Today on the Listen Up Show we discuss financial services and fintech lessons learned by Ron Suber. The San Francisco

Business Times calls Ron the godfather of FinTech.  Some people in the industry refer to him as the Mayor of Fintech.  Humble, generous to his friends, and working on his next act called rewirement.

When asked about all this praise Ron just said labels are for soup cans not for people. 

Ron is the former prosper marketplace
president.  Others see Ron as the go-to guy for FinTech innovation Ron left prosper not to retire but as he terms it rewire as he enters the next phase of his life called rewirement myth he’s a lending
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what are we going to learn on today’s

show what does it take to make things
02:41
happen how do you overcome hurdles and
02:44
obstacles what are the new barriers to
02:47
entry how do you constantly reinvent
02:49
yourself stay current in this
02:51
ever-changing industry called thin tech
02:54
and the past present and future of Stata
02:58
tech I am so excited that Ron is joining
03:01
us on today’s show because Ron is the
03:03
go-to guy when it comes to fin tech
03:06
innovation as an entrepreneur and an
03:08
investor we can all learn a lot about
03:10
entrepreneurship how to start up an
03:13
online business in any industry from Ron
03:16
Ron welcome to the show my friend
03:18
Mitchell happy holidays great to be with
03:20
you today and your audience yes thank
03:22
you so very much for coming on we are so
03:25
excited so how is your requirement going
03:28
well I’m six months into this period of
03:30
my life called rewire meant it is an
03:33
exciting time it’s really a time where
03:36
you get to be unemployed and you get to
03:38
take everything you’ve done and practice
03:40
and learn takes all the mistakes the
03:42
observations and the lessons and turn
03:44
them into other things and for me it’s
03:47
more meeting with entrepreneurs and
03:50
helping them to the pivots and the good
03:52
times on the bad it’s investing in the
03:54
equity of companies and in the debt of
03:56
companies and really sharing my
03:58
observations from personal life
04:01
entrepreneurship and business around the
04:03
world that’s truly exciting like I said
04:06
when I when I saw that word I thought
04:08
wow that is an awesome word to call me
04:11
and I certainly wanted to ask you you
04:14
know how things were going as it relates
04:16
to that so you love to travel you’re
04:19
just actually coming back from the from
04:21
the FinTech lended conference in
04:23
Australia I know that you’ve done that
04:25
five years in a row can you can you
04:27
recap just a few financial lessons
04:29
learned that the trusted friends on the
04:32
listen up show can take away from from
04:34
your experience there at the conference
04:36
absolutely I think that people are as
04:39
excited as ever
04:41
or as scared as ever given what’s
04:44
happening with FinTech this collision of
04:47
finance and technology
04:50
and what you see around the world
04:51
whether you’re in Tel Aviv or London or
04:53
Sydney or Singapore that the incumbents
04:58
are feeling the pressure the incumbent
05:01
telecom companies the incumbent Bank and
05:03
candidly the incumbent technology
05:06
companies and the finance companies are
05:09
feeling it too because you now have
05:10
companies like ants Financial and
05:13
Alibaba and Amazon and PayPal and square
05:16
really connecting to this next
05:19
generation and changing the way payments
05:22
and money transfer money investment
05:24
borrowing lending and so much more is
05:27
happening and so all these companies are
05:30
needing to engage with us as
05:32
entrepreneurs with you and your audience
05:34
to learn how to pivot and really excel
05:38
in this golden era of FinTech that were
05:40
in today for the next 10 years you know
05:43
let’s dive a little bit deeper because
05:46
everybody in the audience has a
05:47
different level of experience in the
05:50
FinTech space and there are others who
05:53
are trying to obviously learn more about
05:56
it and get interested in it and that was
05:59
one of the other reasons why we
06:00
definitely wanted to have you on today
06:02
can you share with us the story of peer
06:06
to peer lending industry in the history
06:08
of online lending absolutely
06:10
I think people to think about the
06:12
FinTech revolution starting with trading
06:15
going online in the 80s and mortgage is
06:18
going online with alone and PayPal
06:21
changing payments and then to answer
06:23
your question in 2006 prosper and
06:27
Lending Club emerged as peer-to-peer
06:29
online lending companies or for the very
06:32
first time people could borrow and lend
06:35
to and with each other on the Internet
06:38
it was a small industry all the way
06:41
through 2013 candidly the companies were
06:44
doing just tens or 20s a million of
06:46
loans in a month it was quite immature
06:49
where people were still telling stories
06:52
and writing their life story and posting
