OnLadder

We Tried, It Didn’t Work Out…but that’s OK: Closing OnLadder Samuel and I have made the difficult decision to close OnLadder. In the beginning, we were (still are) first time buyers. The idea of solving a problem we experienced and help others from our generation drove us. Years of hard work got us to a point in the first half of 2023 where we had our initial partners in place, but with inflation climbing, and the base rate soaring, we stalled. With capital drying up, raising the necessary equity to meet regulator requirements became prohibitive. We were stuck. We tried pivoting, but we were always brought back to the same place. Closure, though heart-wrenching, was the only option. Throughout this journey there were many learnings, but my biggest are: Interest Rate Exposure: For a young company, debt exposure in a volatile environment can deter investors, showing the need for a model that is resilient to such fluctuations. Letting Go: I am a driven person and relish pushing boundaries to problem solve to make an impact. I also want to make good on the faith our investors placed in us, but this same trait led me to holding on too long. I needed several people to convince me that this was the right decision, and my mental health took a hit. At a certain point, it is no longer selfish to do what is right for you. There are many who helped us along the way, but a few I’d recognise: Sam for being the best co-founder I could ask for. Paul Rippon for being a steadfast investor and ally. I'm so grateful for your ongoing support. Richard Tugwell for the countless hours spent advising us. Jackie Bennett OBE for your insane expertise and willingness to connect us with your network. Mark Prisk FRICS for being our first advisor and a fountain knowledge on housing and business. My family and partner for supporting and believing in me. I'm privileged to have worked with and learned from so many supremely talented people. Thoughts on closing: I was nervous about closing OnLadder. It's not what anyone wants, but it's also not the end of the world. I was also nervous to share this as so few people do. To other founders closing quietly: don't. The culture in the UK doesn’t encourage this. 99% of startups fail, and you still went ahead and tried. Celebrate that, and then take your learnings to your next role. Startup founders are resilient, go getters and optimists, we should take pride in that. What’s Next: While it's the end of OnLadder, it is the beginning of something else. I intend to take the learnings and apply them to what I build next. In the short term, I'm open to part-time contracting or advisory roles. I’m looking to expand my fractional CFO services, but I have a broad skillset that can assist in many parts of a business. In the long term, I am undeterred in my resolve to make an impact in the first-time buyer space. Reach out to me if you want to learn about what I’m working on 😉. #startups #entrepreneurship

As Cameron has posted- we've made the decision to close OnLadder. It's taken me longer than I'd care to admit to get my thoughts together on this. It's a loss, not just for Cameron and I, but for everyone we've worked closely with, we hoped to help get "on the ladder", or who's had a real stake in helping us try to turn this dream into reality. It's also a step forward. I can't even come close to enumerating what I've learned. A few key lessons spring to mind: • You need to take risks to really innovate. Our product was against the grain of what was happening in the market. That made it difficult to find partners, but the partnerships we formed were iron-clad: they saw the value in what we were doing and were totally invested. • Sometimes, you have make a decision with what you've got. Ambiguity rules. You'll never have perfect information, and you'll always want more. The reality is, if you wait until you know, you'll never start: you've got to take on that risk. • Finally, and probably the most important: you need to talk to your customers. Early and often. Research is great, but if you really want to understand your customers, their perspectives, and what's driving them, you have to talk to them: face-to-face. Frankly, the same goes for key stakeholders. Startups are hard. Regardless of the space or focus, it's going to be hard. Most will fail. Above all, I'm glad we tried: it's been, without a doubt, the most gratifying and professionally enriching thing I've done. What's next? It's time to take what I've learned, and start working on something else. I'll be exploring open roles in product management and working on a few side projects in the interim. I'll even get to start cooking quite a bit now that I have the time! Finally, some thanks are in order: we couldn't have done this without Paul, Jackie, Richard, James, David, Paul, Mark, Khalid, Victoria and everyone else at the Imperial Enterprise Lab, along with dozens more. As for Cameron: It's been a good run, and I'm glad we got to work together on something so important. Your drive pushed us forward even in the bleakest conditions- I'm quite certain you'll make one hell of a difference in this space, where it's so desperately needed. Thanks again to everyone who's been a part of this journey!

🏡 The landscape is increasingly challenging landscape for first-time homebuyers. Across the globe (not just the UK!) the average age of first-time buyers is creeping up, and many are questioning what they are saving for. The struggle is real. Skyrocketing rents and rapidly rising mortgage costs have created a perfect storm of uncertainty, making it increasingly difficult for these individuals to lay down roots and plan for the future. And we're not just talking about people in their mid to late 20s; many are in their early to mid-30s. This isn't just a financial issue; it's a psychological one too. Life doesn't pause waiting for housing to become affordable. As a result, many are facing serious financial strains and psychological stress, impacting their ability to make and plan for key life decisions. The solution? It's two-fold. First, we need innovative products that can bridge the gap for first-time buyers, making home ownership more attainable. Second, governments must create conducive environments for building more houses. This combination of financial innovation and policy support is crucial to provide short and long term relief for first time buyers. Without these changes, we're just going to see more articles like the one in the comments section. #innovation #housing #fintech #startups #mortgage OnLadder