Simon Dennis is the Head of Partnerships at MYOB – Australia’s leading business solutions provider encompassing - online accounting solutions, online & mobile payments solutions, online ERP solutions for bigger businesses, and small business loans. Everyday MYOB solutions are being used by more than 1.2 Million businesses, and its payroll solutions are responsible for paying 1 in 4 Australians. With over 5 years’ experience in the organisation, Simon plays a key strategic role in the Advisor Channels leadership team – made up of over 17,000 Accountants, Bookkeepers and Certified Consultants - and MYOB’s Commercial Partnerships Division.
Simon Dennis opened by saying that data tells us that 80% of SMEs can’t get money from a bank. Run those numbers of 1.2m SME customers there’s a lot of people commercially that’s a huge problem.
Matt Leeburn said that conflicts of investment partnerships often happen. Most partnerships don’t work out in the end as a good article in the Harvard Business Revie points out. You must be truly aligned for it to work otherwise it won’t work.
James Boyle said a top difficulty with partnership is how they play out if a partner wants to team up with a competitor? He said the best solve was if you get the partnership right the co-dependency should become so deep that they come to us anyway.
Richard Williamson, on another note, said that China showed the way forward on fintech with Ant Financial having 400m clients and the largest credit bureau in China. Now the banks are coming to Ant to use the bureau. It’s a business they’re doing a fundraise. It’s leapfrogged the banks in so many ways.