For three years, Tyro has been a loyal applicant to the Telstra Business Awards. We always make it to the honourable list of the few finalists, but never to the one and only winner 🙁 One day we will!
But what is wrong with us? To be fair, there is a phalanx of awesome businesses competing with us every year. But then there is something more basic, where we fall short. I think that we do not fit any of the drawers.
On the elaborate Telstra Australian Business Awards online questionnaire, we truthfully tick the box for the banking institutions. But then when we are being benchmarked against the banks, we predictably fall short of the stunning, we think outrageous, profits that these giant institutions levy on the Australian small business community and consumer.
Were we to click that we are an internet company with its own cloud technology, offering BaaS (Banking as a Service) and building a recurring fee revenue, we would be benchmarked against hyper-growth pure-play online businesses and then we fall short, because we do not run up the stunning losses to fund astronomic growth rates. We only grow with 34 percent.
From this blog a big thank you to the Telstra team! We think it is great to feature entrepreneurial success stories. Australian prosperity in the digital century will greatly depend on the best and brightest trying new ideas and building great businesses.
And also what a great idea to feature Australia’s Small Business Stories. We are one of them. The Tyro story – the mission impossible of disrupting banking – in a short and crisp Telstra movie. Enjoy!