“FundsQ was born from the desire to facilitate the work of the compliance officers and risk managers in a world where the delegation of activities is the norm but requires precise, constant and formalised monitoring.” (Photo: Olivier Minaire pour FundsQ)

“FundsQ was born from the desire to facilitate the work of the compliance officers and risk managers in a world where the delegation of activities is the norm but requires precise, constant and formalised monitoring.” (Photo: Olivier Minaire pour FundsQ)

Prior to the “Start-up Stories: Round 3” organised by the Paperjam Club and the Lhoft and sponsored by Bil on Tuesday 17 September at the House of Startups, one of the start-uppers, David Kiener (FundsQ), shares his entrepreneur vision.

Please introduce yourself, and tell us a little bit about your start-up?

David Kiener. – “After 20 years of experience in the financial and ICT business in Luxembourg and in Europe in the fields of business process optimisation, document management, collaboration and project management, I was facing more and more client requests to build solutions for compliance teams that were struggling to absorb the increasing regulations but also concerned by the continuing flow of scandals and crisis hitting the financial industry.

FundsQ was born from the desire to facilitate the work of the compliance officers and risk managers in a world where the delegation of activities is the norm but requires precise, constant and formalised monitoring.

Novireg markets FundsQ, an online platform for conducting due diligences on delegated activities.

What are the qualities needed to launch a start-up?

“I think we could actually draw a bit of a parallel saying you need to be ready to run back-to-back marathons punctuated by frequent short sprints. There are several key traits that make up mentally tough runners, but I can name my three favorites:

Resilience: The ability to bounce back from adversity, pain or a disappointing performance;

Openness: The ability to learn and be open to all possibilities. The mentally tough runner is willing to listen and take feedback, knowing that’s where real changes take place. I have all the tools and resources inside to create my own success;

Vision: The mentally tough runner creates a clear picture of the goal, visualises it often, and keeps that image in the forefront no matter what. You imagine all the possible scenarios, and have a plan for moving through each one successfully.

Managing a start-up is similar to the role of the airline pilot.
David Kiener

David Kiener, FundsQ

We often hear that it is essential to make mistakes. What do you think of that?

“We all know that we need to remain agile and lean. This is achieved by adopting a combination of business-hypothesis-driven experimentation, iterative product releases, and validated learning.

However, managing a start-up is similar to the role of the airline pilot. The room for manoeuvre is small and big mistakes are absolutely prohibited. These days, you do not have a second chance to convince a client, any delays in the delivery of your product or services can have a substantial impact on your cashflow, given the small size of the company, any misstep in the recruitment can be costly, etc.

Taking into consideration competition is fierce and clients are demanding, lessons from mistakes are well recorded and if blunders are permitted, management mistakes must be avoided to prevent any fatal accident of the flight.”

You can register for the Start-up Stories: Round 3 on the website of the .

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