Banking On It by Anne Boden

Welcome to the 3rd Edition of Founders' Chronicles! A review of books about the founding stages of companies, and the lessons we can learn from them!

When "Banking On It" was recommended to me I wasn't sure I'd be that interested. A successful bank executive starts a bank? What's to learn or be interested in? How wrong I was.

Banking On It is one of the only books I've read that really gets into the nitty gritty of what it's like to fall out with a co-founder. I'd love to hear the other side of the story but unless someone knows otherwise I don't believe Tom Blomfield has given his side of the Starling Bank fallout and the role Passion Capital played?

The book itself has a few gaps for me. Boden glosses over how easy it was to get two major accounting firms and a legal firm to work on a contingent basis (not open to many entrepreneurs), or how she funded the bank following the fallout.

On one had she had a major disadvantage as she wasn't the stereotypical FinTech entrepreneur and that's not lost on me and it's clear she was treated differently, but it's important to note that her previous career gave her a major advantages which isn't really acknowledged.

I'm probably a bit harsh, the above points aren't that interesting, and all entrepreneurs should stretch whatever resources are available to them.

Overall the book has a real honesty to it and vulnerability that you don't often get from entrepreneurs.

These are my three lessons:

1. Simplicity: I love the way she thinks about business. Keep it simple and understand what makes you different. The way Boden works out in her own mind that the current account has become unloved but can work is pure entrepreneurial thinking. I've seen so many entrepreneurs try to be clever and it always comes back to bite them.
2. It's not over until you quit: There's not much you can say without giving the story away. But fair to say that there is one very pivotal moment in this story where everything would have worked out differently. The lesson though is that resilience is so important for an entrepreneur. I'm not sure I'd have Boden's levels of it!
3. Own what's important: Boden is very keen to own the technology and also ensure the bank has all the functionality that sets it apart. Whenever businesses outsource what's important (in fund management it's distribution) it can back fire quickly. I'd encourage any entrepreneur to make sure they own what's important and outsource everything that's not.

Overall conclusion. A good book, with an absolutely gripping co-founder story. If the start doesn't quite get your imagination going then please stick with it because it gets good... very good.

Finally, just a shout out to the other book I read this month, Trading Game by Gary Stevenson, another great story about someone that doesn't fit the stereotype of the position they find themselves in! From East London estate to Citibanks most profitable trader. And an insight into how the Rich are getting Richer!