Opstartsudfordringer under leveomkostningskrisen (Martin Bould)

Hvornår er det bedste tidspunkt at lancere en ny start-up?

For an app-based solution looking to offer people more control over how they spend their money, Autumn 2022 – with its soaring energy, food and leisure costs – seemed like the optimum time. Undeniably, people in the UK need all the help they can get right
now when it comes to managing their household budgets.

Det vil dog altid give problemer at lancere en ny app, et nyt produkt eller en ny virksomhed i det nuværende klima. Her er tre ting, jeg ville ønske, at andre grundlæggere havde fortalt mig denne gang sidste år...

Fundraising har altid været en udfordring – leveomkostningskrisen har kun yderligere kompliceret sagerne

The cost of living crisis (and the implicit lack of confidence in the economic outlook in the near to medium term) has even impacted investors. Over the last few months, investors have become more cautious and the struggles of major players across the
tech landscape hasn’t helped matters for start-ups looking to secure investment. 

Men som den nylige lancering af Little Birdie viser, er der en enorm forbrugerefterspørgsel – og derfor betydelige investeringsmuligheder – efter løsninger, der offer a strong value proposition for consumers at a time when finances are increasingly
stretched. Creative solutions that simplify money management or unlock essential cost savings for households are likely to see a spike in demand from both users and investors.

 Over 2022, many B2C fintechs emerged offering value-based solutions to help address the problems of low consumer confidence and soaring prices. This is likely to remain the case during 2023. The market is getting ever more competitive – but the
truly innovative fintech solutions that offer users a simple solution will be the ones who prosper.

Vær adræt – det er en ujævn vej at starte

 Fra app-udviklere, der trak sig ud af projektet uger før lanceringen til forsinkelser i introduktionen af ​​vores flagskibs "Click to Cancel"-funktion, oplevede Little Birdies lancering en række uforudsete problemer - opstartslivet er bestemt ikke glat.

But with these challenges come valuable learnings. In our case, they taught us the need to pivot at speed in response to ever-changing circumstances but also the importance of being comfortable with ‘failure’ because these challenges can also provide
insightful feedback. If our app functionality isn’t at the level we want it to be then this shouldn’t be regarded as a failure, it provides a valuable lesson so not only can improvements be integrated into our platform, it also sparks innovation. 

The ability to rapidly test and learn during the early days of a start-up is a vital skill that will ultimately lead an early-stage fintech to one day challenge the industry incumbents. For many start-ups, agility is built into their DNA and this is one
of the major differences to the established corporate world. Start-up leaders have to take risks if they’re going to get their projects off the ground, let alone challenge the incumbents.

Stol på dit gode koncept, og andre vil også

Whether you’re speaking to potential investors or colleagues, if you don’t believe in your idea and have a clear vision for your journey, how can others buy into it? Motivation and leadership are vital –there are going to be setbacks but these need to
be viewed as the opportunities they are.

If a provider fails to step up, seek a better one. If open banking is central to your user experience but you’re struggling to integrate this functionality, you have to stick with it or give up your aspirations. If you’re having difficultly attracting
the right talent, broaden your networks as the right people are out there.  Every difficult step you take towards launch is a key part of what will ultimately make your start-up a success.

2022 may have been a struggle for many sectors but the new year provides rich opportunity for ambitious fintechs to develop and for eagle-eyed investors to target the next generation of fast-growth start-ups. One of the reasons the fintech industry is such
an exciting place to work is the unparalleled levels of innovation on display, it will be fascinating to see what solutions emerge over the next 12 months.