explaining how their teamwork makes shareholder communications polished and engaging.
Success goes deeper than having access to good design—it’s about efficiency and alignment. For IROs, Duolingo’s model offers a practical framework for improving investor engagement while maximizing limited resources.
Balancing Creativity with Strategy
The idea to have Lily join Duolingo’s earnings call came up during a brainstorm that was taking place during a senior leadership offsite. “When discussing our new Video Call feature, our CEO jokingly said, ‘Why don’t we have Lily do the earnings call for us?’” Belevan shared. What started as a lighthearted suggestion quickly turned into a creative experiment that showcased Duolingo’s innovative spirit.
The team carefully scripted Lily’s participation to highlight her personality without overshadowing the key financial updates. “We wrote her lines in a way that kept it light and fun—she’s a snarky teenager—but didn’t distract from the main points,” Belevan explained. The result was a memorable call that earned praise from analysts and investors alike.
The key learning: Creativity can make your IR efforts stand out, but it needs to align with your core message. Experiments like this work best when they enhance your communication, not detract from it.
How Duolingo Collaborates with Design, Marketing, and PR
At Duolingo, collaboration starts with shared ownership of the process. The IR team works closely with in-house designers to create visually appealing materials that reflect the company’s brand. “Our design team has been involved since the IPO,” Belevan explained. We use collaborative tools like Workiva to design and edit shareholder letters and reports, ensuring high-quality results without overcomplicating workflows.
Marketing and PR teams also play a role. Whether it’s incorporating key product updates or crafting messaging for an earnings call, every team contributes to delivering clear, cohesive materials. For example, Duolingo used their shareholder letter to highlight a playful April Fool’s campaign alongside their quarterly results. This alignment ensures investors see the full picture—not just the numbers.
Why Cross-Functional Collaboration Matters
The way companies communicate with investors has changed. Today’s investors expect materials that are clear, visually engaging, and easy to understand.
“The bar for design in IR has risen,” Belevan noted.
Collaboration helps meet these expectations, even for teams with limited resources. Duolingo’s design team creates templates that the IR team can reuse each quarter, saving time while maintaining quality. This scalable approach is especially valuable for lean IR teams.
Working across teams also ensures consistency in messaging. Marketing, PR, and design align with IR to highlight the company’s goals and achievements in a unified way. This creates stronger connections with investors and reinforces trust.
How IROs Can Apply Duolingo’s Approach
Here are a few lessons that IROs and financial communications teams can take away from Duolingo’s collaborative model:
1. Involve Creative Teams: Partner with design and marketing to elevate the quality of IR materials. Shared workflows and templates can streamline production and improve results.
2. Use Scalable Tools: Platforms like Google Slides or Workiva make it easier to create professional-grade materials without adding unnecessary complexity. Within these tools, IR teams can self-edit copy and other elements without needing to start designs from scratch.
3. Prioritize Simplicity and Design: Clean layouts, clear headings, and concise language make IR materials more effective. These small details help investors focus on what matters.
4. Highlight Stories, Not Just Numbers: Collaborate with marketing to include product updates or milestones that complement financial results. This gives investors a more complete understanding of the business.
5. Encourage Collaboration: Build a culture where teams are ready to contribute during key moments, like earnings calls. Belevan described how Duolingo’s teams step up when needed, saying, “Everyone takes earnings seriously here.”
Duolingo’s approach to investor relations shows that collaboration across teams is a smart way to work. By leveraging internal resources and focusing on clear communication, they’ve built an efficient system that delivers results. For IROs, the takeaway is simple: better collaboration leads to stronger materials and more engaged investors.
Stakeholder Labs is proud to support this transformation, offering platforms and insights that empower companies to connect authentically with their most important stakeholders. Contact us to learn more.