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In Part 1 titled “Fintechs Need Marketers And Lobbyists – Not Lawyers”, we saw why marketers and lobbyists play a vital role in a fintech startup’s success.
In this second part, we'll examine the following middleground approach suggested by some people:
Go to lawyers, listen to what they say, understand the risks and work out a mitigation strategy upfront before committing resources to building out a fintech product.
This approach hasn't been in the playbook of any successful startups I can think of in heavily regulated industries. I don’t know why for sure, but I can guess at least three reasons:
In contrast, ignoring risk and mitigation has appeared to be the approach followed by successful startups in highly regulated industries.
https://twitter.com/whitneyhess/status/755782261950275584
This approach comes with many hazards:
So, it needs guts to take this approach.
If fintech founders have it, they should go for it. Not to a lawyer.
https://twitter.com/GTM360/status/754971673808539649
If not, going to a lawyer won't help anyway.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Roman Eloshvili Founder and CEO at XData Group
31 January
Prakash Bhudia HOD – Product & Growth at Deriv
30 January
Ritesh Jain Founder at Infynit / Former COO HSBC
29 January
Carlo R.W. De Meijer Owner and Economist at MIFSA
27 January
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