Lenddo CEO: If it's easy to start a business.

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An online platform for people to make network guarantees through social evaluation began operations in the Philippines lenddo,2011 year. They come all the way and now have more than 500,000 users worldwide. But the whole process is not easy.

Richard Elridge, co-founder and CEO of Lenddo Asia, shared some of his experiences with a group of entrepreneurs at a recent Makati start-up grind. Here are some of the key points of his conversation.

1. Working in a start-up company means continuous learning.

Lenddo's idea came because a group of employees at Elridge's outsourcing company would come to borrow from him. ' These people could have borrowed money from the bank, ' he said. ' I don't know why he found me, to borrow money from me personally. We decided to do a survey. We were curious.

The survey found that in the Philippines, the middle class is starting to grow. This group also uses the Internet more for social purposes. Not only that, 80% of the population in the Philippines still does not have a bank account.

"I think, then why don't we try to do a traditional microfinance?" he said. But he and his team don't know how they can do it. "It seems to be an immense idea. "he added.

They studied the whole trend further, hoping to see some of the best practices. That's what Elridge learned:

Your social status and reputation are your capital. On the web, your personal credits are interspersed in different ways and are now starting to build.

2. Believe your idea is right

Integrating all of these ideas, Elridge and his team are confident that they can help the rising middle class financially. But at the same time, they don't want to be a financial institution. What they really want is to create an online experience that allows people to easily join in computing their credit scores based on social media and other online activities.

At the beginning, Elridge encountered questions, and some questioned the viability of Lenddo. But he has always had "fundamental passions and broad horizons" for what he did.

3. Entrepreneurship is not easy. If it's easy, somebody's already done it.

If you think it's easy to turn an idea into reality, you're wrong. A successful entrepreneur must be a person who never gives up. Many entrepreneurs are related to this, Elridge is the same. "Everyone who has a start-up knows how hard it is to start a business," he says. We have passion, and we will continue to work hard, no matter how much challenge we face. If it is easy, someone has already done it. ”

One of the big problems he faces is persuading venture capitalists. Only a handful of people know about financial technology, and they don't know as much about other parts of the Internet industry as social media. Eventually they found a good portfolio of venture capital, which last year financed 8 million of billions of dollars and locked another $6 million this year.

4. Don't rush the charge

It's cool for a startup to expand to another country. But Elridge advises other startups not to expand easily. He said:

You need to determine whether another country is expanding, depending on how far you can go in the first country. Don't rush into your second market. Don't expand too fast, make sure your business model is tested and ready to expand.