How I Failed: “We were like a cockroach company, we wouldn’t die”, with Founder Steven Renwick
What happens when your business pivots so much you end up in a completely different industry?
Steven Renwick founded Satago, a platform that helps businesses get paid faster, in 2012. It was actually one of the first companies to raise money on the equity crowdfunding platform Seedrs.
Whilst it started out as a way to crowdsource data about when companies were getting paid and use that to make real time credit reports, Steven had to pivot the business multiple times, meaning it went from a technology to a finance business.
The more the company grew, the more they needed investment, plus Steven was now in an industry he had no experience in. They raised nearly £3 million in total. But, in 2017, Steven had to try to sell Satago after it became insolvent.
What went wrong? Listen to find out.
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