David Gogel graduated in 2008 from École Jeannine Manuel with an International Baccalaureate. He was accepted into the Huntsman Program in International Studies & Business at the University of Pennsylvania / Wharton School, a four-year interdisciplinary undergraduate course of study that integrates a business education, advanced language training, and a liberal arts education. David majored in Finance and minored in East Asian Languages & Culture with a focus on Mandarin. After graduating from college, David started his career on Wall Street after the global financial crisis. He worked for 4 years in AIG’s Corporate Development and M&A group in New York and was later expatriated to Tokyo and Hong Kong to help drive strategic initiatives across 16 countries in Asia Pacific.
David first became interested in bitcoin in early 2016 after meeting the co-founder of BitMEX (Bitcoin Mercantile Exchange,) a cryptocurrency derivatives exchange based in Hong Kong. After a short stint at an insurtech incubator in Singapore, he decided to pursue his MBA, where he focused on entrepreneurship and operations. He became Co-President of Wharton FinTech, recorded several podcast interviews with startup founders and industry thought leaders, and was involved with launching the Penn Blockchain Club. After business school, he started working as an Entrepreneur in Residence at Venture One, a crypto venture fund in New York. David recently joined Techstars Alchemist Blockchain Accelerator, a mentorship-driven technology accelerator in New York where he is working with 10 early-stage blockchain startups going through the program.
You minored in Chinese at university. Were you influenced by your Ecole Jeannine Manuel schooldays?
The thrill and challenge of continuously learning new languages through interactions with people of diverse backgrounds are what matter most to me and have imbued many of my personal and academic decisions. I can trace my interest in the wider world and passion for languages to my education at EJM and the curriculum’s focus on international understanding through a bilingual education. Throughout my 15 years of education, from Bourdonnais to Dupleix to Theatre, I had the opportunity to study French, English, Spanish, Latin, Japanese, and Mandarin.
My early exposure to Mandarin at EJM planted a seed of interest in Asia, which continues to bloom. A 2-week study-abroad program at a high school in Beijing in 1ere and a summer immersion in China radically changed my understanding of the future drivers of the global economy. It became clear to me that China would likely be a player in whatever career I chose and that my fluency in Mandarin and understanding of Chinese culture would always be a valuable asset. In college, I spent a semester taking business and culture classes in Mandarin at Tsinghua University in Beijing.
You were involved in quite a few student societies at the School. Any favorite memories?
I was very involved in the Debate Club, both as a student and later as a teacher. As a student, I was able to learn about global issues and develop my critical thinking and public speaking skills. I learned how to evaluate and defend positions from opposing points of view and stay up-to-date on current events. I also had the opportunity to participate in several conferences such as HMUN (Harvard Model United Nations) in Boston and HMCE (Harvard Model Congress Europe) in Athens. These experiences allowed me to roleplay and interact with other students from all over the world. In Terminale, I had the opportunity to become a debate teacher for students in 1ere and 2nde. Taking on new responsibilities and facilitating debate was a great experience.
Why did you choose to return to the States after so many years in Paris? Did you experience any culture shock?
“To have another language is to possess a second soul.” Charlemagne
Charlemagne would say that I have several souls because my identity and culture are inextricably linked to the languages I speak. Through my studies of 6 languages, and my living and working experiences in Paris, London, Philadelphia, New York, San Francisco, Tokyo, Hong Kong, Shanghai, and Beijing, I dare call myself a global citizen or, at the very least, a cultural chameleon. I have both French and American citizenships. I was born and raised in Paris, but my parents are both American. I fit into a global society and feel at home in most places: I am what sociologists call a “third-culture kid.” Although I have yet to live in a secluded village and meditate with Buddhist monks probing my raison d'être (though someday I would like to engage in such activity), my upbringing has nevertheless taught me to find happiness in adapting myself to new environments.
The University of Pennsylvania has many characteristics that made the match compelling for me: a rigorous academic curriculum, an international orientation, a focus on group projects and data-driven decision making, a renowned business school, a culture of risk-taking, and an urban campus. The Huntsman Program combined the best of a liberal arts generalist education with a focused degree in economics and business.
It seems everyone is talking about bitcoin and cryptocurrencies these days. What is it like to work in such a fast-evolving sector?
The blockchain and cryptocurrency industry is an exciting sector. Bitcoin was launched in 2009 as a trustless peer-to-peer electronic cash system and the crypto market has since experienced rapid growth in size and scope. Blockchain technology is still in its early days and faces multiple challenges to mass adoption, but its applications are as disruptive as the Internet.
In 2017, a surge of investor interest in crypto and blockchain startups resulted in people investing in projects at multibillion-dollar valuations without a single line of code being shipped. The sector has since cooled significantly with funding for startups falling 75% in 2018 — from $3.2 billion in January to $800 million in December as crypto prices plunged more than 80% from record highs. The 2018 market correction (dubbed “crypto winter”) was necessary and beneficial for the long-term growth of the industry. The core thesis remains intact. Despite the negative headlines, the industry has been developing the infrastructure, companies, and products to support the next stage of growth. I look forward to helping the industry move forward. Success is in the journey!
Advice for any aspiring financial tech entrepreneurs?
Entrepreneurship is hard, discouraging, hopeless, sometimes embarrassing. It comes with uncertainty, variability, incomplete information, volatility, and disorder. But entrepreneurs develop a resilience towards uncertainty. Job security is an illusion. We overestimate the probability of bad outcomes.
There are so many tips to share. Don’t lack the boldness to be successful. Find your passion. Develop a growth mindset. Don’t be afraid to fail. Take risks. Don’t confuse uncertainty with risk. Embrace mistakes. Learn from feedback. Focus on solving a real problem. Talk to customers. Find product-market fit. Look for trusted advisors and mentors. Make sure the viability of a business resonates with you at your very core.
For crypto enthusiasts, take an amount of money that you can afford to lose, and experiment with buying and selling Bitcoin, Ethereum, or some other digital tokens. Get your own digital wallet, play around with it, send money to your friends. Explore the different types of services that are offered. And then if you really want to get into this space, start going to local meetups wherever you are based. Everyone in this industry is friendly because it is still small. We’re still just scratching the surface of what this technology can do.