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Founding a startup is pretty easy in the UK: it doesn’t take a huge starting capital, the regulatory environment is friendly, there’s a large pool of talents to fish in…But the UK market is also incredibly competitive and the number of startups that actually make it is really low. So what does it take to hit a home run in the Fintech world?

We’ve asked some very experienced Fintech professionals to tell us what advice they would have linked to hear when they were creating their company. Here are their words of wisdom for the newbies in this industry.

Patience is Key
“Everything is going to take a lot longer than you think so make sure you focus on the right things and keep on being excited about what you are doing. “
Annabel Mekelenkamp, COO, Digital Risks

Cherry Pick your People
“I’ve seen people fail by having terrible boards, by taking on investments from the wrong people in the first case. If you’re going to bring a product to the market, if you’re going to be an entrepreneur, especially in financial technology, understand the rules and the lay of the land and be bold. Don’t take the first cheque that arrives from the first person. Have faith in your idea, keep pushing it. You’ll find the perfect partner. “
Joe Hall, MD UK, eToro

Do your Homework
“No matter what you are trying to do in Fintech, no matter how much in denial you are, force yourself through a marathon of all the stuff that’s already out there. Don’t even try before that. “
Duena Blomstrom, Fintech Investor and Mentor

Less is More
“Make your product as simple as possible and make its benefits abundantly clear”
Patrick FitzGerald, Head of Partnerships, Salary Finance

Be Patient – we can’t stress this enough
“Be patient, I can’t say that enough. Be extremely differentiated. Think twice before you launch a company because having money is not enough, having customers is much better. A happy customer is a must. “
Eric Mouilleron, CEO & Founder, Bankable

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