1 00:00:01,560 --> 00:00:04,680 Speaker 1: I'm will Lucas and this is black Tech dreen Money. 2 00:00:05,200 --> 00:00:08,320 Speaker 1: Rodney Williams is a three time venture founder currently serving 3 00:00:08,360 --> 00:00:11,399 Speaker 1: as president and co founder of Solo Funds, the largest 4 00:00:11,400 --> 00:00:15,520 Speaker 1: community fintech platform for everyday Americans, providing the opportunity to 5 00:00:15,600 --> 00:00:20,319 Speaker 1: access and grow capital and establish financial independence. He's also 6 00:00:20,400 --> 00:00:24,320 Speaker 1: co founder Listener and Ultratonic Data over Sound Technology Leader, 7 00:00:24,400 --> 00:00:28,520 Speaker 1: and he's an Aspen Institute Henry Crown fellow. Solo Funds 8 00:00:28,520 --> 00:00:32,640 Speaker 1: recently reached a major milestone achieving a million users, So 9 00:00:32,680 --> 00:00:35,639 Speaker 1: I'm interested if he had to rank the most important 10 00:00:35,640 --> 00:00:38,920 Speaker 1: factors in achieving that milestone, between a the demand for 11 00:00:38,960 --> 00:00:42,519 Speaker 1: the solution solo Funds provides, or be his ability to 12 00:00:42,520 --> 00:00:46,160 Speaker 1: build community. What would Rodney say is the most important 13 00:00:46,280 --> 00:00:47,480 Speaker 1: to reaching the MILLI. 14 00:00:47,560 --> 00:00:49,519 Speaker 2: I think it's the right answer. Is that probably a 15 00:00:49,520 --> 00:00:52,120 Speaker 2: combination of both. I don't think that one outweighs the other. 16 00:00:54,040 --> 00:01:00,280 Speaker 2: I think what made it so difficult is the step 17 00:01:00,320 --> 00:01:03,280 Speaker 2: of a community as a released to financial services is. 18 00:01:03,920 --> 00:01:05,280 Speaker 3: Very very new. 19 00:01:06,120 --> 00:01:08,400 Speaker 2: Right, That's not when you think about financial services, you 20 00:01:08,400 --> 00:01:10,080 Speaker 2: don't think about community, and. 21 00:01:11,600 --> 00:01:13,280 Speaker 3: So I believe. 22 00:01:14,440 --> 00:01:16,640 Speaker 2: That has to be a part of the growth story, 23 00:01:17,640 --> 00:01:20,240 Speaker 2: not just the demand part, Right, I think I think 24 00:01:20,280 --> 00:01:21,720 Speaker 2: the demand has always been there. 25 00:01:22,800 --> 00:01:25,240 Speaker 3: I think the community is what makes it unique and special. 26 00:01:26,400 --> 00:01:29,560 Speaker 1: You had said in another interview, the system is somewhat 27 00:01:29,560 --> 00:01:33,280 Speaker 1: discriminatory or selective in that it's extremely expensive to start 28 00:01:33,280 --> 00:01:37,680 Speaker 1: a financial services company. To that end, like, what are 29 00:01:37,680 --> 00:01:40,680 Speaker 1: some of the most effective ways for people who are 30 00:01:40,680 --> 00:01:44,160 Speaker 1: trying to build fintech, you know, whether in whatever vertical, 31 00:01:44,240 --> 00:01:47,480 Speaker 1: but particularly in fintech, whatever solution. I'm sorry, you know, 32 00:01:47,560 --> 00:01:50,000 Speaker 1: what are some of the best ways to create MVPs, 33 00:01:50,040 --> 00:01:53,000 Speaker 1: like minimum viable product when it's so tough to get 34 00:01:53,040 --> 00:01:54,040 Speaker 1: into this industry. 35 00:01:56,200 --> 00:01:58,680 Speaker 2: Yeah, you know, I would I would say that I 36 00:01:58,720 --> 00:02:00,560 Speaker 2: think the way in which we did it, you know, 37 00:02:00,840 --> 00:02:03,920 Speaker 2: was probably the cheapest, most efficient way to do so. 38 00:02:05,280 --> 00:02:11,040 Speaker 2: It is expensive, probably more expensive than any other of the. 39 00:02:10,520 --> 00:02:13,120 Speaker 3: Technology company outside of hardware, in my. 40 00:02:13,120 --> 00:02:20,840 Speaker 2: Opinion, because of the required amount of legal work prior 41 00:02:20,919 --> 00:02:26,760 Speaker 2: to launching compliance and then the the ongoing regulation or 42 00:02:26,800 --> 00:02:30,560 Speaker 2: compliance that's necessary that to maintain whatever the idea you have. 43 00:02:31,160 --> 00:02:34,200 Speaker 3: So it's actually pretty pretty substantial upfront costs. 44 00:02:34,200 --> 00:02:36,200 Speaker 2: But the way in which we did it was using 45 00:02:36,360 --> 00:02:40,960 Speaker 2: the accelerators, using the the those were those were incredible, 46 00:02:42,280 --> 00:02:46,120 Speaker 2: you know, launching pads for Solo. I think Solo participated 47 00:02:46,160 --> 00:02:52,720 Speaker 2: in three prior to launching yet alone, maybe probably about 48 00:02:52,720 --> 00:02:54,240 Speaker 2: three additional after launch. 49 00:02:54,720 --> 00:02:58,079 Speaker 3: So you know, those those accelerators were huge. 50 00:03:00,080 --> 00:03:04,320 Speaker 2: Catalysts for for for not for trying to just leverage 51 00:03:04,360 --> 00:03:08,440 Speaker 2: resources despite the uphill battle of the of the costs 52 00:03:08,440 --> 00:03:10,760 Speaker 2: that it takes to do. 53 00:03:10,800 --> 00:03:15,120 Speaker 1: So, you know, for I love this conversation because you know, 54 00:03:15,000 --> 00:03:18,200 Speaker 1: you talk about it's really expensive to do compliance. It's 55 00:03:18,200 --> 00:03:22,120 Speaker 1: heavily regulated industry, and I was reading something where you said, 56 00:03:22,120 --> 00:03:23,680 Speaker 1: you know, at the end of the day, the pattern 57 00:03:23,720 --> 00:03:25,920 Speaker 1: matching that vcs do when they're looking for the next 58 00:03:25,919 --> 00:03:28,240 Speaker 1: billion dollar exit, there's not a number of people who 59 00:03:28,280 --> 00:03:30,880 Speaker 1: walk in looking like you. You know, there's not a 60 00:03:30,960 --> 00:03:33,120 Speaker 1: lot of people who have attained that level of success 61 00:03:33,160 --> 00:03:34,200 Speaker 1: and look like us. 62 00:03:34,560 --> 00:03:34,760 Speaker 4: You know. 63 00:03:34,880 --> 00:03:36,480 Speaker 1: But when you put numbers on the board, you went 64 00:03:36,520 --> 00:03:39,200 Speaker 1: on to say, people start to wake up. And so 65 00:03:39,960 --> 00:03:43,520 Speaker 1: in order to get that VC attention. To your point, 66 00:03:43,560 --> 00:03:45,160 Speaker 1: you know, you have to put some numbers up on 67 00:03:45,200 --> 00:03:46,840 Speaker 1: the board. How do you do that if you're not 68 00:03:46,920 --> 00:03:47,720 Speaker 1: Rodney Williams. 69 00:03:51,560 --> 00:03:58,520 Speaker 2: Well, I think, let's be very clear, I think that 70 00:04:00,400 --> 00:04:06,320 Speaker 2: I think everyone is capable of delivering on a concept 71 00:04:06,720 --> 00:04:08,480 Speaker 2: in a way that they need to. 72 00:04:10,000 --> 00:04:11,840 Speaker 3: I think that some. 73 00:04:11,720 --> 00:04:15,080 Speaker 2: Of the most the most important things that the founder 74 00:04:15,120 --> 00:04:18,200 Speaker 2: needs to do is persevere and get it done. And 75 00:04:18,279 --> 00:04:21,440 Speaker 2: to do so, you got to learn, you know, coming 76 00:04:21,440 --> 00:04:24,440 Speaker 2: from our first venture and to this venture, myself and 77 00:04:24,480 --> 00:04:28,640 Speaker 2: Travis didn't get here by knowing all the answers or 78 00:04:28,880 --> 00:04:33,320 Speaker 2: assuming that, you know, because I've had success in the past, 79 00:04:33,720 --> 00:04:38,200 Speaker 2: it's going to automatically, you know, lead to success here. 80 00:04:39,360 --> 00:04:42,719 Speaker 2: I think we we've attacked it from a from from 81 00:04:42,760 --> 00:04:46,920 Speaker 2: the position of not knowing anything right and and what 82 00:04:46,920 --> 00:04:51,239 Speaker 2: that means is we need to know everything and and 83 00:04:51,279 --> 00:04:53,960 Speaker 2: when when you know us standing here today reaching the 84 00:04:54,040 --> 00:04:56,400 Speaker 2: numbers that we have, is that we have become the 85 00:04:56,520 --> 00:04:59,279 Speaker 2: experts at what we do. We're the best in the 86 00:04:59,279 --> 00:05:03,360 Speaker 2: world at it. You know, every predecessor that has ever 87 00:05:03,720 --> 00:05:07,839 Speaker 2: tried to do peer to peer finance has failed or 88 00:05:07,920 --> 00:05:13,160 Speaker 2: has has never reached the scale. And you know, what 89 00:05:13,279 --> 00:05:16,320 Speaker 2: we didn't know, we learned and what we knew and 90 00:05:16,600 --> 00:05:19,080 Speaker 2: anchored in the community in which we serve to be 91 00:05:19,160 --> 00:05:22,159 Speaker 2: quite frank we're black, we're African American. 92 00:05:22,000 --> 00:05:22,080 Speaker 3: And. 93 00:05:24,040 --> 00:05:27,039 Speaker 2: Fortunately I'm part of a community or we're part of 94 00:05:27,040 --> 00:05:29,440 Speaker 2: a community that has been taken advantage of by financial 95 00:05:29,440 --> 00:05:32,640 Speaker 2: services since the beginning of time, and a lot of 96 00:05:32,680 --> 00:05:36,320 Speaker 2: the we know the dos and don'ts of our community. 97 00:05:36,440 --> 00:05:40,320 Speaker 2: We know the nuances of what the product needs to enable. 