At Tier One People, we get to work with some amazing startups in Fintech. January has got off to a flier, so here is the first Tier One People Sydney FinTech jobs update of 2018.
There is an air of optimism that Fintechs will be a success. But the two challenges facing every FinTech and InsurTech? Funding and hiring great people.
The funding issue may no longer be an issue. Last week saw Australia's first ever crowdfunding equity raise. The raising for Xinja (Australia's first NeoBank) was carried out by Equitise. AUS$500,000 was raised in one day and everyday Australians (like me) have been given the opportunity to be an early stage investor in what promises to be a super exciting venture.
Congratulations to Eric Wilson and Van Le of Xinja and Chris Gilbert of Equitise.
Last month I had meetings with CEOs, CROs, CMOs, CTOs, CFOs and COOs. Each of them described similar people challenges - namely, hiring people who can get results in a VUCA environment with limited resources.
Interestingly only CTOs mentioned technical skills as their biggest problem (even then they can outsource). As one CEO put it, 'I need people who are prepared to work seven days and can get sh!t done.'
It is clear that the education system and corporate structures are failing to prepare people for the new demands of the startup/high growth business model.
If you are serious about a career in Fintech, then you need to master the art of 'getting sh!t done'. Despite what you read in the press, startups are not all about free yoga, beanbags and as much alcohol as you can drink.
Thinking about a move to Fintech? Tier One People are running a free event in February for those looking to make the switch. Contact email@example.com for details.
There has been a push recently to hire Financial Controllers and CFO's within the Fintech space. With companies growing to enterprise level in record time (Uber started in 2009 and is now valued at $70bn), startups are recognising the need to invest in enterprise-ready infrastructure and finance functions.
Several of the mandates I have received in the past few months have been with companies less than two years old.
A big year for risk in 2018. Valuations Actuaries, Cyber Security and Regulatory Compliance people in hot demand.
No change here.
Full stack developers - Yaaaawwn.
Machine learning, Data Science and Analytics still in huge demand.
Blockchain - Expect to see a raft of specialist recruiters in Blockchain.
The interim C Suite market is going strong. Have you ever considered utilising CXO services on a 'pay as you go' plan for instance?
If you are looking to grow your Fintech and need specific expertise, for events such as an IPO, acquisition or rapid growth, hiring the person you need is cost prohibitive. Tier One People connect Gig Execs to our Fintech and Insurtech clients. A Gig Exec is a highly experienced executive with specialist experience for specific business events. Readily available for short-term assignments, this is a highly cost-effective solution for FinTech founders requiring executive level support.
It turns out that making revenue from SaaS and platform solutions is rather difficult, especially if you are relying solely on PR and a digital sales strategy. Tier One People are seeing an increase in demand for Sales Directors and Business Development Managers.
Interestingly the ideal candidate is someone with broad experience in product, distribution and sales. Relationship building and strategic selling are an absolute must. Certainly no used car salesman! It seems the mantra 'People buy people' is truer than ever.
A great initiative by Cameron Dart and Australian FinTech Jobs, a specialist jobs board for Fintech positions. We have used the platform for several positions and the quality and relevance of candidates gets high ratings from Tier One People.
We always say to our clients hire yourself if you can and when you can't come to us.
Australian FinTech Jobs is generating better results for Tier One People than SEEK (and is a lot cheaper too.) If you are planning to hire direct, I recommend giving the platform a go.