# How Failure Shaped Stephen Smith’s Success

Page: https://stenobird.com/podcast/markets-plus-274186/how-failure-shaped-stephen-smith-s-success
Text version: https://stenobird.com/podcast/markets-plus-274186/how-failure-shaped-stephen-smith-s-success.md
Podcast: [Markets Plus](https://stenobird.com/podcast/markets-plus-274186)
Published: 2026-08-20T16:32:00+00:00
Episode link: https://capitalmarkets.bmo.com/en/podcasts/markets-plus/
Audio file: https://traffic.megaphone.fm/PC7740632442.mp3
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JSON: https://stenobird.com/v1/public/podcasts/markets-plus-274186/episodes/how-failure-shaped-stephen-smith-s-success
Duration seconds: 1138

## Resource

Stephen Smith’s journey proves that failure doesn’t have to define success. In this episode, Stephen Smith, Co-owner of The Economist and Co-founder of First National Financial, joins Scott Brison, Vice Chair, BMO, for a candid conversation about the setbacks, risks and decisions that shaped one of Canada’s most accomplished business leaders.   Together, they explore Smith’s path from personal bankruptcy in the 1980s to building First National into one of Canada’s largest non-bank lenders, the lessons he learned about resilience and risk management, and why he believes strong institutions, independent journalism and long-term thinking matter more than ever.

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## Transcript

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