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The ERic RIES Show
Curated conversations
At the Long-Term Stock Exchange, we are dedicated to creating a world where businesses are empowered to achieve lasting impact and long-term prosperity.
To foster meaningful conversations, we curate conversations from an ecosystem of leaders, entrepreneurs, and visionaries.
The Eric Ries Show, a podcast produced by Founder and Chair of LTSE Services, Eric Ries, reflects our mission.
The show features thought-provoking conversations with world-class technologists, thought leaders, executives, and others who are working to create a new ecosystem of organizations committed to growth with purpose.
To foster meaningful conversations, we curate conversations from an ecosystem of leaders, entrepreneurs, and visionaries.
The Eric Ries Show, a podcast produced by Founder and Chair of LTSE Services, Eric Ries, reflects our mission.
The show features thought-provoking conversations with world-class technologists, thought leaders, executives, and others who are working to create a new ecosystem of organizations committed to growth with purpose.
Disclaimer: Information contained in this podcast was obtained in part from publicly available sources (including the Eric Ries Show) and not independently verified. The Long-Term Stock Exchange and its affiliated companies do not make any representations or warranties, express or implied, as to the accuracy or completeness of the information and do not sponsor, approve, or endorse any of the content herein, all of which is presented solely for informational and educational purposes. Nothing herein constitutes an offer to sell, a solicitation to buy any security, or a recommendation of any security or trading practice.
Some portions of the podcast may have been edited for the purpose of length or clarity.
From the Eric Ries Show:
A Founder’s Guide to Pivoting Without Killing the Company | Misha Esipov
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Misha Esipov is the co-founder and CEO of Nova Credit. In this episode of The Eric Ries Show, I talk with Misha about what it takes to build a company inside one of the hardest parts of finance to break into.
Misha immigrated to the United States from the Soviet Union as a child and watched his parents rebuild their lives from scratch. Years later, after a conventional path through math, finance, and business school, that experience resurfaced as a question that wouldn’t let go. Why do capable people lose access to credit simply because they cross a border?
Nova Credit began by tackling that problem directly, starting with international students and immigrants who were being shut out of the system. Then the pandemic hit. Immigration stopped, and the company’s core market disappeared almost overnight.
Misha shares what it was like to lead through that moment, how crises clarify where leaders should focus their energy, and how Nova Credit found a way forward without abandoning its original purpose.
If you’re interested in entrepreneurship and what it really takes to build something that lasts, this conversation is for you.
—
Brought to you by:
Framer: Build better sites, faster at https://www.framer.com/design Use code "ERIC"
—
Where to find Misha Esipov:
• LinkedIn: https://www.linkedin.com/in/mishaesipov
• X: https://x.com/MishaEsipov
—
Where to find Eric:
• Newsletter:https://ericries.carrd.co/
—
In This Episode We Cover:
(00:00) Intro
(01:47) How Misha immigrated to the United States and found his path to entrepreneurship
(03:30) Summers in the Soviet Union and why so many scientists left
(06:01) Why Misha studied math and entered finance
(07:06) What Misha noticed was different when he moved to the West Coast
(08:22) How Nova Credit got started and why international students couldn’t access credit
(12:03) Steve Blank’s approach to interviewing
(13:11) Why Nova Credit intentionally started with a small market
(15:52) What credit bureaus do and what it’s like entering a highly regulated industry
(18:00) The leap of faith required to build this kind of business
(22:16) What inspired Misha to take the leap
(24:13) How the pandemic upended Nova Credit’s business
(28:01) How Nova Credit responded when immigration came to a halt
(31:00) What it was like trying to rebuild while losing momentum and people
(36:24) How customer conversations guided the rebuild
(38:37) Why Nova Credit added a new focus without abandoning the original
(41:32) How Nova Credit’s products came together as a platform
(43:13) What Nova Credit’s evolved mission became
(45:05) How trust is built with consistency
(47:51) Where Nova Credit is today
(49:29) Why Nova Credit focuses on principles over politics
(52:20) The importance of building for the long term
(53:47) Why consistency only works when paired with value and mission
(59:57) Misha’s advice for aspiring entrepreneurs
—
Referenced:
• Nova Credit: https://www.novacredit.com
• Goldman Sachs: https://www.goldmansachs.com
• Apollo: https://www.apollo.com
• Startup Garage: https://www.gsb.stanford.edu/experience/learning/entrepreneurship/courses/startup-garage
• Interpersonal Dynamics “Touchy Feely”: https://www.gsb.stanford.edu/experience/learning/leadership/interpersonal-dynamics
• Sofi: https://www.sofi.com
• Creditkarma: https://www.creditkarma.com
• Steve Blank’s website: https://steveblank.com
• David Lloyd George’s quote: https://www.brainyquote.com/quotes/david_lloyd_george_134429
• Jeff Reitman on LinkedIn: https://www.linkedin.com/in/reitman
• Mark Cuban on LinkedIn: https://www.linkedin.com/in/mark-cuban-06a0755b
• How the Former U.S. CTO Built a $3B Healthcare Company Powered by Love | Todd Park: https://www.ericriesshow.com/how-the-former-us-cto-built-a-3b-healthcare-company-powered-by-love-todd-park/
• Jim Sinegal: https://en.wikipedia.org/wiki/James_Sinegal
• Nichole Mustard on LinkedIn: https://www.linkedin.com/in/nichole-mustard-5103792
• Drugs are Bad, Mmkay: https://www.youtube.com/watch?v=KeprIqxrDQo
• Charlie Munger: https://en.wikipedia.org/wiki/Charlie_Munger
—
Production and marketing by Pen Name.
