Answering our questions today is Ezylet's founder-CEO Paul Foy. Paul's background is in property investment in both Ireland, UK and Europe. He enjoys identifying a need, producing a solution while adding value to all his business endeavours. Paul comes with experience and has been a property investor and developer in both residential and commercial markets since 1984
Why did you become an entrepreneur?
I suppose it ran in the family! My parents had a family shop back in Ireland and I was working behind the counter from the age of 14. I bought my first house at 19, was in the jewellery wholesale business for four years up to the age of 23 (self employed). Then I opened my first convenience store in 1984, within six months of opening my landlord who owned the property went bust which afforded me the great opportunity to buy my first property. With no money and a start up business – albeit doing well – I was faced with a challenge which was met with some creativity and a friendly bank manager who assisted. So as you can see, forces outside of my control along with my family background made sure I was up and running!
What are you like as an entrepreneur
Thinker, creative, patient, ambitious, a person who makes it happen.
What makes the story of your personal career interesting?
I began with no capital but the ability to seek support where ever the need arose (bank manager, accountant, tax man, vat man) “I always asked”. This followed with dedication, hard work, long hours for many years. This seems to be the recipe for my personal journey in business.
What is your biggest professional accomplishment?
Surviving the recession! When businesses were going bust my recipe was to cut costs, work hard and be patient.
What is your biggest professional blunder?
Being under capitalised. I once started a business which was wonderfully successful and traded very well. However, extending credit and being under capitalised was challenging.So my three golden rules now are;
- Have the business properly funded
- Payments in advance
- Expand naturally – no over trading
What is your dream for your company?
To be successful for its shareholders. We have many ordinary investors who like me have their dreams and I believe we can help them achieve those dreams.
Who is your role model and why?
Pope Francis – Humble, modest, compassionate, hard working and firm but fair within his role.
What motivates you?
The ability to think and be creative! Every action begins with a thought regardless of the action, so time to think is very important, this then brings out the creativity.
My Headmaster once said “You never follow fashion, you always create it” and this has always stuck in my mind. Be Creative - That’s the Ezylet way!
Why crowdfunding and why with Invesdor?
Crowdfunding is a creative way of allowing ordinary businesses to try and achieve their ambitions with ordinary people helping as investors. I believe the banking system to be severely damaged and unreliable. Crowdfunding however, is like a financial revolution, people power, fighting back and succeeding where banks have failed
Invesdor offers a secure flexible model but unlike other crowdfunding platforms the investor gets to own the shares directly in my company (they are not held by Invesdor). We want our shareholders to be our customers too and Invesdor facilitates this.
Why would you invest in your company?
- Ezylet provides Landlords with a one stop shop for advertising, referencing, rent guarantor, management, insurance, mortgages (to mention but a few). We are the first property portal in the UK with a whole of market solution for the Landlord audience and our model is being very well received with UK landlords.
- Our business model is expandable due to the online digital world that we operate in. Low cost, high margins is at the core of our business.
- Ezylet is among the first companies to undertake crowdfunding and seek an Initial Public Offering (IPO) back-to-back. By investing in Ezylet through the Invesdor crowd funding platform you will receive shares in a company that will soon convert to a PLC and make an application to the London Stock Market (NEX). This will result in you converting your limited shares to public shares in the coming weeks, subject to a successful market application.
Continue reading about Ezylet in the pitch.