A $700 juicer. A delivery app that lets you pay $10 to get your $8 burrito faster. An app to valet your car.
These are the kinds of innovation that Silicon Valley has recently poured billions into building. Our industry that once was lauded for bright, young talent taking on the world’s biggest problems now seems to be forgetting about the people that need solutions most. Over $160bn in venture capital are going into startups each year — and yet most of the new innovation is driven by the latest hype cycle, not the real problems we face.
Mike Cagney, founder and CEO of SoFi, on his ambitions to get bigger (and better) than the Too Big To Fail Banks
Mike Cagney, the CEO of financial services startup SoFi, does not lack for confidence. But then again, confidence is what you need to raise billions of dollars and take on some of the largest and most powerful companies in the world — global financial giants like Chase, Citi, and Bank of America. To get there, Cagney’s got a pretty clever playbook: He’s partnering with those same banks, who buy the loans he originates and profit from SoFi’s unique skill at acquiring new customers.