“Behind the apply button” – a blog series from Alchemy
I am starting this blog series for anyone that might be interested in learning the day to day issues technologies in the FinTech space faces on a regular basis to get things done. What’s really going on behind the “apply” button? All the blood, sweat, encouragement and camaraderie that make us get up in the morning and attack the most difficult asks of the day.
In today’s ultra competitive environment, having a great FinTech idea will get you through the door of investors. Execution of your idea will get the investors to write checks. Your partners in your new venture is just as important as banding together with your co-founders and your first employees.
Your compliance, legal, operations and technology partners are your key to success in today’s environment. Having great partnerships will increase your speed to market and grab marketshare when your competition is still noodling on their drawing board.
Your partners must be experts in their own field and they be cost effective and have a track record of execution. There are plenty of consultants out there that might have seen a thing or two but can’t executive. There are other partners that are clearly the low cost provider but you have to be up at 6am in the morning just to speak to someone. It’s hard to find those that can provide just what you need to goto market, test your ideas and help you during uncertain times.
Why partner up with someone when you can build it yourself? In the late 2000s, many FinTech companies had to build software internally to realize their goals, the Tech portion of FinTech became the barometer of a great FinTech company. Having your internal tech, analytics and operations was a must have to raise money and scale.
There are many firms like ours have commoditized the tech portion of FinTech and fractionalized the tech cost structure to make it easy and affordable to launch your FinTech startups. Using a white labeled, custom solution is the future and it’s the best way to launch your business with the least amount of Tech investment and quickest to market.
A typical FinTech startup spends up to $5 million dollars to get up and running. Hiring 5 developers, 3 data scientists and a few operations staff can easy run up to a $2 million dollar payroll alone. Instead of the time and resources wasted on reinventing the wheel. Why not partner up with industry experts and save that hard-raised money on acquisitions and market share?
That’s all for our first installment of Behind the “apply” button. Until next time, keep up with the good work and have a great rest of the week. Timothy Li @ Alchemy.