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back in september, Patrick Collison posed an interesting question about manufacturing, is it some anachronistic pursuit to make us feel good, or a real existential threat that we should be winning across the board at. i offered up my experience over an exchange here on X, and he graciously...

24,739 просмотров • 4 месяцев назад •via X (Twitter)

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John Collison: We only had 50 users two years after founding Stripe “We started working on Stripe in the Fall of 2009, and we launched Stripe in September 2011,” John Collison reflects. “I remember right at the beginning when we were starting it I said to Patrick [Collison], ‘Yeah let’s do it. How hard can it be?’ Which gives you a sense of our mindset. And the answer was: two years of difficulty. We had not predicted that.” John remembers feeling dejected when Stripe only had 50 users two years later: “When you spend two years getting 50 users, it doesn’t feel like a whole lot of progress. It feels like things are going pretty slow.” But this is one of the challenges of startups, he argues: “If you’re working on a startup that’s a bad idea, it’s going to feel like slow-going. But if you’re working on a startup that’s a good idea, it may feel like slow-going too.” Yet slow growth has a silver lining: “I think the thing that allowed us to take off in the subsequent years was the fact that since we were spending so much time on each one of those users; since we were hyper-focused on building a great product; and since we weren’t dealing with problems of scale yet, that allowed us to build the product that we wanted. Part of the culture that set in really early on was taking abnormally good care of those early users.” The Stripe founders would get an email or phone call anytime a user ran into a bug. When they sent the customer an email moments later alerting them that the bug was now fixed, people’s minds were blown. They set up a Campfire room that any customer could join and use to message John and Patrick at any hour of the day or night. And if a user was based in the Bay Area, the founders would invite them to come by the office and help integrate Stripe for them. In the Stripe dashboard they would prompt their customers for feedback and feature requests. Then the Stripe founders would reply to that feedback within 10 minutes. “What this meant was that even though the user growth was happening quite slowly in the early days,” John explains, “it actually had a pretty surprising viral effect where people had a good experience, they told their friends about it, and we were able to spread entirely through word-of-mouth even to this day.” Video source: Stanford eCorner (2015)

Startup Archive

190,894 просмотров • 7 месяцев назад

American Surgeon shows the actual letter from UnitedHealthcare DENYING a patient in emergency condition from receiving care “This is a woman who was in the emergency room with pulmonary embolisms” “I think we all knew this would happen. I had another patient come in and share with me that UnitedHealthcare denied her inpatient's day. So this is a patient who had shortness of breath and some chest pain, and she just knew that something wasn't right in her body. She had a family history of blood clots and she'd had a deep flap surgery a couple of weeks ago. She went to the hospital and they saw her and they found that she had a life threatening condition known as pulmonary embolisms. So she was admitted to the hospital and taken care of really well by the doctors there. And they ordered all the right things. After a couple of days, she was discharged. She got a letter from UnitedHealthcare explaining that they didn't agree with the level of her care and that they would not cover it. So I'm gonna share some of the language of that letter with you, and I want you to know that my patient that we talked about previously who had her surgery denied had almost exactly the same letter shared. So there's some troubling things in this letter. I think this term is really interesting. United is saying they reviewed the request for inpatient admission. So let's all just pause and consider that. This is a woman who was in the emergency room with pulmonary embolisms, and the doctor wasn't really requesting anything. They were saying this patient needs to be in the hospital. But an insurance company sees this as a request, and that's part of this prior auth environment that we're living in. So I think it's important as patients and as physicians to just acknowledge that this is our reality now. Someone can think that there's a good medical decision for you and can write orders and wanna do the right thing for you, but your insurance company is seeing that as a request and deciding whether or not they wanna do it. One of the criteria that this insurance company used to decide whether or not to accept or deny this request was whether it's medically necessary. And it's so interesting that we're letting insurance companies and the doctors who work for insurance companies determine what's medically necessary and not just the doctor in front of the patient in the emergency room. So this is a really bold statement from UnitedHealthcare for my patient. They say you did not have to be admitted as an inpatient to the hospital for this care. I think we all need to just reflect on that. An insurance company is telling a patient and her doctor that they disagree with the plan of care to keep that patient safe. I know that this is boiling down to whether it's an inpatient admission or an observation admission, and that's really about money. But what I wanna point out to you is they're making medical decisions. This insurance company is actually weighing in and disagreeing with a doctor who made a medical decision to admit this patient for her safety. So this specific sentence, when a doctor or facility treats a patient above the recommended level of care, we cannot cover it. What the heck? That's what we do. We go above and beyond as physicians. It's clear that insurance companies don't, and they're actually saying it here.”

