Name: Rewind & Fast Forward - Managing & Predicting
Uploaded: 2023-10-04T13:17:22.709Z
Duration: 130.28

FF5 REWIND & FLASH FORWARD_1.mp4

FF5 REWIND & FLASH FORWARD.vtt

ENGLISH


{{00:00:08}}
I don't know cause I'm so busy running
my business, but what I hear from

{{00:00:11}}
my board of directors and my venture
capitalists is that it is still just

{{00:00:15}}
as tight and they do not see a sign
of it changing in the next 12 months.

{{00:00:19}}
And so running your business
responsibly hanging onto every

{{00:00:23}}
dollar of Cashed, I think for the
next 12 to 18 months is going to be

{{00:00:26}}
critically important for all founders.

{{00:00:29}}
What I would do differently if
I could do it all over again, I

{{00:00:32}}
would make all the same mistakes,
I'd just do it a lot sooner.

{{00:00:35}}
Like that old adage, I would just move
a little bit quicker, doing a lot of the

{{00:00:38}}
same stuff, so I could accelerate all the
learnings that we've got to to this point.

{{00:00:42}}
Yeah, it's really hard to answer
because there's a lot of insights.

{{00:00:44}}
These are all insights that we
gathered and understood in the

{{00:00:47}}
first year of our business.

{{00:00:49}}
When we first started going to market we
went direct, to credit unions and banks.

{{00:00:54}}
And we got a lot of good feedback about
the product that helped product direction.

{{00:00:58}}
But what we realized was that in this
industry, it's very conservative.

{{00:01:00}}
And we ultimately had to partner
up with other companies that had

{{00:01:04}}
already established themselves
in order to get traction.

{{00:01:06}}
And so we built up a distribution
network and that got us to where we are.

{{00:01:09}}
So now we can go direct to market
because we built up our reputation.

{{00:01:13}}
That's the biggest challenge in the space.

{{00:01:16}}
Lots of conservative
financial institutions.

{{00:01:19}}
Knowing what we know now, we took
a pretty aggressively bootstrap

{{00:01:25}}
type approach to our launch and to
our go to market, and then due to

{{00:01:29}}
market forces and focusing on growth.

{{00:01:32}}
We delayed some investments in
technology and technology improvements

{{00:01:37}}
that could have been vitally useful
to have already been deployed.

{{00:01:43}}
I don't think, in retrospect, we knew
that was going to be how it played out.

{{00:01:48}}
But some early initial investments in
technology that strengthen your ability

{{00:01:53}}
to scale will often reduce headaches
down the line in your ability to manage

{{00:01:58}}
customers, manage relationships, and
manage the complexity of their finances.

I don't know cause I'm so busy running
my business, but what I hear from

my board of directors and my venture
capitalists is that it is still just

as tight and they do not see a sign
of it changing in the next 12 months.

And so running your business
responsibly hanging onto every

dollar of Cashed, I think for the
next 12 to 18 months is going to be

What I would do differently if
I could do it all over again, I

would make all the same mistakes,
I'd just do it a lot sooner.

Like that old adage, I would just move
a little bit quicker, doing a lot of the

same stuff, so I could accelerate all the
learnings that we've got to to this point.

Yeah, it's really hard to answer
because there's a lot of insights.

These are all insights that we
gathered and understood in the

When we first started going to market we
went direct, to credit unions and banks.

And we got a lot of good feedback about
the product that helped product direction.

But what we realized was that in this
industry, it's very conservative.

And we ultimately had to partner
up with other companies that had

already established themselves
in order to get traction.

And so we built up a distribution
network and that got us to where we are.

So now we can go direct to market
because we built up our reputation.

That's the biggest challenge in the space.

Lots of conservative
financial institutions.

Knowing what we know now, we took
a pretty aggressively bootstrap

type approach to our launch and to
our go to market, and then due to

We delayed some investments in
technology and technology improvements

that could have been vitally useful
to have already been deployed.

I don't think, in retrospect, we knew
that was going to be how it played out.

But some early initial investments in
technology that strengthen your ability

to scale will often reduce headaches
down the line in your ability to manage

customers, manage relationships, and
manage the complexity of their finances.

Fintech Founders

Expert Insight

Fintech founders reflect on the past year and ponder how to move forwards.

Our Fintech Founders mini series explores various aspects of funding and investment, featuring first-hand experience of fintech entrepreneurs and founders.

In this video, Kathleen Craig, Plinqit; Chase Neinken, Chimney; Michael Duncan, Bankjoy, and Ned Palmer, Panacea Financial, reflect on the past year and ponder how to move forwards.