In 2013 NACUSO debuted the first annual Next Big Idea Competition. We’ll admit we ripped off the idea from Shark Tank and we even had a couple of “Sharks” as judges early on. But now that we are entering our lucky 7th year, we thought we’d take a look back and see where our winners were and where they are now. Here’s our first winner!
Describe briefly your Next Big Idea?
Starting a business is easy but scaling a business is hard. As a business grows and takes on larger orders & contracts, they often become a free bank to their business and government customers who take 30+ days to pay after receipt of the goods or services. NOW Corp’s NOWaccount® is the first payment system that enables businesses to get paid immediately in a way that feels like accepting a credit card for payment when their business/government customers won’t pay with a card and instead want an invoice with terms. NOWaccount is not a line of credit or factoring. With no liability on their balance sheet the business can Grow FearlesslyTM, strengthen their balance sheet and become a better borrower/member for the credit union. Changing the way a business gets paid changes EVERYTHING!
What memories do you have of that day/event? What things stood out for you?
It was a great event in Las Vegas. We were the last to present and got a standing ovation. After the presentation and voting the reception was delayed due to so many people waiting to speak with us.
Did you think you were going to win after seeing all the pitches?
NOWaccount is a truly unique innovation that changes everything for small businesses. The audience and the judges saw that NOWaccount was not just a great idea, but a big idea with a massive addressable market, driven by a clearly defined need and led by a team with deep experience and early results. The potential for impact on credit unions and their members was clear. Given the audience reaction, we were confident we had won.
After winning were you able to make meaningful connections at the conference?
The conference provided us with connections in the credit union industry that have continued to be an important part of our growth.
What have been your biggest successes since winning?
NOWaccount has processed almost $0.5B in transactions serving small and mid-sized businesses across the US who sell goods and services to businesses and governments around the world. We have enjoyed fantastic partnerships with credit unions like Kinetic Credit Union (see video link) and Peach State Federal Credit Union. NOWaccount was named one of the Top 10 Small Business Apps by Intuit in 2016 and NOW Corp co-founder, Lara Hodgson, was a Finalist for E&Y Entrepreneur of the Year Southeast in 2018. NOW recently completed a $100M bond securitization and has the capital to process almost $1B per year in transactions putting this capital in the hands of US businesses so they can Grow FearlesslyTM
Where do you see your Next Big Idea in the next 5 years?
Our focus for the next 5 years is to grow NOWaccount to the point where we are processing several billion dollars a year in transactions and transforming the US economy by freeing small businesses of the burden of being free banks to their customers. While new ideas come up every day we believe that the key to success is focus.
For more information contact:
Lara Hodgson
President & CEO of NOW® Corp
678-429-1707
https://vimeo.com/nowaccount/review/123746792/8bdcba2070
To apply for the 2019 Next Big Idea Competition, click here.