February 8, 2016
At LTP we love to engage with FinTech startups. Its incredible to see some great ideas and talk to some exciting teams. We have written about and covered 2000+ startups in our articles. I personally get to meet/talk to entrepreneurs in this space quite often and share ideas with them. And yes, we also meet with bankers, incumbent FIs and other actors in the eco-system as well and learn from them as well. The important thing is that I get to learn and meet several people who are either planning to start their own FinTech company or have already started developing some sort of a FinTech product/feature. One common trend is that they need help (not too much but at the right moments), lots of encouragement and some advice. I felt that it was important to identify the things that they should consider so that they become successful in the long run.
[Note: These are just plain simple advices based on what we are seeing and I could be wrong.]
- The big problem to solve: If you are going to spend the next 2–20 years of your life running after an idea, it better be big. In 2014, the US insurance industry wrote new policies worth $1.1 trillion in net premium. That’s big. As they say, Go big or go home.
- Where technology can do miracles: Gone are the days when a company would win by re-packaging products (smaller sachets of shampoos or bigger mouth of the toothpaste tube) or finding a new distribution method (multi-level marketing). From business models, the world is moving to IP stacks. Disruption is being brought not by payments experts, but by techno ...