Fireside Chat With Daymond John: Lessons in Resilience, Innovation, and the Power of SMBs

At the recent Worth luncheon in Vegas, Our Founders and CEOs, Sal Rehmetullah and Suneera Madhani had the privilege of sitting down with ABC Shark Tank’s Daymond John for a fireside chat that left everyone in the room inspired. Daymond’s journey from humble beginnings to global success as the founder of FUBU and a lead investor on Shark Tank highlighted lessons that resonate deeply with entrepreneurs and financial leaders alike. From the challenges of starting a business to the transformative role of financial institutions, his words emphasized why small businesses are the backbone of our economy.

The Power of Perseverance in Entrepreneurship

Daymond candidly shared the ups and downs of his entrepreneurial journey. From starting a van delivery service to flipping cars and eventually founding FUBU, each step was a learning experience. Reflecting on his early ventures.

“Most successful entrepreneurs, they’re on their sixth or seventh business. The first one didn’t have the proper IP, the second lacked the right partners, the third didn’t have the funding. It’s about learning and evolving,” he said.

This relentless drive culminated in FUBU, born out of a desire to create clothing that resonated with his community. On Good Friday in 1989, Daymond stood on a street corner selling $800 worth of hats in one hour.

“That day, I realized I was solving a problem. From that moment on, I vowed never to work for anyone again.”

The Role of Financial Institutions and Access to Capital

One of the most striking moments was when Daymond recounted the challenges of accessing funding. Despite securing $300,000 in FUBU orders, he was rejected by 27 banks.

“I didn’t have the financial intelligence to articulate how the bank would be safe and how their money would be returned. But they also weren’t working with me to explain what I needed.”

This experience sheds light on a critical gap in financial literacy and equitable access, a challenge Worth aims to address.

“We envision a world where small businesses are empowered with tools to understand their creditworthiness and financial health, flipping the script to put them first,” Suneera Madhani added.

Small Businesses: The Backbone of the Economy

Daymond highlighted the crucial role of small businesses, noting that women are the fastest-growing entrepreneurial segment.

“Women are balancing the checkbook at home and working in corporations. Their impact on small businesses is massive.”

He further emphasized how small businesses create ripple effects in the economy:

“It’s way bigger than just that small business itself. Entrepreneurs who fail don’t disappear—they take their learnings and build again, bringing invaluable knowledge back to their communities.”

Leveraging AI and Innovation

As the conversation shifted to technology, Daymond stressed the importance of leveraging AI in today’s business landscape:

“I don’t invest in any company that isn’t using AI. It’s not just about being efficient—it’s about being innovative and staying ahead.”

This aligns with Worth’s mission to modernize financial services through automation and data-driven insights, ensuring small businesses thrive in an ever-evolving economy.

Representation and the Future of Business

Representation in entrepreneurship and media was another powerful theme. Reflecting on his unique position, Daymond said:

“If you think about it, I’m the only African-American on network TV for the last 15 years who didn’t come from music, sports, or politics. That’s absolutely disgusting. Our children need to see more people like me—people who show them they can succeed in business.”

Suneera echoed this sentiment, sharing her own journey as the daughter of immigrants and the first woman in her family to attend college. She emphasized the importance of creating equitable opportunities:

“Representation matters. Doing things the right way matters. And small businesses matter. If we put them first, we can create a more inclusive financial landscape.”

The Takeaways

Daymond’s fireside chat was more than just a recounting of his journey—it was a call to action for leaders in fintech and financial services to prioritize small businesses.

His advice to entrepreneurs was clear:

• Embrace failures as stepping stones.
• Seek mentors and build your network.
• Leverage technology like AI to innovate and stay competitive.
• Advocate for financial literacy and equitable access to resources.

Looking Ahead

As Daymond reminded us, the entrepreneurial journey is about resilience, innovation, and building a better future. His story serves as an inspiration for entrepreneurs and financial institutions alike to collaborate and drive meaningful change. At Worth, we’re committed to advancing this mission by creating tools that empower small businesses and fostering an ecosystem where everyone can succeed.

This fireside chat was a powerful reminder of why small businesses are worth investing in—and why we must continue to champion them every step of the way.