What does your firm do?
Fat Lama is a peer-to-peer marketplace which allows people to rent spare items to others nearby, fully insured.
What’s been your greatest achievement so far?
Many people who use Fat Lama are making extra income of £2,000 or more a month by lending out their belongings. Seeing the difference this makes to people’s lives is amazing.
What has been your biggest challenge?
Having a new, tailored insurance policy was vital because people want peace of mind that their possessions will be safe. But insurers are notoriously slow-moving and resistant to innovation. It took us a year to develop a policy that now allows us to insure every item on the site as part of our service.
What are your plans for hitting your targets this year?
In the UK, we’ve already seen organic growth in five or six cities outside of London. Our next focus will be New York where we are already in beta testing; then we’re looking forward to spreading into other major American cities.
What’s the one piece of advice you’d give fellow entrepreneurs?
Don’t “shop” for advice. Everyone has different opinions, so you’ll only end up waiting for someone who says what you want to hear. Just find one or a few people whose opinions you trust in your field. It’s all about being decisive. Someone once told me a good decision made today is better than a great decision made next week.