We had the pleasure of interviewing Saum Noursalehi, the CEO of tZero. tZero is a majority-owned subsidiary of Overstock.com. tZero ATS, the alternative trading system operated by tZERO ATS, is the first SEC and FINRA regulated ATS that enables support for secondary trading of digital securities. This system aims to democratize access, enhance transparency, and increase overall efficiency. After years of development, tZERO has positioned itself 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 was always interested in creating things, whether it was art, stories, film, or later on, building computer software. When I got to college, I decided to pursue my passion for technology by studying Computer Science at the University of Utah.
After graduating, I started my career as a software engineer at various companies, where I first learned about an innovative and fun company called Overstock.com. I applied and got a software development job there, and the rest is history. I worked at Overstock for around 12 years and held various 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 over 12 years in eCommerce, I began to think about the next chapter in my career and started exploring options 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 with their lives from an early age, it took me some time to find the passion I wanted to dedicate myself to. It was through exploring various roles that I discovered my greatest interest was in leading technology teams in a product-focused organization. I recommend others in a similar situation to do the same.
Could you tell us about any interesting projects you are currently working on?
One interesting project we are working on in partnership with Box Digital Markets is the launch of the first regulated national security token exchange. Through our joint venture, the Boston Security Token Exchange (BSTX), we have combined BOX’s experience in building and operating a sophisticated securities exchange with tZERO’s industry-leading blockchain technology. This collaboration aims to fundamentally 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 mention: my father, my mother, and former Overstock CEO Patrick Byrne.
As a Computer Engineer, my father has always been passionate about technology and Sci-Fi, which sparked my interest in technology. 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 applied the right amount of pressure for us to reach our potential. She instilled in us the mindset that we can achieve anything we set our minds to.
Lastly, Patrick 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, eliminating the need for multiple intermediaries and improving efficiency.
2. Transparency: The blockchain keeps a permanent and immutable record that can be viewed by anyone who needs access.
3. Enhanced security: Records 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 rules to be determined by the consensus of the majority. This reduces the impact and risk of “too-big-to-fail” financial intermediaries.
5. Reduced costs by eliminating intermediaries: Peer-to-peer transactions can be enabled, reducing the need for intermediaries and lowering costs.
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 process of writing new blocks is slow, limiting the number of transactions they can handle. However, this is expected to improve over time.
2. Transaction costs of current blockchains: Gas fees can be relatively expensive and fluctuate based on transaction volume.
3. Power consumption: Proof-of-work consensus algorithms are currently power-intensive. While there are alternative solutions in development, they come with their own tradeoffs.
4. Regulatory reform and acceptance: Full utilization of blockchain’s potential, particularly for digital securities, would require regulatory reform. Updating rules regarding custody and control of digital assets and further democratizing access to private investments through rule reform are necessary.
5. Lack of education: Many people still don’t understand blockchain or distributed ledger technology, which slows down adoption.
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 can tokenize, trade, and settle digital securities. This democratizes access to investments that were previously limited to the wealthy, such as real estate or art. By opening illiquid assets to ordinary people, we believe it has the potential to improve people’s quality of life and bring positive change to the world. While we are still a growth-stage company, we are excited about the potential of our platform.
What are the three things you would advise someone who wants to emulate your career? Can you provide an example for each idea?
1. Discover your talents and interests early on by trying different activities. Become obsessed with your passion and master your craft.
2. Find a mentor or role model who can provide guidance and constructive feedback.
3. Be courageous and take risks.
What is one life lesson quote that you stand by? Can you explain how it relates 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 what we are doing at tZERO. We continue to work towards our vision of creating a robust ecosystem powered by blockchain technology for investors to buy and sell digital securities. We encourage our teams to think ahead and be innovative when faced with challenges.
Who is one person, living or deceased, that you would love to have a private breakfast or lunch with, and why?
I would love to have a private lunch with Steve Jobs, who I believe built the greatest technology company of our time. He was able to bring together multiple ideas into a product effectively. As a technologist, I am impressed by his company’s attention to detail and continuous innovation. I would love to sit down with him and learn from his experiences.
Where can our readers find you on social media?
Twitter:
https://twitter.com/Noursalehi
LinkedIn:
https://www.linkedin.com/in/noursalehi/
