Fintechs Need Guts More Than Lawyers!

fng-fiIn Part 1 titled “Fintechs Need Marketers And Lobbyists – Not Lawyers”, we saw why marketers and lobbyists play a vital role in a fintech startup’s success and how successful startups in heavily regulated industries don’t seem to have consulted lawyers while conceptualizing their offerings.

In this second part, we’ll examine the merits of the following middleground approach advocated by some other pundits:

Avoid lawyers until the Minimum Viable Product (MVP) is ready, then go to lawyers and listen to what they say, understand the regulatory risks and work out a mitigation strategy, then only commit resources to building out the MVP into a fully fledged product.

I wish I could agree with this advice and meet these pundits midway but no successful startup in any heavily regulated industry I know of has taken this approach. Not sure why but I can guess at least three reasons for this:

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