Fred Maude and Jack Carr – Addesu
Fred Maude and Jack Carr , co-founders of Addesu, a UK SME. Read on for more insights into this entrepreneur’s business savvy.
My passion for small business, and helping others grow them to what they believe they can be. I developed an interest in the UK fashion industry and realized that with my tech, banking, and corporate experience and background I have a unique skill set to fit to help start-ups become well-established SMEs, and so, Bendi was born.
I worked for a few years in the corporates, then I worked as a consultant in the tech industry. I started in banking, but I realize that this was not really what I wanted to do for the rest of my life. I wanted to apply my background in tech to do something impactful.
My co-founder, who has been working in the sustainability team in fashion houses, and I founded Bendi. We knew that the fashion industry was one of the largest polluters in the world. It is the one responsible for 10% of the overall carbon emission as well as for 20% of the industrial wastewater. Bendi provides a sort of AI-generated support across 18 different areas to help fashion brands to manage their sustainability data and map their environmental impact. These brands want to be able to reduce those impacts over time, but they don’t know how to sometimes since most of the brands in the UK are small and medium-size so they don’t have enough people to place in the sustainability teams.
I think starting a business in the UK is alike, it’s a great place to start a business. Especially in London, where we secured an innovation grant as soon as we started. The UK Government supports small businesses and offers awards and grants not usually available in other countries. There are several great schemes, growth programs, and support systems for networking. I think it’s a great place to be an entrepreneur. It’s a kind of a crazy ride, but if I could give myself one piece of advice it would be to start doing it earlier.
Since we are still building our products and there’s quite a lot of risk involved, I think venture capital is the most suitable asset class for us as well as a sort of equity financing. Once we will be in a steady revenue stream, then potentially other forms of finance will come into play, but we’re not at that point yet.
One of the things I noticed about the pandemic was how a lot of people really reassessed what’s important, gained an increased sense of community, and showed real acts of kindness. Both of my startups have benefited from that perspective shift. I didn’t benefit from any of the government grants for either startup.
We are fundraising now and speaking to lots of investors. Hopefully, once that closes, we’ll do a little bit of hiring, especially in the development areas- technology development as well as business development. We hope to onboard dozens of new clients next year and help them to start their sustainability process. We want to help them to convert their sales to increase our ROI and enter the next round of funding by the end of the year. I think this is the right path for Bendi.
If I could give entrepreneurs any piece of advice, it would be to start doing it earlier, don’t wait for a sunny day.
Fred Maude and Jack Carr , co-founders of Addesu, a UK SME. Read on for more insights into this entrepreneur’s business savvy.
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