Cuvva is a vehicle insurance company that offers flexible driving insurance – down to the hour. SME spoke to founder Freddy Macnamara about what it takes to make an SME a success…
• What have been your biggest challenges? How did you overcome them?
We have had a number of challenge’s to get to this stage. Some of them are the standard things that all start-ups face around funding and cash flow while others are unique to us. For example we are FCA regulated; the process of being approved by the FCA took quite a while.
• What have been your greatest successes?
The proudest moment to date has been getting a working version of the product through the app store and seeing people buying policies through it.
• What are your top tips for SMEs?
Keep going would be a big one. There are going to be moments where you have taken a few knocks and you start to doubt yourself. It’s really important that you are able to dust yourself down and move forward. In the run up to actually getting a product out there we had moments when it felt like it may just be easier to pack up and go home but the reward of actually having our product out there totally makes up for all the trials and tribulations on the way.
Another would be to retain the ability to be agile. One of the strengths start-ups have is that they are able to implement change or swiftly adopt new tool and techniques at a rate that is simple not possible for the more established players. While we may not be able to compete on pure ad spend our agility is what is allowing us to compete on a slightly more level playing field.