34. How I Built A Fintech AI Business As A Non-Technical Founder
Feb 17, 2021
Sophia Matveeva spoke to Jung Seok Kung (JS) founder of Aizen, a fintech company which uses AI to support decision making and manage risk for banks. JS is a non-technical founder, who now leads a company that processes 10,000+ algorithms in real time.
If you want to learn what AI is in practice and how it's changing business this episode is for you.
We cover how JS went from spotting a market opportunity to creating an algorithm using a spreadsheet, and the ups and downs of entrepreneurship.
Learning notes from this episode:
- An algorithm is just a set of instructions that you put into a computer.
- JS created a prototype of his algorithm using a spreadsheet. The aim of his algorithm was to give out loans to customers. He bought lending data from the Lending Club and tested it against a control group. This means one set of loan applications was assessed by the algorithm and the other was done manually. By doing this, JS proved that his algorithm was making correct decisions.
- JS Kung does not have a co-founder. This is contrary to what a lot of prominent VCs say they want, but is in line with several successful founders who have spoken to us: Robyn Exton at HER, Asaf Navot at Home Made, and David Segura who sold Giant Media and is now one of NYC’s top angel investors.
Listen here on Spotify.
Do you have a brilliant app idea and no tech knowledge to build it? Get your FREE guide here.
To join our weekly expert masterclasses, access learning notes and our unique professional community, join the Tech for Non-Techies membership community. As a community member, you'll get:
- Weekly live masterclasses with global experts
- Mini-course on how to go from idea to live app
- Supportive Online Community
- Library of masterclasses
- Monthly live coaching with Sophia Matveeva, tech entrepreneur & Chicago Booth MBA
- Exclusive Resources & Perks
Learn more and sign up at https://www.techfornontechies.co/membership
Say hi to Sophia on Twitter.
Following us on Facebook and Instagram will make you smarter.