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The Difference Between Dreamers and Doers in Fintech with Spiros Margaris

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In this episode of Tales from the PROS, I chat with Spiros Margaris, who is a venture capitalist and founder of Margaris Ventures, a TEDx speaker, and he is one of the foremost global thought leaders and influencers in the FinTech and InsurTech spaces. He helps others understand how technology and coding will change our lives, corporations, and nations.

We talk about Spiros's journey of failure and success, FinTech, VC funding, how to become a thought leader, technology, and more.


  1. Give us some insight on your story and journey of how you reached this point of success in your space, primarily FinTech.
  2. There is a lot of media buzz about FinTech, AdTech, EdTech, and others. What does it mean to postfix Tech onto a traditional industry? Is this an announcement of disruption?
  3. You speak about credibility and trust is critical for community influences and I agree. For someone looking to become an influencer, how do they build this?
  4. For the dreamers listening, what do you mean by 'wanting something so badly you are willing to pay for it?' Is that the differentiator between dreamers and doers?
  5. Failure is often the best teacher. Looking back, was there a pivotal moment of failure in your life that created a learning opportunity?
  6. Knowing that you are a venture capitalist, you're obviously very experienced in the whole funding process. What essentially do VC's look for when businesses come to pitch for investments?
  7. When it comes to the disruption of FinTech, what should we expect in the next year?

Three How's:

  1. How do you define failure?
  2. How do you define business?
  3. How do you define success?


TFTP Siros.mp3 - powered by Happy Scribe

Hey everyone. Welcome to Tales from the Pros. And this is Michael Georgiou your host and co-founder of Imaginovation. I have a very special guest with me here today. He is a venture capitalist and founder of Margiris Ventures, a TED ex speaker and he is one of the foremost global thought leaders and influencers in the fintech and other tech spaces. He help others understand how technology and coding will change our lives. Corporations and nations. Please welcome Spiros Margaris.

This is Tales from the pros where business leaders and influencers share their stories of inspiration, struggles and successes. And I'm your host Michael Georgiou.

Spiros. I'm very honored and humbled to have you here today and chat with me. I really appreciate it. Thank you.

The pleasure is all mine and to be able to speak to your audience. I was looking forward to this call and I'm glad we did finally found the time that matched our calendar.

Yes absolutely. We were going back and forth a little bit because first we're all super busy but again I'm very thankful and I think people are going to find a lot of value from this episode I think. You know especially with fintech it's as you know it's booming now and there's a lot going on and especially with a guy tapping into artificial intelligence and learning and all that fun stuff that we talk about so... but to kind of kick things off. Okay. So can you give us a little bit of insight just some insight on your story and your journey of how you reached this point of success in your space.

Primarily fintech.

My background is the hedge fund business so basically I've been in the financial industry for all my life. New York, Switzerland you name it. And when my company was sold that was part of a part of it I had to think of new ways of finding meaning in life. So I was writing about innovations things like I thought were innovative like the FinTech supermarket is an expression I point. And then people approached me in one and brought the other I started investing in startups co-invest thing with other people.

And I was probably at the right place at the right time but I put those the work in and you always need some luck. But the luck favors the prepared mind that if you work hard enough you're more likely to be lucky. But the luck is a part of everyone's life I guess. And the I've been in the business in the fintech business quite a while and I grew with it you know. And being one of the top influence depending which number one or top three that probably helps as well. Now you have a great audience.

Oh yeah. It's a great community it's a great community. It's a really great community I must say the print I community ensured tech. I love it. And I think we all know each other and that you know you can't become big if the community doesn't support you.

In a nutshell yeah absolutely.

I mean you know I saw one of your I believe was your TED talk and I loved it. How spirits how you connected people with with fintech and with just technology in general that there's no technology without people and I think sometimes I think I think sometimes people forget that. Right. That you have to understand people right. You have to be able to relate to them their behavior the way they act the way they they the way they live their lives right because that will enable you especially as you are someone of your magnitude and intelligence and experience that goes out and and invests in these promising startups right.

You have to understand people the best way possible so you can guide your startups right because I'm sure your your that's my role at most.

Yeah. Guide my startups I mean operation is done by the people within the startup. My my my job is basically just once to ask you to ask the right questions and guide them. But at the end of the day we all depend on the founders and team behind the startup and we do our little part but it's a people's business. And the same as social media it's a people's business and people forget and you have to you have to be honest try to be as honest as possible and then you have to scale.

