Want to build a startup that gets acquired? This founder shares 5 proven tips
SMRTR summary
Twenty-three years into his career at Virgin Money, Jem Walters decided to leap into the uncertain world of startups, co-founding the money-saving app Snoop that would eventually catch the eye of banking giant Vanquis.
His journey from corporate CIO to successful entrepreneur offers a masterclass in patience over passion. Walters and his team spent their first six weeks simply thinking, resisting the urge to start coding immediately.
"Don't feel like it's necessary to start cutting code on day one. Just give yourself a bit of time to think things through," Walters reflects.
Rather than rushing to hire, Snoop partnered with specialized agencies while maintaining ownership of their intellectual property. They built their platform in two-week sprints, focusing on enterprise-grade security from day one.
When Vanquis acquired Snoop in 2023, it validated Walters' cautious approach. The coronavirus pandemic and economic turbulence had claimed many startups along the way, but Snoop's methodical strategy proved resilient in an unpredictable market.
SMRTR provides this summary for quick context. The original article belongs to ZDNet.
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