All great points, and to the meta discussion here of whether ideas are sufficient, I think you just demonstrated that ideas need experience and experimentation more than they need funding :)
That said, I think the fact that some folks misuse factoring in some industries doesn't mean it cannot be correctly used by many folks in other industries, even alongside other capital sources. Lowering the expense could be one way to innovate. Reducing the chagrin factor could be another.
FWIW, I have been at several >$15MM tech companies and in most cases worked directly with the CFO and team, and I don't recall having a FTE doing collections in any of them; sure it was a problem on occasion. The bigger problem was the routine elongation of the receivables cycle. We got paid in full 99.99% of the time - but slowly. We didn't need collections, we just wanted cash faster. Even at >$15MM...in fact more so!
Reminding them wasn't the problem in my experiences - though I'm sure there are many who have this problem - they deliberately engineered delay into their system. They were rewarded to delay. I have been on the other side of that table, doing the exact same thing admittedly, so I know.
Would love to chat 1:1 too, just keeping the ideation here on the thread in the spirit of the OP's goal.
That said, I think the fact that some folks misuse factoring in some industries doesn't mean it cannot be correctly used by many folks in other industries, even alongside other capital sources. Lowering the expense could be one way to innovate. Reducing the chagrin factor could be another.
FWIW, I have been at several >$15MM tech companies and in most cases worked directly with the CFO and team, and I don't recall having a FTE doing collections in any of them; sure it was a problem on occasion. The bigger problem was the routine elongation of the receivables cycle. We got paid in full 99.99% of the time - but slowly. We didn't need collections, we just wanted cash faster. Even at >$15MM...in fact more so!
Reminding them wasn't the problem in my experiences - though I'm sure there are many who have this problem - they deliberately engineered delay into their system. They were rewarded to delay. I have been on the other side of that table, doing the exact same thing admittedly, so I know.
Would love to chat 1:1 too, just keeping the ideation here on the thread in the spirit of the OP's goal.