And it's a really I technology. I mean nobody buys that tech to buy a dream. People buy what it does for them and that's why you know when I look at the startup I don't study it too hard because if I studied very hard then I might think it's a good idea. I didn't know because I put so much effort into understanding. Great ideas should need no study. I mean of course some fields a bit technical but with the printed Intuit express it should the idea that the proposition should be in such a way that everyone will understand it.

Because if I was open seven days a week. Reading that stuff and being involved in the fintech and I and if I have trouble understanding it. I mean how will the consumer understand it. Which they wanted to win. If a consumer could be the regular Joe who wants to send some money or whatever or even a business to business. So I think that's one of the tricks is really don't study too hard initially. Afterwards you have to once invest but initially that there should be so compelling that you say oh I would like to be part of I would like to know more about it.

Does that make sense.

It makes complete sense you. You shouldn't. A startup idea or concept shouldn't have a manual touch but explain it now to their audience of what it's about right. Because then that means there's something wrong with that message.

Doesn't mean it's a bad startup but the message is wrong I think yeah.

None of that. That's that's that's true. Well you know me in my company deal with startups all the time experience and we we go through the exact same thing.

It's sometimes a lot of startups I think we'll be listening to this episode. Future startups and current startups entrepreneurs may need to. They need to sometimes simplify their message they try to do too much. I think that's the big problem I've noticed. Yes I'm dealing with it for the last 10 years. They tried to do too much. They wanted do so much and so little time with high expectations and they end up sometimes going bankrupt or they end up you know trying to rely so much on funding or so much on you know what I mean.

Try trying to portray their message correctly when their message is already has a problem.

You know absolutely. And they know and the focus. That's why I talk most about it when the two startups and I say stay focused stay focused and they come with ideas say Oh how. How does that new idea how do to stay focused. Of it does. But if it doesn't then do it now you're in a different people. You're not going to be successful by doing lots of things. Then with a fistful at all since the odds against you by being focused Yeah.

Well that that's definitely great advice. So the spirit you know there's a lot of media buzz.

You know we were talking about fintech and attack Ed Tech and others into your tech. What does it mean to post fix tech. The word tech and onto a traditional industry. Do you think this is an announcement of disruption. What are your thoughts on that.

Oh I never heard this question. That's a good question actually. And it's a very good question because I never heard it before and I don't know if it's. I don't think it was meant that way. It was just it just the because Fintech is such a strong brand now I mean more people know about it they know. And so people like to add wealth take a short break to just indicate that change is going to happen that specific industry if it's wrecked tech regulation tech you know basically to you know I think it's it's all inspired by fintech which I think Fintech is for me the mother of all of this things printing is not only a financial industry it's online banking and shorting is part of fintech in my eyes.

It's just relates more to insurance of course. But I think the disruptions here anyway it just the I think you know the difference is very good question Mike because you know we realize some news will come to new conclusions. We always experience technology like you know we've seen the nice development evolving of Apple products for instance but it didn't affect us. It was something we consumed all the sudden fintech has implications because you know the technology that you can't stop evolving has implications also for jobs and maybe you need less and fewer people but you can't stop that.

I mean the same thing without a I argument I believe that will be you know fewer jobs for people. But on the other hand we can help the educated people reskilling them but that's another topic as a whole. But the disruption is coming. So we should prepare people as much as possible to be ready for it. To be to benefit from the disruption that's actually the better way we should help people to benefit from disruption. Think about what fintech does. Like I took my TED talk tactics talk. It helps the poor people to have access to solutions they never had access before or had to pay a lot of money for it.

That's I think that's the greatest legacy that we'll have helping to underpin the nonbank people are people with well less fortunate two to enjoy services which were before only for the way wealthy ones yeah.

I think that disruptions amazing and I feel I was thinking about this you know this question and just fintech in general and my I told you one of my employees here Director of Engineering he's he's huge he loves fintech fusion fintech and so he develops A.I. applications and applications and things like that. We were talking about this and we were talking about what really the benefits of fintech right now and the thing is is that what we're realizing is these fintech products these tools that are coming out they're establishing a lot of transparency between technology the banks and.