06:54
pictures to try to get money from other
06:57
lenders and then in 2013 things changed
07:00
you’re the end
07:01
tree became institutionalized and we
07:04
brought in machine learning and big data
07:07
alternative data traditional data and
07:09
really innovated so that institutions in
07:13
2013 and 14 could now lend to other
07:17
people online in consumer loans and
07:20
student loans and business loans and
07:21
mortgages to ernow around the world it’s
07:26
ubiquitous in every country on every
07:28
continent people can’t access each other
07:31
to borrow and lend and so you’ve seen
07:33
now tens of billions of dollars a year
07:35
around the world where people can borrow
07:38
from other people and institution and
07:40
you see now ETF’s being created and
07:43
securitization and bonds being traded
07:46
it’s really just the beginning to early
07:48
days I think about this like the sharing
07:51
economy in the old days we used to share
07:53
things with each other pictures and
07:56
weather and emails and stories and now
07:58
we were in this access economy well we
08:01
can now access each other in different
08:03
ways like never before and this new
08:05
generation isn’t doing anything the way
08:07
the old generation did they want their
08:10
movies stream to them they want their
08:12
music stream to them and they want their
08:14
money stream to them as well so we’ve
08:17
we’ve talked to other FinTech kings in
08:20
this particular space who actually
08:21
futurists so we’ve actually spoke a
08:24
little bit about what’s happened in the
08:26
FinTech space peer-to-peer in the past
08:29
what’s actually going on here in the
08:31
present but can you take us a little
08:33
even deeper and let us know a little bit
08:35
about what your insights are in terms of
08:38
down the road what we have in store for
08:40
the future in FinTech that’s something I
08:43
think about a lot it’s such a great
08:44
topic to talk to other entrepreneurs
08:46
about it I think today it’s pretty
08:49
segmented by asset class and by
08:51
geography so here we can invest in
08:54
students in consumers in business and
08:56
franchises and mortgages in the US or
08:59
North America and in Asia they can do it
09:02
pretty much in Asia or Southeast Asia
09:04
and this thing for Europe or Latin
09:05
America my vision for the future is
09:08
there is a portal maybe a face book
09:10
right maybe it’s Amazon or Alibaba where
09:13
we can go and we can bar
09:15
ruin land around the world across all
09:18
asset classes
09:19
so think about Priceline and Expedia
09:21
they’re not worth a hundred billion
09:23
dollars in aggregate because they’re
09:25
connecting people around the world with
09:28
other people who want a hotel an
09:30
airplane ride or a car and uber is doing
09:34
the same and I think that’s what’s going
09:36
to happen with money you’ll be able to
09:38
sit in New York and I’ll be able to sit
09:40
in San Francisco and we’ll be able to
09:42
borrow from people in Asia or lend to
09:44
people in Mexico City it will truly be
09:47
global and it will be seamless like the
09:50
ubers and others that have shown us that
09:53
transportation or Airbnb and lodging
09:55
there is a better way and I think that’s
09:57
where we’re going with lending yeah no
10:00
it’s really fascinating so you know you
10:03
mentioned that you’ve you were president
10:06
of course at prosper marketplace for
10:09
four five years and you’ve now been in
10:11
your requirement now for about six
10:14
months so can you tell us a little bit
10:16
about your personal journey his leaving
10:18
prosper until my wife of 26 years and I
10:21
got rid of everything we accumulated
10:23
materially in our first 25 years of
10:26
marriage Hollywood a charity we bought a
10:28
new house and started over
10:29
and so we rewired personally so instead
10:32
of throwing each other out and starting
10:34
over we kept each other but through our
10:36
material things away and over my career
10:38
I have invested in 20 companies I’m
10:41
advising 10 of them formally and I’m the
10:45
chairman of the board of one of them
10:46
that we just took public in Australia
10:48
three weeks ago and I’ll be announcing
10:51
in January to other companies that I’ll
10:53
be advising and helping them with their
10:55
strategy with their pivot coaching those
10:58
entrepreneurs to try to achieve the
11:00
goals the mission vision and values that
11:02
those companies have in real estate and
11:05
other parts of the ecosystem we have
11:07
many different sponsors one of our
11:09
sponsors is hosting so when people go
11:11
over to Mitchell chadroy comm slash
11:13
hosting they can see all the different
11:17
hosting companies that our guests
11:18
actually utilized for their own
11:20
companies as well as the ones that they
11:23
invest in is there one or two that you
11:25
can sort of recommend and
11:27
be sure to link up to that as well so I
11:29
use a company to do all my hosting and
11:33
all my visual work if detron super calm
