Founders who are first-generation Americans often face social, cultural, and mental barriers to financial wellness as they build world-class companies. To help first-gen founders overcome these barriers, SVB Private hosted a recent panel discussion with SVB clients, advisors, and financial professionals to explore an integral issue to the success of many underrepresented founders: their mindset around money. The conversation centered around the experience of Danny Taing, SVB client and CEO and founder of Japanese snack subscription service, Bokksu, which received a $100M valuation in 2022. Bo Ren, Director of Startup Banking at SVB, moderated the discussion around the psychology of money with Taing and Gerald Baker, Head of Trust & Fiduciary Services at SVB Private. The following six quotes from Taing summarize the lively discussion: 1. On overcoming debt aversion, “Debt is bad. Pay off everything immediately.” …on the advice he received from his immigrant parents. First-generation founders often face debt aversion, a limiting belief learned from previous generations. Not taking on debt was a key piece of advice Taing received from his father, also a business owner. Taing shifted his mindset around debt aversion after utilizing various forms of debt as a bootstrapped founder and, later, utilizing financing […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