You notice that so before there was a lot of we never really had much transparency within our accounts with what's going on what's happening with our money work. Where can we get where can we invest. How can we give to people how can we transfer. Yes. In countries you don't I mean so now what these tools these these these new financial technology tools it's really increasing not just communication but I think a lot of clarity and transparency. We know what's going on.

It's empowering. That's what it is. Yes it's in every way empowering people who don't have accounts to have a bank account. Poor people don't have transparency to know what's happening. To be able to negotiate different terms because they know hey why are expensive when you call the bank you know I mean I could take the same service somewhere else cheaper and yeah you said it beautifully it's. It creates transparency and when you create transparency of course anything goes yeah.

And I think with that open transparency it's just going to open up a lot of new doors and a new lot of new opportunities for change.

I believe you know so I think that we're going to be and we're in the very beginning. I think you would look at fintech as a human being. I think we would be no first class at this. It just would just graduated from kindergarten because we're still evolving around making things more efficient. What bigger institutions should have done a long time ago. We're way to go still. What financial services will be my financial services will be something that will we won't even know that takes place. Eventually it's just gonna happen.

More maybe we won't think of bank and we're just gonna happen somebody has to pay and it will tell you you can buy this you know it's a lot of things would be done for us. I don't say it's good or bad but eventually is going to go that direction. It's like air breathing air if you don't have it you will feel it you better get it out.

That's a good analogy. I like it. I think there's a lot of great opportunities and things the same thing with a I and you know you could see all these new products coming out and it's pretty incredible if you notice beer as well. It just you deal with. I'm sure you deal with many innovative startups and it's it's pretty remarkable remarkable what what the human the human person the human being is capable of doing. You know the idea is that we have the intelligence that we have. It's it really is remarkable.

But so so spiros you know you talk a lot about you you speak about credibility and you know and trust is critical for community influences and I completely agree. For someone looking to become an influencer how do they really build this. How do they build this credibility and trust in their communities.

I think it takes a lot of time and I think a bit. Of course I you follow the people you like. You know you start chairing a mentor obviously have to share good content the right content. I mean it takes us time. It just comes. I think some people would like to have some shortcuts. I think even and you have to stay on it. It's like this. No there's no cutting corners. I think when some people cut corners but we know who does. Yeah. But at the end of it it's consistency.

It's like everything in life. It's consistency you know. Yes. And people then eventually believe you a trusted source for an opinion or I mean I share opinions. A lot of pain is another reminder in terms of I don't even believe what they're saying is the way it's going to play out. But I could be wrong I've been wrong. So therefore you you share other people's opinion even if you don't agree with them if they're good opinions that also creates credibility. And of course again supporting other people in the community like we did this call.

Now it's a great thing. It's a great opportunity for me to that the audience get to know me. But it's also a great opportunity to change thoughts like we do now. And so influence and come become is something that happens from helping others and believing in you know committing to your industry. I'm focused on it. Basically what I preach I practice at least I try.

From what I am from the research I've done about you. You seem very you know you definitely seem like you're doing things with the right intent and the right motives. And it seems like you're you're definitely trying to impact change in a year. You're you're very you know you might be like oh you're giving me too much credit.

But I mean you're you're a very highly successful person you have a lot of knowledge you've been through.

I'm sure you've been through a lot of you know going to crap in your life you might go ahead with it if you didn't go through crap. I mean it have been beaten down. Yeah. You would not be able to be credible. It's just like that. And I mean people can you know that's part of life. You know it's true. It's so you know you can tell people haven't got beaten really down. I mean it's not my cup of tea but we're going to have a different story.

So but yeah. But it helps to have experience some bad times. I mean not that I wanted it to happen to me but it's just part of it. I mean I had startups in New York huge billboards. The crash came and I went through divorce not because of it but it's just that a lot of consequences people get what it takes. The only success stories you forget what it takes to get there.

So true I love it. I speak my language now. So it's so it's so nice to hear that because you know I'll tell you with you know what with just what I'm learning as well with growing and credibility I mean I'm not I'm not nowhere near your level but I know.

But at the same time I'm I'm I'm trying to make this positive impact with my company imagination and with this podcast and you know and I know it takes a lot of time and consistency and I believe in what you know what what I'm doing what we're doing. And it takes a lot of hard work and with that hard work is going to be it's going to have you're going to have some tragedies and very tough moments and obstacles that you're going to be seeing and you just persevere. You just got to keep fighting through it and the good times are going to come.

