Gaurav Sharma
@Gaurav1105
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Founder and CEO. Tech Entrepreneur. (Playground = FinTech, AI, Blockchain)
SG/BLR
Joined December 2008
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1/ "The Chaos Tunnel": Humanity has entered a real-life version of RuneScape's treacherous dungeon network. Over the next 5-15 yrs, we'll face chaos, creation, & recalibration on a civilizational level. This journey will be exciting & challenging, depending on our preparedness.
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Next 10 years in FinTech.
The Fintech tsunami is happening, and there is no way back.
Long thread 🧵👇🏼
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I've been studying China 🇨🇳 for almost a decade now.
Fascinated by its ancient history, cultural transformation, hi-tech prowess, neo-capitalism, wealth creation, debt crisis, & global domination.
Here're some good documentaries👇🏼that explain China's past, present, and future
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The best people to work with are the ones you don't have to follow-up.
Extreme Ownership Mindset.
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One of the most underrated skills: letting other people finish their sentences before starting yours.
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The Future of Fintech is not about selling more financial products.
The Future of Fintech is about financial-wellness of the customers.
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Interesting fact:
@peterthiel
's "Zero-to-One" book sold ~1million copies in China 🇨🇳, but only ~40K copies in India 🇮🇳. Both countries with a billion+ people.
#Entrepreneurship
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1) In 2030, the largest “bank” in the world will not-be-a-bank.🏦 Think- Square, Stripe, Affirm, AntFin, PayPal, etc. Many large asset categories are still untouched by Fintechs, and once that starts to happen, several new ~$100BN - $500BN 💰 companies will be created.
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"Don’t let the internet rush you. No one is posting their failures"
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3) Credit Bureaus will become redundant. The 'spending-to-income-habits' indicator will overtake credit score. In the new decade: How responsibly one spends the money will become a stronger indicator of creditworthiness than all bureau data scores.
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To those who keep "crying" about the lack of opportunities, let me share a simple fact: Every company founder is constantly seeking "hard-working, intelligent, reliable, and competent individuals." I mean every company. Just reach out to them and confidently state "what problems…
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1) Re-read ‘the lessons of history’ by Will and Ariel Durant. Some insights/quotes/extracts below
Our knowledge of any past event is incomplete. Most history is guessing and the rest is prejudice. Other sciences tell us how we might behave. History tells us how we have behaved.
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Never compare chapter 3 of your story with chapter 30 of someone.
Never underestimate the power of distribution!
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1. NBFCs grew fast, led by retail loans, Bingeing on cheap money. This in turn created a virtuous cycle -as numbers kept growing, so did cheap credit. While ~11,400 NBFCs operate in India, the top 400 —primarily backed by banks and fin. companies— control 90% of the sector’s AUM.
Debt liquidity and cost pressures are far from over for NBFCs. Bad news for the economy overall - internal accruals and equity can’t drive all the growth. Source : ambit research
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Re-read "Deep-Work" last nite. Some learnings/notes/extracts:
1) Ability to master hard things quickly and produce high quality work quickly are two vital characteristics in order to succeed. “If you don’t produce, you won’t thrive—no matter how skilled or talented you are.”
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2) Major economies will have low or no-Cash 💵; primarily due to ‘digitization-of everything’, and CBDC. Major central banks will transition to a digital currency paradigm, where national currencies will compete on features (like software does) as well as economics.
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“A stupid man’s report of what a clever man says can never be accurate, because he unconsciously translates what he hears into something he can understand.” — Bertrand Russell
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4) Algorithms— built into MoneyOS — will automatically refinance debt to the lowest possible rate, triggering massive compression in profit pools for banks. These “Systems of Intelligence” companies will create massive value.
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FinTech Wave 1 (08-18) is ending, and Wave 2 (18-> ) is starting. Exciting times ahead. More innovation likely in the next 10 yrs than the previous 80 yrs. I’ve been writing about big shifts, trends, & strategy. So wrapping 2018 with a thread of some selected tweets/posts. (1/n)
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The best philosophy comes from people who were not philosophers.