Wall Street Apes

115,684 просмотров • 1 год назад

Jack Zhang on why he said no to Stripe’s $1.2 billion offer to buy Airwallex “In October 2018, Stripe reached out to buy us,” Airwallex co-founder Jack Zhang (Jack Zhang) begins. Patrick Collison flew out to Shanghai to meet Jack and his co-founder, and they spent the day together. After the meeting, Patrick sent over a Google Doc that was 10-20 pages long and asked Jack to make comments. “I was like, ‘Wow, the vision of the companies over the next decade is very much the same.’ We both wanted to build the AWS of financial services, and obviously Stripe was much further ahead of us. But this was before COVID. Stripe was like a $9 billion company — very similar to the scale of Airwallex today. I also really liked Patrick. It was like this guy is so smart.” Asked what makes Patrick Collison so smart, Jack replies: “He’s intellectually honest about everything, and he’s able to go deep in multiple dimensions.” Eventually Stripe offered $1.2 billion for Airwallex, and according to Jack, he and his co-founders would’ve walked away with $350 million. “I met with the whole team, and I was really impressed,” Jack recalls. “I basically said I think we’re going to do it.” But when he flew back to Melbourne, Jack decided against it. And it was actually Patrick Collison who inspired him to reject the offer. Jack explains: “So one of the things that really inspired me from talking and spending time with Patrick was I asked, ‘What’s the long-term thing for Stripe and yourself? Are you going to be here forever?’ And Patrick said to me that he’s going to build Stripe for the next 20-40 years. And I just never heard a founder tell me they will dedicate their entire life to building a business. And so that was inspiring to me, and I’m like that’s what I want to do.” Today, Airwallex (Airwallex) is an $8B company, with more than $1B in ARR. Video source: The Twenty Minute VC Harry Stebbings (2025)

Startup Archive

696,597 просмотров • 4 месяцев назад

JADE tears up while giving a speech at the final show of her first solo tour: “Thank you so so much Hamburg, from the bottom of my heart. Before I do my final song, there are so many people I need to thank who have put this show together. […] Everybody on this team [is a very good friend]. I think that speaks for itself – surrounding yourself with really great people who not only do the job well, but everybody on this tour has gone above and beyond to make this show work tonight. I have a lot of ambition. I hope you’ve seen that we’ve put as much as we possibly could into the show. It isn’t just about my creative brain and what I want to bring to the stage – everybody on my team has really done more than their job to make this happen, and that really means the world to me… [Tears up] I know it’s a bit of a lengthy speech tonight, but it’s because it’s the last night and it’s really important to say these things. I’m so grateful to my team. They’ve gone above and beyond to make this show what it is. I hope you know how much I love and appreciate you all, and how grateful I am. Last but not least, I have to thank you – my fans... [Chokes up] I’ve said this so many nights on the tour, but I really do mean it: I feel so honoured and lucky that I was in a girl-band for over 10 years, and I feel even luckier that I’ve got to start again at a solo artist. I couldn’t have predicted that I’d still be able to do this. I hope that shows people in the audience that it’s never too late to keep dreaming. I never thought 15 years into my career, I’d be able to do my own solo tour. Thank you for making my dreams come true. You did that. Wow… It’s an emotional one. I have to thank as well – there’s been so many new fans who have joined the JADE fandom, which is so so lovely. There’s also some day ones here tonight. Some of you have been to every single show, and it just blows my mind that you want to invest so much time and effort and energy into me as an artist. I really hope you know that I appreciate you, I love you, and I’m very aware that I would not be here without you. And also, I have to thank the gays and the gals! I would not be here without you. Thank you so much. I promise to always be an ally to the LGBTQ+ community.”

JADE tea room ☕️

26,666 просмотров • 2 месяцев назад

Stripe CEO Patrick Collison shares the tactics he used for finding product/market fit “We tried very hard to understand in granular detail what exactly it was that people were doing, where they were tripping up and so on.” Patrick gives some examples of specific tactics: • A public chat room to provide support to people integrating Stripe • For the first 10 users of Stripe, every API request sent an email to the founders so they could better understand how users were using their product and see if users were doing anything weird • All errors generated a high-priority email to the founders. This created a pleasant user experience where 15 minutes after hitting an error, Patrick could reach out to them and let them know the issue was fixed “These are all kind of examples of a general pattern of trying to be hyper-attentive to all the micro details of what people were doing in the product and iterating rapidly in response to it. Generally speaking, I think pre-product/market fit metrics are actually relatively unhelpful because probably not that many people are using your product. If it’s 20 users, you can in some sense afford to just look at everything they’re doing to understand what’s working and what isn’t.” Another example of this Patrick gives is embedding a text input on each of their web pages with placeholder text prompting users to give them useful feedback(e.g. “The worst thing about Stripe is…”, “The worst thing about this page is…”, or “I really hate the way Stripe does…”). As Patrick explains: “At that stage, you have to be kind of masochistic. We’d always be waking up to all these emails telling us all the terrible things about Stripe. But that was a helpful to-do list for the day ahead. Video source: Y Combinator (2018)

