Member Article

Omni Strategic asks what it takes to start-up in FinTech and gets 10 critical answers

So what is FinTech? It is technology to improve financial activities and the North East is surprisingly active, supporting hundreds of jobs in the sector, the biggest of which is Newcastle Strategic Solutions, part of Newcastle Building Society.

James Thwaites, Managing Director of Omni Strategic, asked an esteemed panel at the inaugral FinTech Newcastle event last Friday 5th October;

*“I have a new Idea. What does it take to start-up in FinTech?” *

Some of the answers might surprise you;

1. Develop the business canvas model to transform the idea to a need – Client Value Proposition (CVP)
2. Sell the concept to your techie friends as a spare time venture
3. Define the Minimum Value Proposition (MVP)
4. Get your friendly coders to break through walls to build the MVP
5. Agility and speed is critical to a building the MVP and protecting your idea – don’t be bogged down with just an idea, DO!
6. Test, Test, Test the CVP alongside the MVP pilot with target customers
7. Dot the “i’s” and cross the “t’s” to structure the start-up to keep people committed and don’t fall in the trap of having absent shareholders
8. Don’t forget the money lenders – even large cap Private Equity is interested in small cap tech. Big is fascinated by small. Get yourself out there
9. As an evolving sector, other FinTech companies may be able to help and certainly, everyone is curious
10. Carefully consider recruitment as you scale, use a gender and skills diverse panel from your team**

The panel included;

• Julian Wells, FinTech North & Whitecap Consulting
• Aidan Dunphy, Chief Product Officer, Hedgehog Lab
• Steven Marks, Business Development Director, Newcastle Strategic Solutions, Newcastle Building Society
• Richard Blakesley, CEO, Capital Pilot
• Paul Lancaster, Plan Digital UK
• Nick Edgar, Senior Director Growth Finance CYBG
• Gavin Sewell, CEO, Honcho
• Gary Lumby, Managing Director, Focus on Success

This was posted in Bdaily's Members' News section by James Thwaites .