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and it’s hosted by a company called
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batteries included not only a great team
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but a great name and they do all of my
11:43
Prezi presentations all of my hosting
11:45
all of my digital marketing and have
11:47
been a great partner for me in doing
11:50
what I do in rewire meant so as far as a
11:52
graphic designer today also like for
11:55
example canva for example would be a
11:57
competitor do they also do all your
11:59
graphic designer work as well they sure
12:02
do I actually published a piece that
12:05
they did called
12:07
Ron’s requirement lessons from the first
12:10
hundred 20 days and it went virtual and
12:12
viral it had 35 thousand shares around
12:15
LinkedIn and Twitter and if you look at
12:17
that piece posted at Ron’s oeuvre calm
12:19
you’ll see the quality and the style
12:21
that they’ve been able to do and all of
12:23
my presentations are very interactive
12:25
they’re in Prezi not PowerPoint and
12:28
that’s all produced manufactured and
12:30
edited creatively and technically by
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batteries included are startup Brown
12:37
students business owners those
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individuals out there who want to start
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up something new they need a presence
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online and they need a web hosting
12:46
company that they can trust and they can
12:49
count on and that’s reliable and helpful
12:51
so what did I do
12:53
I teamed up with the good folks at
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hosting where they offer my podcast
12:58
audience 25% off their web hosting
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package check them out at Mitchell
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chadroy comm slash hosting that Mitchell
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Chad rode calm so I should hosting start
13:09
your plan today you mentioned you are
13:11
acted in so many investments you’re on
13:14
the board you’re involved in so many
13:17
different management teams can you just
13:19
highlight a few and some key things you
13:22
have planned for them in the future so I
13:24
think that many of the management teams
13:26
are awesome
13:27
some of them are on the right ship but
13:30
in the wrong chair and other teams need
13:33
more people maybe more financial or more
13:36
marketing help or engineering help and
13:38
I’m really working with these
13:39
entrepreneurs to understand
13:41
the pain and to help them achieve what
13:43
they really think they can in 2000 18 19
13:46
and 20
13:46
I also think that some of these
13:48
companies are remanding globally some
13:50
need more equity so many more debt and
13:52
other challenges and pivots in the
13:54
business and I’m really helping those
13:55
young entrepreneurs move through their
13:57
good time and the not so good time with
13:59
all the regular challenges we know to
14:01
two companies in particular that I
14:03
wanted to get some of your insight on is
14:06
credible and DocuSign I think these
14:08
companies are just incredible and if you
14:13
could just give us a little bit more
14:14
insight into them that that would be
14:16
awesome for the audience absolutely
14:19
DocuSign is the leader in eliminating
14:22
paper and streamlining business and
14:25
saving time and in every country across
14:28
every continent there is a need or
14:31
smoother business process not just a
14:34
signature but in payment and this
14:36
company DocuSign is the leader around
14:38
the world and has so much opportunity
14:40
ahead of it across banking and
14:42
healthcare and real estate insurance and
14:44
so much more what a great team and a
14:47
great global presence and brand I think
14:50
that credible is like a Priceline
14:53
Expedia kayak it’s taking the banks
14:56
around the world 24 in particular and
14:58
helping them find the student find the
15:03
consumers find the credit cards and more
15:05
so that they can deploy some of that
15:07
cash on their balance sheet and help
15:09
some of those people and students and
15:11
like Priceline and Expedia and kayak
15:15
those entities are worth more than the
15:17
airlines and car companies and hotels
15:19
together and that’s credible opportunity
15:21
is to really become that connector that
15:24
ecosystem between the bank’s people
15:28
students credit cards and so much more
15:30
the IPO was oversubscribed and the
15:33
demand around the world in asia
15:35
australia is great we’re very excited as
15:37
a team hiring and attending around the
15:39
US as well ya know I mean and especially
15:40
given the fact that with a with a 17
15:43
year old daughter who’s going to be
15:44
going to college next year and there’s
15:46
obviously people in the audience whose
15:48