Eric may be an investor in the companies discussed.
Show Notes
Misha Esipov is the co-founder and CEO of Nova Credit. In this episode of The Eric Ries Show, I talk with Misha about what it takes to build a company inside one of the hardest parts of finance to break into.
Misha immigrated to the United States from the Soviet Union as a child and watched his parents rebuild their lives from scratch. Years later, after a conventional path through math, finance, and business school, that experience resurfaced as a question that wouldn’t let go. Why do capable people lose access to credit simply because they cross a border?
Nova Credit began by tackling that problem directly, starting with international students and immigrants who were being shut out of the system. Then the pandemic hit. Immigration stopped, and the company’s core market disappeared almost overnight.
Misha shares what it was like to lead through that moment, how crises clarify where leaders should focus their energy, and how Nova Credit found a way forward without abandoning its original purpose.
If you’re interested in entrepreneurship and what it really takes to build something that lasts, this conversation is for you.
—
Brought to you by:
Framer: Build better sites, faster at https://www.framer.com/design Use code "ERIC"
—
Where to find Misha Esipov:
• LinkedIn: https://www.linkedin.com/in/mishaesipov
• X: https://x.com/MishaEsipov
—
Where to find Eric:
• Newsletter:https://ericries.carrd.co/
—
In This Episode We Cover:
(00:00) Intro
(01:47) How Misha immigrated to the United States and found his path to entrepreneurship
(03:30) Summers in the Soviet Union and why so many scientists left
(06:01) Why Misha studied math and entered finance
(07:06) What Misha noticed was different when he moved to the West Coast
(08:22) How Nova Credit got started and why international students couldn’t access credit
(12:03) Steve Blank’s approach to interviewing
(13:11) Why Nova Credit intentionally started with a small market
(15:52) What credit bureaus do and what it’s like entering a highly regulated industry
(18:00) The leap of faith required to build this kind of business
(22:16) What inspired Misha to take the leap
(24:13) How the pandemic upended Nova Credit’s business
(28:01) How Nova Credit responded when immigration came to a halt
(31:00) What it was like trying to rebuild while losing momentum and people
(36:24) How customer conversations guided the rebuild
(38:37) Why Nova Credit added a new focus without abandoning the original
(41:32) How Nova Credit’s products came together as a platform
(43:13) What Nova Credit’s evolved mission became
(45:05) How trust is built with consistency
(47:51) Where Nova Credit is today
(49:29) Why Nova Credit focuses on principles over politics
(52:20) The importance of building for the long term
(53:47) Why consistency only works when paired with value and mission
(59:57) Misha’s advice for aspiring entrepreneurs
—
Referenced:
• Nova Credit: https://www.novacredit.com
• Goldman Sachs: https://www.goldmansachs.com
• Apollo: https://www.apollo.com
• Startup Garage: https://www.gsb.stanford.edu/experience/learning/entrepreneurship/courses/startup-garage
• Interpersonal Dynamics “Touchy Feely”: https://www.gsb.stanford.edu/experience/learning/leadership/interpersonal-dynamics
• Sofi: https://www.sofi.com
• Creditkarma: https://www.creditkarma.com
• Steve Blank’s website: https://steveblank.com
• David Lloyd George’s quote: https://www.brainyquote.com/quotes/david_lloyd_george_134429
• Jeff Reitman on LinkedIn: https://www.linkedin.com/in/reitman
• Mark Cuban on LinkedIn: https://www.linkedin.com/in/mark-cuban-06a0755b
• How the Former U.S. CTO Built a $3B Healthcare Company Powered by Love | Todd Park: https://www.ericriesshow.com/how-the-former-us-cto-built-a-3b-healthcare-company-powered-by-love-todd-park/
• Jim Sinegal: https://en.wikipedia.org/wiki/James_Sinegal
• Nichole Mustard on LinkedIn: https://www.linkedin.com/in/nichole-mustard-5103792
• Drugs are Bad, Mmkay: https://www.youtube.com/watch?v=KeprIqxrDQo
• Charlie Munger: https://en.wikipedia.org/wiki/Charlie_Munger
—
Production and marketing by Pen Name.
Eric may be an investor in the companies discussed.
Disclaimer
The information is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Information about the company is provided by the company, or comes from the companies’ public filings and is not independently verified by LTSE. Neither LTSE nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding LTSE-listed companies are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. Advice from a securities professional is strongly advised.
Curated Conversations
