We started the ASMX project off a couple of years ago and it seemed a large ask to deliever what we are trying to do; basically bring liquidity to the private debt markets and beyond.
Always on your mind in these situation is getting launched. When we created Ablrate.com I remember we were so worried about launching ‘What would people think? Can we make money from this? Can we build a client base?
I can tell you, launching anything is massively stressful. Your family know you are doing it, your friends, your co-founders and colleagues, your financial backers, your competitors and your potential customers. Not all of these are hoping you do well!
So when we came to do it again in October with ASMX all those emotions came back. It sounds like I am saying this is bad, it’s not, it’s fantastic! As entrepreneurs we feed on this energy, negative and positive. So while the ASMX project and it’s launch was super stressful and, emotional as it is, at the same time is empowering and humbling.
Empowering because when it works you can see the hard work pay off. ASMX has, as of writing, traded £2.8 Million and is now generating income. In any business if you can generate income with a margin you have a scalable product, we have that and that is massively empowering. It means we can improve the product for our customers, bring on other partners, enter new markets and build that income as we do it, it really is an amazing feeling.
Humbling because the task of building any business is the solving of a problem. The scale of that business is only as big as the problem you are seeking to solve.
I think of Elon Musk, I cannot deny I am a Musk fanboy, he decides to create a consolidated financial industry, probably ten years too early, but part of that is the creation of Paypal which, when he sold, afforded him the cash to follow his big dreams.
He decided that to save the planet cars would have to be electric and creates Tesla. He decides that if humans are to survive long term we have to be inter-planetary, so creates SpaceX. His side hustles are solving traffic in LA and defending against the inevitable rise of AI by creating Neuralink which may give humans a chance to evolve with artificial intelligence. Side hustles... seriously, it is awesome to watch.
So the problem we are solving may not be as big as colonising other planets or solving climate change, but here is the thing; all the entrepreneurs that are working on those things need money and they are going to get it in one of three ways; equity, debt or the tokenisation of their projects.
In ASMX we are building an engine to smooth the flow of cash into these projects, an exchange technology that will allow all sorts of businesses to access liquidity without having (or making it easier) to deal with traditional gatekeepers such as banks and funds. It will give everyone the opportunity to cut out the inefficiencies in the private debt market, getting money to where it is needed faster and giving more of the rewards to to those willing to back the world’s biggest problems.
I, for one, am unbelievably excited about the future.