Building a successful fintech is not to be taken lightly. And even though the best entrepreneurs make it look simple, it comes down to having the right team. Throughout each phase of growth, having the right mix of skills and drive on your team can propel your firm to the top of the industry. In this series of posts, I’d like to spend some time looking at a few of the main challenges fintechs face when hiring for their team.
From the beginning of any startup, until they are ready to go public, securing funding is a top priority. Whether you are looking to venture capital firms, or strategic financing through lenders, the right funding drives your development, launch, and growth. Even the most talented entrepreneurs look for assistance or guidance during the fundraising stage of their venture. In the fintech world, adding someone experienced with successfully securing funding can be the best option.
What does the best candidate look like? That can be complicated, venture capitalists are notoriously fickle and without a firm sense of your market and a pitch deck to woo investors, funding will be hard to come by. Adding a specialist to your team can be the best option, but there are a few things you should look for before you make a hire.
Do they have an established network? Their network has to be specialized, they’ll need contacts in the venture capital landscape as well as access to other entrepreneurs who have successfully funded and launched in the fintech sector.
Are they able to adapt to the stage of funding you need? Securing capital post-launch can be a tougher challenge than your initial asks. A professional who knows the types and sizes of firms to approach for Series C funding versus Series A can mean the difference in gaining funding quickly or reaching a bottleneck in your growth. Make sure you bring the right person to your team.
Lastly, securing funding is about more than simple investor relations. It’s a sales cycle, an unforgiving one at that. You need to bring a professional who’s cut their teeth in sales long ago and has the instincts and skills necessary to see a possible deal and close it. In the fintech world, there is no time to waste, build your team with the same urgency.
While building the ideal team for any fintech requires a diverse team, you aren’t alone in your fight. Partnering with a specialized recruiter can take the stress of a talent search off of your plate. You can focus on innovation and future growth while a recruiter finds the best talent around for your team. If you’re ready to partner on your next talent search, contact me today.