Eugene Plotkin is a Russian-born, Harvard-educated finance, business, and technology professional. Plotkin started as a Wall Street investment banker at Goldman Sachs and then later, Melvin Capital. During his time at Melvin Capital, he realized his passion for new technology, more specifically, for financial technologies. Today, Eugene Plotkin is a consultant for fintech startups as well as being the CEO for TechWallet, a startup that he helped found.
Eugene Plotkin has a special passion for helping as many people use technology to understand and organize their finances as possible. He believes that technology should directly benefit its users and that fintech has the potential for exponential benefit.
What is TechWallet all about?
My company exists because I care about the fact that most people feel totally confused and excluded from finance. I feel that it’s time for everyday Americans to feel empowered, inspired, and enlivened by their own personal finances. WalletTech connects fintech with the people who need it most.
Please tell us a little bit about your background and how you started your company?
I began to work on Wallstreet right after graduating from Harvard. I then went on to work at Melvin Capital until the pandemic. During the pandemic, I started to deeply reflect on my impact on the world. I contemplated my legacy and what I want to leave behind me. Out of these usings; I started WalletTech.
Quickly describe what an average working day is like for you?
I rise at 6 am every morning. Shortly thereafter, you will invariably find me drinking some sort of specialized espresso out of a handmade ceramic mug. My dog allows me to sip my expresso only for so long until we need to go running in central park. After our run, we both eat breakfast, my dog has a nap and I log on for the morning. I have a standing desk in my apartment and I often use my treadmill underneath it as I take calls, go to meetings, try out new Fintech, and research the industry, among other things. After working, you can find me cooking delicious dinners with fresh produce from the Union Square Greenmarket or listening to live jazz throughout the city.
How have the pandemic and Lockdown affected you or your new business?
My business was sort of born out of the pandemic. I felt like the pandemic caused me to reevaluate what mattered to me and what was important. I think this shows up in the business a lot because I try to make sure the whole organization understands the “why” behind what we do. I think this makes TechWallet as an organization more cohesive.
How do you separate yourself from your competitors?
I don’t. There are a lot of amazing companies in the same field as us. I think one of the many benefits of running a mission-oriented company is that we are focused on the positive. Our overarching goal is to help everyday people reclaim their financial lives, not to make the most money or blow our competitors out of the water.
I think of companies with similar missions as us to be friends and companions. We are all on the same team so why not become friends? I think our business has only gotten better because of it.
What were the top three mistakes you made starting your business, and what did you learn from them?
- I think at the beginning of the business, I made the mistake of thinking that my employees needed to have an equal zeal for our mission as I do. I had to tone it down and realize that this is my passion while it is other people’s job. Additionally, different people offer their enthusiasm and skillset in different ways. I want my business to be successful but I also want my employees to love working at TechWallet.
- The second mistake I made at the beginning of TechWallet was not understanding how to build a team remotely. I had always worked in person and then when the pandemic happened, we moved our work online which is a very different situation. It took some time for me as the leader and founder of the company to figure out how our team works best remotely.
- Another mistake I made was not bringing in more senior-level people earlier on in the company. It is invaluable to have people who are experts in their field advising you. TechWallet has expanded exponentially because of the expertise of the people who work here.
What was your first business idea and what did you do with it?
I remember as a child, I wanted to be a gold miner so I guess you could say that was my first business idea. I think I have always been attracted to being a business owner and gold was appealing to me as a child. However, now I realize that I am far more suited to finance! Same drive, different channel.
What would you say are the top 3 skills needed to be a successful entrepreneur, and why?
In my opinion, the top three skills needed to be a successful entrepreneur are; time management, assembling the right teams to be around you, and understanding risk. I think these things are helpful because if you can master all three, you can get most things done.
Say I was starting my version of TechWallet what advice do you have for me?
Cherish and appreciate the people around you that are truly excellent at what they do. That even goes for yourself!
What is your definition of success?
Someone whose inner and outer missions align in a daily way. Someone who lets those inner missions guide them.
If you had the chance to start your career over again what would you do differently?
I would tell myself to slow down. I would also tell myself that you don’ have to wait for the perfect moment to be the most perfect version of yourself.
How can our community get in touch with you?
They can email me at eugeneplotkinsocial@gmail.com.
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