Summary:
Welcome to another great episode of Startup Junkies!
In this episode, Startup Junkies Jeff Amerine, Caleb Talley, and Victoria Dickerson sit down with Michail Myburgh, co-founder and chief technology officer of Backd, an alternative lending company headquartered in Austin, TX. Michail explains how Backd helps entrepreneurs secure business funding with quick turnaround times rather than waiting months for traditional funding options. He also shares about what it’s like to build a resilient company culture, going into business with his brother, and why the United States is an incredible place for starting a business.
Show Notes:
(0:54) Introduction to Michail
(1:12) About Backd
(3:28) Backd’s Ideal Customer
(5:04) Backd’s Funding Process
(10:10) Michail’s Entrepreneurial Journey
(12:41) What Winning Looks Like
(15:12) Getting Creative with Backd
(19:13) The Culture of Backd
(24:28) Advice to Younger Self
(27:20) Closing Questions
Links:
Quotes:
“Our efficiency and our quickness is really where we shine. There’s quick decision making on our part.” – Michail Myburgh, (7:01)
“The way we see it, our greatest asset is our employees and the people that make the company. It’s very important to us to get the right talent and create a culture where everyone can thrive.” – Michail Myburgh, (19:14)
“The advice I would give is go to the United States. Don’t waste time anywhere else. This environment, for a business owner, is absolutely amazing. There’s nowhere else on earth where I think you can build these businesses as effectively as you can here.” – Michail Myburgh, (24:36)
Funding Solutions for Entrepreneurs with Michail Myburgh and Backd
In this episode, Startup Junkies Jeff Amerine, Caleb Talley, and Victoria Dickerson sit down with Michail Myburgh, co-founder and chief technology officer of Backd, an alternative lending company headquartered in Austin, TX. Michail explains how Backd helps entrepreneurs secure business funding with quick turnaround times rather than waiting months for traditional funding options. He also shares about what it’s like to build a resilient company culture, going into business with his brother, and why the United States is an incredible place for starting a business.
The Process of Being Backd
Backd acts as an online business lender in an effort to finance small to medium-sized businesses. It offers working capital that features easy payment structures, fast turnaround, and requires no collateral upfront. It also provides lines of credit where users can receive instant access to revolving credit with unlimited terms without it affecting their credit score. Backd’s ideal customer is a growing business that needs short-term capital, however, its applicants do have to meet a handful of requirements:
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A minimum of one year in business
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A minimum of $100K annual revenue
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A business bank account
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A U.S.-based business
As of today, over ten thousand businesses have received funding from Backd, and over one billion dollars has been financed. Backd differs from banks in that its funding is not asset endorsed, and it’s slightly more expensive as a result of it being an unsecured lender. Because of this, Backd is not usually the main source of funding for its clients—it’s more of an opportunistic advantage. To get started with Backd, clients fill out a quick application, and usually within a day, they will know if they are approved.
“Our efficiency and our quickness is really where we shine. There’s quick decision making on our part.” – Michail Myburgh, (7:01)
The Ongoing Development of Backd
Currently, Backd is growing and working to develop products that meet businesses when they need financing, as well as provide financing at lower rates. These factors are important because even though Backd has a working capital and line of credit product, it still requires a business to approach and request those products. Therefore, Backd is focused on continuing to evolve in order to present its finance solution to the client in the best way possible.
Other than developing its product, Backd is also intent on fostering a resilient culture that attracts talented individuals. Backd views its culture as being how the company approaches and solves problems, how everyone works together, and how everyone supports each other. With the pandemic, Backd found it’s almost impossible to build a strong culture if everyone works from home. Therefore, the majority of Backd’s employees work in the office, where it’s a collective effort to cultivate a fun and healthy work environment.
“The way we see it, our greatest asset is our employees and the people that make the company. It’s very important to us to get the right talent and create a culture where everyone can thrive.” – Michail Myburgh, (19:14)
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