Startup Archive

45,642 просмотров • 4 месяцев назад

NCAA Champion Michael La Sasso is now the youngest player on LIV Golf after signing for Phil Mickelson’s HyFlyers GC during the off season. He explained his decision to join the league ahead of the season opener in Riyadh: “One of the things that went into my decision, when I was 10 years old starting to play golf, like, the goal for me was to play professional golf. Having people that have been very well-known in the golf space and are so experienced, and to be able to be a part of a team that's with Phil, somebody that's had so much experience, I feel like he'll be able to answer any question that I throw at him, to have the ability to be able to ask somebody that on a daily basis, that played a very big part in it for me because not every 21-year-old has the opportunity to be able to ask questions to those people. So that was a big factor for me. “I think so far, I'm so grateful that I made the decision, and I am very happy to be here.” Michael also says that Caleb Surratt, who joined Jon Rahm’s LIV Golf team for the 2024 season, had an impact on his decision too: “So, I've had a very good relationship with Caleb Surratt. Not many people know this, but he was committed to NC State at the same time I was. He's from North Carolina, I'm from North Carolina. Growing up, I played a lot of golf with him, and we were very close. “I remember when he first came here, he stayed at my house because he was getting a swing lesson from -- we go to the same instructor. Everything that he had to say, it made me excited. From a very early start, hearing about LIV and every perk that it had and hearing him talk so highly about it, the fact that I actually had an opportunity to come out here and play, and I asked him a bunch of questions and kind of from the start, everything that he had to say and people that I talked to, everything was so, so good.” He went on to say about the prospect of playing team golf: “I think that makes the transition a little bit easier. I feel like my golf has kind of taken off when I've been in a team environment. For me, having a team around me was very appealing. “I've played good golf as a team. I like the camaraderie, kind of the friendly banter that goes back and forth between the guys. For me to have the opportunity to come play on a team environment for a professional career, I think that's the coolest thing ever.” This is Michael’s rookie season as a pro after signing for HyFlyers GC straight out of college. Normally, it’s a difficult transition for young players to make, but Michael isn’t short of confidence and has some lofty goals: “I've talked with a bunch of people on the team. I know Phil is very big on having a team win and an individual win. Now being the youngest player in the league, I'd kind of like to come in and make a good noise, and I would like to win a couple times. I would like to see the team win for sure, as a team event. I think that would be pretty neat, as well, and kind of take it one day at a time.” One thing is very clear from this interview, whatever happens during Michael’s pro debut this week, it will not be boring! HyFlyers GC LIV Golf

Flushing It

208,019 просмотров • 4 месяцев назад

Jensen Huang on how to convey your vision to employees: Question: "How you convey your vision to your employees and how you keep that sense of urgency in them so that they continue improving themselves?" Jensen: "So the question is how do I convey my vision to the employees and how do we convey a sense of urgency? First of all, you convey your vision the good old-fashioned way. And it's about telling a story. I'm not the best storyteller in the world, and I'm not the best, I don't enjoy public speaking, actually. And if you were to give me a choice right now between doing this versus just answering one of your emails, and I'll give you all my email address, you could all send me an email, and I'd be glad to respond to it. I'd rather do that. You know, I'm still an engineer, and I'm introverted by design, I guess. And I don't find myself particularly articulate. And so I don't enjoy the process of public speaking. But you have to force yourself to do it. It's for a good reason. It's for a good cause. I have to admit that speaking to my employees or speaking to NVIDIA's employees is the single most intimidating thing that I do. It freaks me out. And the reason for that is because I respect their time so much, and I know how important the meeting is, that in your own mind, the bar and the responsibility is extraordinary. But you have to put yourself, and I'm speaking to engineers here, you have to force yourself to communicate at a bigger picture level. You have to force yourself to practice. And it's something that over time you get better at. In terms of how do we communicate a sense of urgency? Just through action. They have to see that when I make decisions or when I do something or when something is near my field of influence, my scope of influence, that I do it with a sense of urgency. And it's amazing what that does. People simply pick up those habits from you. If your CEO works hard, you'll work hard. If your CEO cares, you'll care. If your CEO loves this company, you'll love this company. If your CEO is passionate about the work that we do, you'll be passionate about the work that we do. If your CEO does everything with an extraordinary sense of purpose and intensity and sense of urgency, you will too. It's amazing what happens when you're a leader of anything, whether you're a leader of a project team or, right? As I say that, you could almost everybody just, yeah, I get it. Leader of a project team or a leader of a lab team. The behavior and the values and the habits of that leader has an amazing way of rubbing off on everybody else."

Founder Mode

16,574 просмотров • 4 месяцев назад