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Patrick Carroll: “The UK needs proper incubation programmes”

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Name: 

Patrick Carroll

Role and company: 

CEO and founder of ValidSoft

In under 50 words, what makes your business distinctive in its marketplace:

As the convergence towards the smart phone crystallises, the need for the security is paramount, and telecommunications is at the core of the capability. At ValidSoft, we offer world-class telecommunications based security solutions, custom built for the new mobile landscape, and are the only software security company in the world with three European Privacy Seals.

What’s the big vision for your business?

ValidSoft is sitting on the cusp of a massive wave that is being formed in mobile payments and cloud payments. Increasing transaction and dollar volume of mobile and cloud payments creates more opportunity for fraud which accounts for more than $200bn in losses each year in the U.S. alone.

ValidSoft has the world’s only indigenous, IP based, secure multi-layer, 5-factor indigenous platform, preventing fraud before it happens and virtually eliminating very costly false-positives. At the heart of our security model is a focus on real-time “invisible” authentication and transaction verification.

Current level of international business, and future aspirations: 

ValidSoft is at an inflection point in terms of the adoption and endorsement of its technology. It’s all under wraps for now but is soon to be announced. I am very excited for the business and the team involved – they’re doing a great job.

Biggest career setback and what you learned from it: 

Economic downturn can hit a business harder than one can ever anticipate. It is important to have a plan B and expect the unexpected.

What makes you mad in business today?

I unfortunately have a low tolerance of people who do not understand their business and people who lack vision and foresight.

What will be the biggest change in your market in the next three years?

As the mobile phone is fast becoming a dominant player in payments and banking worldwide, electronic fraud will certainly be drawn to the new medium. Security software companies (like ValidSoft) that can bring the power of telecommunications to the world of security to create innovative solutions, will be able to make security usable, flexible and ultimately reliable. There is a terrific opportunity to shape this new landscape and I fully anticipate that ValidSoft will be at the core of this industry shift.

Can businesses in your sector/industry access the finance they need to grow? If not, what can be done to improve things?

Finance for start-ups and emerging companies can be a real struggle. I spend 50 per cent of my time doing investor roadshows, mostly non-deal related. We are fortunate but many companies never truly have an opportunity to realise their full potential and either fall by the wayside or get acquired before they can mature.

How would others describe your leadership style?

Collaborative. Team-working. Meritocracy. Always at the leading edge. I like to encourage new ideas, innovation and personal development.

Your biggest personal extravagance?

Probably something for my loved ones. Not a big spender on myself.

You’ve got two minutes with the prime minister. Tell him how best to set the UK’s independent, entrepreneurial businesses free to prosper:

The UK needs proper incubation programmes, which includes: mentors; access to business leaders; tax incentives in return for creation of jobs and IP flexible finance; access to market that involves a government procurement program for smaller enterprises that are emerging leaders in their field. I’d also tell the prime minister to be proud of innovation and foster an environment that cultivates IT.

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