14-05-2025
Built to Last
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In the late 1990s, while Silicon Valley buzzed with IPOs and implosions, Lyall Cresswell had a different playbook. He wasn't chasing VC millions - he was solving a real problem in a traditionally low-tech industry.
"In the early days, our main challenge was swimming against the prevailing tide of the dot-com era," says Cresswell, founder and CEO of TEG, a transport tech platform now in its 25th year. "While competitors were chasing investment rounds, we focused on proving our business model from day one."
From the start, TEG took a pragmatic approach, launching an MVP in just four months and focusing squarely on solving inefficiencies in the fragmented freight transport market. "Rather than spending years building a perfect solution, we moved quickly with a pragmatic approach," he explains. "This speed-to-market proved crucial as it allowed us to iterate based on actual user feedback."
But building a two-sided marketplace was no small feat. "We also faced what is commonly known as the 'cold start' problem—in a two-sided marketplace you need both buyers and sellers. Thankfully, we were tackling an existing real-world problem faced by freight transport companies and the industry welcomed our initiative." At a time when digital platforms were rare in logistics, Cresswell had to win over a paper-first industry. "Another critical hurdle we faced was convincing businesses to adopt digital solutions in an industry that was traditionally relationship-based and paper-driven," he says. "We overcame this by creating a simple product that delivered immediate value—connecting businesses in the fragmented transport market in ways that improved efficiency for everyone involved."
That grounding in customer needs—rather than tech trends—has been a recurring theme. "Don't get distracted by what others in the startup world are doing," Cresswell advises. "We built features like 'signature on glass' back in 2004, long before mobile apps were common, because our customers needed it—not because it was trendy."
In 2013, TEG faced its most significant internal test: a complete rebuild of its platform. "This wasn't just a technical exercise but required bringing both our team and customers along that journey without disrupting their operations," he says. "The success of that transition laid the groundwork for the expanded capabilities we offer today."
Those capabilities now span digital compliance, order execution, a robust marketplace, and embedded finance. But the company's growth hasn't come with a pivot away from its principles. "We've worked hard to maintain our core values of authenticity, honesty, and transparency throughout our growth," says Cresswell. "In an industry like logistics where relationships are paramount, this foundation of integrity has been just as important as our technical innovation."
Looking back, he wishes he'd understood how much the UK tech scene would idolise funding announcements. "I wish I'd understood earlier how much the tech startup world would become fixated on funding rounds as a metric of success," he says. "There's been what I'd call an unhealthy obsession with how much money has been raised that takes the focus away from building sustainable businesses."
And even now, with a platform that's evolved far beyond its origins, perception remains a challenge. "I also wish I'd better appreciated the challenges of changing market perception once you're established in a certain category."
As for his advice to new founders? Keep it real. "Focus relentlessly on solving real problems for real customers," Cresswell says. "Remember that innovation isn't just about technology—it's about building trust."
