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I would say that this is a good strategy, except that sales to banks is likely to be very high touch, and they are strongly infected with Not Invented Here synd
by ericd 17y ago
I would say that this is a good strategy, except that sales to banks is likely to be very high touch, and they are strongly infected with Not Invented Here syndrome. They have extreme security needs and large IT/programming departments, so I think it would be hard to find a niche that they would be willing to buy.
I strongly agree with the building up capital thing, though. If you can save up 50k, and you can handle everything yourself, your runway becomes extremely long. Just have to be careful not to get addicted to the salary.
- jrockway 17y agoSpeaking from anecdotal experience, this is not true. As an example, I heard some employees from the company I worked at left to start a company to make messaging software. They ended up with a half-broken IRC client with a terrible UI and no features. They then sold it to the bank for millions of dollars. If it's expensive, banks like it. Quality is a plus, but not required.
- megablast 17y agoAnd surely having worked at a bank is a huge advantage. Especially if you go in there with the intention of finding some area to help them out with, and network like hell.
- ericd 17y agoIt was my impression when I was interning at Citi (quant/strategy/trading) that they weren't very experimental buyers, and frequently liked to reinvent the wheel. They certainly didn't redo EVERYTHING. Besides that, there aren't that many big banks to sell to. I'd say it's trickier than average to get a market fit. But maybe you're right that they'll buy any old crap.