Blog: From entrepreneurial dream to RegTech company
Edo Bosga, CEO of Pincvision, writes in this 3rd blog from the Board of Directors about how his entrepreneurial dream has developed into a RegTech company over the years.
The idea of starting a company that would turn into the current Pincvision arose around the mid-1980s. At that time, the rise of the internet was clearly present. Soon it became clear that the internet was more than just a hype; the internet could change all the processes in the world.
Until then, compliance (complying with laws and regulations) was about gathering and applying knowledge. Unique knowledge in the possession of people who could therefore call themselves specialists. Cross-border business meant the forced consultation of various experts who were willing to share their specialist, often country-specific, knowledge for a substantial fee. The next challenge was to apply this knowledge in the logistics chains. It was not an easy task to concatenate the individual input of specialists for a process of supplying goods from the point of origin to the final destination.
From knowledge gathering to knowledge application
With the advent of the Internet, it suddenly became possible to make knowledge available worldwide, giving everyone access to it. A significant part of the uniqueness of compliance specialists was taken away. The challenge of compliance began to shift from gathering knowledge to applying knowledge.
Complexity of compliance processes in software applications
In the same time period, the great rise of ERP software manifested itself. Software companies such as Oracle, SAP, JD Edwards, Baan and others offered (standard) software applications with which multinationals could model and automate all their business processes. The previously fragmented landscape of partial solutions was integrated into a single automation system that could support all business processes. Following this development, large software developers also tried to capture the compliance processes in software. Despite investments of tens of millions, this did not succeed: the complexity turned out to be too great and laws and regulations are constantly changing.
Birth of Pincvision
The conclusion that can be drawn from this: compliance requires specialist knowledge that can be applied using automated systems. The newly established company must provide services to multinationals that use ERP systems and want to outsource their trade compliance obligations. The birth of Pincvision has been declared. 'Pinc' stands for People in Compliance and 'Vision' refers to the innovative way in which international trade compliance obligations are met using automated solutions. Whoever visits our website and/or is a customer of our company is regularly presented with my dream.
My dream, which served as inspiration for the establishment of Pincvision, is symbolized by a lady lying relaxed back in the green grass. Don't let trade compliance be a barrier to your international trade, Pincvision takes care of it for you.
Pincvision: a RegTech Company
This dream is still valid. The development of our systems is and will continue to be inspired by this dream. It is astonishing to see that the development of our automated solutions has led to a company which today is called a 'RegTech company'. Looking back, I can't help but notice that Pincvision has manifested itself as a RegTech company from its establishment, but that this term didn't exist at the time. Entrepreneurship is daring to dream and make dreams come true. With pride and satisfaction I can only say that Pincvision has succeeded. Our dream continues to give us direction to future innovations with which we can support our customers even better.
RegTech is in Pincvision's DNA with which we continue to significantly develop the world of trade compliance.
Other blogs written by Pincvision board of directors
Blog #1: Regulatory Technology: the view of our CCO on RegTech
Blog #2: How Pincvision evolved itself into a RegTech Company
Blog #3: From entrepreneurial dream to RegTech company
Blog #4: Pincvision and the impact of COVID-19 crisis
Blog #5: Pincvision's Digital Workplace
Blog #6: Sustainable entrepreneurship - check!