What is Qardus?
Q: Can you introduce yourself and Qardus?
A: I’m Hassan, the founder of Qardus. We are the UK’s first ethical and Sharia-compliant SME financing platform. Our focus is on businesses seeking Sharia-compliant financing. We provide up to £200,000 in financing to these SMEs. After approving them to list on our platform, investors have the opportunity to fund them, ensuring all processes are ethical and Sharia-compliant.
Q: What inspired the idea for Qardus?
A: The concept for Qardus was born from my experiences working in the Middle East, where I encountered the specific financial sector catering to Islamic principles. In Islam, there are prohibitions against the payment and receipt of interest, which shapes our product. We designed it to navigate these restrictions, enabling business owners to grow their ventures in a manner that aligns with their ethical and religious beliefs.
Why Founders Factory?
Q: Why did you decide to join Founders Factory?
A: I conceived the idea of Qardus before joining Founders Factory, but I saw the accelerator as a means to de-risk and better understand how to build the business from scratch. Founders Factory was instrumental in various areas, from design aspects of our platform, brand building, and marketing strategies, to facilitating key connections with financial institutions and companies we aimed to engage with. Their support was pivotal in not only de-risking our idea but also in guiding us through the early stages of development to reaching post-revenue status.
Founders Factory Application Process
Q: Can you describe the application process for Founders Factory?
A: The process began with an online application, which was just the first step. What followed was a series of meetings with the Founders Factory team, including a sector leader, to delve into our business idea, growth strategy, and overall plan for building the business. I had multiple discussions with different team members, culminating in a pitch to a group of decision-makers at Founders Factory. It was after their approval that I was officially able to join the accelerator and commence the development of the business.
Q: What tips can you offer for succeeding in the application process?
A: The key is to thoroughly understand your market. Identify the gaps in the market and develop a solution that addresses these gaps effectively. Initially, it’s all about determining product-market fit. Founders must be deeply familiar with the market and the existing gaps. Flexibility is crucial—be prepared to iterate or shift your approach if necessary. Staying analytical and adaptable allows for pivoting or iterating to meet market needs effectively. Additionally, as a founder, you must be able to convincingly sell your idea. This skill is vital in making your vision compelling to others.
Q: Does Founders Factory have specific requirements regarding company maturity for acceptance?
A: Honestly, I’m not entirely sure about specific criteria they may have. In our case, Qardus wasn’t post-revenue when we applied. We had just finished with Entrepreneur First, which possibly influenced our acceptance into Founders Factory. The types of businesses in their accelerator program varied; some were more advanced, while others were at a stage similar to ours at the time. So, it seems that the stage of company development may vary among accepted businesses.
Inside the Founders Factory Program
Q: What was the program experience like at Founders Factory?
A: It’s a six-month program. Once we were accepted, the program began with an initial meeting involving the entire Founders Factory team. This set the stage for a series of individual meetings with various team members, each specializing in different areas. Additionally, we had weekly team meetings where everyone came together. These sessions were highly productive, allowing us to review progress and strategize the next steps. The process involved frequent interactions with specialists, ensuring a comprehensive approach to addressing our startup’s needs.
In our experience, we simultaneously focused on multiple aspects, but with different team members for each area. For instance, we worked on growth with the growth manager, product development with the product manager, and fundraising with the fundraising team. The focus wasn’t on dedicating each month to a specific area; rather, it was about addressing the most pressing needs across various domains simultaneously. The program’s comprehensive nature meant we were continually working on all critical elements concurrently, depending on our immediate requirements.
Q: Does Founders Factory offer any financial support to participants?
A: When I was part of the program, the financial support provided was not substantial. The true value derived from Founders Factory was less about monetary finance and more about the intangible benefits. Their team’s assistance in building the business was invaluable. The non-cash benefits, such as guidance, expertise, and mentorship, significantly outweighed any direct financial support.
Achieving Milestones and Overcoming Challenges
Q: What was a significant milestone you achieved during your time with Founders Factory?
A: A major milestone for us was becoming FCA-regulated and closing our first transaction while in the program. We obtained the necessary FCA permissions to operate in our specific financial sector and successfully completed our initial transaction.
Q: Were there any challenges you faced during the program?
A: The challenges I encountered were less about the program itself and more about the inherent difficulties of building a business. It involved daily decision-making and strategizing, which are typical challenges for any founder. The program itself was not the source of these challenges; rather, they were a natural part of the entrepreneurial journey.
Qardus’ Current Status and Future Plans
Q: What’s the current status of Qardus?
A: Currently, Qardus has successfully financed a significant number of deals through our platform. Our primary focus now is on further growth. We are expanding our team and striving to build more traction. The goal is to elevate our platform to the next level in terms of growth and to build upon our past successes. It’s about progressing to the next stage in our growth cycle, enhancing our platform’s impact, and strengthening our team.
Final Advice
Q: What advice would you give to founders considering applying to Founders Factory?
A: My key advice is to thoroughly understand your market and your business concept before applying to Founders Factory. It’s crucial to be able to effectively present your idea. You need to be fully convinced of your own vision before you can persuade others. Own your idea and truly believe in it. Ensure that you’re clear about the problem you’re addressing and confident that your solution is viable. The problem should always be the starting point, enabling you to craft a solution that effectively addresses the specific challenge you aim to solve.