98 00:05:40,800 --> 00:05:44,440 Speaker 2: We know the nuances and what's going to encourage users 99 00:05:44,440 --> 00:05:47,039 Speaker 2: to pay back. These are some of the things that 100 00:05:47,080 --> 00:05:49,600 Speaker 2: we knew. All of the things that we didn't know 101 00:05:50,920 --> 00:05:53,080 Speaker 2: is what we learned to put those numbers on the board. So, 102 00:05:53,680 --> 00:05:55,760 Speaker 2: and to be clear, I think you know we don't. 103 00:05:56,279 --> 00:05:59,680 Speaker 2: I don't think we get on the stage enough to 104 00:05:59,760 --> 00:06:05,760 Speaker 2: talk about the numbers on the board. But we're doing 105 00:06:05,800 --> 00:06:08,119 Speaker 2: something that has never been done before, at a scale 106 00:06:08,160 --> 00:06:12,040 Speaker 2: that has never been done before, and and and and 107 00:06:12,160 --> 00:06:15,479 Speaker 2: there's a lot of there's a lot of what I 108 00:06:15,480 --> 00:06:21,119 Speaker 2: would call pain and suffering and scar tissue and getting there. 109 00:06:21,800 --> 00:06:23,000 Speaker 3: But we're excited about. 110 00:06:22,800 --> 00:06:25,760 Speaker 1: What's next coming to the game. Not knowing a whole lot, 111 00:06:25,800 --> 00:06:27,960 Speaker 1: you said to your point, but you had to learn 112 00:06:28,000 --> 00:06:30,520 Speaker 1: a lot so that you could know everything about this. 113 00:06:31,800 --> 00:06:34,200 Speaker 1: I'm obviously I'm sure you came in with some assumptions 114 00:06:34,200 --> 00:06:36,599 Speaker 1: about things because I read your story and you and 115 00:06:36,760 --> 00:06:38,400 Speaker 1: Travis both come from. 116 00:06:38,320 --> 00:06:40,880 Speaker 4: Very successful corporate careers. 117 00:06:40,600 --> 00:06:44,919 Speaker 1: And having that you know, personal income, that revenue you 118 00:06:45,000 --> 00:06:47,000 Speaker 1: had people around you who didn't have it, and so 119 00:06:47,240 --> 00:06:49,240 Speaker 1: in order, you were one of the people that people 120 00:06:49,240 --> 00:06:50,880 Speaker 1: went to the family, like, you know, if I need 121 00:06:50,880 --> 00:06:52,320 Speaker 1: one hundred dollars, I can go to Rodney. 122 00:06:52,800 --> 00:06:55,440 Speaker 4: Well, so obviously other people have that issue as well. 123 00:06:55,480 --> 00:06:56,960 Speaker 1: But what what are some of the things that we're 124 00:06:57,000 --> 00:07:00,320 Speaker 1: surprising to you about some of the assum because you 125 00:07:00,400 --> 00:07:04,040 Speaker 1: made that may not have been turned out to be correct. 126 00:07:04,200 --> 00:07:05,520 Speaker 2: You know, I used to think that it was just 127 00:07:05,560 --> 00:07:10,720 Speaker 2: my friends and family, meaning that you know, mostly you know, 128 00:07:11,040 --> 00:07:16,040 Speaker 2: the group of Americans that you know had limited savings 129 00:07:16,240 --> 00:07:19,120 Speaker 2: and didn't really have access to short term credit, whether 130 00:07:19,160 --> 00:07:21,920 Speaker 2: it's a credit card or a painting loan. I'm kind 131 00:07:21,920 --> 00:07:24,720 Speaker 2: of you know, I originally thought that it was focused 132 00:07:24,720 --> 00:07:26,360 Speaker 2: in African American communities. 133 00:07:28,720 --> 00:07:31,040 Speaker 3: I'm still somewhat shocked that. 134 00:07:32,320 --> 00:07:36,239 Speaker 2: No, it's it's it's it's something that's spread across all 135 00:07:36,600 --> 00:07:37,960 Speaker 2: middle class Americans. 136 00:07:38,160 --> 00:07:39,280 Speaker 3: You know, over. 137 00:07:40,680 --> 00:07:45,960 Speaker 2: Over over one hundred and ninety million middle class Americans. 138 00:07:46,560 --> 00:07:50,280 Speaker 3: Yes, it's filled with the underserved. Communities are filled with 139 00:07:50,280 --> 00:07:50,840 Speaker 3: communities that. 140 00:07:50,840 --> 00:07:55,880 Speaker 2: You would think of like LGBTQ or you know, Americans 141 00:07:55,880 --> 00:08:00,000 Speaker 2: with disability, for example, but it's also filled with black 142 00:08:00,000 --> 00:08:03,600 Speaker 2: back ground in women Americans who tend to be taken 143 00:08:03,600 --> 00:08:07,200 Speaker 2: advantage of by financial services. So said differently, financial service 144 00:08:07,280 --> 00:08:08,880 Speaker 2: companies haven't necessarily built. 145 00:08:08,600 --> 00:08:12,640 Speaker 3: Products for the needs for their needs. 146 00:08:12,880 --> 00:08:16,840 Speaker 2: So that's probably, honestly that one of the most incredible 147 00:08:16,840 --> 00:08:20,800 Speaker 2: assumptions that that continues to shock me. And and I 148 00:08:20,840 --> 00:08:22,640 Speaker 2: give you an example of that. Ten percent of our 149 00:08:22,680 --> 00:08:25,360 Speaker 2: borrowers make over one hundred thousand dollars a year. You know, 150 00:08:26,280 --> 00:08:31,200 Speaker 2: this person isn't financially illiterate. This person understands finances, this 151 00:08:31,200 --> 00:08:39,040 Speaker 2: person has a credit card. Why has the financial system 152 00:08:39,320 --> 00:08:43,280 Speaker 2: been built to whereas though they need two hundred dollars 153 00:08:43,360 --> 00:08:46,360 Speaker 2: and they can't get it. And that's the biggest question. 154 00:08:46,720 --> 00:08:50,920 Speaker 2: The bigger question isn't how we did it, it's why 155 00:08:51,600 --> 00:08:54,640 Speaker 2: is it successful? Why is it growing? Why is this 156 00:08:54,760 --> 00:08:58,560 Speaker 2: such a demand for this? Why isn't more people talking 157 00:08:58,600 --> 00:09:01,840 Speaker 2: about it? You know, there's a lot of regulators and governments, 158 00:09:02,480 --> 00:09:06,480 Speaker 2: agencies and politicians and always talking about reducing the wealth 159 00:09:06,480 --> 00:09:09,680 Speaker 2: gap and increasing the access to capital. They're always talking 160 00:09:09,720 --> 00:09:12,880 Speaker 2: about it. But where who are the people that are 161 00:09:12,880 --> 00:09:17,240 Speaker 2: doing it? And why aren't you supporting them? And those 162 00:09:17,240 --> 00:09:21,880 Speaker 2: are the questions that I now I sometimes perplexed by. 163 00:09:23,559 --> 00:09:25,560 Speaker 3: But I'm up for the challenge as well. 164 00:09:26,480 --> 00:09:30,240 Speaker 1: You know. So historically we've leaned on the big three 165 00:09:30,240 --> 00:09:36,199 Speaker 1: credit companies Experience, eco Fax, TransUnion to determine a large 166 00:09:36,200 --> 00:09:38,640 Speaker 1: part of our financial situation, whether we can get loans, 167 00:09:38,640 --> 00:09:40,000 Speaker 1: whether we can get a car, whether we can get 168 00:09:40,000 --> 00:09:43,959 Speaker 1: a house. So many other alternatives to that have come 169 00:09:44,000 --> 00:09:45,480 Speaker 1: into the conversation over the. 170 00:09:45,520 --> 00:09:47,680 Speaker 4: Last few years, like a social credit score and et cetera. 171 00:09:48,280 --> 00:09:51,640 Speaker 1: How do you think how does Solo Funds think about 172 00:09:51,400 --> 00:09:53,319 Speaker 1: the evolution of the credit score. 173 00:09:54,360 --> 00:09:56,800 Speaker 3: Well, it's somewhat broken. 174 00:09:58,760 --> 00:10:01,439 Speaker 2: If you think about in the midst of COVID, I 175 00:10:01,559 --> 00:10:04,120 Speaker 2: think and sometime in twenty twenty one credit scores we 176 00:10:04,200 --> 00:10:06,600 Speaker 2: are all time high where. 177 00:10:06,400 --> 00:10:07,199 Speaker 3: No one will working. 178 00:10:08,720 --> 00:10:11,600 Speaker 2: Well, you know what that what we're ultimately talking about 179 00:10:11,760 --> 00:10:15,240 Speaker 2: is that, you know, the way the credit score currently 180 00:10:15,280 --> 00:10:18,000 Speaker 2: works is that it's an incredible measure of historical behavior, 181 00:10:18,440 --> 00:10:21,880 Speaker 2: but it doesn't necessarily give you a snapshot on the consumer, 182 00:10:22,360 --> 00:10:25,200 Speaker 2: the consumer's economic position today. 183 00:10:25,920 --> 00:10:29,240 Speaker 3: It gives a snapshot of what it was right. 184 00:10:31,160 --> 00:10:34,400 Speaker 2: And and and there's ways there's so much technology available 185 00:10:34,440 --> 00:10:37,200 Speaker 2: to you at our fingertips that it needs it needs 186 00:10:37,200 --> 00:10:39,480 Speaker 2: to be way more real time, and it needs to 187 00:10:39,520 --> 00:10:42,360 Speaker 2: have a forward looking out look, and and I think 188 00:10:42,400 --> 00:10:45,520 Speaker 2: that's that's that's some of the nuances in which and 189 00:10:45,559 --> 00:10:49,360 Speaker 2: how we made our solo score, which again takes into 190 00:10:49,400 --> 00:10:54,040 Speaker 2: account real time cash flow to to to assess, uh, 191 00:10:54,240 --> 00:10:59,280 Speaker 2: who who that borrower may be today, right and and 192 00:10:59,280 --> 00:11:03,040 Speaker 2: and then try to understand what they can do in 193 00:11:03,040 --> 00:11:06,360 Speaker 2: in near term. So it's a very different thing. You 194 00:11:06,360 --> 00:11:09,720 Speaker 2: know what you know and when you talk to anyone 195 00:11:10,160 --> 00:11:14,280 Speaker 2: about the credit report or the credit agencies, and there's 196 00:11:14,280 --> 00:11:18,240 Speaker 2: a ton of secrecy on how it's scored. There's some 197 00:11:18,280 --> 00:11:22,680 Speaker 2: things that we know, but it's a ton of different 198 00:11:23,520 --> 00:11:31,600 Speaker 2: misconceptions about how it's scored. We actually just tried to 199 00:11:31,960 --> 00:11:35,640 Speaker 2: remove all of the misconceptions. You know, the way our 200 00:11:35,679 --> 00:11:38,400 Speaker 2: score works is on cash flow. When you pay something 201 00:11:38,440 --> 00:11:41,319 Speaker 2: back on time, your score gets better. When you don't, 202 00:11:41,720 --> 00:11:42,760 Speaker 2: your score gets worse. 