Summary
We are back at it again with another Startup Junkies Podcast!
Our hosts Jeff Amerine, Caleb Talley, and Matthew Ward had the opportunity to speak with Zach Washam, former banking analyst now the creator of Machine Learning Edge, now PyFi and short-form essay writer. From machine learning, to explorative psychology, you will not want to miss this existential hour of an episode!
Thanks for tuning in!
Shownotes
(0:54) Introducing Zach Washam
(1:45) PyFi Update!
(2:50) Where Banking Meets Machine Learning
(13:15) Psychology and Motivational Speaking
(14:44) Existential Hour
(24:23) The practicality of Explorative Psychology
(31:46) Imposter Syndrome
(35:24) Defining Success
(44:41) Wrap up
Links
Machine Learning Edge / PyFi
Books
Quotes
Everybody’s focusing on deals, transactions, staying late, face time, trying to be really quick at responding to emails… I don’t want to compete in that arena. I want to do something that’s going to blow every other analyst out of the water – Zach Washam (4:20)
“[In entrepreneurship] You’re just directly interfacing with the real world, and you don’t have the intermediary of your company to protect you from the chaos, to make decisions, or to construct your values.” – Zach Washam (10:40)
“When you look at the way entrepreneurs or wantrepreneurs approach the process, there are those that are in love with the lifestyle, they just fall too in love with constantly chasing shiny objects and experimenting and never get to the point of convergence where they’re actually building something meaningful.” – Jeff Amerine (30:40)
“Right now I define being successful as being honest and learning.” – Zach Washam (35:36)
The Practicality of Explorative Psychology in Entrepreneurship with Zach Washam
What do Game of Thrones, psychology, Jeff Amerine’s classroom, and a denied promotion all have in common? They each brought our latest Startup Junkie to where he is today!
This week’s guest, Zach Washam is not only a University of Arkansas Alumni but a past student of our very own Jeff Amerine. Jeff, Caleb, and Matthew have Zach to speak on his latest feat, Machine Learning Edge, along with his experience as an investment banking analyst with Wells-Fargo. Among his many achievements is his innovation award for inventing Wells-Fargo first machine learning algorithm for investment banking. Between Zach’s incredible work ethic and brilliant mind, we were pumped to discuss his story on the Startup Junkie’s Podcast!
An Entrepreneur Walks into a Bank
Zach’s time at the University of Arkansas gained him two semesters with Jeff Amerine in the honors classes: New Ventures and Venture Finance. His honor’s thesis created Pub Hub, a point of sale technology for bars. To Jeff and most other’s surprise, post-graduation Zach joined Wells Fargo and began to ascend the corporate ladder.
Zach’s story is different from the typical American workaholic. Learning that each advancement in his position will double his salary, he devises a plan to make his way to the top.
Everybody’s focusing on deals, transactions, staying late, face-time, trying to be really quick at responding to emails… I don’t want to compete in that arena. I want to do something that’s going to blow every other analyst out of the water. – Zach Washam (4:20)
Without anything distinguishing him from the crowd, Zach’s creative mind drifts to Wall Street, where firms such as Goldman Sachs and JP Morgan are tapping into machine learning in trading. By 2016 Zach realized that this knowledge would help Wells Fargo do their business better.
“We’re basically reverse-engineering the decision-making process of the investors on this deal so that we can anticipate what they’re going to do using machine learning. – Zach Washam (6:07)
“Enter the Future of Finance”
“Something that I’ve realized is that entrepreneurship is much more than a financial decision… it’s more risk, more reward.” – Zach Washam (9:29)
After a denied promotion, Zach dove straight into machine learning and eventually created Machine Learning Edge, now called PyFi. The journey was much more than creating a product; it led Zach to ask questions about his values, critique his work, and make choices not based on just financial outcomes.
The last big update is that on the day of recording, he signed a 60% sale of PyFi. This will not only give him cash stability for a good chunk of time, but the ability retains a 40% stake and cap work at 15 hours a week. This new flexibility with time will allow for his following even more of his plethora of pursuits.
Then, after recording, PyFi closed a deal with JP Morgan. This would allow training programs to be used to teach their Sales & Trading professionals how to code in North America, Europe, and Asia.
The Practicality of Explorative Psychology
Existential questions filled Zach’s dreams and led to pseudo-Ted-Talk workshops where he would discuss all things from business to relationships to achieving your goals. Zach found his stride in short-form essays due to its ability to hone in on more specific matters without being too declarative.
In the same vein of existential thought, Zach used these theories to help conceptualize and create his newest website. This would host his short-form essays tapping into all of these thoughts, questions, and possible conclusions. He threw away an inauthentic sales mindset and spent time figuring out that the key to his online presence was figuring out his real-life identity. This practice of divergent thought in exploring abstract concepts to convergent action of placing it into a website, short story or project, is what makes Zach stand out among the rest.
“I want to build a home in the world and whether that’s like a physical space, but really it’s like a career in the sense of, I want something that I can provide to the world that I can be really good at, that’s valuable.” – Zach Washam (42:42)
Zach’s success continues, but his scale of definition is grounded by two questions: Is it honest? Am I learning?
People using new ways of thinking and working, choosing not to stick to the status-quo, are what this show is all about! Join us each week as we continue to bring on the movers and shakers of our generation. Don’t forget to watch our latest video or tune into the podcast to hear the rest of Zach’s story and follow him on social media to see what he is up to next!
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