How does a German automotive IT engineer end up at a goldmine in the Pilbara before starting up a fintech app here in Oz? This is the strange but true story of Christian Eckelman the co-founder of Upstreet a rewards program that gives you shares not points.
What drives success in a business?
Business is fundamentally a community of people and the leaders of these communities are responsible for establishing a culture of success. Christian, views business as being very much a top-led enterprise. It's leaders need to have the vision of where a business is and where it can go.
Importance of reinvention
A great business and a great product must be able to both change and stay the same. Building an international recognised brand with a loyal customer base is the objective of almost every business.
Companies need to be innovative to avoid stagnation.
Australia's unique fintech sector
Australia has far fewer banks than Europe and America where hundreds of independent banks operate in a highly competitive environment. This has allowed the ‘Big Four’ to earn large profits while maintaining largely legacy systems.
The real innovation is happening with fintechs will take the risk and develop and improve financial services. Consumers are already benefiting from the work that is being done in this sector.
Christian is the co-founder of Upstreet which allows you to buy shares as you shop. You are rewarded with ownership in the companies which you support. Unlike traditional reward programs, company shares have the possibility of growth and the payment of dividends which can be reinvested or used to purchase more of your favourite brands!
This post was incredibly well-researched and written by Hayden Toohey. Hayden's a student at UTS and an intern at the Australian Shareholders' Association. I predict that he will be running the Reserve Bank within a couple of years. Here's a link to his LinkedIn profile if you'd like to get him before the Reserve Bank does.
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Shares for Beginners is for information and educational purposes only. It isn’t financial advice, and you shouldn’t buy or sell any investments based on what you’ve heard here. Any opinion or commentary is the view of the speaker only not Shares for Beginners. This podcast doesn’t replace professional advice regarding your personal financial needs, circumstances or current situation.
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