203 00:11:43,240 --> 00:11:43,880 Speaker 3: That simple. 204 00:11:44,280 --> 00:11:47,920 Speaker 2: No, no no magic, saw us, no nothing that the 205 00:11:47,920 --> 00:11:49,080 Speaker 2: consumer can't understand. 206 00:11:49,120 --> 00:11:51,520 Speaker 3: I wish our credit score was that simple. 207 00:11:51,960 --> 00:11:53,960 Speaker 2: Meaning if I have a bill and I paid it 208 00:11:53,960 --> 00:11:56,000 Speaker 2: on time, it should maintain or get better. 209 00:11:56,320 --> 00:11:58,160 Speaker 3: But it kind of doesn't. 210 00:11:59,120 --> 00:12:01,120 Speaker 2: You know. It seems that only get worse if I 211 00:12:01,120 --> 00:12:03,960 Speaker 2: miss a payment. I make a ton of payments and 212 00:12:04,080 --> 00:12:11,840 Speaker 2: it doesn't necessarily reflect that successful payment history in the score, 213 00:12:11,880 --> 00:12:15,160 Speaker 2: at least in in in no form of immediacy. 214 00:12:15,920 --> 00:12:17,240 Speaker 3: So these are some of the things in which what 215 00:12:17,360 --> 00:12:19,160 Speaker 3: we leveraged to create our score. 216 00:12:19,600 --> 00:12:23,080 Speaker 2: I will tell you the traditional credit system is built 217 00:12:23,440 --> 00:12:27,960 Speaker 2: on that, on the credit burd and agency. So it's 218 00:12:28,000 --> 00:12:30,760 Speaker 2: a necessary evil, but it is an evil that is 219 00:12:30,760 --> 00:12:34,040 Speaker 2: not widely understood, and that's been. 220 00:12:34,400 --> 00:12:48,040 Speaker 5: Going a challenge. 221 00:12:51,440 --> 00:12:53,480 Speaker 1: We'll looka is here a black Tech Green Money and 222 00:12:53,600 --> 00:12:56,160 Speaker 1: I'm super excited to be partner with AT and T 223 00:12:56,400 --> 00:12:58,960 Speaker 1: dreaming Black. And what I want to talk to you 224 00:12:59,000 --> 00:13:03,200 Speaker 1: about is this conversation around financial literacy, particularly as it 225 00:13:03,320 --> 00:13:06,240 Speaker 1: involves the activities you are engaged with. And if you're 226 00:13:06,240 --> 00:13:09,440 Speaker 1: listening to me, you're probably an entrepreneur. The activities you're 227 00:13:09,480 --> 00:13:13,520 Speaker 1: engaged with as an entrepreneur to bet on yourself, because 228 00:13:13,559 --> 00:13:16,440 Speaker 1: that's what we do as entrepreneurs is we take risks 229 00:13:16,679 --> 00:13:19,400 Speaker 1: where other people say, you know what, that might work, 230 00:13:19,440 --> 00:13:22,760 Speaker 1: and I'm here to support. Hopefully they're just support. Well, 231 00:13:22,760 --> 00:13:26,240 Speaker 1: betting on yourself means they might not. So here's the 232 00:13:26,360 --> 00:13:30,000 Speaker 1: kicker about betting on yourself is there's nobody coming to 233 00:13:30,080 --> 00:13:34,559 Speaker 1: save you. What often people misconstrued about entrepreneurship is they think, 234 00:13:34,840 --> 00:13:37,200 Speaker 1: you know what, I'm tired of working this nine to five. 235 00:13:37,240 --> 00:13:39,200 Speaker 1: I'm tired of working this eight to four. I'm tired 236 00:13:39,240 --> 00:13:41,360 Speaker 1: of working this regular job. I want to go do 237 00:13:41,440 --> 00:13:43,600 Speaker 1: my own thing and work for myself. But what you 238 00:13:43,679 --> 00:13:45,920 Speaker 1: do as an entrepreneur is you decide, you know what, 239 00:13:45,960 --> 00:13:48,440 Speaker 1: I'm no longer interested in working this forty hour week, 240 00:13:48,600 --> 00:13:51,200 Speaker 1: and I'm going to go work sixty hours a week 241 00:13:51,280 --> 00:13:53,800 Speaker 1: because that's what it might take, especially in the early 242 00:13:53,880 --> 00:13:57,800 Speaker 1: years of building your business. You leave the security or 243 00:13:57,840 --> 00:14:03,120 Speaker 1: the perceived security of stability for something that is very 244 00:14:03,240 --> 00:14:06,800 Speaker 1: likely high risk, but it is a bet on yourself. 245 00:14:07,000 --> 00:14:10,079 Speaker 1: There's nobody coming to save you. And I to make 246 00:14:10,120 --> 00:14:13,600 Speaker 1: that even more clear, as an entrepreneur, there's no check 247 00:14:13,640 --> 00:14:16,400 Speaker 1: coming on Friday every Friday, every two weeks every week. 248 00:14:16,440 --> 00:14:19,520 Speaker 1: Like there's no guaranteed payment that you're gonna get from 249 00:14:19,640 --> 00:14:23,200 Speaker 1: an employer every week. It just doesn't happen this way 250 00:14:23,240 --> 00:14:26,600 Speaker 1: for entrepreneurs. And so what you're hoping to do is 251 00:14:26,680 --> 00:14:29,920 Speaker 1: build up the pipeline of customers who will pay you, 252 00:14:30,240 --> 00:14:32,600 Speaker 1: clients who will pay you and hopefully pay you on time. 253 00:14:32,840 --> 00:14:35,400 Speaker 1: But you're betting on yourself. The thought here is that 254 00:14:35,480 --> 00:14:39,000 Speaker 1: you are deciding to take control of your financial future 255 00:14:39,120 --> 00:14:42,440 Speaker 1: and achieve your dreams. And you're saying, you know what, 256 00:14:42,440 --> 00:14:44,520 Speaker 1: I'm gonna take the wheel of my career and I'm 257 00:14:44,520 --> 00:14:47,680 Speaker 1: gonna take a leap of faith into a venture that 258 00:14:47,800 --> 00:14:50,920 Speaker 1: I believe in, that I'm excited about. That I'm okay 259 00:14:50,960 --> 00:14:53,840 Speaker 1: with waking up early and going to bed late to 260 00:14:53,880 --> 00:14:56,600 Speaker 1: make happen and to put into the world. I myself. 261 00:14:56,680 --> 00:14:58,680 Speaker 1: I have a couple of companies. I have, the two 262 00:14:58,720 --> 00:15:02,320 Speaker 1: biggest of which are which is my marketing technology company. 263 00:15:02,520 --> 00:15:06,400 Speaker 1: We do everything from video production. There, website development, communication strategy, 264 00:15:06,480 --> 00:15:08,960 Speaker 1: app design. And then I have toll House, which is 265 00:15:08,960 --> 00:15:12,040 Speaker 1: a private social club. Is twenty five thousand square feet 266 00:15:12,040 --> 00:15:15,840 Speaker 1: and there's five bars, five lounges of coffee house, coworking space, 267 00:15:15,960 --> 00:15:19,400 Speaker 1: all these different amenities. And these are businesses I dreamed 268 00:15:19,480 --> 00:15:22,200 Speaker 1: up one day and they are actually in the world 269 00:15:22,800 --> 00:15:26,080 Speaker 1: doing business right now. They are clients, there are members 270 00:15:26,160 --> 00:15:28,880 Speaker 1: who we aim to serve each and every day. So 271 00:15:28,920 --> 00:15:31,400 Speaker 1: I decided that the life of a nine to five 272 00:15:31,440 --> 00:15:33,960 Speaker 1: or just wasn't for me. I decided to take control 273 00:15:34,040 --> 00:15:38,080 Speaker 1: of my future, my career future, and my financial future. 274 00:15:38,160 --> 00:15:41,240 Speaker 1: The upside for me is this guy's the limit. And 275 00:15:41,320 --> 00:15:44,800 Speaker 1: so I am aiming every day to dream and not 276 00:15:44,880 --> 00:15:47,800 Speaker 1: put a limit on my dreams. And I'm aiming to 277 00:15:47,840 --> 00:15:49,920 Speaker 1: put the work in to make sure that those dreams 278 00:15:49,960 --> 00:15:53,080 Speaker 1: have an opportunity to be realized. In order to do this, 279 00:15:53,120 --> 00:15:56,320 Speaker 1: there is an enormous amount of confidence that you have 280 00:15:56,400 --> 00:15:59,440 Speaker 1: to have, even if you don't feel like it every day. Generally, 281 00:15:59,480 --> 00:16:01,400 Speaker 1: you need to be confident that you have what it 282 00:16:01,440 --> 00:16:04,200 Speaker 1: takes to go make your dreams real. And you have 283 00:16:04,240 --> 00:16:07,320 Speaker 1: to be ambitious. You know, there's no manager or boss 284 00:16:07,320 --> 00:16:09,160 Speaker 1: telling you to get up every day and get to work. 285 00:16:09,360 --> 00:16:11,720 Speaker 1: It's your dreams and your goals that wake you up 286 00:16:11,760 --> 00:16:13,600 Speaker 1: every day and say, you know what you said, you 287 00:16:13,640 --> 00:16:16,440 Speaker 1: wanted to make this thing real, get up and let's 288 00:16:16,440 --> 00:16:18,320 Speaker 1: go make it happen. And if you're going to go 289 00:16:18,440 --> 00:16:20,680 Speaker 1: make that thing happen, one of the most important things 290 00:16:20,720 --> 00:16:23,040 Speaker 1: you can have is a strong network of people who 291 00:16:23,080 --> 00:16:25,360 Speaker 1: will support you. So people who will be there for you, 292 00:16:25,400 --> 00:16:27,840 Speaker 1: people who can give you advice, and people who will 293 00:16:27,840 --> 00:16:30,720 Speaker 1: allow you to leverage their connections for your financial growth. 294 00:16:30,840 --> 00:16:32,920 Speaker 1: So how do you connect with mentors and peers and 295 00:16:32,960 --> 00:16:35,400 Speaker 1: industry professionals. You need to get out there. You need 296 00:16:35,440 --> 00:16:37,520 Speaker 1: to be seen. You need to show up where those 297 00:16:37,560 --> 00:16:39,840 Speaker 1: people hang out. You need to be at those conferences. 