Huge skill I've had to pick up while running a company is learning to actually be direct with people. Clear vision, precise directives, uncompromising standards, feedback on small things before they become big ones. Very different from how I learned to communicate.
Live Oak Bank is quite the story. Thank you to @svafier for bringing this one to @bizbreakdowns
2007: LOB receives its 🇺🇸 bank charter. Timing!
FDIC Chairman, Sheila Bair, nicknames LOB "the doggy bank"
Why? They were niche. Really niche. Loans to veterinarians.
Founder, Chip Mahan, was a banking veteran. Worked at Wachovia in 70s and 80s and started the first online bank, Security First Network Bank, in 1994.
LOB immediately became a big SBA lender w/ 7A loans 75% guaranteed by the gov’t (in exchange for extra paperwork).
They expanded into other small business niches that are known to pay back loans (e.g. funeral homes, pharmacists, dentists).
Fast forward (I’m skipping a lot here...including the PPP wave), they were the top SBA lender in 2023. They have also developed technologies that were spun out… nCino and Aptitude.
An interesting case study of breaking into a highly regulated, high barrier to scale, industry.
I still can’t believe it man, just doesn’t feel real. I made this last night after hearing the news. I’ve spent so mf time rewatching the Gymkhanas and remaking all the vehicles in video games. My future kids will know the name Ken Block. Rest easy legend, we miss you.
Grateful to work with such an inspiring team of generous, honest & hard-working individuals. Another successful Christmas Giveaway in the books! https://t.co/lZMMIXs1Nf
Feast your eyes on the beautiful spiral structure of the Phantom Galaxy, M74, as seen by Webb in the mid-infrared. Delicate filaments of dust and gas wind outwards from the center of the galaxy, which has a ring of star formation around its nucleus. https://t.co/pPVvxsC6KA
Hear that? 🎧
These soothing sounds depict the "Cosmic Cliffs" of the Carina Nebula. By translating data to sound, we can experience @NASAWebb's data in a new way. Also explore views of the Southern Ring Nebula and "hear" exoplanet WASP-96 b's atmosphere: https://t.co/wAk1eGKkpI