Invoice chasing is all in DueCourse for growing start-up
Technology is making it easier to start up a business, with thousands of ideas standing a better chance than ever of becoming viable ventures. We begin our look at 10 of the most promising UK start-ups with DueCourse.
Chasing invoices and cashflow struggles are issues that arise for many small businesses, and when Paul Haydock found his SME was constantly dealing with late payments he decided to develop a solution.
The idea of DueCourse was born in early 2014 to allow businesses to secure access to the funds in their unpaid invoices whenever they needed to, with just a few clicks.
The Manchester-based start-up was also the brainchild of fellow founders Jonathon Grove, head of product, and Tim Borden, who operates as CTO.
The team initially funded prototypes of the software they developed themselves, before raising angel investment from an experienced financier in the City of London in November 2014 which allowed them to launch in August 2015.
A lack of suitable financial tech investors in the company’s home region of the North West was cited by Haydock as an issue, but one that was easily overcome once DueCourse starting looking to the capital.
One area of development that did take time to perfect was the functionality of the product, and they spent 18 months working on it.
“Refining the product to do exactly what customer wanted is always an iterative process as you look to achieve product-market fit,” Haydock said.
DueCourse founders Paul, Jonathon and Tim
Getting the right team in place was also vital – and Haydock revealed they put a lot of thought into their brand to appeal to the best talent available.
“Hiring great technical talent is always a challenge these days,” he added.
DueCourse is his third technology venture, having tasted previous success with myParcelDelivery.com, a comparison site for courier services he founded with David Grimes, now the CEO of MPD Group, in 2009.
He exited myParcelDelivery.com in 2013 after growing it to a £3m turnover business.
DueCourse is on course for growth and on target to complete more than £16m in invoices advances in 2016 - and they’re planning on launching in Europe over the next three years.
“There are no comparable services in Europe, so this is very much on our growth plans,” is Haydock’s assessment.
The message he would share with other start-ups is to work hard.
“Keep as close to your customers as possible in the early days to refine the product,” he says.
And most importantly of all?
“Hire the best people and keep the faith - don't give up.”
Are you a start-up with a story to tell? Get in touch by emailing email@example.com or via phone on 0161 215 7143.