You know if you're only if you don't get up again you lost it. Yeah it's not the beating you get. It's that if this thing down that's a bad thing it could get up better. Don't let this to let other people come to you out yeah no definitely.

And I think it's very important that you give the small the small. I would say the small person a chance. What I mean by that is for example you you know for you you you're what you know to win a leader in your space you're definitely leader in your space right you you've you reached a very very good good point of success but yet you're giving all these other people chances to work with you that are not at your level you're trying to guide them you're on this podcast this is a podcast a year and a half old it's not a very old podcast right it's a new podcast everything that's some way I've started to where it was and I feel like we would be talking we will be talking more than I thought before because I like the way you think and I think we have to have everyone I mean I think it's so important it can't I mean I can't express enough and you know you can live from anyone who will listen you know talk to experts and just listen.

I drive with my cab driver and I love to talk to them and I always take something with me and say oh wow I haven't I haven't.

I haven't seen it that way you know.

No. Yeah. So you can learn from anyone if you want really.

You really can. Yeah everybody has a story. You know it's it's always good for us to embrace and brace people stories so you know spirits with for the for the dreamers out there listening.

What do you mean that I call it right. So the dreamers out there listening and the ones who haven't essentially are still you know they're still trying to find a purpose it's just still Trump still trying to find what they want to do. What do you mean by wanting you know quoting kind of wanting something so badly you are willing to pay for it.

Is that a do you think that's a differentiator between dreamers endures yes takes both but I think it takes both. I think you have to dream but that there's a price to be paid always.

And some people are not willing to do that which is legitimate but it's a real legitimate because it always says that my way is the right way of living your life but for me put in the work I put in seven days a week just to follow my Twitter account to me beside self advice and start ups or going to meetings. Usually when I find a free time I tweet articles I read and and that commitment. I know that's something extra exhaustive but. But to keep the dream alive it's more it's more important to me than being tired.

So when I'm always fall asleep. Remember that. I want to keep that fire on. No I see it like it's a fire. Now some places like a fire.

I mean you can just take it for granted and they're going to switch off or you throw wood into the fire console to keep the fire flame or keep the flame on.

So you know it's it's we should not judge people can't do it. I mean there's a lot of things I can do. But I know I'm hungry enough to keep the fire on this regard because I love a lot of what it gives it. Well what I get in return and when I talk about money it's it's people you can talk to recognition that a lot of great stuff that happened. I speak a lot of smart people and it's a privilege to say I I pinch myself said My God my lucky I'm now in some places and and and you'll change thoughts with people it's you know it's amazing life but yeah it's no free lunch.

You have to work hard to keep the flame on to keep the flame burning.

Yeah. Oh yeah.

And I think I like what you said about that because you know I think it is there is definitely is a balance. You know I think execution we always hear about execution execution execution. That I mean that is vital for success and for for living your dreams but you've got to make sure that that fire is is continuously being lit and that you that you have that drive that passion that passion never goes away because if you don't have that passion to dream it's going to be very difficult for you to consistently be executing.

Does that make sense.

Yes and no because there would be moments that you have to draw from your dream you know draw the strength go on does it make.

Yeah it makes complete sense. Absolutely. When you think oh my god is that the whole thing worth it. What am I doing. I know what do you remember. You know why you started everything away you wanted to be and that thing can be all about money.

That sounds maybe as though that dream has to be about different things and Evergreen is so individual. But there has to be about something else.

Yeah. And I think you know kind of jumping into this you know this next question here for. For failure we talked a little bit about failure and struggles everyone has struggles and obstacles but failure. You know we've all heard this before it's often the best teacher. And looking back was there a pivotal moment in your life Spiros a failure in your life that created essentially a learning opportunity for you.

Not one many many orders I think count. I think that it's the it's the failure. Although I didn't see it that I mean it's a failure it's pain. You have to cope with this with the consequences of that failure. And but when you're successful even in not not the huge success any success and you reflect it's basically based on that experiences you had of all the small failures that go to where you are. But at the moment of failure I don't think you're going to say Oh great that failed. Oh that's good stuff for my future.

I don't have this funny. I always wonder like what if we were those types of people that we're like oh we failed. Yes we're just laughing we're having fun with it. But it's the mind doesn't. You know you want to laugh about it. You know it's like I wish our minds were we're opposite that we would just have fun with failing. But yet I know that sounds crazy but in a way it's like I wish sometimes I could I could think that way and feel that way. But but I'm kind of glad I'm not that way because if I was so happy with failure.

