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Academic Background and Interest in…

Actually I spent part of my college years sailing 'cause I was in the special class with a very special schedule with a set few days per week dedicated to sailing. I was in the national team at the time. So…

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There Are Big Company People and Small…

I think very few people can really thrive in such different environments as a startup when you need to get things off the ground and in the larger company where things are running more smoothly and it's more…

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The Person-To-Person or Social Lending…

It's interesting, the space we're in ..talking about, person-to-person lending, it's a very regulated environment. So then my background as a lawyer has helped refine the strategy within the legal framework…

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Silicon Valley Environment Is…

It's interesting. I think it's actually... it's very unique about Silicon Valley. It's very open discussions and very productive discussion. It's ... I very often feel that we're in a place where ... we're…

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Company Is Subject To State and…

We're subject to a large number of regulations, set of regulations both federal and state regulations. We're subjected to the Truth In Lending Act, to the Fair Credit Act, to the Fair Debt Collection Act. …

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How Interest Rates Are Determined

So 10-12% is really the average. So it starts as low as 7%, so if you have perfect credit you can borrow money at 7%, in that case if you invest in that kind of credit history 'cause the lender is really…

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Company Name and Branding Is a…

It's a critical piece of a business, especially a consumer facing business and the brand is probably number one asset of most consumer facing businesses. We actually went through a fairly structured process,…

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Entrepreneurs Tend To Be Overly…

I think I'm still like many entrepreneurs I'm still too optimistic and I'm still surprised by how odd it is to build a company even the second time or third time around and how long it takes to reach the…

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Valuation is An Art

I think it's definitely art. Definitely art. The... especially at the early stage. So at the later stage, it becomes multiple source of revenues, becomes discounted cash flows, there are a number of metrics…

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Having A Track Record With One Startup…

What really helped also is track record. So once you've built a company before and you sold it to Oracle and everybody got a good exit, that certainly helps convincing investors that you're a good investment…

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Factors That Entrepreneurs Should…

I don't know if it is misunderstanding or anything. I think there's a main thing entrepreneurs should be aware of is ... being optimistic, thinking that things are going to be easy and think ... be easy, good…

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Positive Aspects of Being an…

There was a recent comment by George Bush saying that the French not even have a word for it, that was a very mean thing to say ... and that is true by the way. So I think being an entrepreneur is really about…

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Entry Into

So I left Cleary Gottlieb in 1999, which was a good time to leave the law firm and start an internet or software business based on the five slide business plan. I raised a million dollar office based on the…

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Challenges Part of His First Startup

Yes. We thought about it because it was very tough times. We were running out of cash. I gave the payroll with my own checkbook for a few weeks. It was difficult but also very challenging and I think the…

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Luck In Launching Company During…

Yeah we got lucky this time, so from my previous company... we started the company when the environment got worse, in that case fortunately the environment is helping us a lot because we ... so banks are…

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Challenge of Attracting Good Employees…

It is definitely challenging attracting good people here in the valley. In the case of Lending Club, I was starting a company in a space that I didn't know very well as an expert, as an insider of that space. …

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Thoughts Behind Lending Club

So the very basic idea for person-to-person lending that came to me actually when I was ... the way beginning of TripleHop Technologies when I charged the first few expenses of the company on my credit card. …

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Lending Club's Exit Strategy

So in our case, we are attempting disseminate into a 2.4 trillion industry, which is the size... which unfortunately is the size of the consumer debt in America, over the mortgage of 2.4 trillion consumer debt.…

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Importance of Taking Some of the…

It's one of the things that we've been able to help that person to person lending from where it is now to put it mainstream way of borrowing and managing money. It's building up confidence especially for the…

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Advantage of Using Plug And Play…

So it's a very flexible kind of setting in the beginning where when you're in a situation where you grow from three employees to five and seven and 12 and 15 employees with ... begin to plan for hiring people…

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Lending Club's Goal Is To Create A New…

Our goal is fairly simple. We ... it's simple and extremely ambitious. It's revolutionizing an industry that has been around for a very long time, it's financial services, it's creating a model where banks as…

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Legal And Marketing Challenges Faced…

So the two things we discussed, legal and marketing. The downside and then the upside. We're trying to change an industry that has been around for a long time where the rules are pretty well established and…

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