A High School Dropout Builds $1B Startup at 23 | Vise Samir Vasavada

Summary

Samir Vasavada, co-founder and CEO of Vise, shares his journey of dropping out of high school to pursue his passion for technology. Living in the Bay Area, he and his co-founder started by building apps and later developed an AI-driven platform for investment advisors. Despite early challenges, including living on floors and facing numerous rejections, they eventually secured significant funding. Vasavada emphasizes the importance of taking risks, customer obsession, and continuous improvement. He aims to revolutionize the asset management industry with technology, driven by a strong commitment to innovation and perseverance.

Takeaways

• 🚀 Samir Vasavada is the co-founder and CEO of Vise, a company focused on helping financial advisors with personalized portfolios and investment management.
• 🏫 Samir dropped out of high school to pursue his passion for technology and entrepreneurship, moving to the Bay Area and living in the Tenderloin.
• 👨‍💻 Samir and his co-founder initially started by building apps and then pivoted to using AI for automating investment workflows for financial advisors.
• 💡 They realized the wealth and asset management space lacked proper technology for advisors, which led them to focus on independent financial advisors.
• 💰 Despite initial rejections, they secured funding from Nat Turner and Zach Weinberg of Flatiron Health, and later from Founders Fund, allowing them to officially start Vise.
• 📉 They faced challenges with hiring the wrong people who were more interested in getting rich quickly rather than solving problems, which led to a cultural shift within the company.
• 🏢 Samir emphasizes the importance of having fewer but top-performing employees, who are committed, flexible, and customer-obsessed.
• 📈 Vise grew rapidly, becoming a $1 billion company in 18 months, but they had to make hard decisions to maintain the right company culture and focus.
• 🤝 Samir believes in always talking to customers to improve the product and business, emphasizing that the more time spent with customers, the better the outcomes.
• 🛠️ The company's core values include 'burn the boats' (commitment), '1% better every day' (continuous improvement), and 'customer obsession' (putting the customer first).

Q & A

Why did Samir Vasavada drop out of high school?

Samir Vasavada dropped out of high school because he felt a strong calling and passion towards technology and entrepreneurship, which he believed was more important than formal education at that stage of his life.

What is the name of the company Samir Vasavada co-founded and what does it do?

Samir Vasavada co-founded Vise, a company that uses technology to help financial advisors build, manage, and explain personalized investment portfolios at scale.

What was Samir's initial belief about the correlation between intelligence and attending top universities?

Initially, Samir believed that the smartest people attended the best universities such as Harvard, Yale, and Stanford. However, he later realized that this was not always the case and that success in a company is more about solving customer problems and operating at the right speed.

How did Samir and his co-founder meet?

Samir and his co-founder met at a summer program at Northwestern University when they were in eighth grade. Their dorm rooms were across the hall from each other.

What was the idea behind their first startup?

Their first startup aimed to use AI to automate the process of app creation. The idea was to allow users to type in their app idea into a platform, and the system would build an iPhone app in 30 seconds.

How did Samir and his co-founder start consulting with large investment banks?

They started consulting with large investment banks after a mentor, a former investment banker, recognized their knowledge in AI and machine learning and suggested they could offer valuable insights to banks interested in these technologies for investment and efficiency decisions.

What advice did Jamie Dimon give to Samir regarding Vise's business model?

Jamie Dimon advised Samir to focus on independent financial advisors rather than large institutions, as many advisors were leaving big firms to go independent and would need technology to manage their investment workflows.

Why did Samir move to the Bay area and live in the Tenderloin?

Samir moved to the Bay area to pursue his passion for entrepreneurship and technology. He lived in the Tenderloin because he was committed to his entrepreneurial journey, even if it meant living in challenging conditions.

What was the turning point for Vise in terms of funding?

The turning point for Vise in terms of funding was when Nat Turner and Zach Weinberg, founders of Flatiron Health, agreed to be their first investors, providing them with $100,000, which allowed them to feed their employees and keep going.

What does Samir believe about taking risks and following one's passion?

Samir believes that the real risk lies in not following one's passion, as it could lead to a life of regret and misery. He thinks that taking risks is especially important when young, as there is more time and a safety net to fall back on.

What is the SKQ framework Samir mentioned for hiring talent, and what does it stand for?

The SKQ framework stands for Skills, Knowledge, and Qualities. Samir emphasizes the importance of focusing on qualities such as hard work, flexibility, openness to feedback, drive, and motivation when hiring talent.

What are Vise's three core values, and how do they reflect the company's culture?

Vise's three core values are 'burn the boats', 'customer obsession', and '1% better every day'. These values reflect a culture of commitment to the mission, continuous improvement, and prioritizing customer needs above all else.

What advice does Samir give about starting a company at a young age?

Samir advises against starting a company at a young age unless it is driven by a true passion. He shares his own struggles and emphasizes that the journey can be lonely and challenging, but ultimately rewarding if one is truly committed.

What is Samir's long-term vision for Vise?

Samir's long-term vision for Vise is to build the world's largest asset manager, entirely powered by technology, transforming the traditional wealth management industry into the modern era.