How is your business helping to solve the health, social, or economic challenges created by COVID19?
CreditStretcher helps solve the economic challenges created by the COVID-19.According to research by Sage, 11% of all invoices issued by SMEs are paid late. This is equal to 1 Trillion USD per year. Worse still, 7.5% of invoices are eventually written off as bad debt. The negative impact on company operations is profound.This has to stop!Because, unlike large companies, the average SME isn’t able to absorb the cost of late payments.By the way - those “average” SMEs account for more than 50% of employment in Europe!SMEs are struggling to pay their suppliers, invest in their business and even pay their staff. This creates a knock-on effect, where a chain of businesses are waiting to be paid. But because the culture of 30/60/90-day payments is standard across much of our planet, the SMEs aren’t any closer to getting paid.Both of these will, in turn, have a knock-on effect on the SMEs’ ability to grow. And this will only worsen during the COVID-19 crisis.
Does your business contribute most to recovery, response, or resilience?
Resilience - we're improving the broader infrastructure for responding to pandemic outbreaks.,Recovery - we're positioned to support in the recovery of those directly affected.,Response - we're responding directly to issues caused or exacerbated by the COVID-19 outbreak.
What is the stage of your product development?
I have a market ready product/service. I have sold to customers.
What strengths does your team bring? Include skills and personal experience with the problem.
Jacob Pedersen, Business Development Engineer from Aarhus University. 12-years experience with B2C/B2B sales. CEO of a born-global Corporate shared vehicle booking and tracking platform.Christian Thisted, Business Development Engineer. Experience in app/web development and branding. Chris Pedersen has + 25 years of experience in finance and banking from large, international banks such as Citi to exclusive boutique private banks in Switzerland.Strong focus on trading, capital raise and structuring as well as private equity.Lars Andersen, Commercial lawyer & system architect.Originally educated within IT from Aarhus Business School, which kicked off his career within fintech more than 30 years ago. Further education within commercial law, audit and innovation management from CBS. Since 2012, board member of the Danish Commercial Lawyers. Practical experience from construction and development of international projects; including financing of real estate project. His experience spans across Scandinavia, Germany and other European countries. He has been the legal advisor for an international stockbroker company. Lars has vast experience within creating turnarounds and has been appointed reconstructor by the Danish Court. He is also an international public speaker within cybersecurity and the use of new technologies such as blockchain.David Storm, Joseph Pack, Vang Nguyen and Markus Thomsen all possess relevant experience for their roles as well.
What countries do you operate in?
Denmark for now. We are planning to expand to near markets later this year - for example, Germany, Sweden, Norway, the Netherlands.
Is your company headquartered in a US "Opportunity Zone"?
No
