LIKE most of us, Mike Newman became increasingly frustrated when being asked to create and remember yet another password. But instead of simply getting annoyed, the 46-year-old got creative – and his company My1Login was born.

Since launching in 2012 with a staff of three and selling mainly to consumers and small businesses, the firm has expanded in both personnel and scope, recently signing a half a million pound contract with a big global enterprise. Governments and local authorities are now among the firm’s customers and the 15-strong staff is expected to double in the next year.

The company now provides a suite of identity and access management products in an age where 60 per cent of data breaches – which can be hugely costly to business - originate from passwords.

So is the business where Mr Newman thought it would be when he set up?

“It costs at least twice as much and takes twice as long to get to where you think you’re going to get to,” smiles the entrepreneur, who lives in Glasgow’s West End. “But that’s just the reality of building a technology business. It has taken longer than we expected but we’re now in the position where everything is very much falling into place in terms of our business plan.”

Mr Newman was working as a senior manager for a big UK PLC when he came up with the idea for the business, which all but eliminates the need for people to remember multiple passwords. He realised there was a niche in the market and went about finding a solution, though he admits setting up a tech firm is “not for the faint-hearted”.

“My background is in the management side of technology, so I understand what can be achieved with IT," he adds. "But I didn’t really speak the language of today so self-funded a team to develop the initial prototypes. That allowed me to raise the funding, leave the day job and commit to My1login full time."

Mr Newman eventually managed to secure investment through angel syndicates including Equity Gap, Par and TRI Capital, all of whom are clients of Wright, Johnston & Mackenzie LLP.

“We secured over £2m of private equity funding, which is no small feat,” he explains.

“The syndicates bridge the gap between individuals with money who are looking to invest and the companies looking for that investment. They were instrumental in us securing the private equity investment we needed to build the company up, and they play a vital role in the entrepreneurial eco-system.

“There is a huge amount of support out there but you have to go out and look for it and you have to have the right investable proposition.

“I’d say it’s worth pitching to investors you don’t think will invest in you – they’ll find the pitfalls and gaps in your business plan which you can hone for the ones you do want to raise from.”

Mr Newman admits being CEO means he is on duty 24/7 but says his two young children help him relax and put the corporate world into perspective.

The best bit of being an entrepreneur, he says, is the “venturing into the unknown every single day, where there’s no right or wrong answer, just the wish to build and hone your business and deliver for your customers.”

And as far as advice for others thinking of taking the plunge is concerned, the entrepreneur says energy is just as important as the product you are hoping to sell.

“You’ve got to go out and make it happen,” says Mr Newman. “Don’t expect things to be handed to you on a platter. Get involved in the community, go and talk to other entrepreneurs about what’s happening.

“And remember, your product isn’t your whole business, and your business plan has to reflect this.

“Go forward with optimism, be willing to learn and extremely tenacious, because you’ll experience lots of nos and face many barriers. Most importantly of all, don’t give up.”