The Urban Engine Podcast
The Urban Engine Podcast
Urban Engine
25 - Scott Gillaspie discusses his Startup: Incentive Financial
46 minutes Posted Aug 29, 2019 at 2:06 pm.
) Scott points out a great idea from 12 Rules for Life – a rational mind can be trap because you
) Scott tells his story about how he was being asked to do things that weren't always best for the
) Scott talks about his experience after resigning from corporate banking when he started talking
) If someone says "Hey, go start your own company… everybody is going to support you. It’s going
) 20% of Alabamians go to “buy here, pay here” car dealerships making subprime auto loans. Buy
) Matt asks Scott the question “what is good capitalism?”
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Show notes
Description
Scott Gillaspie talks about how his life experience has led him to launch his startup Incentive Financial
Highlights
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over-rationalize every possible outcome. You can’t know every possible outcome so you’re better off
taking a leap of faith at some point.
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client in corporate banking.
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to potential investors with his new startup. One of his investors said “I don't really care what your idea
is.... I'm investing in you, not your company”.
(
to be great”, then they are lying to you.
(
here, pay here car dealerships are not reporting positive payment history (they are not legally obligated
to report positive pay history), which prevents many from improving their credit scores and escaping the
high costs of having bad credit.
(
Summary
Scott Gillaspie is a young man on a mission. With a double major in finance and economics and after
working in the corporate banking world, Scott is completely focused on building his startup Incentive
Financial to address what he calls a mispricing of risk with some subprime borrowers starting in the
subprime auto industry. He wants to build a business where everybody wins (his company, the
borrowers, the dealers selling the vehicles) after growing increasingly frustrated with doing things that
didn’t always align with the best interests of his customers in the corporate world. He wants to
demystify the complexity of the financial system (which is designed that way on purpose) and do
everything he can to improve the lives of his customers for the long-term.
Links
- Scott’s bio
https://www.linkedin.com/in/scott-gillaspie
- John Oliver – the horrors of subprime auto lending
https://www.youtube.com/watch?v=4U2eDJnwz_s
Books
- 12 Rules for Life
https://www.amazon.com/12-Rules-Life-Antidote-Chaos/dp/B0797Y87JC
- The Richest Man in Babylon
https://www.amazon.com/Richest-Man-Babylon-Original-1926