Podcast 19 – David M. Brear, 11:FS

Listen to episode 19:

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Show notes

David M. Brear

• 11:FS is a fintech that look to rethink problems that exist in the financial industry.
• They believe that digital banking is only 1% finished and that there are many more opportunities to come.
• They currently have around 160 employees and are growing fast.
• Founders of the company include those who have worked in big banks, as well as challenger banks such as Monzo and Starling.
• They build the technology behind banks, create content to attract new audiences and much more.

Starting 11:FS

• David knew he wanted to be his own boss, but worked in the financial industry in order to gain experience and find his niche.
• He treated every job he worked in as a learning experience, developing his understandings that would inform his future plans.
• So much of running a small business is about learning and developing and a lot of that is done through having an environment that encourages honesty among colleagues.
• You don't have to be the smartest person in the room, but you do have to be the person who's willing to go the extra mile to make things work.
• In 11:FS, 100% of David's time is spent moving the business forward.

The grit of small business owners

• For those running small businesses, there is no plan B.
• This drive to make things work is what allows small businesses and start–ups to succeed.
• The beauty of running a small business is that you can be more efficient with your time.

11:YEARS financial crisis documentary

• 11:FS recently produced a documentary called '11:YEARS' about what happened after the financial crisis.
• Click here to watch the full documentary.
• The freedom to be creative with the way 11:FS produces content is something that is really important to David.

Mettl

• 11:FS built 'Mettl' for NatWest, a business bank account tailored for the businesses of today.
• Mettl is a challenger bank within a traditional banking organisation.
• Big banks have clunky application processes that do not suit the needs of modern business owners and consumers.
• The big difference between traditional banks and start–up banks is culture.
• The start–up mentality is to do the most with the little that you have.

'Don't just do one thing'

• Many start–up founders are told to just focus on one thing, but David disagrees with this advice
• "If that thing turn out to be a dumb idea, you are screwed. It's the equivalent of going to a roulette table and putting all your money on one number."
• Never turn down opportunity, you never know where it might lead
• Master something as quickly as you can, operationalise it and then look to the next thing.
• Create a culture that continually looks to evolve and improve, failure to do so can result in your business becoming redundant

Competition in the digital age

• In the digital age, with a good website, voice and authenticity you can compete with anybody.
• 11:FS competes with companies worth as much as £60m.
• Don't just be a cheaper option, be better.

David's tips for small businesses

• Make sure you know your industry: learn as much as you can about it from the inside, it will make your own business more powerful when you start it.
• Be unique, bring something to the table that hasn't been done before.

The big biz whiz quiz

• Monzo COO Tom Foster Carter leaves to start his new grocery tech start–up
• Microsoft trial a four day working week in their Japan office and saw a 40% increase in productivity

Brilliant or bonkers?

"We must not allow other people's limited perceptions to define us."

– Virginia Satir