children are going to college credible
15:50
is certainly
15:52
very interesting alternative to the
15:54
traditional banks and as far as DocuSign
15:57
goes like you said you mentioned health
15:58
care as well there’s so many different
16:00
things that you can use the solution for
16:03
I know in doing a lot of trust in the
16:05
states right now you can’t digitally
16:07
shine wills and trusts and estates but
16:10
one day down the road when you are able
16:12
to do that I can continue to see in
16:15
other areas and other industries how
16:17
DocuSign will just continue to grow
16:19
exponentially so totally agree I can’t
16:22
believe people still receive mail and
16:25
FedEx packages or emails and print them
16:29
sign them and then FedEx them back
16:31
somewhere I think that whole thing will
16:34
be foreign to the next generation they
16:36
just won’t believe we did it that way
16:38
and it’s so much better for the
16:39
environment as well to not have paper
16:42
you know today prosper actually has
16:44
originated over 10 billion dollars in
16:47
consumer loans so it’s actually
16:49
established itself as you know as a
16:52
leader in marketplace lending as a
16:54
platform but you know when you first got
16:57
started in FinTech it wasn’t all you
17:00
know success immediately so can you tell
17:03
the audience because obviously they’re
17:04
going through their own struggles and
17:06
their own businesses to help them start
17:08
up what type of setbacks that you
17:10
actually encountered and how you
17:13
actually overcame those obstacles
17:15
absolutely I was actually a customer of
17:17
prosper I was a investor in the loans
17:20
and I got to know the team and the data
17:23
and the infrastructure and the
17:24
opportunity and my two partners Erin and
17:27
Steve and I had successfully exited
17:29
another company and sold it to a bank so
17:32
we thought we’d have an opportunity to
17:34
invest in prosper we were very fortunate
17:36
that Sequoia Capital which backed us
17:38
that our previous company Merlin would
17:40
also back up again as a management team
17:42
and an opportunity so we got to prosper
17:45
there were 77 people there was a monthly
17:49
loss on a cash flow basis there wasn’t
17:52
the best winning culture and some
17:54
technical deficit and some good
17:56
competitor and so we had to really go in
17:59
and shake up the company one third of
18:02
the company had to go one third could
18:04
stay right where it was
18:05
really one third needed to change seats
18:07
on the ship and that’s really the Jim
18:09
Collins good to great philosophy that
18:12
many great entrepreneurs should follow
18:13
and read or reread that book so many
18:16
great lessons in it we went out and told
18:19
our version of the story we improved
18:21
credit and we started talking to the
18:24
borrowers and lenders and following what
18:26
the competition was doing and really
18:28
leapfrogged much of the industry prosper
18:31
was the first one to do securitization
18:34
so that Blackrock old Citigroup and the
18:36
big big investors can come in and only
18:39
loaned leverage them securitize them and
18:42
sell them as bonds and that happened in
18:44
late 13 in early 14 and we kind of
18:46
shocked the industry bringing our
18:48
expertise from wall street from Silicon
18:51
Valley that thin tech mentality that
18:54
innovation that agility and the courage
18:58
and the bravery to try something new to
19:00
see if we could make it work
19:01
and we saw all the competitors follow on
19:04
with securitization institutions rating
19:07
agencies and other kind of structures
19:09
that really accelerated the industry and
19:11
so I think the key is people having
19:15
everybody rowing in the same direction
19:17
understanding the mission of the company
19:19
not really change chasing shiny objects
19:23
and staying focused and executing it has
19:26
been a lot of fun I spend a lot of time
19:29
at prosper I would there yesterday and
19:30
this team is continuing to excel it’s
19:33
exciting to see ya know and you have
19:36
mentioned Sequoia Capital and a lot of
19:38
the entrepreneurs out there are trying
19:40
to raise their own money what type of
19:43
advice would you give a young startup a
19:46
young entrepreneur a business owner
19:48
that’s obviously trying to take it to
19:50
the next level to basically get money
19:53
borrow money or basically find investors
19:58
in their business I think it’s a very
20:02
focused presentation it does not include
20:05
the words um I mean yeah you know and
20:09
like it’s an articulation of who you are
20:12
as a person as an entrepreneur what is
20:15
the total addressable market what would
20:18
you do
20:18
with the money if the venture company
20:20
gave it to you what is the arc of the
20:23
product and the company as you see it
20:25
what is the team you have together and
20:27
how are you going to execute how are you
20:30
going to deal with economic changes
20:32
political changes interest rate changes
20:34
and the incumbents maybe challenging
