Nick Corrie, 47, co-founded Trak Global in 2009 to develop “black boxes” which are installed in cars to monitor motorists’ braking, speed and driving style. Insurers such as More Than use the data to reward good driving with lower premiums. The Crewe-based company ranked at No 49 on the 2016 Sunday Times Tech Track 100.
What inspired you to start your business?
I had been on the corporate treadmill and had always wanted to run my own business. When I turned 40 I decided it was now or never.
What has been your biggest challenge?
Keeping everyone aligned around the same vision, as things inevitably change. One example would be the change from black boxes installed in cars, to apps (essentially a black box in a smartphone), which hugely increases the size of the addressable market, not just in the UK but around the world.
What has been your best business decision?
Sharing equity in the business. I like to think we’re a bit of a cooperative; it’s about being in it together.
What has been your worst business decision?
I have made mistakes by hiring the wrong people. I also underinvested in parts of the business for fear of compromising cash flow.
Which business leader would you most like to share a meal with, and why?
Steve Jobs (the late co-founder of Apple), for a million reasons. He managed to acquire and grow Pixar between his two periods leading Apple. To me he is the stand-out businessman of recent times.
What company do you most admire, and why?
Google, for demonstrating what can be achieved by thinking big.