As founder of six banks, Arkadi Kuhlmann has proven he’s not afraid to try something new.
Kuhlmann, HBA '71, MBA '72, spoke to Ivey’s incoming and outgoing MBA classes on March 20 about his entrepreneurship journey and the benefits of thinking outside the box and trying something different.
He founded six banks, including ING Direct Canada and USA, and, most recently, ZenBanx, an international mobile bank that allows customers to handle their money in multiple currencies.
Kuhlmann reflected on his journey starting with the Ivey Business School, which provided him with an understanding of market strategy and a basis for figuring out how to build a business, run a business, and understand the marketplace.
“The most exciting thing about being at Ivey was the ability to have a discourse to think about what things worked well, what things should be improved, and where you would like to put your passion,” said Kuhlmann, who is also a member of the Ivey Advisory Board.
With an innate entrepreneurial flair, Kuhlmann stressed his passion for creating something that he can be proud of, something that made a real difference, and something where his values and ideals were not compromised.
ZenBanx is Kuhlmann’s latest entrepreneurial venture and one that he referred to as “an exciting love story.” But with many love stories comes heartbreak. Regardless of the success of his banks, there was heartbreak in having to move on.
“The only way to get through heartbreak is to fall in love with something new,” said Kuhlmann.
One of the challenges that comes with new startups, however, is heavy debate among group members. Kuhlmann noted, during his time at Ivey, the debate within groups was fundamentally valuable. Debate and difference of opinions are inevitable in any company, especially startups, but healthy debate among those who think differently is what leads companies to success.
“It is a human condition to want to be with people who are like you – who think like you, who you feel at ease with,” said Kuhlmann. “You want to have the courage to have people around you who you can build loyalty with and bond with, but who are fundamentally in many ways different than you.”
Building that trustworthy, diverse team is what Kuhlmann likes to call “casting” as opposed to “team building.”
Kuhlmann’s final remarks touched on the challenge of developing unique strategies to make a brand stand out from the crowd. He encouraged students to have the courage to take risks, go against conventional thinking, and not be afraid to fail.
“You don’t need to be an expert about something,” said Kuhlmann. “You need to go where nobody else has gone before. And there are no prerequisites for that.”
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