5 Lessons from Katherine McConnell CEO & Founder of Aussie startup Brighte
Katherine McConnell is CEO and Founder of Aussie startup Brighte, the highly successful, rapidly scaling lending business that provides on-the-spot finance for solar, batteries and home improvements. Brighte recently celebrated their 2-year anniversary of when they wrote their first loan, reaching an incredible milestone of $100M of approved loans with over 12,000 customers.
Brighte was born in 2015 with a powerful mission to provide households with affordable payment solutions. Today, the platform allows people interested in solar, batteries and other home improvements to get their project started sooner through affordable payment plans and a digital application that streamlines the process.
In this way, people can access an unmatched network of Brighte’s accredited vendors through their marketplace, receive quotes and start their payment plan once the job is complete by removing the burden of upfront costs associated with large purchases like solar.
Sitting in one of the meeting rooms at Brighte’s leafy-green headquarters in Sydney, entrepreneur and all-round boss lady, Katherine, shares five important things she’s learned throughout her startup journey, since graduating from Stone & Chalk.
1. Find Your Why
For Katherine, Brighte was created after relating to and understanding the uncertainty and fear everyday Australian families feel when getting their energy bill.
“I’m passionate about helping people and I think that what we’re (Brighte) doing is really impacting peoples’ lives. We are helping Aussie families to find a solution to something that’s been a huge burden for them over the last few years.”
She says that whilst speaking with thousands of people, she’s gained insight into how Australians simply want to be able to help their families.
“We’re delivering these people savings, and so we’re hearing about all different kinds of positive things that they are doing with those savings such as Tae Kwon Do lessons for their children. These savings come from connecting homeowners and vendors with affordable payment solutions for solar, batteries and home improvements.”
2. It’s a numbers game
Pre-Brighte, Katherine spent 14 years at Macquarie Bank in finance and energy leasing. She describes those years as fantastic in being able to understand what makes a business successful and how a commercial focus can drive results.
Katherine says that working at the global bank taught her, “How to assess if the business is making money or if it’s going to make money. You don’t start a business unless you can see it’s going to make money, and with Brighte I knew that it was a viable business right from the start.”
3. It’s about your team
When asked about Brighte’s success Katherine is quick to credit her amazing team.
“A dream without a team is just a dream. Without my team, it would’ve just been me in my trackies at home,” explaining that she wouldn’t have achieved the success she has today without the dedicated, intelligent people around her.
“People took a risk on me and my dream, and it worked,” she reflects.
**4. Work-Life Balance is non-negotiable **
Mother of two young kids, Katherine explains that work-life balance and staying motivated is bucket capital in the business. So, what’s the secret to maintaining high performance at work as well as having a life outside of work? Inspirational female Fintech founder of the year, Katherine, says it’s comes down to prioritisation.
She concludes, “There’s always so much to do to get to the finished product, but that might not be a finished product in 5 or 10 years. And you’ve got to start setting it up. It comes down to prioritisation of time and having an off-switch, because I do have a family and need to be sane.”
“It’s being able to say to yourself, that is enough today, go home.”
5. If you have a great idea, work hard to see your idea come to life
In Katherine’s case, she focused on Australia’s renewable energy sector, seeing a gap in the market for a lending business that puts homeowners first.
Brighte’s focus on helping Australians access affordable home energy improvements was backed up by tonnes of research, such as understanding that Australia has the highest average solar radiation per square metre of any continent in the world, with more than 2 million Australian households currently using solar on their rooftop.
Now helping provide payment plans for small business, Katherine explains, “It’s a really big and booming part of Australia, because businesses largely are consuming energy during daylight hours. We’re helping hotels, pubs, manufacturing, there’s even a fish and chip shop.”
Find out more by deep diving into what it took for Katherine to set up such a successful business at Stone & Chalk’s upcoming event ‘Alumni Chapters’ on Wednesday 30 January 2019 in Sydney featuring Katherine McConnell in conversation with Alex Scandurra, CEO of Stone & Chalk.
*17 January 2019 *