Oh yes it didn't work out OK I quit. I'm done but then I wouldn't go anywhere further in my life right. You just be so happy with Oh I made a mistake or this didn't work out.

OK you know I guess the way we have to think of it is we we we failed in a sense that let's just say you develop a product right you spare us you're developing this product this application fintech application that you developed and not many did working out that the startups. Right. OK. And let's just say it didn't work out that the market wasn't adopting it for some ROI was the wrong time. It could be wrong timing correct. One of the many thousand reasons and it didn't work out. So you know dude do we sit there and say oh that's it OK or do we say you know what we can do but we can try to innovate this product even further to try to adapt to it to we get to get a better traction from this audience to get more of adoption to make this more unique.

How can actually solve a better problem maybe or do we just go on and develop a new product. You know these are questions that that we ask ourselves when something doesn't work out that an app is just an example. Yes but that's a good that's a good way of thinking this is you know what. Just keep. And that's a sense of moving forward. We've got to find a way to just keep moving forward down the river right instead of just going back backtrack on the note.

It's then again it's personality thing. If you're a duo that's what they're going to do anyway because you want to survive and you take whatever you have from your experiences in your backpack and try to survive and hopefully hopefully the backpack has all the nice ingredients you need for the tools to make maybe your next venture whatever it is a success. And I think most of the successful people that did exactly that. But again I don't think failure fail is important extremely important but at the moment probably it's just it's hard to do to see a better future at the moment.

Yeah. And I think that also comes back to that that comes back to the passion of what you're doing what you believe.

You probably deal with startups not even just startups. I think people in general that are trying to execute something right or they're trying to develop something and from nothing. And I think when they're when they reach a very very tough obstacle that could that could lead to failure. They it's sometimes easy for people to quit if you think about it it's very easy to quit. It's very easy just you just throw everything away and you say I'm done. That's it that's it no more you know I'm done with this but if you believe in what you're doing you have passion in it and you feel like it's going to this is going to help other people you're not even just yourself others then then that's going to push you that's going to push your mind to think outside the box and you're going to start to develop new new levels new ways of thinking that you've never imagined.

That's how I work.

I agree I agree. I think the crisis release ideas innovative. Again. Yeah. And then you do.

If you stay on if you stay long enough on. I think most people will be successful. Most me to be fail in that circumstance and make it very hard environment. But the chances of success increases with the time you stay in the industry because opportunity will come. And if you're not around contract advantage of it. But again it's easier said than done. But as we both we both. Many people who listen to us at this point probably have experienced similar things. No and another.

Yeah I mean. Yeah. So true. And you know a jumping a little bit personally.

You know you're you're you know I know you're if you're a V.C. or venture capitalist so you're obviously very experienced in the whole funding process. What eventually do what essentially do these CEOs look for when businesses come to pitch for investments. Is it as certain. Are you looking for a specific you know is it a specific type of of a product. Because I know I'm aware of I've spoken to some species angel investors and I know a lot of them don't really invest too much into service based businesses it's more into product the actual physical or an application or what kind of thoughts on the whole process of of investing.

I think that's exact. That's again something so individually like people are. I mean every B.S. I think has a different angle based on his background I think. And if they're successful the way you approach this the investment the startups with the style you have then it's the correct way. I mean some a lot of venture capitalists in Silicon Valley probably will invest only in startups likely in a very narrow circle where they have a great network that can play to make the startup a success. But my approach is very different than in essence at the beginning.

I look to find a standard if they have traction they need some traction because if we don't have traction at the top the chances that they will be successful can be hard. But if they have traction in terms of like they already acquired some customers they have growth of a good team then it's much easier to see an opportunity you know. But they still you know even successful startups they will get good points with like new exams like you know you in high school with different exams and you have in college only doing the same thing with startups as they grow if they grow they will have different hurdles to to conquer.

So therefore I look at team can they can they let go if other people have to come in now because you know good CEOs they should let go. If they'd grown a certain size with it where they don't have the right skillset lead it to the next level but you know there's so many variables that can go wrong that can make a startup fail. So I keep it simple and I understand the concept. I believe it has a future. They know that business and know that competition and then it's again this I am not certain they're gonna be successful but if the people are the right people the right they have the right product.

