Creating a Fintech for the Creator Economy with Lobster Money’s Bobby Abdullah
The Finterview - Fintech Exposed episode 7. The Founder Diaries series
For Bobby, creating a company has always been a dream of his since he was a teenager. He always wondered how companies got created and wanted to be a part of that process.
When it comes to starting a company, Bobby believes that every great company begins with a great team. The creator economy is a perfect example of that. There are many tools that exist for the creator economy, but none for the financial services that are needed for most of the creators out there. Lobster Money aims to fill that gap by providing financial services to them.
Why building a great team is essential for success
Bobby believes that building a great team is essential for the success of any company. It allows for the sharing of knowledge and the achievement of synergy, enabling the delivery of products much faster and to a greater degree than the sum of the individual pieces alone. Founders need to align on a vision and work towards something great and big with their team.
As a founder, Bobby believes in finding a co-founder who fits and is committed to the process. He uses a list of 50 questions to explore with a co-founder and key partners such as mentors and investors to ensure that they align on skill sets, time commitment, and their personal exit strategy - a variable that Bobby is adamant is the key to aligning expectations in a team. He also believes in being as equal as possible when it comes to equity split, as time may not always be the main value someone brings.
The best and worst things about being a founder
Bobby admits that the hardest thing about being a founder is the fluctuations that can occur day by day. The idea that he had at the beginning of starting his entrepreneurial path was different from what he has now, and end-user engagement/ feedback played a big role in that change. As a founder, Bobby has high expectations for himself, and when he doesn't meet those goals, it can cause issues and make him feel like he's failing.
However, Bobby copes with these issues by using music to disconnect and clear his head or by talking to someone outside of the problem to get a different perspective.
For Bobby, the best thing about being a founder is the flexibility that comes with it. He has the ability to pivot his ideas or products, especially in the early stages when you have not spent too much of investors money or hired highly specialised team members.
Servicing The Passion Economy
Bobby is passionate about enabling those people who are part time creators alongside their main job, earning maybe only a few hundred pounds a month to have their side-income recognised by bigger financial institutions. He loves those sharing their passions with the wider world, and wants to encourage it.
Lobster Money aims to help the creator graduate from individual to business by providing financial services that can help them navigate sponsorship deals, payroll, payments and even help them understand the unique tax benefits for creators and understand what they can and cannot write-off.
The future of Lobster Money
Bobby's goal is for Lobster Money to become a specialised bank for the creator economy. This could include retirement schemes for creators, helping them launch more businesses out of their content platform, and becoming an HR and payroll service for them.
With Bobby's passion for the creator economy, the future of Lobster Money looks bright.
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