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Two kinds according to the 'Cognitive Load' they consume.
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We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten.
The new decade will be the golden-age of Fintech. Exciting times ahead!
<Start thread here>
Next 10 years in FinTech.
The Fintech tsunami is happening, and there is no way back.
Long thread 🧵👇🏼
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I like this quote by
@naval
: “Your goal in life is to find out the people who need you the most, to find out the business that needs you the most, to find the project and the art that needs you the most. There is something out there just for you.”
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Some credit card 💳 data from India 🇮🇳 (Q1,2018)
-Total number of bank/credit cards: 32.6M
-Total outstanding balance against these 💳: $10.9B (INR 750B)
-Total no. of consumers with a credit card: 21.1M
-Total no. of Zero-Bal (No Trade) cards: 7.6M
-Total Population:1.3B
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There are only three currencies in the world: Status, Time, and Money.
Winning is buying back all your TIME.
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5) The onset of Collaborative-AI will blur the line between deposits and lending, and ‘cash-flow-as-a-service’ will be a reality - resulting in ‘the death-of-deposits’, and growth of newer asset classes/investment vehicles. Deposit accounts will no longer be the locus of control.
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You'll stop complaining about the game when you start to play it better.
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Excellent podcast with
@APompliano
and
@RaoulGMI
.
RAOUL: "It's about human behavior. Not about what's right or what's wrong. All crises are human behavior. Once you understand that humans are about to panic, it's when everything moves fast".
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1) New Money: The Greatest Wealth Creation Event in History (2019)
2) The People's Republic of The Future
3) Too Big For China | Startups - Full Documentary 2018
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6) Personalisation and automation will explode. The era of a customer making decisions about their money is behind us. 'Autonomous finance' reimagines the whole idea of financial services delivery by integrating technology at the heart of each system.
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China had 686M credit cards and 6.911B debit cards in March 2019 🇨🇳
India had 46.1M credit cards and 944.5M debit cards in February 2019 🇮🇳
#Fintech
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“Playing the long game requires moves that don’t map to traditional measures of productivity”
-
@scottbelsky
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7) Fintechs will be portable and interoperable: Like mobile phones, customers will be able to easily transition between ‘carriers’. Basic financial products will become a commodity. FinTech will centralize into a few places and steer on ‘autopilot’.
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@naval
“Embarrassment is the cost of entry If you aren’t willing to look like a foolish beginner, you’ll never be a graceful master” - Bruce Lee
Think Big, Act Small.
Restart at Zero and Think small may be one of the most powerful things one can do as an entrepreneur.
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A decade ends. A new decade begins.
Some learnings and insights at the intersection of Life, Health, and Wealth.
#Thread
🧵 👇🏼
1) “Be Water, My Friend.”
2) Success stories start with failure.
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One of the nicest autobiographies I've read this year
@MariaSharapova
truly
#Unstoppable
🙏🏻👏🏻👏🏻
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@sama
Creation happens at the edge of chaos.
The human mind is designed for 'seeking certainty'. Best opportunities reside in the "productive uncertainty" spectrum.
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*Product/Market fit is a dangerous idea because it tricks one into competing in an existing category vs. designing a new category.*
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I'm looking for 2-3 former tech founders to work together on a few projects. Pls DM if interested. Pls Share/RT for karma:-)
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"A journey of thousand miles..."
Signup for our pre-launch in India. We start in early 2020.
A special surprise for the first 2000 people to signup.
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You don’t discover a startup market, you create it.
Startups are time-travel.
In companies, markets can be mapped. In startups, you cannot segment the territory.
“You imagine a better future, you create it, and then you sell tickets” -
@rabois
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Innovation is over-rated.
No one cares if it's been tried before.
Some good ideas have a lot of bad implementations before someone comes in and does it well enough to win big.
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8) Banks will become invisible and move to the background and centralize into one place where our money is managed for us. Large fintech enabled marketplaces- curated with thousands of apps and APIs- will emerge.
