Description

Building a successful SaaS business is no easy feat. It requires hard work, dedication, and a deep understanding of the market you serve. In this episode of the SaaS Fuel™ Podcast, Jeff sits down with Omar Jordan, the founder and CEO of Coviance (formerly LenderClose), a fintech company revolutionizing the home equity lending process for community lenders. Omar shares his journey as a multi-time founder and the challenges he faced along the way. He also discusses the importance of focusing on underserved markets, the power of community in the lending industry, and the value of hard work and talent in building a successful business.

Before establishing Coviance, Omar initiated several entrepreneurial endeavors, including National Loan Closings, which underwent acquisition in 2018. Tune in to gain insights from an entrepreneur who has scaled multiple companies and is making a significant impact in the vertical SaaS market.

Key Takeaways

[00:01:49] - Toast targeting restaurant market.

[00:03:43] - Specialization and becoming an expert.

[00:09:03] - Simplifying home equity lending.

[00:13:58] - Transforming the lending experience.

[00:17:30] - Moving from on-prem to cloud.

[00:21:04] - Partnering with CUSOs.

[00:26:19] - Raising money and giving shares.

[00:28:28] - Capital efficiency and success.

[00:34:00] - Challenges of entrepreneurship.

[00:38:33] - Talent and Hiring Smarter

[00:40:17] - AI in the lending industry.

[00:45:12] - Expanding the total addressable market.

Tweetable Quotes

"Know them so well that you use the same words and phrases that they do when they talk about the problem and the solution." - 00:04:56 Jeff Mains

"I'm no longer an Excel row. I am Omar that they've trusted and known for a long time." - 00:30:29 Omar Jordan

"And believe me, I know it costs double, and it takes twice the time to build technology. And every startup founder will tell you that. You think it will cost a million, it's going to cost you three. And you think it's going to be six years. And that's just how it works." - 00:21:26 Omar Jordan

"And if it's not going according to plan, we're going to reel it back a little bit. We're going to slow it down. We're going to get back on the horse and make sure we're on plan. Let's restrategize." - 00:27:20 Omar Jordan

"We got to be careful. Because I got to deploy capital efficiently in a smart way. I'm not going to do the metaverse, spend $10 billion on it and then shut it down" - 00:44:45 Omar Jordan

SaaS Leadership Lessons

1. Expand your appetite for risk. As entrepreneurs, it's important to challenge ourselves and be open to taking calculated risks. Don't let fear hold you back from pursuing innovative ideas and pushing the boundaries of what's possible. Remember, everything is scary until it's not!
2. Hard work is essential: Building a successful business requires dedication, long hours, and relentless commitment. Be prepared to put in the hard work and make sacrifices along the way. It's not always easy, but the rewards are worth it.
3. Hire the right talent: Surround yourself with a team of talented individuals who are smarter than you in their respective areas. Embrace diverse perspectives and expertise. Having the right people on board can make all the difference in driving your business forward.
4. Speak Their Language. Understanding your target market and speaking their language is essential for effective communication and building strong relationships. By using the same words and phrases that community lenders use when discussing their challenges and solutions, Coviance was able to establish a strong connection and gain their trust.
5. The Power of Community. By aligning with the mission of community...