In the era where the Internet dominates a good part of the economy and the business ecosystem, the boundaries between professional and personal are increasingly diffuse. Where the generation, access, and data traffic of any kind grows exponentially, our personal and professional, and business history is much more exposed. However, this does not always have to become an obstacle and can give us opportunities that would be unthinkable in another context.
When we talk about new technologies applied to the company, the first things that come to mind are marketing (usually online marketing), document management (cloud computing), or even the commercial area.
And if we talk about technologies and techniques such as big data, that is, the collection and massive accumulation of data for later analysis and search for trends, opportunities, etc. Between technology and business management, we leave a vital element for the start-up and the growth of any company or business: financing.
But if I finance my business, if obtaining credit or capital is a fundamental element for my project, why not also apply the virtues of the digital revolution and big data for it?
The new technologies have allowed the creation of alternative sources of financing intricately linked to the Network and offering a new window to entrepreneurs. Perhaps, crowdfunding platforms are the most representative (and best known) agent of this new way of conceiving financing, so far from traditional banking intermediation, but it is not the only one.
Technological progress allows us to go much further when it comes to finding financing for our project. Proof of this is creating new platforms that use all these enormous amounts of information and data to offer financing lines appropriate to the accurate profile and the needs of a project or entrepreneur.
What data do they use? Can my social networks influence my ability to finance my business?
Well, pay attention, because that seems to be the trend. Consciously or unconsciously, we have data about our companies and us on the Network, data that other companies can analyze and use to form a reasonably clear picture of how our business works and decide on our credit capacity.
And, although that point has not yet been reached, there is little left for it. Some recent landing platforms in Spain, such as Spot cap, already use the data provided by Amazon, eBay, or Presentation accounts, for those companies that sell online.
A priority may be that over-exposure to the Network can create suspicion. Still, the truth is that, in many cases, it can be advantageous when it comes to obtaining financing without the need to rely solely on the credit history of our company.
For example, they offer an alternative financing model for freelancers and SMEs based on data obtained from the aforementioned platforms to provide credit lines adapted to a reality closer to that of entrepreneurs and SMEs. Many influences more factors than merely financial ones.
A recent study by the Chamber of Commerce asserts that only 1 in 4 small businesses get the desired financing, while the injection of credit to large companies is increasingly significant.
When it comes to obtaining financing, especially among small businesses, time and flexibility are essential. Still, the long waits, the high demands of the banks, and the high conditions they demand mean that meaningful growth opportunities are often lost.
For this reason, it seems that the traditional ways of bank financing have begun to become an obsolete model unable to respond effectively to the real needs of SMEs and self-employed, which make up more than 95% of the Spanish business fabric. Today, the new possibilities that offer new technologies, the increasing connectivity, and the proliferation of intelligent terminals such as smartphones or tablets are the not-too-distant future for obtaining credit in small businesses.
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