CUSTOMER STORY

Fast Biotechnologies: When slowing down isn’t an option.

As a sole founder an early-stage startup you don’t have the time or resources to deal with bureaucracy in-house. Having a partner like firma.de handle all this is invaluable especially when you’re just getting started.

Fast Biotechnologies: When slowing down isn’t an option.
Key results:
  • Company incorporation executed in the shortest time possible to hit all Fast BT’s necessary deadlines.
  • A single solution for company administration and advice, tailored to the needs of international founders.
  • Essential early-stage startup support via handling bookkeeping and annual accounting.
  • Increased company efficiency through the outsourcing of financial administration tasks.
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The business

Fast Biotechnologies is the brainchild of Balendu Avvar

Meet Balendu Avvaru, a scientist superstar who’s saving the world from a drug-resistant bacteria future with his startup, Fast Biotechnologies (Fast BT).

He used an elite talent investor programme to realise his startup idea

After a successful scientific career, he joined the second cohort of the Entrepreneur First (EF) Berlin chapter as a way to pursue his startup ambitions.

EF is a programme that only accepts exceptional individuals that want to start tech companies, and helps them do just that.

Entrepreneur First means entrepreneur (go) fast

For participants of EF, the pressure is on from the get-go. In the space of 3.5 months, they have to find a co-founder, develop a viable business idea and incorporate a company to qualify for the funding round of the programme. Needless to say, time is of the essence.

The obstacle

The only German things that move fast are on the Autobahn

Germany has one of the most complicated regulatory systems in the world which makes it hard for entrepreneurs to gain any momentum at all. Before you can get started you have to get a company name check, draft articles of association, visit a notary, open a bank account, get entered into the commercial registry, register a trade and complete a tax office questionnaire.

Being the resourceful person he is, if Balendu was, for example, in England or the USA he could have easily worked out the incorporation process himself. However, unlike England and the USA, Germany ties businesses up in red tape. On top of that, Balendu had another thing working against him: he couldn’t understand German officialese.

How not to let German bureaucracy slow you down

With the EF hard deadlines to meet, Balendu decided to get some outside help and reached out to us. We helped him get his company incorporated in the shortest time possible. During the incorporation process, he had a human to explain everything in English, guide him through the process and tackle all the paperwork. No burning time on endless research or grappling with language barriers.

When you’re a scientist and entrepreneur but not a finance guy 

Post-incorporation and post-EF, Balendu settled into life as a solo-entrepreneur, embracing the day-to-day hubbub of leading a cutting-edge sci-tech startup.

Balendu is a scientist and entrepreneur who thrives on tackling whatever challenges startup life throws his way – except when it comes to accounting. And, to be honest, there’s only a slim chance that any startup founder in Germany could accurately handle his or her accounting.

Moreover, at the early stages of a startup, creating an internal financial department to handle the accounting is usually neither possible nor desirable.

The way

How to outsource to optimise operations in the early-stages 

By outsourcing both his bookkeeping and annual accounting to firma.de, the only financial admin that Balendu has to do is send in his invoices. He doesn’t even have to stay on top of all the important dates – we keep following up with him until everything is done.

This is a point of difference for firma.de. Unlike a tax advisory firm, our business model is 100% customer-centric. Our sole focus is on meeting the needs of startups and SMEs by offering a single solution for Germany’s complicated bureaucratic system. This frees up our partner accountants and tax advisers to focus on what they do best: number crunching.

Business is about having the right priorities 

What does this mean for Balendu? It means more bandwidth to focus on handling all the things only he can, like running his lab and overseeing product development. This is particularly important because Balendu isn’t developing a run-of-the-mill product. He is developing a product that could very well one day save the life of someone you love.

Balendu’s startup story has the potential to make a big impact on the world and we are honoured that we got to play a small part in it.

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