Elevator Pitch is a regular feature on Lifehacker where we profile startups and new companies and pick their brains for entrepreneurial advice. This week, we’re talking with Chris Strode from Invoice2go.
In 128 words or less, explain your business idea.
Invoice2go is an app that lets small businesses create an invoice on the spot in less than three minutes, helping solve cash flow problems because it means business owners get paid faster. The major accounting software solutions are over-engineered, while Invoice2go is focused specifically on an area that small businesses care about the most, and that’s getting paid.
It is the number one invoicing app in the App Store, used by over 100,000 small business owners worldwide. Our customers tell us that Invoice2go helps them, on average, get paid seven days faster and saves them three hours a week in admin time.
What strategies are you using to grow and finance your idea?
We recently raised $US35 million from Accel Partners and Ribbit Capital to assist the business scale and grow globally. Before our recent funding, we were already a profitable business, so with the investment we will drive our international expansion and improve on product localisation in our key markets. We are also building up a strong team to support our global growth.
What’s the biggest challenge facing your business?
For us, the market opportunity is huge. There are 100,000 million small businesses worldwide, but to reach them we need to scale our marketing efforts while continuing to develop the product to ensure we are the best on the market.
How do your differentiate your business from your competitors?
Invoice2go is the number one business app in the App Store because it’s cost-effective, simple to use and delivers real benefits to small business owners by improving cash flow and saving time. Other accounting software packages are over-engineered because they are designed as a full service general ledger, with a host of complex financial features. Invoice2go focuses specifically on getting paid – so issuing invoices and tracking who owes you money. And we do this better than anybody else.
What one phone, tablet or PC application could you not live without?
What’s the best piece of business advice you’ve ever received?
Good ideas are worth nothing without great execution!
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