You have an idea, have trucks of experience so know where the big guys go wrong and the shackles are thrown off as you’re a start-up. So this journey is going to be quick and rewarding! Or not. Add to the mix it’s a regulated industry and you have lots to build before getting the first revenues in.
Our advice is after having an idea and before reaching the market get some secret sauce. Our secret sauce involved getting wise words, support to make us creditable and learning to ask direct questions to get direct support.
The idea: change the world of investments using co-ownership and direct access to an asset usually the preserve of the financial elite.
Good Company Wealth and our first product bondsmart is a seed startup. We had decades in financial services but needed to get our business to be robust and not spend months only focusing internally. We realised early on an intensive programme of focusing “on” the business and not “in” the business was imperative. We navigated our way onto Barclays Eagle Lab Flight programme with Creative England. Here are a few lessons on our journey in accelerating from March to May.
We hope these few lessons help you create your own secret sauce.
When you have solved all the things in your control focus on the ones you don’t. Anyone can do legals, build technology, put a product together but you rely on forces beyond your control for routes to market and validation from customers. When you have a basic product work on proof of concept agreements, friendly pilots and wisemen (and women) to help control the things you don’t control. Your networks are always worth pulling on and we have developing concepts with clients in the UAE and abroad alongside the UK.
Search out endorsements and platforms to wax lyrical
In financial services getting your product amongst influencers and professionals is all about access, networking and standing on the soapbox being wax lyrical about the problem you are solving. We have spent time refining and fine tuning the language we use to explain the problem we solve and our solution. Our format to pitch of problem, solution, market opportunity, traction and ask is a well-trodden template in lean startups. The outcome of this secret sauce has been networking, interviews and pitching at events summarised in three great videos below. We are happy to be have been involved with Rise London, BNP Paribas International Hackathon in Brussels (TBC) and upstart 2017 in Belfast.
It’s important in a lean startup to keep an eye on immediate goals and reasons why you’re doing something. We always focused on doing things smart and lean to move one step forward. We have benefited from creative mentoring from Creative England and UK DIT new exporter grant when we went to the UAE for proof of concept conversation with a master agent. We always look out for opportunities on F6S and grants news on Sussex News.
There is more on our journey in the rest of our blog but hopefully this is a short and sharp guide to help create your secret sauce.