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The Times Tech Podcast

Now's Lara Hodgson: "Don't follow your passion"

The Times Tech Podcast

Will Morley

Business, Unknown, Technology

4.9654 Ratings

🗓️ 3 February 2023

⏱️ 45 minutes

🧾️ Download transcript

Summary

The Sunday Times’ correspondent Danny Fortson brings on Lara Hodgson, founder of NOW, to talk about her previous companies (3:15), how a payment problem led to the launch of Now (8:55), meeting US political star Stacey Abrams (12:15), the Now account (15:15), the origins of the “net 30 “ payment model (22:00), the state of the economy (23:30), her meandering career (28:15), taking advantage of being a women in a male-dominated industry (33:15), focusing on impact rather than your passions (38:00), and why she looks out the window (40:40).

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Transcript

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0:00.0

Yo, technology.

0:02.9

What is it all about?

0:04.5

And I think that's actually a really important lesson.

0:06.8

Like finding the right business partner, like two great people with an average idea can do incredible things.

0:13.7

An amazing idea with average team has no chance of success.

0:36.6

Hello and welcome to Danny in the Valdeer Weekly podcast from behind the scenes and inside the minds of the top people in tech this week.

0:40.1

We're going to take a deep dive.

0:42.0

Inside the world of small business, trust me, you'll want to hear this one.

0:49.4

What we're doing is how one company is trying to keep lots and lots and lots and lots of businesses

0:54.8

from quote unquote growing out of business, not going out of business, growing out of business.

0:59.8

What am I talking about?

1:01.7

I'm talking about how small businesses typically don't get paid for their goods or services for

1:07.0

anywhere from 30 to 60, even 90 days.

1:10.0

And then when the economy slows down, it gets even worse.

1:13.4

Sometimes suppliers can take months and months and months before they pay for anything.

1:20.4

And for a lot of small businesses, this can mean a lot of pain or even just lead to total collapse.

1:26.1

And this week's guest is Laura Hodgson, and she's setting out to fix that.

1:31.9

She is the co-founder of a company called Now, a company that, as you might guess,

1:38.2

pays companies immediately.

1:39.8

And they take a small fee and they basically wait to get paid for the suppliers.

1:44.7

So they basically front you the money, take a small fee and then they get paid on the back end.

1:49.4

And Lara's got a really kind of amazing backstory because her business partner is Stacey Abrams,

...

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