Code Story: Insights from Startup Tech Leaders

S10 Bonus: Matt Pierce, Immediate (Replay)

Dec 31, 2024

Matt Pierce, Founder and CEO of Immediate, brings over 17 years of tech experience, transitioning from healthcare to the financial wellness sector. He shares his journey of creating on-demand pay solutions to combat financial stress from living paycheck to paycheck. Discussing the critical importance of customer feedback, Matt reveals how real client problems informed Immediate’s innovative approach. He also reflects on the challenges of building a cohesive team and scaling a tech company, underscoring the significance of self-awareness and company culture in entrepreneurship.

49:02

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Episode guests

Matt Pierce

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Episode notes

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Quick takeaways

Matt Pierce's entrepreneurial journey began with the realization that high employee turnover was tied to financial stress, leading to the creation of Immediate.

The shift from a loan-like model to a flat convenience fee for on-demand pay underscores the importance of regulatory compliance in financial solutions.

Immediate prioritizes user feedback in its product development strategy, ensuring that solutions align closely with the genuine needs of employees and employers.

Deep dives

Rethinking Payment Structures

The initial concept for withdrawing earned wages involved charging a small percentage, which quickly started resembling a loan model. To avoid regulatory complications and negative public perception, a flat convenience fee was adopted instead, akin to ATM withdrawal fees. This shift in strategy highlighted the need for regulatory compliance when designing financial products. It ultimately aimed to create a more user-friendly experience while ensuring that users did not feel they were accumulating debt.

Intro

3min

Transforming Financial Wellness Through Innovative Wage Access

5min

Navigating MVP Development and Compliance

9min

Navigating Product Development Through Customer Feedback

6min

Building a Cohesive Team in Entrepreneurship

7min

Navigating the Challenges of Building a High-Growth Tech Company

3min

Building a Customer Success Model

20min

Matt Pierce has been a tech guy for his entire 17 year career. Coming out of grad school, he started out in healthcare tech for a decade or so. Eventually, he started down the path of being an entrepreneur. He is married with 3 daughters - 2 in third grade and one that is a 2 year old. He mentioned the entrepreneurial dilemma of picking 3 of the 5 life choices - family, business, sleep, exercise and friendships - and notes that his three are family, business, and sleep.

After spending nights and weekends burning the midnight oil on a healthcare tech solution, Matt sat down with a prospective client and did the best pitch ever. The client's feedback was that it didn't solve her real problem which was turnover, which boiled down to money. After chatting with the client and a mentor, Matt uncovered the best potential solution to financial stress - on demand pay.

This is the creation story of Immediate.

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