Today’s featured Indiana startup business is MyJibe.com – a personal finance planning tool that “enables you at any moment to know how much you can spend, when you can afford what you want and if you’re on track to reach your savings goals.” I first learned about MyJibe back in February when they presented / launched at the Verge event that month. I said it then and I’ll say it now – these are easy guys to root for and they have what appears to be a very unique and sensible approach to solving many of the basic, everyday money problems most people face. Read Mike’s interview below, then go sign up for the personal finance wizardry that is MyJibe.com.
How did you come up with concept for your business, and how/when did the business model for that concept become clear?
The need for a better personal finance product came from personal pain. I just wanted to know “what can I afford to spend?” and “am I on track toward savings goals?” and no product really gave me that. The business model to support it came from experience in banking and technology. There are 16,000 U.S. banks and credit unions, and, as consumers increasingly bank online, the competition is fierce and existing technology is behind the times. MyJibe offers modern technology and a way to create stronger, more profitable customer relationships.
What made you first believe that starting a business is right for you (i.e. as opposed to working for someone else)
It’s the same reason why I married my wife…I couldn’t not. It was a problem that needed solving and we were uniquely positioned to solve it.
What challenges have you encountered?
Dilution. There are an amazing number of large and small things that need to be done at the same time
What sacrifices have you made to start your business?
I quit the well-paying corporate job with great bennies to work 16 hour days and eat PB&J. I think my wife made the biggest sacrifice though.
In your opinion, what makes Indiana a great place to start your business?
The support system. Everyone genuinely wants to see others win and will go out of their ways to help make it happen. Momentum around the startup scene is building. It’s great to see organizations and investments like the Orr Fellowship bearing fruit and playing real contributing roles.
If you could give an entrepreneur looking to start a business one piece of advice…what would it be?
Be wary of the “build it and they will come” biz dev strategy. As soon as possible, shorten the distance between your solution and the person who will pay you for it, preferably before you build the product.
Stat Sheet: MyJibe
- Business Name: MyJibe
- Website: MyJibe.com
- Facebook Fan Page (if applicable):http://www.facebook.com/pages/MyJibe/105520616173325
- Twitter Account (if applicable):@MyJibe
- Your title at the business: Michael Langellier, CEO
- When was the business founded: 2010
- Business Description in 140 characters or less: MyJibe is a web-based budgeting & personal finance platform helping banks & CU’s create more loyal & profitable customer relationships.