APP: 037 TaxBestimates – Startup World of FinTech
My guest this episode is Sammy Soto from TaxBestimates. We discussed the FinTech startup world. That stands for “financial technology,” in case you’re wondering. TaxBestimates is built to work for the individual taxpayer the way that other tax software really only works for business customers. It’s all about increasing transparency in the tax filing process, empowering the user to make better, more informed financial decisions.
Sammy has a background in accounting, but he always knew he wanted to get into startups. It’s a killer combination; he’s a “full-stack accountant,” and his combined experience as an accountant, software developer and entrepreneur has something to teach everybody.
In this episode…
- What TaxBestimates does for the individual customer that other accounting software only did for enterprise customers
- What is the business thinking behind open-sourcing a software idea?
- The pain points in filing taxes which good software can help relieve
- The “low-hanging fruit”: Basic adjustments taxpayers can make to increase their take-home pay
- Why you only need to know enough to be “dangerous;” you don’t have to be an expert in everything
- Learning the vocabulary of Fintech (What the heck is a “unicorn”???)
- How Sammy’s company raised its funding and launched its product
- The emotional rollercoaster of startup life
- How to relate to your users as a software company
- How to get and incorporate feedback as an early-stage software company and maintain relationships with users/customers
- How to use Facebook for engagement
- What is the product lifecycle in Fintech?
- How a product like TaxBestimates might expand its product line to address more pain points