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9) Data will become openly portable and will not be a competitive moat for Fintechs. Basic financial services will become simple open-source protocols, lowering the barrier for any company to offer financial products to its customers.
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Underrated superpowers:
-Patience
-Kindness
-Consistency
-Being Trustworthy
-Ability to write well
-Listening & not judging
-Context switching
-Holding multiple realities in the head
-Amplifying (energy & ideas)
-Playing the long-game
-Thinking Win-Win
-Creating LUCK
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@sama
Explore too much in a stagnant world, and you’ll be distracted. Focus too much in a rapidly changing world, and you’ll be disrupted.
When confronted with a big new technology, tool, or other change in the world that is growing exponentially.
Explore. Build. Extend.
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China’s online retail market is larger than the next 10 markets combined. 🇨🇳
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- More $B co's will be created in the next 20yrs than the previous 20 yrs.
- Sometimes Founders make more $$$ by selling the co. at $200M than at $1B
- Non-Tech founders can also successfully build a tech co.
- Innovation is overrated, repetition is underrated. System > Hack.
What is your least popular but deeply held opinion on tech/startups?
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23) All hail the new king!- Bitcoin: As more dollars💵 are printed, large public companies and FIs will add Bitcoin to their balance sheet. Major companies- with cash reserves - will start building Bitcoin “New Gold”🪙 reserves- to protect assets and build wealth.
#BTC
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Some learnings at the intersection of banking, credit, & tech.
1) Banking & credit are the lifeblood of capitalism.
2) The most conservative lender is only one severe credit cycle away from failure.
3) Banks fail, Sovereigns default. Hundreds of banks fail every 10+ years.
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The job candidates who do some pre-work and come with a construct of "How I will contribute to the company and here're my WHYs" are such a delight to talk to, versus, those with an "This is what I have done in the past, and I want this..." approach.
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11) Financial services will fragment further. Also, the demarcation between spending, borrowing, and wealth management will break down as one service-based offering manages the flow of customers’ money across multiple accounts.
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10) Fintech will become part of the basic functionality of non-finance products. Embedded finance is the next stage in the evolution of fintech. The hierarchy of unbundling that we observe in Asia will be replicated in ecosystems around the world.
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Looking for 2-3 "free radicals" / former founders to join us
@atlantistechHQ
and
@neobankHQ
Role: You decide
Location: Singapore or Bangalore
Pls RT/Share/DM 🙏🏼
Accommodate free radicals.
In the workplace, free radicals are the unbound energy sources of the professional world.
-
@scottbelsky
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@limitlessmindon
Do things that you are afraid of doing, and build a successful track record of overcoming that fear.
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17) Death of manual underwriting. AI systems will eventually underwrite credit and insurance across the world. Future product experiences will be centered around AI, which automates most of the customers’ financial lives and improves their financial outcomes.
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24) A new financial system powered by Bitcoin will emerge. Bitcoin marks the end of fiat and the beginning of a new monetary standard.
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Banks are going to drown in an ocean of defaults.
Banks are in trouble. You can’t expect to shut down practically an entire world economy that is in debt to the tune of $250 TRILLION and not expect massive loan defaults.
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18) AI + Blockchain: The ‘ultimate’ future - will enable complex & automated smart contracts to be executed, allowing more use-cases to enter the mainstream. e.g. AI-Marketplaces, Crowdsourced Predictive Models for Hedge Funds, Collective AI Investment Management Platforms.
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Some important life lessons, insights & habits that helped me navigate the past decade:
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14) MoneyOS: In 5-10 years people will control their financial lives in one place. The FinTech market, born as a disruptor, is beginning to mature and enter into a period of rapid “re-bundling”. The second-order effect is multifactorial by nature.
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@tferriss
"I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when it has gone past I will turn the inner eye to see its path. Where the fear has gone there will be…
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"The market is like a large movie theatre with a small door, and the best way to detect a sucker is to see if his focus is on the size of the theatre rather than that of the door" -
@nntaleb
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12) Regulatory landscape will change. With a fast-growing industry comes a constantly evolving regulatory regime. Regulators around the world are playing catch up and trying to provide the necessary regulation needed to balance the interests of businesses and consumers.
