Wave's CEO, Kirk Simpson, appeared on Bloomberg TV last night, chatting with Anthony Lacavera about, well, a lot of things we care about here at Wave HQ.
In 5 minutes and 41 seconds Kirk covers a lot of ground, calling out the products and features that the Wave team has engineered expressly for small- and micro-business owners, freelancers and entrepreneurs; as well as some key stats that influence many of our decisions here at Wave.
Here's your cheat sheet — a quick recap on some of the things that define our mission at Wave:
95% of businesses in North America have 0-9 employees. In other words, an extraordinary majority of businesses are either independent entrepreneurs, or truly small businesses (not "small and medium enterprises," or SMEs). This is who we focus on, when we build each of our services and features, and it's a key differentiator between Wave and the alternatives. We're not making Wave for the company with 90 employees and an in-house bookkeeper. Everything we do, we do with a focus on entrepreneurs and small business owners, and that makes all the difference.
Speaking of alternatives: 50%-60% of small business owners don't use anything resembling finance software to manage their finances! If you're lucky, those entrepreneurs cobbled together a solution with Microsoft Word and Excel. In most cases, their "financial technology" is a shoebox full of receipts.
As we've proven at Wave, you don't have to have an MBA to use extraordinary accounting software; and you don't have to have six figures of revenue to afford it. By making accounting and invoicing software truly easy, and by making it 100% free, we aim to bring those millions of business owners "off the sidelines," and give them smart software that can actually change how they manage their finances.
Wave is rapidly approaching 1 billion transactions in our secure cloud. What that means to you is an increasing ability for Wave to use machine learning to understand what the characteristics of a healthy business are, and to make recommendations to you, with clear steps on how you can improve the business you run. (Things like, "Comparable businesses in your area spend 10% more on marketing, and earn 20% more revenue.") We look forward to sharing more about that in the future.
Small business lending is broken. It takes an average small business owner 33 hours just to get ready to walk into a bank to ask for a loan. (And then, most bank loan applications are declined.) There's got to be a better way, and we know what the solution looks like.
Since you've already put your key financial information into Wave, we can fast-track the application process and the approval times for loans and lines of credit. Entrepreneurs can get a "yes" on more of their capital and cash flow needs, in less time.
5 minutes and 41 seconds is pretty good for summing up 6 1/2 years of development and innovation. Wave now has 2.5 million customers signed up around the world, and we've never been more excited about the products, services and innovations we're working on to change how small business owners and entrepreneurs manage their finances.