Pioneering Diligence: An Interview with The Locker’s Founder, Nicole Loftus

Nicole Loftus, the creative founder of The Locker, discusses in an exclusive interview her path from upsetting a $20 billion business to revolutionizing the due diligence procedure with her new company. Acknowledged as the first founder-driven, comprehensive, shareable diligence software worldwide, The Locker hopes to transform the investment environment by greatly lowering the costs and time connected to traditional due diligence. 

Loftus shows how The Locker arms both founders and funders with a more effective, automated approach that ensures better transparency, consistency, and efficiency in getting capital by addressing the flaws and prejudices in the current system. Inspired by her past and a commitment to help entrepreneurs, her vision is slated to greatly impact the world market, promoting grassroots-level economic development. (Source: Techbullion)

A Brief Introduction to Nicole Loftus

She has upset a $20 billion industry and founded a tech business rated #8 on the Inc. 500 and #1 on Crain’s Fast Fifty. Private equity purchased that company, which is still going strong right now. She has actually seen how well-funded, expanding companies help local communities and the economy. She set out, therefore, to create the resources and answers entrepreneurs and investors need to succeed.

Specific Challenges Within the Existing Diligence System that The Locker Seeks to Tackle?

Every business must go through a diligence process to get capital (or exit), which draws the team’s focus and impedes operations. Businesses looking to raise capital or sell must inevitably engage in diligence during the process. Sadly, this procedure has been arbitrary, subjective, inconsistent, and prejudiced.

Millions of founders are denied financing by the current system, which deprives their communities of tax income and high-quality jobs, while the wider world economy and the Earth miss out on their inventions. Though it is still an obsolete, manual, and expensive process full of human error and subjectivity for investors (angels, VCs, PE companies) and banks, diligence is essential for success.

The usual diligence procedure causes a major bottleneck in handling flow, which is essential for a fund. Furthermore, founders are not often organized or consistent, making it almost impossible to contrast 100 transactions against one another.

What Motivated Nicole to Develop The Locker, and in What Ways Did Her Previous Experiences Shape the Creation of This Product?

Nicole grew up in an Italian working-class family where women were mostly instructed to rear children and cook rather than to run multimillion-dollar technology companies. She chose the latter and, defying great obstacles, established a business that achieved amazing success. Ranking #1 on Crain’s Fast Fifty and #8 on the Inc. 500 list, she is among the few women to have reached the top 10 of the Inc. 500. 

The company had 42 remarkable employees, content suppliers, and clients, including some of the world’s biggest brands, all profiting from the millions saved thanks to an innovation stemming from a simple idea in her head. Launching and running that company was a dream come true until she inadvertently looked for venture capital without the requisite knowledge, resources, and tools to navigate those perilous seas, turning it into a nightmare. Though her company persisted, she resolved to devote her life to establishing more effective funding solutions for entrepreneurs. Her initial foot in that mission is represented in the Locker.

How Does the Automated and Standardized Program on The Locker Change the Due Diligence Procedure for Investors and Founders?

For founders, the Locker helps them to assume control for the first time by eliminating the distractions connected with diligence. It gathers 900 data fields into a concise summary of a company’s health. Founders must set up their Locker only once, refresh it monthly, and supply funders with an access code as needed. Simulating the capital-raising process, The Locker is a shareable, validated repository. 

Every Locker is standardized and has fully automated diligence confirmed by the professionals at CrowdCheck, therefore attracting funders. The only all-encompassing, automated diligence software on offer is the Locker. Funders get the most rigorous quantitative and qualitative screening procedure with this one tool, saving money as well as time.

Must read these 8 Ways Automated Solutions Can Transform Your Business and Boost Efficiency.