Only a true entrepreneur would build a business up to $10 million in annual revenue, only to set it aside and pursue another path. Or maybe only I would?
When you put it like that, it certainly sounds crazy. But my team and I understood that our first business, FundingUniverse, was only serving about 2% of the business owners we set out to help. We were catering to businesses that could get angel investing and venture capital, when most small businesses in America aren’t the right fit for those funding mechanisms. Our business model neglected the other 98%, the ones who needed debt financing to thrive. And while it was painful to consider pivoting our business in such a big way, we had conviction around our ability to provide better solutions.
Brian Ardinger, of the Inside Outside podcast, recently asked me about this transition during my guest appearance. Brian has more than 25 years of experience helping companies both large and small. Inc. named his podcast one of the 10 Best Design and Innovation Podcasts You Can’t Live Without. I agree that this show is a must-listen.
Aside from how Lendio came to be, we also covered how technology is changing the business landscape, and how fintech specifically is evolving to meet the needs of our clients. Lendio has always had the aim of making loans more accessible to more small businesses. Now we have more technology at our fingertips than ever before, and we’re using it to eliminate hurdles for small businesses. With a faster loan application and funding process, we can provide more flexible options while being more responsive to client needs. This is most rewarding to me as I get to see thousands of small business owners with capital in hand, pursuing their dreams.
You can find my Inside Outside interview on iTunes, or here.