298 00:16:39,840 --> 00:16:42,480 Speaker 1: You need to be on those zoom calls and webinars. 299 00:16:42,480 --> 00:16:45,120 Speaker 1: You need to be in the place where your customers are. 300 00:16:45,240 --> 00:16:47,280 Speaker 1: You need to be there sharing your ideas. And when 301 00:16:47,280 --> 00:16:50,720 Speaker 1: you're in these rooms hoping to build a stronger network, 302 00:16:50,880 --> 00:16:52,840 Speaker 1: you need to be there thinking about how you can. 303 00:16:52,720 --> 00:16:54,160 Speaker 4: Provide value to other people. 304 00:16:54,440 --> 00:16:56,400 Speaker 1: So it's not always about what you get out of 305 00:16:56,400 --> 00:16:58,160 Speaker 1: a room, but what can you do to serve the 306 00:16:58,200 --> 00:17:00,680 Speaker 1: people who are in those rooms, Because that's how very 307 00:17:00,680 --> 00:17:03,920 Speaker 1: strong relationships are built. When you are able to provide value, 308 00:17:04,359 --> 00:17:08,119 Speaker 1: those ties that bind get strengthened. One of the best 309 00:17:08,160 --> 00:17:11,360 Speaker 1: investments you can make is into yourself and into your education, 310 00:17:11,440 --> 00:17:14,000 Speaker 1: and into your experiences, and into things that actually help 311 00:17:14,080 --> 00:17:16,000 Speaker 1: you do the business that you want to do more 312 00:17:16,040 --> 00:17:19,639 Speaker 1: efficiently and faster, stronger, better, harder, all those things. So 313 00:17:19,800 --> 00:17:22,680 Speaker 1: getting out of the consumer mindset and into investors' mindset. 314 00:17:22,720 --> 00:17:25,119 Speaker 1: When you're purchasing things, you aim to purchase things that 315 00:17:25,119 --> 00:17:27,280 Speaker 1: can be assets to actually help you do what you 316 00:17:27,400 --> 00:17:29,520 Speaker 1: do even better. So I want you to take the 317 00:17:29,520 --> 00:17:33,280 Speaker 1: first step, decide to bet on yourself, realize that nobody 318 00:17:33,359 --> 00:17:36,040 Speaker 1: is coming to save you. Your future is in your hands, 319 00:17:36,080 --> 00:17:37,640 Speaker 1: and what you do with your day to day can 320 00:17:37,680 --> 00:17:40,000 Speaker 1: impact your tomorrow positively or negatively. 321 00:17:40,200 --> 00:17:41,200 Speaker 4: We choose the positive. 322 00:17:43,119 --> 00:17:44,919 Speaker 1: There are many people who might have just fell on 323 00:17:44,960 --> 00:17:48,280 Speaker 1: hard times or have an unexpected situation and need help, 324 00:17:48,440 --> 00:17:51,800 Speaker 1: and solo funds is that insist others who might just 325 00:17:51,880 --> 00:17:56,600 Speaker 1: be financially unsavvy? How to solo funds manage those behaviors 326 00:17:56,600 --> 00:17:59,119 Speaker 1: on this platform to be sure both the Bowers assisted 327 00:17:59,800 --> 00:18:01,280 Speaker 1: and the Lenda is protected. 328 00:18:02,480 --> 00:18:03,480 Speaker 4: Ridney speaks on it. 329 00:18:04,000 --> 00:18:08,280 Speaker 3: Yeah, I will tell you we see much far less 330 00:18:10,080 --> 00:18:12,280 Speaker 3: than we see. 331 00:18:12,320 --> 00:18:20,840 Speaker 2: Far less percentages are examples of consumers bad with money. 332 00:18:21,640 --> 00:18:22,480 Speaker 3: We see. 333 00:18:23,760 --> 00:18:29,560 Speaker 2: Much more examples of consumers operating on extremely tight budgets. 334 00:18:30,359 --> 00:18:32,159 Speaker 1: You think that, then, is like a negative stereotype that 335 00:18:32,160 --> 00:18:35,240 Speaker 1: they've said about us, that we just can't manage money. 336 00:18:35,840 --> 00:18:41,360 Speaker 2: It's not true. It's actually really incorrect. It really bothers 337 00:18:41,400 --> 00:18:46,120 Speaker 2: me because in partly talking about my mom, we talk 338 00:18:46,119 --> 00:18:46,600 Speaker 2: about my mom. 339 00:18:46,600 --> 00:18:49,240 Speaker 4: It's going to be a problem. 340 00:18:49,520 --> 00:18:52,040 Speaker 2: But I'm going to try to paint the picture for you. 341 00:18:55,040 --> 00:19:01,320 Speaker 2: Our bars are college educated, mostly women. They tend to 342 00:19:01,320 --> 00:19:05,959 Speaker 2: have multiple children, they're gainfully employed. They live in cities 343 00:19:05,960 --> 00:19:11,720 Speaker 2: like New York City, San Francisco, Miami, Atlanta. These are 344 00:19:11,880 --> 00:19:14,760 Speaker 2: high cost of living cities, and they live on extremely, 345 00:19:14,800 --> 00:19:17,640 Speaker 2: extremely tight budgets. What I mean by extremely tight budgets 346 00:19:17,880 --> 00:19:19,720 Speaker 2: is that they have less than eight hundred dollars. 347 00:19:19,560 --> 00:19:20,760 Speaker 3: Of stavements in their bank account. 348 00:19:21,560 --> 00:19:28,199 Speaker 2: Despite being college educated, savvy, to give you perspective, this 349 00:19:28,320 --> 00:19:31,639 Speaker 2: consumer can take twenty dollars and somehow figure out. 350 00:19:31,480 --> 00:19:33,080 Speaker 3: How to live off at that point an entire week 351 00:19:33,960 --> 00:19:34,600 Speaker 3: when they need to. 352 00:19:35,240 --> 00:19:39,720 Speaker 2: They know every day that the bill is coming out 353 00:19:39,720 --> 00:19:44,639 Speaker 2: of their checking county. Literally they know when Netflix is 354 00:19:44,680 --> 00:19:50,399 Speaker 2: coming out. Okay, this is how focused they are in 355 00:19:50,400 --> 00:19:55,439 Speaker 2: their finances. So what we're talking about is a cost 356 00:19:55,440 --> 00:20:00,000 Speaker 2: of living is concern and a wage concern that's created 357 00:20:00,440 --> 00:20:03,359 Speaker 2: very very tight constraints on budgets. And in a time 358 00:20:03,440 --> 00:20:06,000 Speaker 2: like this where inflation is happening, all of a sudden, 359 00:20:06,080 --> 00:20:09,520 Speaker 2: my gas to fill my tank when from forty dollars 360 00:20:09,600 --> 00:20:10,640 Speaker 2: to fifty dollars. 361 00:20:10,440 --> 00:20:11,120 Speaker 3: I need that. 362 00:20:12,040 --> 00:20:16,480 Speaker 2: So what happens is these consumers, despite that eight hundred 363 00:20:16,480 --> 00:20:21,240 Speaker 2: dollars savings, will have a financial emergency one to four 364 00:20:21,280 --> 00:20:28,960 Speaker 2: times every twelve months and it looks very simple. My child, 365 00:20:30,119 --> 00:20:34,000 Speaker 2: my child is sick. I can't go to work for 366 00:20:34,080 --> 00:20:37,080 Speaker 2: three days. That's three days of pay. 367 00:20:38,320 --> 00:20:38,760 Speaker 3: Wow. 368 00:20:39,560 --> 00:20:42,639 Speaker 2: This is also when I now have a medical deductible 369 00:20:43,080 --> 00:20:45,440 Speaker 2: because my kid is sick, and even surgery that's five 370 00:20:45,520 --> 00:20:50,560 Speaker 2: hundred dollars. And the combination of the medical deductible and 371 00:20:50,600 --> 00:20:52,800 Speaker 2: the fact that I'm not going to work means I'm 372 00:20:52,840 --> 00:20:56,400 Speaker 2: going to be short on rent in two weeks. 373 00:20:57,960 --> 00:21:02,399 Speaker 3: That's it. One hundred thousand savings is gone like that. 374 00:21:03,400 --> 00:21:07,000 Speaker 2: So all of a sudden, you know, you're like, you 375 00:21:07,000 --> 00:21:10,040 Speaker 2: know what, I'm gonna be late on the rent. I'm 376 00:21:10,040 --> 00:21:14,000 Speaker 2: gonna make sure my kid gets better, but I'm gonna 377 00:21:14,000 --> 00:21:16,760 Speaker 2: incur late fees on my rent and I don't have 378 00:21:16,800 --> 00:21:19,040 Speaker 2: any extra cash. Really, I'm just gonna be late. I'm 379 00:21:19,040 --> 00:21:20,560 Speaker 2: just gonna make sure I got food on the table. 380 00:21:20,880 --> 00:21:22,760 Speaker 2: Let me just borrow two hundred dollars to make sure 381 00:21:22,760 --> 00:21:28,040 Speaker 2: I got food on the table. That's not mismanagement of money. 382 00:21:29,119 --> 00:21:32,800 Speaker 2: That's a lack of cash, but that's a lack of salary. 383 00:21:33,119 --> 00:21:36,200 Speaker 2: Given the cost of living and efforts and lives, there's 384 00:21:36,200 --> 00:21:41,679 Speaker 2: no scenario that this person can access short term capital 385 00:21:41,760 --> 00:21:45,159 Speaker 2: cheaper or more efficiently except for going to friends or 386 00:21:45,240 --> 00:21:48,080 Speaker 2: family or if you talk to a lot of these consumers. 387 00:21:48,240 --> 00:21:50,239 Speaker 2: I mean, what I love about this consumer is that 388 00:21:50,240 --> 00:21:54,080 Speaker 2: they're they're they're wet Americas built off of right. We 389 00:21:54,119 --> 00:21:58,159 Speaker 2: see teachers who sell t shirts on Etsy. We see 390 00:21:58,480 --> 00:22:03,320 Speaker 2: police officers who also drive uber. We see yeah, I mean, 391 00:22:03,560 --> 00:22:07,159 Speaker 2: we see multiple streams of income, especially in moments of 392 00:22:07,320 --> 00:22:10,679 Speaker 2: type and constraint moments. 393 00:22:10,320 --> 00:22:12,600 Speaker 3: They actually dig themselves out. 394 00:22:13,440 --> 00:22:16,160 Speaker 2: The problem is we're trying to make sure that whole 395 00:22:16,240 --> 00:22:18,920 Speaker 2: isn't as deep as it would be what a subprime 396 00:22:19,000 --> 00:22:22,040 Speaker 2: credit card or a painting loan where solo that whole 397 00:22:22,119 --> 00:22:26,000 Speaker 2: is not deep at off. But it is a misconception 398 00:22:26,080 --> 00:22:29,480 Speaker 2: that I hate that this group of Americans is not, 399 00:22:31,480 --> 00:22:32,840 Speaker 2: you know, financially illiterate. 