The Receivables Exchange of New Orleans, Louisiana USA won a Stevie Award for Management Team of the Year in the management awards categories of The 2011 American Business Awards. The ABAs are open to all organizations in the U.S.A. The 2012 edition opens for entries in October. The Receivables Exchange, founded in 2007 by Nicolas (Nic) Perkin and Justin Brownhill, allows businesses to sell their receivables to a global network of institutional investors and access working capital in as little as three days. With remittance terms now as much as 180 days, The Receivables Exchange is a welcome financial tool for small and mid-sized businesses, particularly in the current economic climate. Working in the Dark Although the concept for The Receivables Exchange seemed straightforward, there was no blueprint for making the Exchange work. The closest model, the New York Stock Exchange, had nearly 200 years to get everything right. Even building a team was difficult, since Justin Brownhill and Nic Perkin needed to find specific talent for a business model that didn’t exist. According to its two founders, building the company was like walking through a dark, windowless room: they had no reference points, and could not see the walls. There were moments when it seemed that the Exchange would not come to fruition, but Justin and Nic persevered. Nic’s idea for The Receivables Exchange was to provide growing companies with business financing. His experience in starting and growing companies led him to conceptualize new and faster means of getting working capital. Where Nic envisioned the idea of modernizing accounts receivable, Justin conceptualized the market model: standardization, transparency, centralization, and competition. Justin drew from his years of experience in exchange strategy and trading technology to structure a marketplace where accounts receivable could be funded and traded like other assets on an electronic platform. |
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