At the latest FinTechTO, Aly Dhalla, CEO and co-founder of Toronto-based Finaeo, shared some of the best practices for identifying the “shiny penny syndrome,” and what founders should do if they experience it.
“Shiny penny syndrome. It’s one of those things that we maybe take for granted or don’t quite understand, but it can have a ton of implications on you as a founder and your team overall,” said Dhalla.
Dhalla kicked off his presentation by explaining what the shiny penny syndrome is: when founders and their teams see a “shiny penny” or a new growth opportunity, all of their attention is focused on that until they see a newer, shinier penny — or a better opportunity.
Dhalla said following the first successful six months of Finaeo, a digital assistant for financial advisors, the company picked up a shiny penny when someone asked whether Finaeo could scale into enterprises.
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