How the Amazon Innovation Accelerator gave an experienced founder the edge he didn't know he needed

Rich has spent over 30 years building and scaling established technology businesses. Building a new product for his new business was a different challenge entirely, and he wanted support that matched the stage he was at. The Amazon Innovation Accelerator gave him exactly that.  

A problem worth solving 

9.3 million people in the UK hold a power of attorney, yet administering it remains largely manual, fragmented and stressful for everyone involved. Rich saw this problem firsthand through personal experience while running a core banking software company in Manchester, and he knew it was the challenge he wanted to take on.

FinProxy digitises the power of attorney process so that families and trusted advisors can support people to stay in control of their own finances for as long as possible, with the right level of help at the right time, preserving dignity and independence for people when they become vulnerable.   

Not just another accelerator 

Rich had participated in other accelerators but found that, whilst they provide useful content, they are targeted towards people that have never run a businesses before at scale. The Amazon Innovation Accelerator offered something new - a structure that serves experienced leaders who are navigating the specific challenges of building something new:  

1. Rethinking which metrics matter when you are innovating with customers 

2. Reflecting on the role of ESG, accessibility and inclusion in a product built for vulnerable people   

3. An emotional intelligence session that “was more relevant than it might have seemed”   

Amazon's working backwards methodology and the PRFAQ process pushed Rich to be even more precise about what customers actually needed.  

It's not that you've never heard the stuff before. Sometimes you just need to step away from working in the business and think about working on the business. 

Winning the AIA Award 

FinProxy won the Amazon Innovation Excellence Award, a £50,000 prize recognising transformative business innovation with strong commercial impact. Winning the award, surrounded by the team who had backed the vision from the beginning and knowing what it had taken each of them to get there, made it a moment Rich will not forget.   

To be recognised for your innovation by probably one of the most innovative companies on the planet is real validation. You can't get better than that. 

Why winning matters 

The cash prize has had a direct impact on what FinProxy can do right now. It is funding the completion of the patent application, contributing to the cost of developing the solution and enabling Rich to reach out to prospective customers. But the recognition has mattered just as much as the money.

FinProxy is currently starting an investment round, and the award has changed the nature of those conversations. The win provides a level of credibility that is hard to build any other way. For Rich, that validation is one of the most powerful things the prize delivered.   

Thinking about applying? 

Rich's message to other small business owners is straightforward. If you are busy and not sure you have the time, that is exactly why you should do it. The programme gives you the headspace to think differently about your business, access to content you would not find anywhere else, and the chance to be recognised by one of the world's most innovative companies. That combination is rare, and for the right business, it can be pivotal.