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2013 Next Big Idea Winner: Where are They Now?

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?

Lara Hodgson, winning over the judges at the 2013 NACUSO Next Big Idea Competition

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

Lara.hodgson@nowcorp.com

www.nowcorp.com

www.nowaccount.com

https://vimeo.com/nowaccount/review/123746792/8bdcba2070

To apply for the 2019 Next Big Idea Competition, click here.

Mastercard
Next Big Idea Competition is sponsored by Mastercard

 

 

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WHY THIS NEW CREDIT UNION CHOSE TO OUTSOURCE THEIR ACCOUNTING

Clean Energy FCU, a newly-launched institution based in Boulder, Colorado, has selected CU Service Network’s Outsourced Accounting Service for their accounting function. The credit union, launched in April of 2018, was founded to empower the public to participate in the clean energy movement and they strive to keep their costs down in order to provide members better loan terms. Thus, it made sense to consider outsourcing of common functions in order to stay lean.

“Using outsourced accounting just makes sense,” said Terri Mickelsen, CEO of Clean Energy FCU. “We are brand new and trying to do a lot with less. I wanted to make sure that our accounting function was streamlined and while hiring was a possibility, hiring CU Service Network made more financial sense.” Mickelsen has more than 25 years of credit union operations experience. Prior to her new role at Clean Energy FCU, she served as COO and VP of Internal Operations at two credit unions, each with over $500M in assets. Efficiency and cost savings are core principals to her.

The service does not aim to replace current staff, but simply allows them to focus on strategic or higher priority tasks. And in Clean Energy’s case, where there wasn’t any staff to begin with, outsourcing the accounting function made even more sense. Mickelsen commented, “If you are looking at expanding your accounting or adding another employee, this is where you are going to see the cost savings. Why not outsource some of the duties? Allow the staff you already have to do alternative tasks to save even more money.”

Branda Gilmore, CFO of CU Service Network and head of the Outsourced Accounting Service, commented, “We are excited to help a startup credit union. Clean Energy FCU doesn’t have the internal staff to complete these duties, and hiring an internal staff didn’t make sense for them at this point in their journey. Outsourcing to us will give them the ability to focus on growing the credit union.

While Mickelsen is a champion of outsourcing, she knows it is critical that you choose the right company. “CU Service Network is not just a start up, like Joe Schmo’s Accounting Service. They have a reputation. They already have experience with our accounting software; having a team of people ready to help me, not having to train – that is a huge time saver for me.”

For more information on CU Works Accounting, please visit accounting.cusn.com, or contact CU Service Network at hello@cusn.com / (720) 945-7235.

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eDOC Board, shareholders, and teammates congratulate Bret Weekes on his new position

Bret Weekes

eDOC Innovations, a software development company specializing in mobile enterprise digital transaction management (mDTM®) solutions, announced today that President and CEO Bret Weekes has accepted the position as President/CEO of CUProdigy, a technology-focused CUSO, in Layton, Utah.

eDOC’s Board of Directors, shareholders and teammates wish to congratulate Weekes on his new position and thank him for his many years of service and leadership at eDOC Innovations as he returns to his native Utah and his career in leadership at a core data processor.

“In the 20 years that Bret has served at eDOC, he has laid out a vision for the company that will guide eDOC for many years to come. He has built a strong foundation for future growth, including strengthening our team, evolving our products, and improving our operations. It is with a mix of sadness and gratitude that we say goodbye to him as our inspiring leader. He is leaving the company very sound and positioned for continued success. Everyone at eDOC wishes him the best of luck in his new endeavor as the President/CEO of CUProdigy,” stated Mark Fierro, COO/EVP at eDOC.

Board Chairman Randy Karnes added: “Everyone on the eDOC board of directors and ownership team wish Bret the best in his new role at CUProdigy. We look forward to his continued work as an ongoing investor and partner of eDOC: Together, we have confidence in our team and our game plan for eDOC’s future. In the upcoming weeks we will have some key announcements about what is next for eDOC, but today is about celebrating a peer taking on new challenges. I am sure he will do well.”

With more than 25 years of experience in the industry, Weekes led the overall strategic direction and corporate governance of the firm. He will continue to serve on eDOC Innovations’ Board of Directors and remains a stockholder of the CUSO. He is experienced in CUSO innovation and passionate about creating collaborative environments that deliver value to the credit union industry.

About eDOC Innovations, Inc.

eDOC Innovations is a leader in mobile enterprise digital transaction management solutions for credit unions. For more than 25 years eDOC Innovations has been designing solutions to reduce overhead, increase operational efficiency and provide convenience to members. eDOC Innovations’ products include solutions for remote mobile and in-branch closings, mobile eSignature processing, digital asset lifecycle management, intelligent and interactive form automation, mobile remote deposit capture, electronic statements and more. To learn about our technology visit: http://edoclogic.com/products/doclogic/  or give us a call at: 800.425.7766 Option 3.

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CO-OP FINANCIAL SERVICES DONATES $10,000 TO HURRICANE MICHAEL RELIEF

Donation Comes in Addition to $10,000 Given Last Month for Hurricane Florence Relief

CO-OP Financial Services is donating $10,000 to CUAid, organized to help credit unions and their members in the areas impacted by Hurricane Michael. The donation by CO-OP comes on the heels of $10,000 donated last month to address emergency relief in the wake of Hurricane Florence.

“Hurricane Michael is the most powerful storm on record to hit the Florida Panhandle, so we are again contributing to CUAid for the second month in a row to support the people of the southeast,” said Todd Clark, President/CEO for CO-OP. “As we always do in time of emergency, we have been contacting clients in the impacted areas to assess needs and determine where we can help. This is in addition making sure members know how to access accounts through the CO-OP Shared Branch and CO-OP ATM networks should they be displaced by the storm.”

CUAid is an online disaster relief system organized by the National Credit Union Foundation. Money raised is for credit union employees, volunteers and members affected by the powerful storm. 

To donate, CUAid can be found at www.cuaid.coop

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CU*Answers and eDOC Innovations announce $20,000 in prizes to Auto-Owners Associates CU and MUNA FCU as winners in “Race to be the 1st Place eCloser” contests

CU*Answers Imaging Solutions in partnership with eDOC Innovations announced Auto-Owners Associates Credit Union (Lansing, MI) and MUNA Federal Credit Union (Meridian, MS) as the winners in their “Race to be the 1st Place eCloser” contests. The contests ran for one year from October 2017 until September 2018 and measured the percentage of all the competing credit unions’ booked loans that were completed via eSign using eDOCSignature™ from eDOC Innovations. The purpose of the contest was to spur credit unions to create a culture of working electronically with remote members so the member can benefit from the convenience while the credit union earns from their innovation.

Auto-Owners Associates, competing in the online imaging vault solution contest, won $10,000 for first place finishing with 100% of all loans booked completed via eSignature. “Applying for a loan within It’s Me 247 Online Banking and eSignature loan closings has been a game saver for our credit union, as we serve members in 26 states,” said CEO Patty Fox. “Members are very satisfied and comfortable with this service. Extra bonus—positive loan growth in 2017 & 2018. A big thank you to CU*Answers and eDOC Innovations in making this happen for our credit union.”

Continue reading CU*Answers and eDOC Innovations announce $20,000 in prizes to Auto-Owners Associates CU and MUNA FCU as winners in “Race to be the 1st Place eCloser” contests