Johannesburg - Michael Bowren and Christopher Ball are co-founders and directors of Fincheck.co.za and chat to IOL about their startup, which is a South African online platform modelled on the successful tech start-up Moneysupermarket.com, a British price-comparison website.
Fincheck specialises in financial services, comparing a range of products including loans, banking, credit cards and debt consolidation.
Michael and Chris met in 2003 in grade 8 when they both went to the same high school in Grahamstown. After their schooling they went separate ways for tertiary education but kept in touch over the holidays. They have been brewing ideas over the past five years and have tested one or two. When the Fincheck concept was born, they decided to move forward together.
Q: Is Fincheck.co.za your first startup?
A: No. Together we started a coastal grocery delivery business to service holiday makers in St Francis Bay, Plett and Hermanus. Chris also worked for a Rocket Internet start up in South Africa called Lendico.
Q: What gave you the idea?
A: During Chris’ time at Lendico, he realised the gravity of the lack of information available to loan seekers, along with the inefficiencies of people applying for the incorrect form of finance where according to their personal data they were applying to the wrong lending institutions.
Q: How is it doing?
A: The business is doing well so far and meeting most of the goals we have set out to achieve. We have now embarked on an ambitious plan to increase the traffic flowing to our platform. On top of that, we are in the process of adding a host of new financial products. It has definitely been slower and harder than expected.
Q: Did you always want to be an entrepreneur?
A: Chris: Not really, for a long time I had no idea what I wanted to do. However, after landing my first job at Lendico, I realised my passion for the startup scene.
Mike: I have always wanted to work for myself and stakeholders to whom I feel personally responsible. My first dream was to become a Karoo farmer, which I believe to be one of the hardest forms of entrepreneurship.
Q: What made you choose this career path?
A: We really wanted to make something of our own where we are able to make the decisions and the mistakes. Hopefully through it all, we will still be able to create a good product that will have a positive impact on the users.
Q: What's next on your list?
A: We are going all guns blazing with Fincheck. Although we have a rich pipeline of ideas, we are going to concentrate on this one at the moment. In saying that, there is a lot of scope to illustrate our innovative streak through new revenue models, marketing plans and products.
Q: What would you say to someone who wants to be an entrepreneur?
A: Be prepared to make hard decisions. Almost every decision you are going to make will have ramifications on another part of your business. Learn from mistakes quickly. Listen to as many people as possible but don't let them detract from your vision.
Q: Would you say you need a degree to get started?
A: South Africa does not provide a heavily subsidised tertiary education or a social spending program that could be something to fall back on. We would strongly advise anyone who has the opportunity to study to take it. It provides options, which may be the only currency you have when bootstrapping your business.
IOL