Springfield Startup MOFINLabs Changing the Fintech Industry
Eric Ham, fintech specialist in project management and Josh Willis, software developer, both of separate companies, met while working together on a project within the financial industry. During the project, both realized their individual strengths could combine to solve a problem within the financial industry.
“There’s a gap between financial vendors and independent innovation,” explains Eric Ham, CEO and co-founder of MOFIN Labs. “What’s needed is a service that would allow for collaboration in a supportive atmosphere. I had the fintech knowledge; Josh had the development know-how.”
Their immediate problem was addressing the cautious nature of the financial industry. “The industry is conservative, highly regulated and difficult to break into,” says Eric. Josh Willis, MOFIN Labs co-founder and chief technology officer comments on their secondary challenge, “We both have family, responsibilities, bills and needed revenue for MOFIN. We kept the day job to pay the bills and build a startup company.”
Yet the opportunity was ideal for both: Eric had been developing the idea for 5 years and Josh was ready for something new. With assistance and support from the eFactory and the Plaster Center for Free Enterprise Development, MOFIN Labs launched July 2016.
While their first pitch was rough, they received feedback that helped them clarify their purpose. The next eye-opening experience occurred when they realized how much they were taking on. “The entrepreneurial life is exhausting, but it’s highly satisfying when people understood our idea and encouraged us to continue,” says Josh. A current project in development is an education solution that will unite the financial industry with the financial education of our youth.
The MOFIN team has learned that no one will be as critical or hold you back as much as yourself. “If you want to launch a dream, reach out to experts in different industries. Bounce ideas, ask for help, get exposure and feedback. Don’t let barriers knock you off track.”
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Post provided by Kris Edens, a copywriting and blogging resource for small business. She resides in Festus, Missouri and enjoys networking, writing and the entrepreneurial community.