The FinTech Startup Enabling Small Businesses To Be Paid Quicker w/ Lara Hodgson (CEO)
In this episode, Shamus Madan talks with Lara Hodgson about her journey from Harvard to NOW, highlighting her early ventures and the role of NOW during an economic recession. They discuss the 'great resignation's impact on entrepreneurship, the power of storytelling in business, and insights for small businesses during economic tension. The episode concludes with a discussion on the 'tailwind effect' and companies that thrived during recessions.
Key Points
- Lara Hodgson's motivation to co-found NOW was driven by the challenge she and Stacey Abrams faced with their previous business, where delayed invoice payments led to cash flow issues and eventually the closure of their venture.
- Lara's background in aerospace engineering proved invaluable for entrepreneurship, teaching her problem-solving skills and grit, which she believes are critical for navigating the uncertainties and challenges of building a business.
- NOW Account provides a solution for small businesses to get immediate payment for their services, enabling growth without relying on traditional, often inaccessible financing methods, and is particularly useful in economic downturns where immediate cash flow can be crucial for survival and scaling.
Lara is the CEO and co-founder of Now®️, the fintech startup enabling small businesses to grow through its invoice payment solution that redefines how and when companies get paid.
Lara started a small biz with Stacey Abrams but had to shut it down after they got a massive order because once they fulfilled it, the big company didn't pay back the invoice on time, so Lara and Stacey ran out of cash and had to close.
They co-founded Now®️ to help small business owners avoid that problem and keep the lights on, especially when economic times get tough. 47% of U.S. small businesses say getting paid back by large companies is taking longer than ever; the average wait time has gone from 48 days to 70 days.
Twitter of Host: @mbitpodcast
Twitter of Guest: @NOWaccountLara
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Transcript
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