Jul 31, 2019

Persevere or Pivot? How Changing Course Can Bring Greater Success

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.

Brock Blake headshot

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.

It takes a little cash to change the world.

So what are you waiting for?

About the author

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Brock Blake
Brock Blake is the CEO and founder of Lendio, the nation’s largest business loan marketplace. Brock believes that access to capital should be simpler and quicker for small business owners, and he’s built a successful company around solving this problem. Brock leads the team that has facilitated over $1B in loans to small businesses to-date. An Inc. 500 CEO, national keynote speaker, Forbes columnist, and Utah’s Emerging Executive of the Year, Brock’s dedication extends far beyond the boardroom. His most important accomplishments come from being a husband and a father of four.

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