My colleague Jason and self went to Mortgage exhibition in London on 14th October. What’s news in the Mortgage world? I ask myself afterwards. A lot of software firms popping up, sourcing, CRM, and apps popping up. Attendance was back to pre-covid levels.
Several firms were new, and worth a conversation, but seemingly all “just about to launch”. What is going on? I sense the hand of the regulator telling them to slow down and get their controls in place, and proof of concept verified first before expanding. These firms have committed a marketing budget, and then been told to slow down and stop taking on new clients. So they turn up anyway, to generate interest, but all dressed up but without a race to run in.
Slowing down in the early growth phase has many benefits, but is a tough pill for entrepreneurs on a tight budget to swallow, and a chance they could miss the opportunity altogether. Whatever the reason, where once it took three years to see your money back on a financial services project, now it takes five.