I'll give it a chance at something to surprise No I don't see. I can't speak for other startup venture capitalists. I'll look at the complex I'm involved in and at the end of day it's great come great people behind the startups that make it happen. And I'm just part of it something the small very small part maybe a bigger part. But I'm just going to football team. I'm a player.

I play my position well I tell everyone but I can win a game only to get. You know everyone plays a role but they're not going to win a game just because of me. No but it's it's a team effort.

Yeah and you're part of a very valuable member of that team and that you know your role you know your position and you appreciate other people's roles in that team and I think that's I think that's very important.

You know I'm all for a brand which helps them get more or more attention. You know this big attention that get through me can also backfire if they don't deliver text or worse because more people will know yeah.

And also I've noticed a lot of investors they I know Mark Cuban talks about this that he says it it's sometimes that he invest not only in the product or the traction in the product the engagement but he invests in the people he wants to work with somebody who like who is the person or who are the people behind that product right. He like them. Can you work with them. Are they going to be a pain in the ass as essentially you know and I think that's important is working with with us because if you think about it right our lives are.

I mean it's not it's not. We live a short life. If you think about it it goes by very quickly and you want people right. You want to do that you want to have a good team around you.

What these startups Absolutely I mean but you see Mark Cuban and the guys accomplished so much with the startups he's been founded and sold. I mean you can if you talk to a lot of venture capitalists everyone has a different angle. But I think what Mark said you know resonates with the way I see things resonates very much and you've been able to me Mark ever know we're in the same when Spock like Apocalypse Group one of this pop apart a venture capitalist pop within the group. I haven't met him personally but when the same with the same organization and the great accelerator and I haven't met him yet but I know of him because I knew him and know personally but I knew of him when I lived in America.

The guy's a legend in every way. And the guy lives his life by his own terms. And you know it's not a bullshitter Yeah yeah he oh he's he's pretty.

Seems pretty direct. He doesn't take crap from anybody.

It doesn't matter but that I think goes on before you were successful in you know Neil who was you know. Mm hmm.

Yeah. So yeah jumping a little bit here until. Into your space or spirit. So when it comes to disruption of fintech what what do you think we should expect within the next year. Give me a little bit of insight on fintech. I had it.

We're going to Sydney. We're going to see probably more partnerships between fintech incumbents going to see consolidations and focus on fewer fanatics because venture capitalists money will flow. There's a lot of money out there that will flow likely a more bigger deals in more deals that the the outcome seems clearer even if they come later to the game and the profits will be low. We'll have fewer less multiples than in my small startup which will be successful but I think people will focus on big deals and consolidations little bit because that's normal because like in any other startup with a lot of startups fail new ones come.

But it's going to be harder I think for startups to succeed. But doesn't it's always probably it's always hard but it's Fintech is so popular now that you know you have to bring really good value proposition to the table. I mean if you look at challenger banks in the UK you have STARLING BANK OF MONT. So you have a tie. You have a lot of it's harder for new ones to succeed and within that space. But it could happen but it's harder. So we're going to see partnerships because partnerships help those fintech companies bring in revenues or survive gaining new audiences so a certain consolidation is healthy.

And we will find new stars. We don't know of them yet. It's like they always say that you know mean people always think Google will be the search engine for good. That's not the case because as we speak more with our phone and when we speak with our phones obviously as we search more without mobile phones. It's a mobile phone. Siri that will decide which search engine we will use. And also therefore it's going to be harder for established companies to do to keep the market share they have. I'm not turning against Google.

Google is a great company but anything can change and will change. Technology is about change. And in few years a lot of players we think other established fintech players might not be the established players or by become huge like an Amazon. I mean Amazon that's another big topic and they win. As we all know it probably they act like a startup. They do probably. They act like a startup. They execute like a startup and they will go into FinTech space as well. Tech giants will go further into the fintech space.

I think that's a big topic.

Yeah. And do you think that some of these larger finance companies are threatened by these fintech startups.

Not at this point. Not really at that point because that thing again. So they don't have enough customers compared to what what the big incumbents have. If the tech giants come into play with the money they have and the long term perspective all of a sudden fintech startups become like knives you know within the hands of the tech giants. You know because they can get the big tech companies a much closer vehicle to a tech giant to pop. Not if they don't do it themselves. You know then to partner with a bank.

