Name: Larry Baker and Charlie Tribbett
Profession: Co-founders of Bolstr.com, a small business marketplace lending platform
Age: Larry Baker, 30 / Charlie Tribbett, 31
One word that describes you: Driven
According to a report from Accenture, global venture capital investment in financial technology has increased 223% over the past five years, starting at $930 million in 2008, and climbing to nearly $3 billion in 2014. Larry Baker and Charlie Tribbett, co-founders of Bolstr, are poised to capture their share of the financial-tech market. Founded in 2011, Bolstr has reinvented the fundraising process for small businesses by creating a marketplace where small business can access capital more efficiently. Once a business gets through Bolstr’s stringent credit underwriting process, accredited investors have the opportunity to invest in these small companies and earn healthy returns based on monthly revenue based payouts. Bolster provides the opportunity for small businesses to secure the capital they need in order to prosper, while providing investors a unique opportunity for attractive return.
“Our inspiration for starting Bolstr.com came from frustration with the status quo,” the Bolstr team tells BE Modern Man. “With increased regulation, and outdated origination processes, banks are simply unable to lend to small businesses. This has created an enormous access to the capital gap that is starving America’s small businesses. We wanted to create a financing option for small businesses that allowed them to access capital in an efficient, and flexible way.” By dedicating the same amount of time that they devoted to their careers in finance, the team knew that there was no way they couldn’t be successful.
Read more about Baker and Tribbett’s take on entrepreneurship…
“Entrepreneurship is a path trodden with peaks and valleys. One minute you’re on top of the world and the next, you’re wondering if you’ll make it. Raising capital is by far the hardest thing we’ve had to do, and it takes place in one of the
least diverse worlds you’ll find. Convincing someone you’re worth investing in, especially when they don’t look like you, is a huge challenge. Our mentality is that we are going to outwork, and be twice as good as our peers in order to succeed.”Attacking the business with fierce tenacity and confidence allows the Bolstr team to break through in the fin-tech industry. “We know that we are smart, capable, and will out-work our competition. We also have a genuine friendship that is the cornerstone of our partnership. This allows us to leverage our collective strengths, and support each other through any challenge that we face.”
With no fear of failure, the duo used their collective experience in finance to build a business that has a direct impact on entrepreneurs who need funding to grow their business. Words of advice from Baker and Tribbett are direct and to the point: “Don’t be afraid to step outside of your comfort zone
and take risks. Perceived risk often inhibits people from following their passions. Use fear as a motivator; not as an excuse. Start by defining the worst-case scenario, this will allow you to quantify the risk associated with any action. Often times, the downside isn’t as bad as you think.”Baker and Tribbett advise that young BE Modern Man hopefuls approach their career as an entrepreneurial endeavor. “Often times, people look at their careers as a paycheck machine, but in order to achieve success you really have to change your mindset and strive to perfect every aspect of your career.” By carrying key traits, such as influence, resiliency, and courage, the pair believes that these aforementioned characteristics, along with hard-work, lead to success.
“Ben Horowitz famously said: “I do fundamentally believe that, really, global culture is influenced by black culture in the U.S.” In order to break through barriers, you have to be willing to be the first one through the wall. Black men have a long history of overcoming overwhelming adverse conditions.”
Strength in the face of courage is what defines the past, present, and future legacies of black men throughout the world. “Being a BE Modern Man is a huge honor, and comes with a huge responsibility,” says the duo. “We wouldn’t be here without those that came before us, and so it is our responsibility to make sure that there are others that have the opportunity to come after us. Being a BE Modern Man means leading by example.
The BlackEnterprise.com team salutes these two fin-tech businessmen, Charlie Tribbett and Larry Baker, who did not wait until the time was “right,” but used their experience and knowledge gained during their previous roles, to build for their current one. The co-founders of Bolstr.com are bolstering business opportunities for themselves and others.
It’s our normal to be extraordinary. Follow and join the BE Modern Man conversation at #BEModernMan and @blackenterprise