Start-up. This increasingly thrown around term often first brings to mind San Francisco, twenty-something year olds bragging about their company culture, or Uber. The truth is, however, start-up’s aren’t all the same and can be quite difficult to define.
Below we try to tackle some questions about start-ups to give you a head start in understanding what they are.
Generally, what is a start-up?
A start-up is company whose product or service seeks to serve a marketplace need that is not currently being met, or that the founders believe is being offered in an inferior manner. A key characteristic of start-up organisations, as identified by Silicon Valley entrepreneur and academic Steve Blank, is that they are ‘designed to search for a repeatable and scalable business model’ and have a high potential for growth.
Is this just another buzzword?
One look at statistics regarding the Australian start-up industry shows that it is not only on the rise, but is here to stay. For instance the Fintech industry, which now makes up about one fifth of the Australian start-up industry, is projected to grow from a $250 million industry in 2015 to $4 billion by 2020. On an International scale, the Australian Fintech industry had a 254% year-on-year increase in capital investment in 2016 according to KPMG, versus a global Fintech investment decline of 47%.
In fact, the NSW Government is so confident in the future of the start-up industry that only last year it made an unprecedented investment of $35 million towards an 11 floor Sydney Start-up Hub, which has now become our new home.
Is the start-up culture as untraditional as it’s made out to be?
Yes and no. Whilst a start-up company remains underpinned by some of the classic values and practices of traditional work, its difference arguably derives from a distinct focus on fun and creating an environment where collaboration, creativity and innovation thrive.
Take one step into the ‘office’ of Financials 365 and you will be able to see exactly what this means. Financials 365 is settled in the Stone & Chalk Fintech hub, a collaborative coworking space home to 109 startups and 454 residents. Here you can settle into a hanging chair, leather sofa or even a hot desk to chip away at your work for the day. As for the people in the office, think backpacks over briefcases, jeans instead of suits, and sneakers in place of dress shoes. Visit us on a Wednesday and you’ll likely find us forks deep in a chocolate cake at Sweet Spot, a weekly afternoon tea filled with sweets for everyone in the hub.
So, how is Financials 365 filling a gap in the market?
Products currently available in the market are simple accounting software solutions. However, businesses quickly find themselves outgrowing these applications due to limitations on their functionality. Financials 365 solves this problem by providing small businesses with big business accounting package features as they grow.
For decades, there has been no solution to fill this gap in the market. Large capital expenditure meant this type of software was out of reach for small businesses, even though they can have just as complex business processes as their big business counterparts.
Financials for Office 365 levels the playing field and provides small businesses access to features that were only previously enjoyed by larger companies. At Financials for Office 365, we want to help you unlock your potential and deliver amazing customer experiences to stay ahead of the competition.
What to know more about start-ups or how we work? Ask away in the comments below.
Check out Stone & Chalk’s Instagram to get a better look at our workspace.