April 13, 2021
Anyone who is just ‘coasting along’ is probably going downhill. ~ Anonymous
Just think if you could start life over, a clean slate, while retaining all your years of experience and knowledge. And if you believe, as I do, that obstacles are the building blocks of learning, wow, we would all be masterminds. A similar comparison can be applied to a fresh start-up company, but only if it has an experienced, knowledgeable team championing its success rather than the typical inexperienced start-ups usually struggling with inefficiencies and shaky operational structures.
Alarming research by the SBA (Small Business Association) states that the rate of failure over 10 years for startups is 90% which drives home the importance of a wicked-smart executive team and accompanying players. The SBA’s research of business owners blames failure on six challenges: not enough money, being in the wrong market, lack of research, bad partnerships, ineffective marketing, and not being an expert in the industry. Many studies of startups say that having a skilled mentor(s) on the team is key to executing on the right ideas and achieving profits.
If you are fortunate enough to be in an imaginative start-up like RIBBIT making real-time decisions in an agile environment, it gives a company a leg up on competitors, rather than an established business stuck in its ways. And if the start-up is skilled enough to have negligible competitors like RIBBIT, applying a laser focus on continuing product enhancements and upgrades can retain the advantage for many years. To be unencumbered in the post-COVID business environment without established practices or processes liberates the mind of a company in unimaginable ways. As mentioned in a past blog, it is a time for businesses to embrace divergent thinking, to reinvent themselves, and to step into the future like never before.
RIBBIT, the bold and darling startup brainchild of a 23-year payments company, Cash Flow Solutions, is challenging the methodology behind today’s financial decisions impacting consumer affordability. RIBBIT’s data scientists use predictive analytics along with relevant bank data creating a more meaningful and sharper insight into a consumer’s affordability profile. The risk formula, analyzing thousands of consumer spending attributes, is a win-win for both businesses and their customers opening the doors to more funds being distributed to reliable consumers who can afford them.
RIBBIT appreciates that having a brilliant product in a start-up is the first step for longevity. But supporting it with a championship team is what paves the road to success. The experienced mentor/coach in a start-up recognizes the significance of chemistry in a winning company culture: skilled, fearless, supportive, communicative, spirited, steadfast, motivated, confident, and enjoyable employees. Team chemistry contributes to growth and stability and wins championships!
When asked about the advantages of a start-up, Shawn Princell, CEO/President of RIBBIT, remarked that start-ups focus on solving specific problems or needs that are unmet in an industry while larger companies are often burdened with legacy business models that may not encourage innovation.
Stay tuned . . .
OXFORD, Ohio, April 12, 2022 /PRNewswire/ — Today, RIBBIT Inc. announced the appointment of Greg Rable to the RIBBIT Board of Directors. As the former Founder/CEO of FactorTrust, since acquired by TransUnion in 2017, Greg brings over 25 years of management and strategy experience, combined with a history of building successful fintech and alternative data businesses for the consumer finance space. In his role, Mr. Rable is helping guide the RIBBIT leadership team and promote the growth of bank behavior data as a powerful and necessary predictive data solution.
Financial inclusion matters not only because it promotes growth, but because it helps ensure prosperity ~ Sri Mulyani Indrawati
How arbitrary are the words ‘financial inclusion’; who’s in, who’s out and why is it so unfair? If a consumer is ‘in,’ there are financial opportunities for building a better life. If a person is ‘out,’ good luck with climbing out of a deep money pit. Today’s financial institutions think they are building a more inclusive process. However, many are still using information reflective of historical bias so if it didn’t work then, it ‘ain’t gonna work now’.
When a man gives you a rose, what you see may not be what he intends~ Patrick Rothfuss
Assessing information is the foundation of most of life’s important decisions. Mistakes are made when the data is unavailable, unclear, inaccurate, insufficient, immaterial, or unjust. How many people have suffered throughout history by poor decision-making? Like it or not, today’s world is data driven, hopefully an information mecca for making insightful, educated, proven and unbiased decisions. However, data is just that, information on a page, it becomes meaningful only when it is wisely analyzed and interpreted.