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Banking is an industry set in its own ways. Many generations have come to accept the status quo and live with it. But this doesn’t hold true of the younger generation.
Gen-Z finds it difficult to relate to "The Bank of Mum & Dad" :-)
#LaunchAlert
👇
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21) New blockchain payments and identity systems will become mainstream turning money into pure bits thereby allowing software developers to creatively design new services around money the way they have done with photos and text.
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- Less than 40 years ago, Shenzhen was a fishing village of 30,000 people.
- Today, Shenzhen produces 90 percent of the world’s electronics, has a nominal GDP of over $330 billion USD.
- The city is home to over 12.5 mn people and over 3 mn registered businesses.
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Going "big" is overrated. Stay "small" for as long as possible.
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4) China A Century of Revolution 1976 1994
5) History of Hong Kong - From British Colony to SAR of China
6) China Does Capitalism Better Than America
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- China’s P2P industry, the world’s largest (~180billion) is heading for a massive consolidation.
- Almost ~4000 ( more than 80%) P2P lending platforms have already shut down in the last 24months.
1/n:
#Thread
👇🏼
#p2plending
#fintech
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"if the math isn’t good enough on the back of a napkin, it doesn’t get better in a fancy spreadsheet."
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Accommodate free radicals.
In the workplace, free radicals are the unbound energy sources of the professional world.
-
@scottbelsky
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22) The Future is Decentralized. Several DeFI projects will gather significant momentum and scale. DeFi is on a path to create an alternative financial system. Non-custodial protocols give users full control over their assets.
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All successful startups are a based on a solid unique insight.
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13) More collaboration and consolidation– from all angles. For the last decade or so, FinTech companies have grown, disrupted, and moved at an exponential rate. This has forced traditional incumbent firms to adjust, rethink their business models, and embrace digital innovations.
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16) The dominance of the legacy banks will continue to be eroded. Moats in banking are dead. Consumers will continue to shift away from legacy banks towards newer service providers.
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Initiative > Experience
Always hire people who take initiative and are fast learners vs. people who are slow and resume snobs.
#venturebuilding
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1. Global debt is more than 3X the size of the global economy, the highest it has ever been. Debt levels around the world are at historical highs— up almost $150 trillion in the last 15 years— approx. ~$247trillion now.
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@paraschopra
When you realize no amount of wealth can buy more of it.
This transition is deeply personal and can occur at different levels of wealth for different people.
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Wealth is transferred in a recession.
Wealth in a recession is transferred from the pockets of those who don’t understand why a recession is good for them, over to those who do.
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A person who discovers fire by rubbing stones for years will never give credit to air, stones, and the dry grass he burned. He only gives credit to his brain and hands. This is the story of the human ego.
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In Dec19-Jan20, I have spent 60% (more than 200+ hrs) of my time meeting 100+ job candidates in Bangalore. It surprises me that most people still don't prepare and care about basics. :-)
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“The magic you are looking for is in the work you are avoiding.”- Anon.
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Channel-Product Fit > Product-Market Fit.
Distribution follows the power law. Products are built to fit channels, not the other way around.
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@hnshah
-Don’t climb the wrong hill.
-You cannot make a good deal with a bad guy.
-Be a GIVER.
-Don’t take yourself too seriously.
-Run your own race.
-David is always a hero until he becomes Goliath.
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The perfect early-stage hire thrives as an individual contributor. You don’t need managers or delegators at this point, you need doers. They won’t wait to be told what to do every step of the way, nor do they feel that they're above doing even the most mundane task.
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20) The eternal cycle of unbundling and rebundling will create new operating models + new future scenarios: Trust as an API, Tokenized Illiquid assets, Online platforms as debt warehouses, API economy, Bank-as-lifescript, FinTech as Asset Network, etc.
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1) Money never starts the Idea, It is the idea that starts the money.
2) If you want to kill a big idea, tell it to a small mind.
Some learnings at the intersection of Startups, Leadership, and Products.
#Thread
🧵👇🏼
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