I mean you course you've seen Amazon with JP Morgan a big show on the healthcare plan but at about I think China's at 10 cent Alibaba. All those companies will look at startups in Europe within Europe with everywhere to acquire them or partner with them. So the threat will be the combination probably of clearly tech giants alone. And if they can't do it alone they will partner with the fintech startups and that will be a huge threat to the financial industry because I'm not going to say they're going to disappear the next few years.

But I think the next 10 years the playing field will look bit different. When you look at banks now the way you understand banks operate the branch you know within the banking industry a lot will disappear. I'm certain of that.

Well it seems like there's a lot happening a lot of change. You know and I'm excited to see what happens. I think it's it's pretty pretty remarkable. And I actually I posted a video on LinkedIn last week it was that you know the 30th anniversary of the of the World Wide Web of the internet and when I posted a video that basically talked about how it's already been 30 years that they know the Internet has been around for and if you think about it it's kind of like a AI and machine learning how were all these just new technologies are are happening right now.

And you know 30 years ago when when the Internet came out you know we were everyone was scared Oh there's going to be an apocalypse or that's the end of the world and and now people are talking about how A.I. is going to take away all these jobs and then it could it could end up being like some type of Terminator type thing you know and it's just it's funny how every time there's new in New technology introduced there's a whole is all these rumors.

Yeah that scared everybody from from potentially from innovating. And I think we shouldn't be scared we just need to embrace it and try to try to use that technology for good as best as we can be a little scared.

It's not a bad thing because what motivates people to change also addresses issues which basically if the issues I've known the world the better go warned that the issues we need to change some things. So I think like when you drive. It's good to drive with respect because if you're not scared you're going to kill yourself because it's going to drive so fast are going to eventually crash into war. And the main thing with technology No it's we should allow it to grow my kids you know you tell kids as well. Run play it can afford to hurt themselves.

But that's part of growing up. And the same thing with technology was going to crash sometimes I think with it and we will but eventually it's gonna be for the better. For all of Yeah I mean. I mean I'm an optimist anyway but that I always believed that we should not tell people it's gonna be all fine if you know you have to do something. So it's fine.

You know there's going to be scary times. Yeah absolutely.

But also opportunities you know. Mm hmm. Yes.

Yeah. And so spirits Spirit's just kind of how House closed out the podcast as I was at 3. They're called the three House.

So how do you define failure. How do you define business and how do you define success.

Well failure the failure to define it could give up. That's how I define failure.

You know not failing. Failing something that's part of failing failing is part of. No. Let's redefine it. But that's our startup.

Failure is the currency you have to pay to become successful. That's failure. You know the currency. You have to pay to become successful.

And the business business.

You know it's uh it's making an idea a viable proposition for whoever customer you have. That's a business. You sell bread and make good bread. People come by you know make an out of an idea something real. That's business and and and sustain it of course and success.

Success is like the dessert you know and the pot and but you have to look for the next success because you've eaten that dessert. You have to look for the next one because it's it's a way. I think the path to success so much more valuable to all of us than this. I want to succeed in something.

It's nice but it's it does sustain it. It does sustain your happiness. But the was the good question.

Mr. HERTSGAARD scared of some of the best answers I've had on this podcast.

Thanks a lot.

Michael I love it very very much and so Spirit's work and everyone find you. Web site and your social channel.

My best. I mean you will find me if you Google me my Garris ventures but my Twitter handle Spears McGarry is if you put Spiros McGarry is and tweet though a Google search of fintech you will find me and easily and I I want to thank you again for having me very much it's a really good questions that were difficult too and so were actual which is good.

And I came out of it afterwards with knowing something more. Thank you Mike.

Thank you very much. That's an honor. I'm very very blessed and humbled to hear that I. Thank you. Yeah. Thank you for. For you know being a part of this and my story and and you know this this journey that I'm I'm currently on and I'm very thankful and I hope people can can really resonate with you and learn from you. My spirit thanks a lot Mike. They definitely will. So I can. I look forward to continuing this relationship and and and look forward to the future.

My thoughts about it. So so and I really appreciate it. Cool. Well everyone thanks again for listening. And this is your host Michael Giorgio on Tales from the pros. And until next time.

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Michael Georgiou

Meet The Host

Michael Georgiou is the Co-founder at Imaginovation, as well as the podcast host for Tales from the PROS. He mainly oversees the marketing, sales, and branding initiatives as well as the creative direction at Imaginovation.


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