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"He and three partners “went into a zero-salary moment” setting up Algomi Ltd., a bond sales management platform to be used by traders, portfolio managers and i
by jamesfe 12y ago
"He and three partners “went into a zero-salary moment” setting up Algomi Ltd., a bond sales management platform to be used by traders, portfolio managers and investors. Three years later, the 42-year-old says the far longer hours to bring home a fraction of his previous pay are worth it. “I enjoy what I’m doing, we’re creating something I think is making a difference, and it’s mine.” "
It doesn't seem like he really left finance at all - in fact, it looks like he probably hired some coders and had them build a product that he oversaw, then sold it utilizing his experience and connections inside the financial industry.
Are you really leaving finance for a tech job if all of your clients are in finance?
Also, did he really risk his life savings on this? Seven figures for even just a few years would set you up to launch a company and still retain some life savings, it seems like.
- lob4tt 12y agoZero-salary but all expenses are on the firm account, that is actually brilliant tax strategy.
- xedarius 12y agoYou're quite right. He didn't leave finance, you often see traders leave banks and set up broker houses or hedge funds. Same stuff, different building.
- antr 12y ago> Are you really leaving finance for a tech job if all of your clients are in finance? I'd be concerned if these people left finance to create another photo sharing app. If their contacts, network, and expertise are in finance, and they are solving a problem this industry has, why not maximise their expertise? Plenty of good startups are started by insiders (be it networking, energy, healthcare, biotech, publishing, etc) > Also, did he really risk his life savings on this? Probably not, why should he? Wouldn't it be sensible to be frugal? Embrace the lean startup approach? I'd rather take the Eric Rice approach to startups, than that of Color Labs. Be lean, focus on solving a problem, great product, and focus on sales.
- rday 12y agoIt sounds like this was an argument for a bad title on the article, not an attack on the business or founder.
- ryen 12y agoThere is a big difference between working in finance (broker, trader, banker, whatever) and building and selling a technology product in an industry you understand best. Makes more sense than him developing a healthcare app.
- dang 12y ago> Are you really leaving finance for a tech job if all of your clients are in finance? We've attempted to make the title more accurate. If anyone has a better suggestion we can change it again.