20:37
your idea I think it has to be very
20:40
crisp and I think you have to be fast on
20:42
your feet to be able to pivot as
20:45
businesses change and show these venture
20:47
capitalists and these investors main
20:50
seed investors these family offices that
20:52
you’re all in that you’re willing to do
20:54
whatever it takes to make this company
20:56
successful you know there’s so many
20:59
hurdles of building online platforms
21:01
obviously being the fact that prosper
21:04
and Lending Club were the first you
21:06
still had your own hurdles to sort of
21:08
overcome but for new people trying to
21:12
come into this space whether it be in
21:13
the FinTech space or in any other
21:15
industry can you talk to us a little bit
21:17
about some of the things that you can do
21:21
to make it a little a little easier to
21:25
sort of you know gain some entry
21:28
absolutely I think every entrepreneur
21:30
should draw a picture literally a
21:33
picture of a three-legged stool so for
21:37
uber for example passengers on one side
21:39
drivers on the other and then in the
21:41
middle are the technology people the
21:44
accounting people the management
21:45
marketing and understanding how
21:48
efficient and how everything works for
21:51
the customer experience and the same can
21:54
be said for online lending so the right
21:56
leg or the right side of the stool is
21:58
the borrower the person the student the
22:01
mortgage the business the left side is
22:03
the money it’s the investor it’s the
22:05
debt it’s the peer-to-peer or the
22:08
institution or the securitization and
22:10
the middle leg is the pricing credit
22:13
risk and underwriting engine the
22:15
validation verification and operations
22:18
and customer service team the engineers
22:20
marketing and accounting team and really
22:22
understanding is there equilibrium is
22:24
there inefficiency are you tilted is
22:28
there are there more in Duster than
22:30
borrowers or vice versa
22:32
and really visually being able to
22:34
understand and see how the business is
22:37
running and where the pain is where’s
22:39
the opportunity is it in the efficiency
22:42
is it in marketing is it in the capital
22:44
market side I think that three-legged
22:46
stool works for almost every business
22:49
I’ve seen it certainly worked for Airbnb
22:51
right sure it is to stay people who want
22:55
to stay and the middle is the operations
22:57
in the application and the technology in
22:59
the service and so I think when you can
23:01
visualize the business and see where the
23:03
problems are or the single-threaded
23:05
parts of the stool it really helps in
23:08
fixing and growing and excelling as a
23:11
company and the fact that you’ve been
23:13
involved in so many of your own
23:15
investments in so many successful
23:16
companies it sort of comes across that
23:19
way that that obviously you’ve given
23:21
this a lot of thought and that’s the
23:23
reason why the audience is going to
23:25
really appreciate all of this really
23:27
good practical advice that you’re
23:29
providing let’s let’s turn now to
23:32
competition and partnerships because we
23:35
receive Lending Club with Webb Bank we
23:37
see on deck with JPMorgan we see cabbage
23:39
with Santander we see self I out there
23:42
event and we see next year goldman sachs
23:46
you know coming with with marcus so how
23:48
do the online lenders remain competitive
23:51
and what do they need to do to continue
23:54
that competitive it such a great
23:57
question prosper also has a great
23:59
relationship with webb bank i think one
24:01
of the key things is how our each of
24:04
these company is going to acquire more
24:07
customers more borrowers in unique and
24:10
efficient and lower CPA cost per
24:14
acquisition or cost per click what is
24:16
the difference or differentiator in
24:19
customer acquisition the second part is
24:22
how are these companies going to lower
24:24
their cost to capital you brought up
24:27
Goldman Sachs’s markets is a great
24:29
success story they started with very low
24:31
cost of capital
24:32
given they have billions of dollars of
24:34
cash earning 1% from their clients and
24:37
then how are these companies going to
24:39
hire the engineers that are going to
24:41
make the mobile experience better make
24:44
this
24:45
product work and integrate and expand
24:47
globally I think all of these companies
24:49
share that lower unique ways to find
24:52
customers increasing the education
24:55
awareness and understanding lower cost
24:58
to capital diversifying capital new
25:00
products and efficiency these are really
25:03
the challenges of all those companies
25:04
that you mentioned you know let’s talk a
25:06
little bit about market share and the
25:09
peer-to-peer as a new asset class for
25:12
those whether they’re actually being
25:14
investors or they’re actually looking as
25:16
startups to borrow from these
25:18
alternative platforms can you provide
25:21
some details about the risk and this
25:23
