business
It was illogical that people did not use their personal assets as security for a loan... there are plenty of examples of very successful businesses that have legitimised a market that previously had a ‘grey’ reputation - Betfair, eBay, Seatwave, Sportingbet to name a few interview process - it really helps break down any barriers to ensure that from day one they feel everyone in the company is approachable and receptive to new ideas. In the US entrepreneurialism is part of the ‘American way’, whereas in the UK we embrace it at arm’s length. Shouldn’t it be integrated earlier into education so creative business thinking is second nature to kids, as with technology? I think it is a broader cultural issue that can’t be addressed by education alone. I have spent a lot of time in Silicon Valley and Israel where it seems everyone wants to be involved in a start-up. There is a fearless attitude that is just not present in the UK and other European countries. We fear failure, whereas in Silicon Valley and Israel a failure is welcomed as something to overcome. In addition access to capital is a big challenge in the UK. The banks not lending to new and small businesses is an on-going issue, and not a recent one. We’ve seen many good ideas drown under poor planning and lightweight strategy. What do you think you’ve got right that has enabled you to grow your ideas into successful businesses? Everyone at borro has a shared vision of what type of business we want to be. We have great people who get the right balance between focus and trying out new things. We are very good at quickly identifying what works and what doesn’t. Many entrepreneurs I’ve spoken to about borro would have baulked at the task of selling in the idea of pawnbroking as a legitimate lending facility. What made you so sure that the ‘borro concept’ would be accepted so readily? I think borro is a good and simple idea.
It was illogical that people did not use their personal assets as security for a loan, when selling a personal asset if you need liquidity is a well-used option. In addition, there are plenty of examples of very successful businesses that have legitimised a market that previously had a ‘grey’ reputation - Betfair, eBay, Seatwave, Sportingbet to name a few. In the last year we have had tremendous success working with IFA’s, wealth managers, tax advisers and accountants who refer business to us. To them we are a new form of bridging finance, and through this channel we recently completed our first £1m loan, secured against a fine art collection. What’s your secret to attracting business investment? My previous experience in selling Movota to Bertelsmann certainly helped open doors. But the simple truth is that right from the start we could show evidence of progress daily. We are also a very wellrun business with excellent processes and systems that allow us to provide a world class service, and manage our risk. What’s the plan for borro? Where do you see it in 5 years? We are on plan for borro to be the UK’s largest personal asset lender by 2014. From next year we will start scaling up our international business. If the government could do one thing to assist business what would that be? The fact that there are fantastic, well run businesses going bankrupt because of minor cash flow issues is shocking. The Government needs to provide easier access to capital. borro.com www.internationallife.tv/business
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