400 00:22:32,920 --> 00:22:35,360 Speaker 3: It is not true. It's not true. 401 00:22:36,160 --> 00:22:39,680 Speaker 1: Talk more about the long term cycle of debt that 402 00:22:40,160 --> 00:22:42,159 Speaker 1: many of us, not many of us, may not be 403 00:22:42,240 --> 00:22:46,800 Speaker 1: aware of that the traditional emergency lenders put us in 404 00:22:47,040 --> 00:22:49,800 Speaker 1: because you know, you talk about, yes, there there may 405 00:22:49,800 --> 00:22:53,160 Speaker 1: be some predatory percentage rates that those things, but what. 406 00:22:53,160 --> 00:22:55,240 Speaker 4: Is this real cycle that it gets. 407 00:22:55,040 --> 00:22:58,639 Speaker 1: People into that's negatively affected our communities. 408 00:22:59,800 --> 00:23:02,879 Speaker 2: This cycle isn't even the pr the APR is an 409 00:23:02,880 --> 00:23:08,560 Speaker 2: illusion that's inaccurate. So I'm gonna give you too truth 410 00:23:08,640 --> 00:23:13,360 Speaker 2: about the APR, which causes problem for for for many Americans. 411 00:23:13,960 --> 00:23:18,160 Speaker 2: Number One, the a PR is as a specific fee 412 00:23:21,160 --> 00:23:23,480 Speaker 2: based on the condition of credit. It is a fee 413 00:23:23,560 --> 00:23:27,280 Speaker 2: that they're supposed to communicate. It's it's a it's a 414 00:23:27,359 --> 00:23:30,520 Speaker 2: fee that takes the kind of like average rate and 415 00:23:30,640 --> 00:23:38,200 Speaker 2: annualizes it. But I give you an example, when someone says, 416 00:23:38,240 --> 00:23:42,000 Speaker 2: oh my god, that payday loan costs four hundred percent, 417 00:23:42,760 --> 00:23:47,639 Speaker 2: the consumer is not technically paying four times what they borrow. 418 00:23:48,520 --> 00:23:53,920 Speaker 2: It's an annualization calpulation based on the short term. It's 419 00:23:53,960 --> 00:23:57,520 Speaker 2: even difficult to understand as I'm explaining it. Yeah, right, 420 00:23:57,760 --> 00:24:01,880 Speaker 2: So that's that's problem number one. Problem number two, which 421 00:24:01,920 --> 00:24:04,120 Speaker 2: is more important than problem number one, in my opinion, 422 00:24:04,760 --> 00:24:08,760 Speaker 2: is that APR does not include subscription fees, annual fees, 423 00:24:09,440 --> 00:24:15,119 Speaker 2: late fees, origination fees, instant cash fees. I give you 424 00:24:15,119 --> 00:24:18,480 Speaker 2: an example, when you look at like subprime credit cards 425 00:24:18,520 --> 00:24:21,560 Speaker 2: or payday loans, I only think like twenty percent of 426 00:24:21,600 --> 00:24:26,679 Speaker 2: consumers actually paid them on time. So that means what 427 00:24:26,720 --> 00:24:29,840 Speaker 2: a consumer is really paying should then also include the 428 00:24:29,920 --> 00:24:33,919 Speaker 2: late fee because most consumers are paying late fees. That 429 00:24:33,960 --> 00:24:39,040 Speaker 2: gets into the predatory nature and giving an example, a 430 00:24:39,080 --> 00:24:41,680 Speaker 2: subprime credit card, which is an average of about five 431 00:24:41,720 --> 00:24:45,000 Speaker 2: hundred dollars, is your how much credit they'll give you, 432 00:24:45,080 --> 00:24:48,560 Speaker 2: it will happen the highest APR that's allowed in that state, 433 00:24:49,960 --> 00:24:55,560 Speaker 2: plus an annual fee. There's a late fee, a flat 434 00:24:55,640 --> 00:24:59,359 Speaker 2: late fee assessed every month that you're late for the 435 00:24:59,400 --> 00:25:04,240 Speaker 2: rest of time. Now they have caps, but for a while, 436 00:25:05,520 --> 00:25:08,440 Speaker 2: there's also instant cash fees that you also don't care. 437 00:25:10,280 --> 00:25:13,359 Speaker 3: So when we actually we actually try to we call 438 00:25:13,400 --> 00:25:14,159 Speaker 3: it total costs. 439 00:25:14,160 --> 00:25:17,359 Speaker 2: We actually commission the research projects or understand what are 440 00:25:17,400 --> 00:25:18,560 Speaker 2: consumers really paying? 441 00:25:20,800 --> 00:25:21,639 Speaker 3: Not sure math. 442 00:25:22,400 --> 00:25:26,280 Speaker 2: If a consumer takes one hundred dollars today, what are 443 00:25:26,280 --> 00:25:27,560 Speaker 2: they paying twelve months from them? 444 00:25:28,359 --> 00:25:29,320 Speaker 3: That's it. 445 00:25:29,320 --> 00:25:32,240 Speaker 2: It's everything plus one hundred dollars, no offens and bucks, 446 00:25:33,280 --> 00:25:36,040 Speaker 2: and the data is really really upsetting. 447 00:25:36,160 --> 00:25:37,199 Speaker 3: Subprime credit cards is. 448 00:25:37,160 --> 00:25:43,120 Speaker 2: Actually more expensive than paying thements, which are a subprime 449 00:25:43,160 --> 00:25:45,040 Speaker 2: credit card of basically. 450 00:25:44,680 --> 00:25:47,600 Speaker 3: One thousand dollars. The average consumer is going to pay 451 00:25:47,640 --> 00:25:49,320 Speaker 3: like nineteen hundred dollars fees. 452 00:25:50,640 --> 00:25:56,840 Speaker 4: On top of the thousand on top of it. Wow, principle, yeah, 453 00:25:57,160 --> 00:25:57,439 Speaker 4: it was. 454 00:25:57,520 --> 00:25:59,000 Speaker 3: It was actually it's actually really bad. 455 00:26:00,160 --> 00:26:03,600 Speaker 2: So, you know, these are some of the things that 456 00:26:03,720 --> 00:26:05,280 Speaker 2: aren't necessarily be talking about. 457 00:26:05,359 --> 00:26:10,640 Speaker 3: But mainly because who's who's the who's the. 458 00:26:10,600 --> 00:26:16,240 Speaker 2: Folks in the in the room arguing about APR or 459 00:26:16,320 --> 00:26:20,800 Speaker 2: talking about what consumers are really paying Number One, there 460 00:26:20,800 --> 00:26:21,880 Speaker 2: too far removed. 461 00:26:22,880 --> 00:26:26,320 Speaker 3: I know, I know, my my, you know, the too 462 00:26:26,359 --> 00:26:27,720 Speaker 3: far removed from the plight. 463 00:26:28,640 --> 00:26:31,760 Speaker 2: They've they've made their money a long time ago, they're 464 00:26:31,760 --> 00:26:34,479 Speaker 2: doing pretty well. They're not understanding what these consumers are 465 00:26:34,480 --> 00:26:39,760 Speaker 2: really paying for. And and if they're from non underrepresentative groups, 466 00:26:39,760 --> 00:26:47,840 Speaker 2: so underserved groups, that's just perpetuating a lack of understanding, right, 467 00:26:48,000 --> 00:26:49,800 Speaker 2: and and and and this is one of the biggest 468 00:26:49,800 --> 00:26:52,399 Speaker 2: reasons why we're we published a total cross report. Now 469 00:26:52,440 --> 00:26:55,720 Speaker 2: why again, we kept trying to figure out why we're growing, 470 00:26:57,200 --> 00:26:57,800 Speaker 2: you know, like. 471 00:26:59,280 --> 00:27:01,600 Speaker 3: Maybe you know, because you start to question yourself. 472 00:27:01,280 --> 00:27:04,720 Speaker 2: Like maybe we aren't so affordable, maybe we aren't such 473 00:27:04,720 --> 00:27:08,600 Speaker 2: a benefit. But when we when we surveyed our consumers 474 00:27:08,640 --> 00:27:10,240 Speaker 2: and they're like, I was like, why didn't you why 475 00:27:10,240 --> 00:27:12,080 Speaker 2: don't you do you have a credit card? 476 00:27:12,240 --> 00:27:14,240 Speaker 3: Yes, well that's shocking. 477 00:27:14,680 --> 00:27:17,520 Speaker 2: They told us that they didn't have credit right, why 478 00:27:17,520 --> 00:27:18,600 Speaker 2: don't you use your credit card. 479 00:27:18,800 --> 00:27:22,520 Speaker 3: It's too expensive. And I was so confused by that. 480 00:27:23,880 --> 00:27:26,600 Speaker 2: Because my credit card isn't that expensive, but their credit 481 00:27:26,600 --> 00:27:27,040 Speaker 2: card is. 482 00:27:29,000 --> 00:27:30,520 Speaker 3: And and these are just some of the things that 483 00:27:30,600 --> 00:27:30,840 Speaker 3: you know. 484 00:27:31,520 --> 00:27:35,000 Speaker 2: I think that's one of the best things about being 485 00:27:35,760 --> 00:27:39,440 Speaker 2: who we are as founders and entering this space within 486 00:27:39,520 --> 00:27:43,000 Speaker 2: financial services is that we it's I think it's our 487 00:27:43,119 --> 00:27:46,240 Speaker 2: duty to be a voice of who we represent and 488 00:27:46,400 --> 00:27:50,160 Speaker 2: to start to bring data and facts and start to push, 489 00:27:51,240 --> 00:27:56,280 Speaker 2: you know, our leaders to answer these questions and and 490 00:27:56,280 --> 00:27:58,439 Speaker 2: and and and to and to start to create some 491 00:27:58,560 --> 00:28:02,200 Speaker 2: level of reform. I'm proud to say, and I think 492 00:28:03,080 --> 00:28:06,800 Speaker 2: you know, we're about a fifth of the cost of 493 00:28:06,880 --> 00:28:12,399 Speaker 2: subprime of subprime credit cards, the average consumer spends about 494 00:28:12,400 --> 00:28:17,080 Speaker 2: thirteen point four percent in addition to their principal after 495 00:28:17,200 --> 00:28:20,280 Speaker 2: twelve months. And then I'm gonna tell you the only 496 00:28:20,400 --> 00:28:22,479 Speaker 2: reason is that we don't compound fees. 497 00:28:22,600 --> 00:28:25,720 Speaker 3: Not the only reason, but we don't believe. 