HSBC: Start-up Stars

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A minute with…

Alexandra Kelly, founder and managing director of Powerchex, Start-Up Stars finalist in 2006

London-based Powerchex provides background checks on potential employees for financial institutions such as banks and insurers. Founded in 2005, the company is the fastest-growing in its sector.

How has entering Start-Up Stars helped your business?

“Being a finalist in such a prestigious competition gave us the credibility we required to enter and win bids for highly respected financial institutions. The publicity from the awards also improved our Google listings. In fact, it helped in every respect – sales, PR, marketing, recruitment, morale, you name it.

“On a personal note, it’s also a fantastic opportunity for overworked, under-appreciated MDs to get senior feedback on their progress, and a pat on the back for their success.”

What lessons have you learned from entering?

“I learned how to get buy-in to our business idea from third parties in a relatively short presentation. The initial entry to the awards was very much a marketing document, but the rest of the process involved some hard thinking and skilful presenting, which raised some interesting questions on the best way to grow the business. Being scrutinised by a panel of very senior business people is a huge opportunity for every start-up and it helped us immensely.”

What advice would you give a small firm that’s thinking of entering the awards?
“Answer the questions, and be precise and to the point. Don’t drown the judges in text. We did a visual timeline of where we were at different times, so they could instantly see the success. You also need a good story and it needs to be specific – if you try to put too many angles in, then your story becomes less powerful.”

What do you remember most about the awards ceremony?

“I remember the absolutely stunning venue, the stars, the music, the bright lights. It was fantastic!”

Who’s your business hero?

“Jack Welch, CEO of General Electric (GE), business guru and the author of the book Winning. He made GE one of the most successful companies in America by nurturing the stars of the organisation and firing what he calls the “dogs”. Jack’s controversial plan included very large bonuses for the stars and none at all for underperformers. His theory is that by divesting itself of the poor performers, the organisation can increase its performance faster than its competitors.”