New Tools for Hard Times?

How does the health of the economy tend to affect your use of technology in your work? For instance, are you more likely to avoid investing in new tools and services because you’re harder-pressed financially? Or, on the contrary, are you more likely to seek out those new tools and services because you need their benefit now more than ever?

Let's set aside the consideration of the use of new hardware—like your new iPhone—and focus on services—like your new Dopplr account, or, yes, even your Lendicom account. If your business isn't what it used to be, have you made an effort to explore new methods of generating business online?

It seems to me that Lendicom is a good example of the contradictions that can arise for a business in this sort of financial climate: Since our success depends on our users closing loans together, it would seem on the one hand that the restricted market would also restrict our business. On the other hand, such a market may also expand our business, since it may force borrowers to start looking for new funding sources, as their normal lenders become more conservative, and force lenders to start looking outside their normal sources of leads as the those sources become less reliable.

Bear Stearns collapsed in June 2007. We opened in July 2007. Consequently we have no before-and-after figures. All I can say is that during these 14 months we’ve seen a steady increase in the numbers of new users. Whether this is due to people looking for new methods of finding business and discovering us, or simply to the natural effects of word-of-mouth and advertising remains to be seen.

Of course, since Lendicom is free for brokers and borrowers, the only investment one has to make is the little bit of time it takes to set up an account. Even in this financial climate, anyone can afford that.