Josh Minsky of Suretys
An exclusive Tech Tribune Q&A with Josh Minsky (founder and CEO) of Suretys, which was honored in our:
Tell us the origin story of Suretys – what problem were you trying to solve and why?
It was 2008 and I needed a car. My old car had broken down and I sold it back to the dealership at a loss. I was young and it was an emotional moment for me. I was an adult living on my own, and wanted to be independent. When I went to get a new car, they told me I had a thin file and needed a cosigner. It was another letdown. My father agreed to cosign for me. I got approved, but that moment really changed me. I knew there had to be a better way for a first-time buyer to get a car. I think that experience led me to create Suretys. I knew that there were plenty of people just like me who worked hard, had good paying jobs, but had limited credit history. I knew people deserved to get better interest rates.
Years later, after being asked to cosign on loans for friends and family, I knew it was time to revolutionize the industry. Suretys is a digital insurance product that replaces the need for a cosigner and protects the lender in the event of a default. One of our first customers was a military member. He was repeatedly denied for limited credit history. With Suretys, he was approved and was able to get a great car at an incredible rate. With every new customer, we see how we’re helping people, empowering people, and changing lives. Suretys is helping people save money, get better interest rates, and build credit.
What was the biggest hurdle you encountered in your journey?
Where do I begin? I left a great paying job in December of 2018 to launch Suretys. A few months into the journey, while draining our savings account, I slipped on ice and broke all three bones in my ankle, only to celebrate the birth of our third child a week later. Raising capital while on bed rest is one of the most challenging things I’ve ever taken on. A few months later, I met with my first investor while still on crutches and left with a check. I finally understood the line, “What comes first? The chicken or the egg?” while trying to secure an insurance carrier while talking to automotive lenders. We signed with Markel and our first lender and dealership group. We were all ready to go when COVID-19 hit. It was almost like we needed to start over again, from the beginning. We were slated to close our first seed round of $2 million the first week of April 2020. That didn’t happen as it was the height of the pandemic.
Every email, every phone call with a possible investor, every no, every hour spent on trying to make Suretys better, took constant mental strength and tremendous faith. It’s been two years since and we’ve encountered many more hurdles, but we’re stronger because of them and excited for the future. We are now in talks with national lenders to offer Suretys in many states. What I’ve come to realize is, hurdles and challenges are all lessons for us to gain wisdom and grow. I believe you can acquire knowledge, but not wisdom. It’s something we need to experience.
What does the future hold for Suretys?
At the moment, Suretys is in two states, and we are rapidly setting up strategic partnerships with lenders and dealers to be available nationwide in the next 12-18 months. We are constantly building our technologies to integrate with online automotive digital retailing channels. We are also excited about expanding our team, who make this all possible.
What are your thoughts on the local tech startup scene in New Haven?
Our office is in the New Haven “DISTRICT” building and it has been a game changer. Being around other entrepreneurs who are constantly collaborating and working on building their companies creates a contagious energy and inspiring environment.
What’s your best advice for aspiring entrepreneurs?
The most important advice I can give to entrepreneurs is to discover the power within, and lots of mental strength. You will be challenged daily by the naysayers and it’s only because they don’t have your vision or your passion. Over the course of my personal journey with Suretys, I’ve realized that grit without love for what you do is pointless. It always comes back to acts of service for me. It’s where I find the energy to continue, especially on the days where it seems like everyone, and everything is working against me.