498 00:28:26,359 --> 00:28:28,520 Speaker 2: We don't give you like if you're late every month, 499 00:28:28,680 --> 00:28:30,680 Speaker 2: we don't charge you late fees every month. 500 00:28:31,040 --> 00:28:34,480 Speaker 3: There's a one time fee that that's gonna dig a hole. 501 00:28:37,080 --> 00:28:39,800 Speaker 2: And you got to understand, there's no what we have been, 502 00:28:39,920 --> 00:28:42,320 Speaker 2: what we have learned is that we actually have significantly 503 00:28:42,320 --> 00:28:43,520 Speaker 2: better repayment rates. 504 00:28:44,160 --> 00:28:46,800 Speaker 3: No, why it's easier to get out the hole. 505 00:28:47,880 --> 00:28:52,120 Speaker 2: It's really hard to pay back one hundred dollars loan 506 00:28:53,240 --> 00:28:57,000 Speaker 2: that is now two hundred and fifty bucks versus one 507 00:28:57,040 --> 00:29:00,760 Speaker 2: hundred dollars loan that's now you know, one hundred and 508 00:29:00,760 --> 00:29:01,479 Speaker 2: thirteen dollars. 509 00:29:01,600 --> 00:29:08,560 Speaker 6: Yeah, yeah, it's really that simple when we think about it, right, 510 00:29:08,720 --> 00:29:12,800 Speaker 6: like you don't dig the whole too much, so it's 511 00:29:12,840 --> 00:29:14,280 Speaker 6: still in reach of for payment. 512 00:29:15,360 --> 00:29:17,520 Speaker 2: But again, these are just some of the nuances that 513 00:29:18,040 --> 00:29:20,240 Speaker 2: we decided to do, and I mean to be honest. 514 00:29:19,920 --> 00:29:20,960 Speaker 3: We took it the extra step. 515 00:29:21,000 --> 00:29:24,040 Speaker 2: We're one of the few lenders in the space that 516 00:29:24,160 --> 00:29:30,920 Speaker 2: is a benefit corporation, a certified benefit corporations. 517 00:29:28,920 --> 00:29:31,080 Speaker 3: Via the b Labs. B labs is a nonprofit. 518 00:29:32,440 --> 00:29:37,680 Speaker 2: Think of it like a governing body who certifies companies. 519 00:29:38,720 --> 00:29:40,800 Speaker 3: To attain B CORP status. 520 00:29:41,160 --> 00:29:43,960 Speaker 2: B CORP status is a combination of their certification as 521 00:29:43,960 --> 00:29:47,800 Speaker 2: well as like literally we submit we actually you know, 522 00:29:47,920 --> 00:29:53,880 Speaker 2: register with the government as a benefit corporation, which what 523 00:29:53,920 --> 00:29:58,480 Speaker 2: that ultimately means is that we balance the need for 524 00:29:59,120 --> 00:30:03,640 Speaker 2: profit alongside for people, and we don't. 525 00:30:03,680 --> 00:30:05,600 Speaker 3: We don't. That's that's important. 526 00:30:05,960 --> 00:30:08,040 Speaker 2: So they come in and they look at all of 527 00:30:08,080 --> 00:30:09,960 Speaker 2: our finances, They look at how much money we make, 528 00:30:10,000 --> 00:30:12,720 Speaker 2: they look at how we play pay our employees, they 529 00:30:12,720 --> 00:30:16,240 Speaker 2: look at, you know, in terms of how we even 530 00:30:17,600 --> 00:30:21,920 Speaker 2: promote within and they give scores. But not only did 531 00:30:21,920 --> 00:30:24,040 Speaker 2: they assess all those different things, they assess our business 532 00:30:24,080 --> 00:30:28,240 Speaker 2: model and they assessed that, you know, how we're handling 533 00:30:28,360 --> 00:30:32,240 Speaker 2: our consumers, and it came back very very positive. But that, 534 00:30:32,320 --> 00:30:34,600 Speaker 2: I mean, that's the piece. I'll tell you another piece, 535 00:30:35,320 --> 00:30:39,280 Speaker 2: the average mps's net promoter score. It's how you know 536 00:30:39,320 --> 00:30:43,719 Speaker 2: you can judge consumer experience. Most financial services companies are 537 00:30:43,760 --> 00:30:46,880 Speaker 2: around forty. Bank of America is at a twenty two. 538 00:30:48,120 --> 00:30:51,280 Speaker 3: Our average net promoter score is a ninety. These are 539 00:30:51,320 --> 00:30:51,840 Speaker 3: these are. 540 00:30:51,880 --> 00:30:54,800 Speaker 1: That for the people who don't really understand what that means, 541 00:30:54,840 --> 00:30:56,880 Speaker 1: like what factors go into creating that score. 542 00:30:58,200 --> 00:30:59,680 Speaker 3: It's it's really just about it. 543 00:30:59,840 --> 00:31:03,160 Speaker 2: It's it's a measure of basically a measure of the 544 00:31:03,240 --> 00:31:03,800 Speaker 2: amount of. 545 00:31:03,760 --> 00:31:05,920 Speaker 3: Consumers that are having a happy experience. 546 00:31:07,040 --> 00:31:10,800 Speaker 2: So it's a random survey that's distributed across all of our. 547 00:31:10,760 --> 00:31:13,560 Speaker 3: Users and it's it's just them being happy. 548 00:31:14,680 --> 00:31:18,000 Speaker 2: Companies that have really high net promoter scores are companies 549 00:31:18,080 --> 00:31:21,360 Speaker 2: like Apple and Nike, Patagonia. 550 00:31:22,520 --> 00:31:23,120 Speaker 3: You know what I mean? 551 00:31:23,600 --> 00:31:27,320 Speaker 2: These are something not financial service companies. Put it that way, 552 00:31:28,880 --> 00:31:34,600 Speaker 2: So we are extremely proud of having an MPs like that. 553 00:31:36,440 --> 00:31:40,120 Speaker 2: But that's the community part. Going back to your first question, 554 00:31:42,280 --> 00:31:43,560 Speaker 2: it's it's because of that. 555 00:31:45,680 --> 00:31:48,720 Speaker 1: You said earlier, and I've read you said this a 556 00:31:48,760 --> 00:31:51,240 Speaker 1: few times. You know, you're innovating and thriving where companies 557 00:31:51,240 --> 00:31:54,560 Speaker 1: have failed. You guys are the first company in this vertical, 558 00:31:54,600 --> 00:31:57,200 Speaker 1: particularly black owned company, to find success. 559 00:31:58,440 --> 00:31:59,560 Speaker 4: Why do people fail? 560 00:32:01,480 --> 00:32:04,200 Speaker 1: Why is their line of you know, dead startups previous 561 00:32:04,200 --> 00:32:04,400 Speaker 1: to you? 562 00:32:04,440 --> 00:32:04,760 Speaker 4: Guys? 563 00:32:07,280 --> 00:32:12,160 Speaker 2: Well, I think a lot of people were making products 564 00:32:12,160 --> 00:32:14,959 Speaker 2: for middle class America and they're not middle class America. 565 00:32:19,200 --> 00:32:21,960 Speaker 2: One day, I'm going to start a VC firm and 566 00:32:22,640 --> 00:32:27,320 Speaker 2: our goal is to invest in founders who are uniquely 567 00:32:27,400 --> 00:32:32,720 Speaker 2: positioned to be experts at the consumers they serve. That's it, 568 00:32:34,600 --> 00:32:36,800 Speaker 2: you know, and and I and I think when you 569 00:32:36,800 --> 00:32:39,520 Speaker 2: look at a lot of the fintech innovation, just look 570 00:32:39,560 --> 00:32:42,040 Speaker 2: at a lot of the fintech innovation, even the the 571 00:32:42,200 --> 00:32:45,040 Speaker 2: what everyone talked about for crypto is going to democratize 572 00:32:45,040 --> 00:32:47,520 Speaker 2: finance for the people. You know what I mean? 573 00:32:48,800 --> 00:32:50,040 Speaker 3: We're not going to talk about that. 574 00:32:51,920 --> 00:32:55,960 Speaker 2: Or you know, you know, credit builders and this this, 575 00:32:56,120 --> 00:33:01,479 Speaker 2: These are all Harvard, MIT and Stanford guys building products 576 00:33:01,520 --> 00:33:04,040 Speaker 2: of people that look like you and I, and they're 577 00:33:04,160 --> 00:33:09,800 Speaker 2: just where I truly believe they failed is you know, 578 00:33:10,000 --> 00:33:13,160 Speaker 2: not understanding the consumer. And it makes perfect sense. I 579 00:33:13,160 --> 00:33:16,440 Speaker 2: think people got to understand my background. I'm a trained 580 00:33:17,680 --> 00:33:22,520 Speaker 2: brand manager from Procter and Gamble. I spent five years 581 00:33:23,240 --> 00:33:27,280 Speaker 2: becoming an expert at a consumer, being a relentless at 582 00:33:27,320 --> 00:33:32,400 Speaker 2: shipping cases right. I worked on Pampers. Wasn't a dad. 583 00:33:33,760 --> 00:33:37,320 Speaker 2: But the way I got good is becoming an expert 584 00:33:37,600 --> 00:33:41,640 Speaker 2: at who we serve. And I think sometimes in FinTechs 585 00:33:41,680 --> 00:33:44,040 Speaker 2: we kind of or you know, we kind of get 586 00:33:44,600 --> 00:33:48,000 Speaker 2: we kind of get excited about the opportunity and you 587 00:33:48,200 --> 00:33:50,040 Speaker 2: miss the point. 588 00:33:51,200 --> 00:33:54,719 Speaker 3: We at Solo are obsessed. 589 00:33:54,800 --> 00:33:57,160 Speaker 2: With middle class director to the point where I lived 590 00:33:57,200 --> 00:34:00,440 Speaker 2: down the street from a payday long Linden Trust. I 591 00:34:00,440 --> 00:34:02,440 Speaker 2: can live a lot of places, but I want to 592 00:34:02,520 --> 00:34:07,560 Speaker 2: drive past that line every Friday. I want to. I 593 00:34:07,640 --> 00:34:10,800 Speaker 2: want to. It does something to me, you know what 594 00:34:10,840 --> 00:34:15,200 Speaker 2: I mean? And my co founder lives also down the street. 595 00:34:15,440 --> 00:34:20,440 Speaker 2: We're doing these things because we've learned why our success. 596 00:34:21,120 --> 00:34:23,200 Speaker 3: Well, we've learned or we know. 597 00:34:23,280 --> 00:34:29,000 Speaker 2: Why some of our success has happened, and it's definitely 598 00:34:29,000 --> 00:34:31,839 Speaker 2: because of how anchored we are in the consumer we serve. 