The BizSpark startup of the day is Kabbage, based in the US. Below you will find an interview with Robert Frohwein, Founder & CEO of Kabbage. All the best to them and congratulations for being the startup of the day!
Tell us who you are and your role in the company:
Founder & CEO.
What did you do before creating your company?
Founder, MediaWheel, Founder & CEO, LAVA Group, Inc., SVP, ZapMedia, VP, Security First Network Bank, Attorney, Consultant, etc.
How do you feel being the most promising ‘Startup of the Day’ per Microsoft BizSpark?
Extremely excited. We feel extremely fortunate to be in the BizSpark program and be a Microsoft partner. We’re also very honored to be selected because the selection really validates Microsoft’s commitment to us and their belief in what we’re doing.
What is your company’s mission?
To end the financial crisis and provide working capital to the fastest growing segment of retail in the world – online retail.
How did you get the idea for your company?
Great ideas are combinations of existing concepts with some twists. I previously was involved in a company that utilized online marketplace data to identify counterfeit and fraudulent products being sold online and also did a lot of work for financial institutions. I simply asked myself is what would eBay do if they combined these two areas and applied it to their general business and, voila, the idea came to me.
Tell us about your funding history. Are you currently looking for funding? If so, how much?
We’ve raised $2mm through angels and we’re about to commence a new investment round. In our current round, we are seeking $5mm-$10mm.
How many employees do you have? How many developers?
7 employees, 3 of whom are developers.
Are you hiring? If yes, what are you hiring for and where?
We continue to seek additional developers and will really increase our development team after our next round of funding.
Which platform are you building on? Why?
We are building on VS 2010 ASP.Net MVC 2 because of its ease of use, the clean separations of concerns, and testability. The platform along with the new Entity framework has allowed us amazing productivity gains and much shorter development cycles.
Where do you see opportunities today in the Software/Internet area?
There are a world of opportunities. In our industry, there are lots of opportunities to provide fintech to various groups. Also, developers should look at all areas of business and technology and ask the question: how might social media applications impact these areas. This will surely help generate many great ideas.
What do you think about the BizSpark Program?
The program has been a lifesaver for us. We continue to be amazed at the varied resources available to us. Everything we do, from project management, to development, to hosting is Microsoft based and it is all thanks to BizSpark.
Do you have any advice for young Software entrepreneurs?
The first idea you pursue is unlikely the eureka opportunity, but it always sets in motion a path that will get you there.
Who’s your role model?
Bill Gates, of course.
What’s the ONE THING you would like readers to take away from this interview?
Don’t be afraid to address big problems facing our world. Technology can save us in so many ways.