Bank smarter alternative for those
25:26
investors out there and the borrower’s
25:29
absolutely what a great time to be an
25:32
investor a retail investor or an
25:35
institutional investor there are so many
25:37
great alternative tricks to income
25:40
opportunities clearly Lending Club and
25:42
prosper and Sophie and Marcus on the
25:45
consumer side but there’s also on the
25:47
real estate side lending home and patch
25:51
of land and peer Street and lending one
25:53
in litigation finances yield Street in
25:56
some of the subprime or mid prime there
25:59
is money Lyon and lend up and on and on
26:03
and on student loans etc so investors
26:06
have many many choices on where they can
26:08
put their money across asset classes
26:10
both small and big and on the borrower
26:13
side what a great opportunity they can
26:15
go to Lending Tree or Credit Karma or
26:17
other places that will help them find
26:20
the best opportunity when a student goes
26:23
to or a consumer goes to credible they
26:25
get hard offered from the best most
26:28
competitive banks competing against each
26:30
other for the best rate the best
26:32
solution the best product with a great
26:34
customer experience for that consumer
26:36
student or credit card purchaser so I
26:39
think it’s a really efficient time great
26:42
solutions whether you’re an investor or
26:44
a borrower and you know we’ve talked
26:46
about so many different resources
26:48
because we’re really big Ronal resources
26:51
for entrepreneurs out there and also for
26:53
investors and so I’m actually going to
26:55
have not only all the
26:57
for today’s show but any links to any of
27:00
the companies that we’ve actually talked
27:02
about will actually be able to find that
27:04
back at Mitchell chadroy comm slash show
27:07
zero five five so this is really
27:09
excellent we’re all about
27:10
entrepreneurship here on the listen up
27:13
show and the fact that you also enjoy
27:16
teaching and that you travel the world
27:18
teaching about lending whether it a
27:21
living Academy I just saw that you’re
27:24
heading to to Africa I think to teach
27:26
learning and entrepreneurship so can you
27:28
tell us a little bit about that I always
27:30
wanted to be a teacher from the very
27:32
beginning I thought that the learning
27:35
aspect was fascinating and I had the
27:38
chance to teach at Cornell and Fordham
27:40
and pace and Berkeley and Stanford in
27:43
Southern California I’m actually heading
27:45
to Hawaii in February to teacher class
27:47
listening just come back from Southeast
27:49
Asia in sharing my observations
27:52
experiences in the state and the lessons
27:55
along the way I think entrepreneurship
27:57
is not only hard but it’s lonely and
27:59
there’s only so many people an
28:01
entrepreneur can really talk to some
28:03
conversations are difficult to have with
28:05
the board or your management team or
28:07
your CFO and all entrepreneurs need a
28:10
mentor need an advisor or an advisory
28:13
team and at 53 I’m one of the elder
28:16
statesmen in the industry we are trying
28:18
to pay it forward and give it back and
28:20
help those young entrepreneurs because I
28:23
had a lot of help along the way from
28:25
some great advisors and great
28:27
entrepreneurs and I’d love to see some
28:29
of these younger entrepreneurs in their
28:31
late 20s and early 30s achieve what they
28:34
can in the years ahead
28:36
understanding the lessons I’ve learned
28:38
and try not to repeat the mistakes I’ve
28:40
made you know you may have already
28:42
covered this particular answer when you
28:45
were talking a little bit about you know
28:47
the future of FinTech but can you delve
28:50
a little bit more into the future of
28:51
finance generally I sure can I gave this
28:56
presentation called the golden era of
28:59
FinTech which resonated I’ll it just
29:01
gave it in Singapore and Australia in
29:04
Mexico City and around the u.s. we’re in
29:08
this next ten year period and
29:10
actually nobody knows who the winner is
29:12
in the golden era but if you understand
29:16
where you are today where you stand
29:19
today and you understand who’s coming in
29:22
and what the players are doing you’ll
29:24
have a much better chance of succeeding
29:26
in the golden era this next 10 years the
29:29
middle 10 years of the FinTech
29:31
innovation cycle and so some of the
29:34
winners are becoming a little more clear
29:36
look at PayPal stock price look at
29:39
squares stock price look at what some of
29:41
these incumbents are doing in the
29:43
technology world like Amazon like
29:45
Facebook look at what some of these
29:48
groups are doing globally you’ve seen
29:50
for Chinese FinTech companies go public
29:53
one yesterday in the US and some are up
29:56
100% this year so really understanding
29:59
where you sit today kind of what the
30:02
opportunity is and how do you work with
30:04
the incumbent banks tech companies
30:07
telecom companies and others and move
30:09
over to capture the minds and hearts and