“There is no entrepreneurial gene”, says top VC and author of Start-up Century
Nov 29, 2023
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James Wise, VC partner and author of Start-Up Century, discusses the rise of entrepreneurship and startups, fintech luminaries, the impact of startups on big retailers, and the challenges and opportunities in the fintech industry.
Entrepreneurship is not determined by genetics but is influenced by upbringing and role models.
Fintech plays a crucial role in addressing the financial and support gaps for entrepreneurs, with neobanks and AI solutions leading the way.
Deep dives
The Rise of Entrepreneurship and Changing Work Dynamics
The podcast episode explores the increasing trend of people starting their own businesses and working in non-traditional ways. The number of entrepreneurs, freelancers, and gig workers has been growing rapidly, accelerated further by the impact of COVID-19. This shift is attributed to the changing dynamics of work and the automation of traditional support structures within companies. However, the podcast also highlights the challenges faced by entrepreneurs, such as limited access to financial institutions and inadequate support from educational systems.
The Need for Financial Services Innovation
The episode emphasizes the importance of fintech in providing solutions for the emerging entrepreneurial workforce. Fintech companies are addressing the gaps left by traditional banks and financial institutions, which are still designed for individuals with stable careers. The discussion highlights the rise of new financial service technologies, such as neobanks, payment platforms, and AI-driven solutions. While acknowledging that the fintech industry is still in its early stages and serves a small portion of the global market, there is optimism for further growth and development in supporting entrepreneurs.
Challenges and Opportunities for Entrepreneurs
The episode delves into the challenges faced by entrepreneurs, including financial, educational, and bureaucratic obstacles. It emphasizes the need for a supportive ecosystem and highlights the role of policymakers in adapting legislation to better serve entrepreneurs. The conversation also addresses the evolving demographics of entrepreneurs, with an increase in older individuals and those from non-traditional backgrounds entering the entrepreneurial space. While acknowledging the potential threats from big tech companies and established financial institutions, the podcast remains optimistic about the ability of innovative startups to outperform and disrupt these incumbents.
“There is no entrepreneurial gene, I don’t think,” says James Wise, partner at VC firm Balderton Capital and author of Start-Up-Century.
He adds:
“I don’t think it is in your DNA. But certainly, your upbringing and the role models you have around you do make a big difference.”
Wise gives us the full skinny on his new book, Start-Up Nation, which offers a fresh look at the rise in entrepreneurship and startups and how they are changing the world of work as well as what the changing economy means for the future.
He talks about fintech luminaries, such as GoCardless founder Hiroki Takeuchi who was “integral” to some of the thinking behind the book.
On Monzo co-founder Tom Blomfield and Revolut co-founder Nikolay Storonsky, Wise said:
“If you look at the backgrounds of Tom and Nikolay, they are both incredibly competitive, entrepreneurial people.”
Wise also offers his view on some of the latest fintech trends.
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