599 00:34:32,880 --> 00:34:36,080 Speaker 1: You said something similar about community banks before and that 600 00:34:36,120 --> 00:34:40,200 Speaker 1: they weren't really doing what they're designed to do. You know, 601 00:34:40,280 --> 00:34:42,319 Speaker 1: so you said, I think about what the community bank 602 00:34:42,360 --> 00:34:44,280 Speaker 1: is supposed to do, and they're supposed to be lending, 603 00:34:44,800 --> 00:34:49,200 Speaker 1: allowing lending and borrowing in the community. You know, I 604 00:34:49,239 --> 00:34:53,560 Speaker 1: think about if we look at almost any deeply embedded 605 00:34:53,880 --> 00:34:56,480 Speaker 1: institution or industry, we can find where they fail to 606 00:34:56,520 --> 00:34:59,920 Speaker 1: live up to their promise. How did you know finance 607 00:35:00,800 --> 00:35:04,480 Speaker 1: was one you wanted to tackle and what was your insight? 608 00:35:04,920 --> 00:35:07,759 Speaker 1: You talked about being from middle of America, But there's 609 00:35:07,960 --> 00:35:09,320 Speaker 1: a lot of things you could have done. There's a 610 00:35:09,360 --> 00:35:10,640 Speaker 1: lot of places you could have lived. To your point, 611 00:35:10,680 --> 00:35:12,480 Speaker 1: there's a lot of things you could have put your 612 00:35:12,560 --> 00:35:15,200 Speaker 1: efforts and resources into. Why finance? 613 00:35:18,080 --> 00:35:25,239 Speaker 2: You know, I wanted to make an impact, and I 614 00:35:25,280 --> 00:35:30,480 Speaker 2: saw I wanted to make a financial impact, And you know, 615 00:35:30,680 --> 00:35:36,200 Speaker 2: Travis and I we saw a lot of effort pushing 616 00:35:36,239 --> 00:35:43,040 Speaker 2: capital to small businesses, entrepreneurs of color, and we were 617 00:35:43,080 --> 00:35:48,000 Speaker 2: still driving past the woman who served me coffee or 618 00:35:48,040 --> 00:35:51,480 Speaker 2: the person who served me a drink, and I was 619 00:35:51,520 --> 00:35:56,759 Speaker 2: still getting picked up in ubers and they needed support 620 00:35:56,960 --> 00:36:04,640 Speaker 2: and help too. And and for me, I grew up 621 00:36:04,640 --> 00:36:08,040 Speaker 2: in a working class family, and working class family is 622 00:36:08,520 --> 00:36:11,160 Speaker 2: who built me. I also know that my working class 623 00:36:11,160 --> 00:36:13,240 Speaker 2: family ain't so working classes no more. They're doing pretty 624 00:36:13,280 --> 00:36:16,200 Speaker 2: damn well. It's funny how people who work really hard 625 00:36:16,320 --> 00:36:18,480 Speaker 2: tend to dig themselves out of it. 626 00:36:19,080 --> 00:36:20,359 Speaker 3: Right, So. 627 00:36:21,840 --> 00:36:24,920 Speaker 2: I figured, you know, one of the things, really the 628 00:36:25,000 --> 00:36:27,759 Speaker 2: innovation that I would say that's really important for us, 629 00:36:28,719 --> 00:36:32,760 Speaker 2: and I usually glance over it. But our solo score, 630 00:36:32,800 --> 00:36:36,600 Speaker 2: our underwriting model is impressive. It's currently performing about four 631 00:36:36,640 --> 00:36:37,320 Speaker 2: times better. 632 00:36:37,160 --> 00:36:38,239 Speaker 3: Than industry average. 633 00:36:38,920 --> 00:36:42,319 Speaker 2: That's all built in house, all built on a few 634 00:36:42,360 --> 00:36:47,480 Speaker 2: AI models. Taking we used to call it the hustle score. 635 00:36:48,520 --> 00:36:51,400 Speaker 2: It's we're trying, we're really met. We really designed an 636 00:36:51,480 --> 00:36:57,480 Speaker 2: underwriting score that measures a consumer's ability to make. 637 00:36:59,040 --> 00:37:01,560 Speaker 3: And me to figure it out. 638 00:37:04,400 --> 00:37:08,080 Speaker 2: And and that and combination with what we call a 639 00:37:08,200 --> 00:37:11,760 Speaker 2: real time repayment product or real real time payment solution, 640 00:37:13,960 --> 00:37:18,879 Speaker 2: we we've kind of removed all of the dumbness. And 641 00:37:18,880 --> 00:37:21,560 Speaker 2: I'm going to give you an example. I sign up 642 00:37:21,560 --> 00:37:25,120 Speaker 2: for a system I didn't have to pay you in 643 00:37:25,200 --> 00:37:32,919 Speaker 2: a month. Instead of just pre scheduling it or making 644 00:37:32,960 --> 00:37:40,120 Speaker 2: it easy to preschedule, we let consumers miss it. That's 645 00:37:40,160 --> 00:37:42,920 Speaker 2: a that's there's enough technology for every bill that we 646 00:37:43,000 --> 00:37:47,719 Speaker 2: have today to be automatically connected to us, right. But 647 00:37:47,920 --> 00:37:50,160 Speaker 2: what I'm ultimately getting is that we built our repayment 648 00:37:50,160 --> 00:37:53,279 Speaker 2: product to continue to monitor our borrows accounts. 649 00:37:54,400 --> 00:37:57,359 Speaker 3: So never have we ever overdrawn. 650 00:37:58,280 --> 00:38:01,440 Speaker 2: But we're we're we're we become a partner in their finances, 651 00:38:01,760 --> 00:38:05,000 Speaker 2: not a predator in their finances, and that's that gives 652 00:38:05,000 --> 00:38:06,440 Speaker 2: a little bit to our payment product. 653 00:38:06,520 --> 00:38:09,200 Speaker 3: It's actually the code names get Money. 654 00:38:11,239 --> 00:38:12,799 Speaker 2: One of the final things that we did, and we 655 00:38:12,800 --> 00:38:14,640 Speaker 2: were the first, one of the first companies to do so. 656 00:38:15,160 --> 00:38:19,960 Speaker 2: We built our entire payment structure on real time rails 657 00:38:20,600 --> 00:38:25,560 Speaker 2: way before FED now better than Zel, but we built 658 00:38:25,600 --> 00:38:29,439 Speaker 2: it on something called Visa Direct and MasterCards, saying it's 659 00:38:29,480 --> 00:38:34,960 Speaker 2: their proprietary real time debit infrastructure. We were and are 660 00:38:35,239 --> 00:38:38,600 Speaker 2: still one of the few lending companies in the world 661 00:38:39,000 --> 00:38:42,160 Speaker 2: that are built. That's why follow me on Instagram. I'm 662 00:38:42,160 --> 00:38:44,200 Speaker 2: always in Visa's office. And these are some of the 663 00:38:44,200 --> 00:38:48,520 Speaker 2: reasons why we're always in the office. What does that 664 00:38:48,560 --> 00:38:51,000 Speaker 2: allow us to do? That allows us to move money 665 00:38:51,160 --> 00:38:56,359 Speaker 2: faster and more efficiently when someone's in need and when 666 00:38:56,400 --> 00:38:59,719 Speaker 2: someone needs going to pay alone. Put yourself in that 667 00:39:00,320 --> 00:39:03,440 Speaker 2: mom that I talked about, who knows exactly when her 668 00:39:03,480 --> 00:39:08,960 Speaker 2: Netflix built is going to come out. So if she says, solo, 669 00:39:10,080 --> 00:39:15,759 Speaker 2: you need to pull this money on the fourth, if 670 00:39:15,800 --> 00:39:17,920 Speaker 2: you pull it too late, you're not gonna get it. 671 00:39:21,640 --> 00:39:24,400 Speaker 2: That's what she's also telling us. So we needed a 672 00:39:24,480 --> 00:39:29,080 Speaker 2: real that's nobody, honestly, quite frankly, no one who looks 673 00:39:29,080 --> 00:39:32,040 Speaker 2: like me really understands that that you need to pull 674 00:39:32,080 --> 00:39:35,520 Speaker 2: money exactly when it's available. It cannot be a delay 675 00:39:35,960 --> 00:39:38,280 Speaker 2: because all of that. You know, when things get pending 676 00:39:38,360 --> 00:39:40,440 Speaker 2: in the ach, something's gonna fall short. 677 00:39:41,040 --> 00:39:42,280 Speaker 3: And that goes both ways. 678 00:39:42,640 --> 00:39:45,719 Speaker 2: So we spent a lot of extra capital spending this 679 00:39:45,800 --> 00:39:47,800 Speaker 2: real time product. 680 00:39:48,280 --> 00:39:50,920 Speaker 3: And I will tell you that's some of the I 681 00:39:51,000 --> 00:39:51,440 Speaker 3: just kind. 682 00:39:51,280 --> 00:39:53,560 Speaker 2: Of gave you the three part secret sauce to why 683 00:39:53,600 --> 00:39:54,480 Speaker 2: we exist. 684 00:39:56,480 --> 00:39:58,160 Speaker 1: It was a quote I read where you said, our 685 00:39:58,200 --> 00:40:00,480 Speaker 1: goal is not for borrowers to remain by I think 686 00:40:00,520 --> 00:40:02,680 Speaker 1: Travis said this, Actually, our goal is not for borrows 687 00:40:02,680 --> 00:40:06,440 Speaker 1: to remain borrows on this platform forever. So how do 688 00:40:06,520 --> 00:40:10,160 Speaker 1: you think then about retention and which metrics matter to you? 689 00:40:12,800 --> 00:40:15,560 Speaker 2: Since since pretty early in the in the in the 690 00:40:15,600 --> 00:40:19,680 Speaker 2: life of the company of our bars have also. 691 00:40:19,480 --> 00:40:22,320 Speaker 4: Lent, so they've graduated. 692 00:40:22,960 --> 00:40:26,960 Speaker 3: They graduated. I'm pretty happy about that rate. 693 00:40:27,560 --> 00:40:31,520 Speaker 2: It's fantastic because it goes back to the original assumption. 694 00:40:31,880 --> 00:40:32,880 Speaker 3: They're not illiterate. 695 00:40:34,120 --> 00:40:39,160 Speaker 2: They just have a cash need today, right, and and 696 00:40:39,400 --> 00:40:40,719 Speaker 2: and if you give them a way to get out 697 00:40:40,760 --> 00:40:42,279 Speaker 2: of it, and they're not only just going to get 698 00:40:42,280 --> 00:40:43,719 Speaker 2: out of it, they're going to thrive. 