My Favourite Failure: Unpaid payments nearly destroyed my business despite UK legal system & rock solid contracts - Neil Ambikar
Dec 7, 2023
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Neil Ambikar, Founder of B2Bpay and Narvi Payments, shares his near-loss of business due to unpaid payments, leading him to question the UK legal system. The podcast highlights the challenges of relying on a financial institution partner, frustration with unpaid payments and legal battles, and the importance of trust in business relationships.
UK startups should prioritize both cyber and physical security to protect against state actors attempting to steal their assets.
Trust and intuition are crucial factors in forming partnerships, and it is better to cut losses and move on if a partner breaches a contract.
Deep dives
Increasing Risk of Asset Theft by State Actors
UK startups are increasingly at risk of state actors attempting to steal their assets. An example is given of a Scottish renewable manufacturer that had a delegation led by a Chinese official visit them, and later discovered that a Chinese firm produced a virtually identical product. To address this growing threat, the National Protective Security Authority and the National Cyber Security Center in the UK have launched a campaign called Secure Innovation, urging startups to prioritize both cyber and physical security.
Legal Battle and Loss of Revenue
Neil Ambukar, the founder of B2B Pay, faced a significant legal and financial challenge when a partner bank stopped paying the agreed commissions. Neil tried to resolve the issue amicably but was met with delays and unresponsiveness from the bank. After months of fruitless communication, Neil considered pursuing legal action, with potential costs reaching around £100,000. Eventually, he decided to cut his losses and move on, realizing that the legal route would not be worth the effort and expenses.
Importance of Trust and Selecting Partners Carefully
Neil learned a valuable lesson from his experience - trust is crucial when forming partnerships. Despite having legally binding contracts, he emphasizes that trust and intuition are equally important. If a partner breaches the contract, it is better to cut losses and move on to avoid wasting time and emotional energy. Neil advises entrepreneurs to prioritize trust and to not invest all their resources in one partner, ensuring they have alternative options available.
Neil Ambikar says you can't rely on the UK legal system. Neil is the Founder of B2Bpay and Narvi Payments - and B2Bpay is lucky to still be here. The company was taken to the brink by a sequence of events that led to Neil questioning the legal system in the UK. He says he did everything right but ended up losing. This is how the game is really played.
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To get a better handle on your security, check out https://npsa.gov.uk/innovation and download their free Quick Start Guide.