At the heart of any company is its culture. I spent nearly 20 years investing in technology startups and as a co-founder and managing partner of an early stage venture capital fund and can say that the single most important thing that correlates with a company’s success is its culture. Many people confuse the importance of talent with a company’s culture. But there is a significant difference between them.
The distinction between a team and a company’s culture is its DNA. Like human DNA, a company’s culture defines who it is, its essence, and how it behaves. A team is made up of highly talented people, each with their unique contribution. A culture defines the collective wisdom, collective capabilities, and collective behavior of the entire team. When culture is properly aligned towards a market oriented vision, companies create sustainable competitive advantages.
It is why I joined Finxact. Finxact’s culture is a rare combination of deep domain experience and entrepreneurial innovation. This combination is optimal for delivering commercial grade solutions that are innovative – vs solutions that are innovative but can’t stand the test of real, tier one customers.
Finxact’s culture is to push the envelope of core banking innovation in ways that make it easier for our customers to enhance their customer’s experience. At the same time, we respect that our customers rely on our services to run their entire bank.
Finxact’s culture is perfectly aligned with an enormous market that has grown frustrated with the lack of innovation in core banking. This market is demanding their core system be more agile, provide scale for testing new markets and products, and to operate with higher efficiencies.
From my experience as a venture capitalist, and as an operator at IBM for a decade before that – Finxact has all the ingredients for success: a massive growing market in need, a compelling value proposition based on truly novel and proprietary technology, and a culture of aligning deep domain experience with entrepreneurial innovation to deliver strong value to our customers. These ingredients create a sustainable competitive advantage and a compelling opportunity for Finxact, our partners, our investors, and our customers.