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Founder’s KTAs from Tech20HG 2018 Pilot Meeting
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NeuGroup Founder and CEO Joseph Neu is joined by Andreas Bubenzer-Paim, Head of Technology Banking for Bank of the West/BNP Paribas to share key takeaways from the Tech20 High-Growth Treasurers’ Peer Group Pilot Meeting, hosted by ServiceNow headquarters in Santa Clara, CA.
KTA 1: Step back to assess new bank relationships. As growth companies outgrow their incumbent banks they need to build a new bank group. This is not a decision they should make quickly. The consensus of the group was that they should step back and do their homework, figure out who are these banks, what are their capabilities, what coverage and commitments do they get and what kind of person will cover them and do they know what they are doing.
KTA 2: How bold growth tech treasurers are. One wanted to own the procure-to-pay cycle in order to control credit, payment and other terms from a treasury perspective. She asked to own the procurement function to do it and now she does. You don’t always have the opportunity to step up to a challenge, but growth tech company treasurers do.
KTA 1: Step back to assess new bank relationships. As growth companies outgrow their incumbent banks they need to build a new bank group. This is not a decision they should make quickly. The consensus of the group was that they should step back and do their homework, figure out who are these banks, what are their capabilities, what coverage and commitments do they get and what kind of person will cover them and do they know what they are doing.
KTA 2: How bold growth tech treasurers are. One wanted to own the procure-to-pay cycle in order to control credit, payment and other terms from a treasury perspective. She asked to own the procurement function to do it and now she does. You don’t always have the opportunity to step up to a challenge, but growth tech company treasurers do.