Eva Wong on Founding Borrowell

Photo credit: Tom and Keidi Photography

Check out our interview with Eva Wong, Co-Founder and COO of Borrowell. She has some extremely insightful tips and a very interesting story to tell about her experience as an entrepreneur!

Can you give us a brief overview of what Borrowell does and how the company began?

Borrowell’s mission is to help Canadians make great decisions about credit. We do so by providing Canadians with free credit scores, suggesting ways to improve their personal credit, and offering tailored product recommendations. We were founded in 2014 by our CEO, Andrew Graham, who assembled the initial team that I was part of.

What prompted you to start your own company?

I got a taste of entrepreneurship through a social venture I co-founded about five years before starting Borrowell. This opportunity was a great way to dip my toes into the water and feel out what it was like to create something and bring a vision to reality. I realized I really enjoyed it and when I had the chance to do it full-time, I jumped at it!

What are the biggest challenges you have faced thus far, and have any of these been gender-related?

It doesn’t make sense that a white 20-year-old male can drop out of college and start his own company without question, but when a woman with ten or more years’ experience branches out as an entrepreneur, we ask questions. Nevertheless, it doesn’t really make sense since these experiences only add to one’s tool kit. Besides, there is no ‘right background’ in entrepreneurship because most of the time you’re doing something that has never been done before!

With respect to gender-related biases, sometimes I wonder when I’m asked to speak on a panel if I’m being asked for my credentials or to fill a quota. I have doubted myself in these situations, but what it has come down to is that every opportunity is valuable. It is important to represent and be seen as an example of someone who doesn’t have the typical start-up background, but who is doing it. I think a lot of people would love a career as an entrepreneur or at a start-up, but never see anyone who looks like them doing it.

Can you speak to how you were able to bring the idea of helping individuals manage credit to market so successfully?

It is important to focus on the problem rather than being tied to the solution. The market for consumer debt management seemed so underserved at the time, and while lots of data points indicated that Borrowell would be successful, we had to take a bet and test and learn our way into a solution. Running a business is a constant iteration process and having an experimental mentality is vital. Instead of blindly executing the idea, learn as much as you can and listen to your customers.

How has AI played a role in the development and strategy of Borrowell?

Borrowell is developing an AI-powered credit coach. The credit coach will give personalized advice on how to improve your credit score and will also give tailored product recommendations.

Can you leave us with any tips for young university students who are:

a) Looking to manage personal credit

Tip number one is to get your credit score! A credit score enables you to see how lenders would rate you. Once you know where you stand, you can more easily recognize where you need to go and track progress on a monthly basis. Tip number two is to avoid carrying a balance on your credit card. It is very expensive debt and can quickly get out of hand.

b) Interested in becoming an entrepreneur themselves

Do something that challenges you. Strengthen your ability to tackle a challenge and problem-solve. Being an entrepreneur is all about figuring out solutions to problems, so the more you can practice doing it, the better you’ll be.

Thanks so much to Eva for being a part of this series!

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