In 2009, unemployed computer programmer Brian Acton failed at job interviews for Twitter and Facebook. Not fazed, he took advantage of the new Apple app store and created a messaging service application, WhatsApp. Five years later he sold it to Facebook for $19bn.
With the right platform to realise an idea, individuals can thrive and create influential products of real value. The Council of Mortgage Lenders wants to provide just such a platform. Last month we launched our second annual Rising Stars competition, in which anyone can submit a proposal to improve any part of the mortgage industry.
Last year Leeds Building Society’s Michael Rhodes won with his Mortgage Builder idea: a young person’s savings account scheme opened exclusively to save for a home deposit.
He presented his plan at our conference, the idea took off and a few months later the Government launched the Help to Buy Isa.
This year for a more open competition, we call on anyone with an industry-improving idea, big or small – lender, broker, journalist, student or retiree – to enter. Details are on our website.