We had the pleasure of interviewing Saum Noursalehi, the CEO of tZero. tZero is a subsidiary of Overstock.com and operates an alternative trading system (ATS) regulated by the SEC and FINRA, enabling secondary trading of digital securities. This system aims to democratize access, enhance transparency, and increase overall efficiency. After several years of development, tZero is well positioned to capture the fast-growing digital securities market.
Can you tell us what inspired you to pursue this career path? What do you want others to take from your story?
From a young age, I had a passion for creating things, whether it be art, stories, film, or later on, computer software. When I went to college, I decided to pursue my love for technology by studying Computer Science at the University of Utah.
After graduating, I began my career as a software engineer at various companies, where I first became acquainted with an innovative company called Overstock.com. I applied and got a software development job there, and the rest is history. I spent over 12 years at Overstock, holding multiple roles within the company, including Vice President of OLabs, Senior Vice President of Marketing, Senior Vice President of Product Development, Chief Revenue Officer, and eventually, President. After more than a decade in the e-commerce industry, I started thinking about the next chapter in my career and began exploring opportunities in artificial intelligence and blockchain. That’s when the opportunity to become the CEO of tZERO arose, and I couldn’t pass it up.
While some people know exactly what they want to do from an early age, it took me some time to discover my true passion. Through exploring various roles, I found that my greatest interest lies in leading technology teams in a product-focused organization. I encourage others in similar situations to do the same.
Could you tell us about any interesting projects you are currently working on?
One exciting project we are currently working on in partnership with Box Digital Markets is the launch of the Boston Security Token Exchange (BSTX), the first regulated national security token exchange. By combining BOX’s experience in building and operating a sophisticated securities exchange with tZERO’s industry-leading blockchain technology, we aim to significantly improve the marketplace for digital securities. We expect the launch to take place in 2020.
Is there a particular person you would like to credit with helping you get to where you are? Can you share an anecdote about that?
There are three individuals I would like to acknowledge: my father, my mother, and former Overstock CEO Patrick Byrne.
My father, a computer engineer, has always been passionate about technology and science fiction, which sparked my own interest in the field. He encouraged me to follow my passion and pursue a career in the industry.
Growing up, my mother pushed my brother and me to try various activities and provided the right amount of pressure for us to reach our potential. She instilled in us the belief that we can achieve anything we set our minds to.
Patrick Byrne was my business mentor and provided me with opportunities to apply my skills.
What are the five most fascinating things about blockchain and crypto, in your opinion? Why?
1. Efficiency and automation brought by smart contract technology: Regulatory compliance can be coded into the assets themselves, reducing the need for intermediaries and improving efficiency.
2. Transparency: The blockchain provides a permanent, immutable record that can be accessed by anyone who needs it.
3. Enhanced security: Records on the blockchain are highly secure through cryptography, such as digital signatures and encryption.
4. Decentralization: Blockchains are not controlled by any single entity, allowing for record-keeping and rule determination through consensus. This reduces the risk associated with centralized intermediaries.
5. Reduced costs by eliminating intermediaries: Peer-to-peer transactions enabled by blockchain technology can eliminate the need for costly intermediaries.
What are the five things that concern you about blockchain and crypto? Why?
1. Performance and throughput: Blockchains are still in their early stages, and the speed of writing new blocks limits the number of transactions they can process. This will improve over time.
2. Transaction costs: Gas fees on current blockchains can be relatively expensive and volatile based on transaction volume.
3. Power consumption: Proof-of-work consensus algorithms used in many blockchains consume significant amounts of energy. Alternative solutions, like proof-of-stake, are being developed to address this issue.
4. Regulatory reform and acceptance: While tZERO has adapted its products and services to current regulations, further reform is needed to fully leverage the potential of blockchain, particularly for digital securities.
5. Lack of education: Many people still lack understanding of blockchain and distributed ledger technology, causing a slow adoption rate.
How have you used your success to bring positive change to the world? Can you share a story?
At tZERO, we are building a next-generation capital markets platform that enables the trading and settlement of digital securities. This democratizes access to investments like real estate or art that were previously limited to the wealthy. By opening up illiquid assets to ordinary people, we believe we can improve their quality of life and bring positive change to the world. While we are still a growing company, we are excited about the potential impact of our robust platform.
What are the three pieces of advice you would give to someone who wants to emulate your career? Can you share an example for each idea?
1. Discover your talents and interests early on by exploring various activities. Become passionate about your chosen field and strive for mastery. For example, I discovered my passion for technology and pursued it by studying Computer Science.
2. Find a mentor or role model who can provide guidance and constructive feedback. Having a mentor like Patrick Byrne helped me develop my skills and provided valuable opportunities for growth.
3. Be courageous and willing to take risks. Embracing new challenges and stepping outside of your comfort zone can lead to significant personal and professional growth.
What is one life lesson quote that you stand by? How does it relate to your own life?
Albert Einstein once said, “We cannot solve our problems with the same thinking we used when we created them.” This quote resonates with me and reflects our approach at tZERO. We strive to create a robust ecosystem powered by blockchain technology, constantly pushing our teams to think ahead and find innovative solutions when faced with obstacles.
If you could have a private breakfast or lunch with one person, living or deceased, who would it be and why?
I would love to have a private lunch with Steve Jobs, the visionary behind Apple. I believe he built the greatest technology company of our time by effectively combining multiple ideas into innovative products. As a technologist myself, I admire Apple’s attention to detail and continuous innovation. Sitting down with Steve Jobs would be an incredible opportunity to learn from his experiences and insights.
Where can our readers find you on social media?
Twitter:
https://twitter.com/Noursalehi
LinkedIn:
https://www.linkedin.com/in/noursalehi/
