MEET THE CEO: The story of a financial comparison company that's beyond compare

He admitted to having an 'awful lot' of stage fright and being 'uninspiring' once upon a time. He even kind of blushed when he was told that he resembled a younger version of actor Ashton Kutcher.

But with the way Jon Richards spoke from start to finish, you won't even have a clue he was all that.

"My journey before compareit4me was very average and very uninspiring, to be honest," the CEO of compareit4me.com rattled off during his visit to Khaleej Times.

"But I think it's worth saying that because I find myself in an amazing position - I get to live my dream everyday."

Raised by a single mother and having received "ordinary education", Richards downplays these facts as the factors behind his success.

Rather, two key things drove his journey to the top.

"It was purely down to hard work - and a little bit of luck."

With those basic principles, he stressed: "Anyone can be the next big thing in the startup world", as long as you put your 101 per cent dedication to it.

 

Leap of faith

Compareit4me.com, as its name suggests, gives vital comparisons for anything related to finance - loans, insurance, credit cards, etc. You'll even get tips on how to save money, plus news and updates regarding the industry.

Before founding compareit4me.com, Richards came from the UK to join another startup, propertyfinder.ae, in March 2011.

It didn't take long, however, for him to realise that he wanted to be his own boss.

So, for that reason, he scoured the market and decided that it was about time he took that leap of faith - and that leap happened mere months later in August when he founded compareit4me.com.

Back in 2011, Richards described online websites for banking and finance weren't that exactly appealing; though they've picked up their game as time went on, there wasn't really much information on certain products on offer.

Moreover, there wasn't a service giving side-by-side comparisons, which could definitely save time and effort for potential customers.

It was then that his wife, who was in the United Kingdom then and was working for one of the biggest comparison portals, inspired him to do something about what he was seeing.

"Comparison didn't exist when we launched and we created something that was really necessary," he points out, while recalling the tedious task of either going from bank to bank or calling them one by one just to find a product that would suit one's needs.

 

Those tough first years

"We really felt that we did something that was really valuable," he says, "and we're able to help people save time and money, which is really important in today's economy.

Like with any fledgling company, however, Richards was as busy as you can imagine during the first years: try getting up at 6am to get on your laptop while splitting its screen - one-half for a spreadsheet for work and one-half for cartoons because your young daughter's sitting on your lap.

It was so stressful he says that if "anyone gave me a hug at that time, I would've broken down and cry".

Giving up, he says, crossed his mind. Consider this: running a company without revenue and the uncertainty that you could accomplish anything, was it really worth to keep pushing forward?

"It was that difficult," he quips.

And just how close was Richards to breaking down?

"I would rather sell rubber ducks on the street for myself versus working for someone else," Richards says.

Good thing he didn't give up.

Help came in the form of an angel - an angel investor, that is; that was in 2014, when Richards and his company received a much-needed $500,000 (Dh1.84 million) investment.

Since then, compareit4me.com has raised over $6 million (Dh22 million) from some of the region's leading venture capitalists, forming the backbone of a company that has 65 people manning the digital fort and serves nine countries, including the GCC countries, Egypt, Jordan and Lebanon.

Richards says that the firm is also in the process of closing $10 million more in funding.

 

The next phase

Now that compareit4me.com has established itself as the market leader, the next step is obvious: aggressive expansion.

He revealed that the company is in talks with regulators in Saudi Arabia, and is optimistic that they will be able to launch insurance comparisons within the next few months.

"It's exciting and scary," he says. "All that stress comes with excitement and fun; we have an amazing culture in the company and I have the best team."

And he isn't overdoing it when he mentioned 'fun', 'amazing' and 'best'; check out their website and see some photos of Richards and his team either trying to best each other in table tennis or showing off their moves on skateboards.

"That approach means that we can attract great talent and retain them," he adds. "That kind of brings us where we are today."

- alvin@khaleejtimes.com

 

Want to work for him? Here's what you need to know

When it comes to hiring new employees, Jon Richards has a simple rule.

"I look for whether I can work with that particular person; whether they have energy and they show heart; and whether we can trust them. I then let the senior management team test them on their technical skills. Beyond that, we are looking for experience, and we are looking for people who understand digital in today's market."

"I like people who are entrepreneurs themselves, and who are looking to start their own businesses," he added. "This might scare some managers, because of the fact that you might lose such people when they feel that they are ready to go off and start with their own business; but, I like having those people around simply because they are driven. Also, you get an opportunity to have stock options, which means that you are part of the founders anyway. I'm also look for people that are prepared to work hard. The one thing that I want to know about potential candidates is what are they doing today; what have they done over the past 12 months; and how much they know about our company."

Speaking on the importance of ensuring a seamless and memorable online user experience, Richards revealed that his team is constantly working on improving a user's experience.

"If you were to visit our website everyday, I guarantee that you will notice a small change every single day. This goes to show just how much we value innovation. At the same time, we try to keep things as simple as possible on our website. We believe that you should be able to find and select which products are the best for you in a minute. Our aim is to inform you about the various options in the market in a timely and simple manner, and we have invested a lot towards achieving that goal."

Richards also describes the startup environment in the UAE today as "amazing". Entrepreneurs have a lot more options today when it comes to licensing, and the market itself is much more active.

"It is much more easier to launch a startup today compared to when we first started," he noted. "There are a lot of incubators today as well, so it is definitely a good time to be a startup. In addition, you have a lot of freelancers that are active in the community, and you have a growing local talent pool. When it comes to financing, there is also a lot of support from peer-to-peer financing platforms, which have bridged the gap that was present with SMEs looking to get financing for expanding their operations."

His advice for young entrepreneurs is simple.

"Don't confuse passion with stupidity," he stresses. "If something doesn't seem to be working, be honest with yourself and move on to something else."

Source: Khaleej Times