Building a business is never easy, so our CEO Mike Scott asked the impressive Nick Jones how he is doing it….again. Nick is a tech entrepreneur and investor, and his current focus is as the Co-Founder and CEO of Zumo. Zumo is a wallet that makes your money and cryptocurrency work seamlessly together.
Both Nick and Mike have been in the entrepreneurial space for quite some time, get ready to learn in this startup session!
Building your FinTech startup
Vet potential investors
It’s difficult to raise money, and as Mike points out, it’s especially difficult to raise money when there is cryptocurrency attached to your startup. The blinkers seem to go up as soon as investors hear any mention of blockchain. Given this, your first instinct may be to set up a meeting with every funder who glances in your direction, however, you need to ensure you aren’t wasting your time.
“Do as much qualification as you can,” Nick says. He recalls meeting with a potential investor who seemed very interested in his startup – and then stated two hours into the meeting that he didn’t believe crypto would be around in the next two years. “Amazing, fantastic, wonderful use of two hours of my time,” says Nick dryly before laughing it off. Take the time to ask potential investors qualifying questions, because as Nick puts it: “none of us have got time to be doing the crypto blockchain education seminar for investors”. You want an investor who believes in your business.
Should you insource or outsource your tech team?
Where you decide to source your team from is really dependent on your business’ needs and capabilities. For Nick, a hybrid solution has been working wonders for his business. They’ve partnered with an external team that takes care of certain aspects of the build.
“Outsourcing is so often misunderstood,” says Mike. “It’s not taking tiny, meaningless pieces of work and throwing them across the border for somebody that can’t get them wrong. What we’re talking about here is partnership. You found a partner that’s actually properly invested and understands your business. And they’re kind of like an extension of your team.”
Get comfortable with remote working
Before the pandemic, it was common practise to work with the best option in your area, for ease of doing business. Businesses would prefer to work with whoever was across the street because they could just walk over and sit in their boardroom and have a discussion.
However, when COVID-19 came into the picture and lockdowns were enforced, business owners and leaders and teams couldn’t do that. People started remote working and realised that there is a lot of talent to be found across the globe, and you aren’t restricted to partnering with or hiring someone from across the road.
“As long as the time zones are fine, as long as the communication rhythms are good, as long as your processes are really strong, it actually doesn’t matter anymore” says Mike. “I think a lot of businesses are just seeing this and going shit – there’s an enormous amount of talent in the world. And now we can go and tap into it.”
It’s important to look at the positives of remote working and use them to your advantage, because not many businesses are going to go back to the way things were once we get through the pandemic.
From vetting investors to remote working efficiently, these are just a few of the lessons we’ve learned from Nick and Mike. If you want to learn more from Nick’s success story, click here to listen to the full discussion on the How to Be Moderately Successful podcast.