699 00:40:43,440 --> 00:40:45,680 Speaker 3: In six months. I mean, we we. 700 00:40:45,719 --> 00:40:49,680 Speaker 2: Have examples of one of my favorite examples, it was 701 00:40:49,680 --> 00:40:53,600 Speaker 2: in the CNBC article. Is an engineer in San Francisco. 702 00:40:53,719 --> 00:40:57,600 Speaker 2: He lost his job. He used us for a couple 703 00:40:57,560 --> 00:41:02,600 Speaker 2: of months three hundred, four hundred, five hundred bucks. Eventually 704 00:41:02,640 --> 00:41:05,839 Speaker 2: he made a he got a huge six figure job. 705 00:41:07,320 --> 00:41:13,200 Speaker 2: He became a prolific lender on the platform. Is that 706 00:41:13,239 --> 00:41:19,799 Speaker 2: if that's not everyday Americans, I don't know who that is, right, 707 00:41:19,880 --> 00:41:22,840 Speaker 2: this person? I mean, that's that's the life of an 708 00:41:22,880 --> 00:41:24,719 Speaker 2: average American. Is that at the end of the day, 709 00:41:25,000 --> 00:41:28,719 Speaker 2: job security is not what it meant twenty years ago. 710 00:41:29,160 --> 00:41:32,800 Speaker 2: Like no one's at GM working for twenty five years. 711 00:41:33,400 --> 00:41:40,440 Speaker 2: Job security today is fleeting for every American, especially if 712 00:41:40,440 --> 00:41:43,000 Speaker 2: you're fresh out of college. You know what I'm saying, 713 00:41:43,080 --> 00:41:46,120 Speaker 2: under thirty five years old, you haven't really got your 714 00:41:46,120 --> 00:41:49,719 Speaker 2: footing and your career. You're you're in and you're in 715 00:41:49,800 --> 00:41:53,719 Speaker 2: and out of jobs despite being very, very educated. So 716 00:41:54,239 --> 00:41:56,640 Speaker 2: these are just some of the nuances that we eventually 717 00:41:56,680 --> 00:41:58,560 Speaker 2: know that you will land, and you're gonna land and 718 00:41:58,640 --> 00:42:01,480 Speaker 2: do really well, and you're gonna be a thriving member 719 00:42:01,480 --> 00:42:02,280 Speaker 2: of the society. 720 00:42:02,840 --> 00:42:06,080 Speaker 3: And you know what, you for some reason have. 721 00:42:06,080 --> 00:42:09,240 Speaker 2: A connection with Solo that no one can break because 722 00:42:09,280 --> 00:42:10,320 Speaker 2: Solo was there. 723 00:42:10,360 --> 00:42:13,960 Speaker 3: When you needed them most. No other financial institution was. 724 00:42:14,480 --> 00:42:17,680 Speaker 1: Wow, I want to dig into your mindset a little bit. 725 00:42:17,719 --> 00:42:20,360 Speaker 1: I've always been fascinated by the way you think, and 726 00:42:21,080 --> 00:42:23,319 Speaker 1: I learned this and doing research for this conversation that 727 00:42:23,360 --> 00:42:26,080 Speaker 1: there was a time just a few years ago before 728 00:42:26,120 --> 00:42:29,960 Speaker 1: the Surgeon users that you know, Solo Funds was almost 729 00:42:30,239 --> 00:42:33,120 Speaker 1: out of business. I mean it was exactively out of money. 730 00:42:33,239 --> 00:42:33,400 Speaker 3: You know. 731 00:42:33,560 --> 00:42:36,560 Speaker 1: I want to know about your mindset in those moments 732 00:42:36,640 --> 00:42:41,840 Speaker 1: where you're facing existential threats to your business and you've 733 00:42:42,239 --> 00:42:43,400 Speaker 1: gone head to head. 734 00:42:43,239 --> 00:42:44,640 Speaker 4: With major players at your. 735 00:42:44,520 --> 00:42:48,120 Speaker 1: Previous companies and when those were still startups. 736 00:42:48,920 --> 00:42:50,200 Speaker 4: Who do you put yourself. 737 00:42:49,920 --> 00:42:52,440 Speaker 1: I wanted to like how Rodney's mind works. Who do 738 00:42:52,480 --> 00:42:55,560 Speaker 1: you put yourself around or what is your mindset when 739 00:42:55,560 --> 00:42:58,719 Speaker 1: it feels like all the moves in front of you 740 00:42:58,760 --> 00:43:01,520 Speaker 1: have to be played precise incorrectly in order to stay 741 00:43:01,520 --> 00:43:04,560 Speaker 1: alive much less fine success, but just to stay alive. 742 00:43:05,320 --> 00:43:07,080 Speaker 1: Like so many people don't come back from that. And 743 00:43:07,120 --> 00:43:10,720 Speaker 1: so I'm interested in how Rodney thinks about these sorts 744 00:43:10,719 --> 00:43:11,200 Speaker 1: of threats. 745 00:43:15,120 --> 00:43:17,400 Speaker 2: You know, looking back at them, I would tell you 746 00:43:17,480 --> 00:43:21,200 Speaker 2: that they are very expensive. And what I mean by 747 00:43:21,200 --> 00:43:24,120 Speaker 2: that is they're expensive on your social relationships. They're expensive 748 00:43:24,120 --> 00:43:33,960 Speaker 2: on your romantic relationships, because it's a bit irrational two 749 00:43:37,200 --> 00:43:40,880 Speaker 2: empty the account. Like, I don't know what else to 750 00:43:40,920 --> 00:43:44,080 Speaker 2: tell you. It's a bit irrational. It's a bit irrational 751 00:43:44,120 --> 00:43:47,160 Speaker 2: to say I'm not to you know, to your significant other, 752 00:43:47,320 --> 00:43:50,239 Speaker 2: I'm not giving you Christmas gift this year. 753 00:43:51,680 --> 00:43:54,560 Speaker 3: I mean, you're gonna have to wait or. 754 00:43:57,480 --> 00:43:59,040 Speaker 2: You know, we're gonna you know, we're not gonna go 755 00:43:59,040 --> 00:44:02,640 Speaker 2: home for the holidays. These are things that I've had 756 00:44:02,640 --> 00:44:09,120 Speaker 2: to do so and unfortunately, most of the time, most 757 00:44:09,120 --> 00:44:13,720 Speaker 2: of the network don't really understand this kind of belief 758 00:44:14,800 --> 00:44:18,359 Speaker 2: that's rooted in data. I've never made these decisions. I've 759 00:44:18,360 --> 00:44:19,400 Speaker 2: never made these. 760 00:44:19,239 --> 00:44:24,040 Speaker 3: Decisions based off of gut. I'm a p and ger. 761 00:44:24,800 --> 00:44:28,160 Speaker 3: Don't let my wildness fool anybody. 762 00:44:29,719 --> 00:44:35,600 Speaker 2: We lead on paper, and I don't need as much 763 00:44:35,640 --> 00:44:36,680 Speaker 2: paper as most pgs. 764 00:44:37,239 --> 00:44:37,839 Speaker 3: That's what I said. 765 00:44:37,840 --> 00:44:40,480 Speaker 2: I don't give me two sentences in a bullet point 766 00:44:40,920 --> 00:44:42,840 Speaker 2: and I'm probably gonn I can do the rest. But 767 00:44:42,880 --> 00:44:46,400 Speaker 2: what I'm ultimately saying is that you know, at some 768 00:44:46,440 --> 00:44:50,880 Speaker 2: point you get to a conclusion that the opportunity outweighs 769 00:44:50,880 --> 00:44:57,279 Speaker 2: the risk and the cost, and that little bit of 770 00:44:57,280 --> 00:45:00,399 Speaker 2: information is something that you are the only only person 771 00:45:00,440 --> 00:45:02,200 Speaker 2: in the world that knows. So you just have to 772 00:45:02,239 --> 00:45:06,440 Speaker 2: get through this moment. If you can get through the moment, 773 00:45:09,920 --> 00:45:10,440 Speaker 2: it will. 774 00:45:10,239 --> 00:45:10,759 Speaker 4: Pay for you. 775 00:45:12,760 --> 00:45:14,279 Speaker 3: I wish it was easier, you know. 776 00:45:14,480 --> 00:45:17,719 Speaker 2: I look at my my counterparts, who'll get to go 777 00:45:17,880 --> 00:45:22,200 Speaker 2: and raise hundreds of millions of dollars because they know 778 00:45:22,320 --> 00:45:28,640 Speaker 2: someone at Andresen or their father is an executive at 779 00:45:28,680 --> 00:45:34,400 Speaker 2: Goldman Sachs. I I wish that I had those level 780 00:45:34,960 --> 00:45:39,440 Speaker 2: of security, but I don't. So that means you swing 781 00:45:39,520 --> 00:45:43,240 Speaker 2: for defenses, But I will not lie to anyone listening 782 00:45:43,239 --> 00:45:43,719 Speaker 2: on this call. 783 00:45:44,120 --> 00:45:45,320 Speaker 3: The cost is expensive. 784 00:45:46,080 --> 00:45:49,560 Speaker 2: There's a lot of relationships I had to sacrifice to 785 00:45:49,680 --> 00:45:50,160 Speaker 2: get here. 786 00:45:51,280 --> 00:45:52,080 Speaker 3: There are a lot of. 787 00:45:54,360 --> 00:45:59,400 Speaker 2: Moments that I had to miss to get here, and 788 00:45:58,960 --> 00:46:03,520 Speaker 2: and and if you want to be an entrepreneur and 789 00:46:03,560 --> 00:46:06,560 Speaker 2: be a founder, and you're not willing to do those things, 790 00:46:08,120 --> 00:46:14,720 Speaker 2: you should do something else. You know you should, because 791 00:46:14,760 --> 00:46:17,160 Speaker 2: you may you may waste someone's money, and you're definitely 792 00:46:17,200 --> 00:46:17,799 Speaker 2: gonna waste your. 793 00:46:17,760 --> 00:46:35,040 Speaker 1: Com Black Tech Green Money is a production of Blavity 794 00:46:35,040 --> 00:46:37,960 Speaker 1: Afro Tech on the Black Effect podcast network and I 795 00:46:38,040 --> 00:46:40,560 Speaker 1: Hire Media And it's produced by Morgan Debonne and me 796 00:46:41,080 --> 00:46:44,640 Speaker 1: Well Lucas put the additional production support by Sarah Ergan. 797 00:46:44,520 --> 00:46:45,600 Speaker 4: And Rose McLucas. 798 00:46:46,840 --> 00:46:49,080 Speaker 1: Special thank you to Michael Davis. If that's a serruno. 799 00:46:49,719 --> 00:46:51,400 Speaker 1: Learn more about my guess and other tech that's up. 800 00:46:51,680 --> 00:46:55,560 Speaker 1: Innovator's an afrotech dot com. Join your Black Tech Green Money, 801 00:46:56,280 --> 00:46:59,560 Speaker 1: Share this with somebody, Go get your money. 802 00:47:00,719 --> 00:47:01,319 Speaker 4: He's in love.