FinTech Female Fridays: Alice Cheng, CEO of TaxDrop
Updated: Apr 28, 2019
TaxDrop is a brilliant concept as most people do not enjoy doing taxes; how did you bring your idea to inception?
I'm a CPA myself and I noticed so many inefficiencies in tax season, from users not having a good CPA to go to, traveling to meet with a CPA, to tax prep firms charging ridiculous amounts. It's my goal to make talking to a CPA more accessible than ever at reasonable pricing.
What is one piece of advice you could give to all FinTech Female founders starting their businesses?
Live by the MVP method: produce the bare minimum (e.g. a simple website that has your exact product or service idea and see how that gains consumer response without having a real product). Getting feedback and going to market with something so simple and inexpensive allows you to adapt and pivot as necessary. Too many people invest too much way too soon.
TaxDrop will be two years old in July; what is your next step with the company and where do you see the company heading long term?
The goal is for anyone who needs tax or accounting help to be able to simply shoot a text to TaxDrop to have questions answered. I really want TaxDrop to be as easy as texting a good friend for help or advice, with no hold times or not knowing who to turn to.
How do you stay energized and motivated for your company and colleagues?
Recognize your energy level and recharging needs. It's okay to take a pause and rebalance yourself since it can be easy to lose focus on work-life balance when you're so committed to your cause. And don't feel guilty about it!
What is a moment you are most proud of in your career?
Learning through my mistakes (see point #2 above amongst others) and growing from it. I'm really excited about the future of TaxDrop and I feel that I've honed my skills as an entrepreneur. I've learned to be more flexible and adapt when things don't go as planned.
Reach out to Alice on LinkedIn.