Jason talks to Elliott Limb, founder and CEO of Cubed. It is a company assisting fintech companies scale, while mitigating the high failure rates commonly faced by startups.
Episode Highlights
- 00:21 Elliott discusses Cubed's mission, which is to help fintech companies overcome high failure rates. Cubed serves as growth partners, actively involved in running and growing fintech businesses.
- 06:45: Elliott acknowledges that the cultural divide between traditional finance and fintech is a common issue. He mentions that this divide is gradually improving, but it has been a significant challenge in the past.
- 09:37: Jason seeks advice from Elliott on how to prevent the challenge of knowing when to decline potential sales and engage in the difficult conversations with clients who demand hyper-specific, non-scalable solutions that offer significant financial incentives for custom development work.
- 10.25: Companies should take a more strategic approach rather than jumping straight into execution, even if it means walking away from potentially lucrative opportunities initially.
- 14:51: Jason acknowledges that for technical founders and entrepreneurs, constantly seeking funding can be frustrating and time-consuming.
- 16:39: Jason and Elliott discuss common issues faced by fintech companies and methodologies for course correction.
- 23:57: Elliott's assessment suggests that the fintech industry faces unique challenges related to due diligence, investor experience, and rapid funding cycles, which could contribute to a higher failure rate compared to other sectors in the venture capital market.
- 36:02: Elliott is driven by the goal of making the market better and increasing innovation within the fintech sector.
3 Key Points
- Elliott provides a holistic view of the challenges and responsibilities that both start-ups and investors face in the fintech industry. He highlights the need for strategic planning, rigorous measurement, and a strong focus on team execution to improve success rates.
- Elliott explains that Cubed's involvement with fintech companies from the venture capital side usually happens for three main reasons: Due Diligence Support, Portfolio Review and Turnaround Assistance.
- Jason and Elliott highlight the need for fintech founders to strike a balance between loyalty to early employees and the necessity of bringing in diverse talent that can help the company navigate the challenges of growth and innovation.
Tweetable Quotes
- “Building a great piece of software is not enough for success; you must consider distribution and other business aspects.” – Jason
- “Companies should position their technology in a way that clearly demonstrates how it will improve the customer's business and provide a sustainable business model.” – Elliot
- “Companies often hire experienced individuals but fail to provide the necessary enablement and alignment to ensure success.” - Elliot
Resources Mentioned:
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