Everything Corey Gross said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Enterprise founders should skip LOIs and go straight to commercial contracting
“I mean, the crazy thing is I would not advise Spending a whole lot of effort trying to secure LOIs. First of all, it's a process in and of itself. It is a contract negotiation. And so even an LOI was executed by the chief payments officer. And those people are…”
Gross: In hindsight, I would target smaller, more agile institutions first
“And so when people ask me what I would do differently, I would probably start with smaller, more agile, Institutions that also could control their own destiny as it related to technical implementations and deliveries.”
Startups with zero customers should accept any price to secure anchor tenants
“You know, the reality is when you're, when you don't have any customers and someone is willing to pay you a dollar, you should probably take it because that anchor tenant can help you get more.”
Many highly successful enterprise fintech vendors are not mission-critical to banks
“There are some amazingly successful companies that sell to financial institutions that are adjacent to us that I would not say are mission critical to the financial institution, which means that if they rip them out tomorrow, nothing about their business chang…”
Scaling an enterprise startup may require firing your first twenty customers
“You know, once you achieve product market fit, you may fire your first 20 customers because what you're doing, what you did for them and that they may have found a lot of value in isn't the actual thing that makes you the big, big company. Doesn't mean the fir…”
Map bank hierarchies by connecting with consulting firm managers
“So now I just got to get to a senior manager level person or a manager level person in the technology practice at Deloitte, much less daunting. And then you can start to understand how a bank organization works. There's no website where you can just kind of se…”
Enterprises demand pricing and scaling models upfront before agreeing to pilots
“That's not how banks are really any enterprise works. They want to know what your model is and they want to understand How it would scale with them because no one is going to sign up to something where the rug gets pulled up from underneath them and say, oh, n…”
Gross: Sensibill used bank letters of intent to drive early investor interest
“Once we had that level of validation, we looked for letters of intent and we actually use those letters of intent to drive investor interest in our solution.”
Gross: Sensibill launched as enterprise B2B because standalone apps were crowded
“The way I envisioned the company around the time we were forming sensible was always as a enterprise play in partnership with financial institutions, not as a standalone app. Number one, because I thought that that marketplace is already pretty well establishe…”