Having identified several key pain points for SMEs when it came to buying insurance, Calum MacLeod (left) had come up with the idea for Teddy, an online platform that gave small business owners a way to get the insurance they need quicker, cheaper and without any unnecessary hassles.
Idealog: Alright, let’s hear it. What's Teddy?
Calum MacLeod, CEO: Teddy is an online platform for business owners where they can source, buy and manage all their business insurance, all online, all through an easy process. That’s pretty much it in a nutshell.
Why did you get involved in the accelerator?
I'd thought of the idea already and wanted to start it. I've always been on the newsletter for Creative HQ, so I've been plugged into the community for a while. This is the first time I've had something that made me want to leave the job and give it a good crack.
I wanted to pursue this idea. Just when I was considering leaving my job and the newsletter came out saying applications were open, and I thought 'Wow, okay. That's a pretty clear sign that the opportunity was there.’ So I signed up and we quickly got a team together.
Was quitting your job still a difficult decision?
Yeah, it wasn't easy. It's never easy leaving the comfort of an income, leaving that security and going to something that's unknown.
Who would benefit from going through a programme like the Kiwibank FinTech Accelerator?
Probably anyone who feels that they could benefit from a huge network and from expertise in areas they might be weak in. For someone who thinks they know it all it might not be for them, but I can't think of many people in that situation.