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“Be okay waiting a really long time to hire people.” — Patrick Collison, cofounder of Stripe

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Z Fellows

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Patrick Collison on the importance of waiting a really long time to hire people Everybody tells you “work really hard to hire the best people.” But as Patrick explains, that’s not helpful because everyone knows they should do that. As he puts it: “The question is to what length should you go and what does that actually mean in practice? And in practice, it means being okay waiting a really long time to hire people.” It took Stripe six months to hire their first two people, and six more months to hire another 3-4 people. He can think of five people at Stripe who took 3+ years to hire. “If you think about the smartest people you know, if you want to get them to work on your thing, chances are they already have pretty good paths ahead of them… You have to be way more persistent and be okay with it taking way longer than any sane or reasonable person would think it should take.” There’s an important compounding effect here — hiring just one great person will make it marginally easier to get the next great person. Patrick argues you should also view every person you hire as bringing along another 50 people just like them if your company is successful: “Even if they don’t literally hire 50 people, they will be so influential in determining the selection of those 50 people.” Source: Greylock Partners (Nov 2015)
1:54

Patrick Collison on the importance of waiting a really long time to hire people Everybody tells you “work really hard to hire the best people.” But as Patrick explains, that’s not helpful because everyone knows they should do that. As he puts it: “The question is to what length should you go and what does that actually mean in practice? And in practice, it means being okay waiting a really long time to hire people.” It took Stripe six months to hire their first two people, and six more months to hire another 3-4 people. He can think of five people at Stripe who took 3+ years to hire. “If you think about the smartest people you know, if you want to get them to work on your thing, chances are they already have pretty good paths ahead of them… You have to be way more persistent and be okay with it taking way longer than any sane or reasonable person would think it should take.” There’s an important compounding effect here — hiring just one great person will make it marginally easier to get the next great person. Patrick argues you should also view every person you hire as bringing along another 50 people just like them if your company is successful: “Even if they don’t literally hire 50 people, they will be so influential in determining the selection of those 50 people.” Source: Greylock Partners (Nov 2015)

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BREAKING: Stripe CEO Patrick Collison says March was an all-time record for new business incorporations with Stripe, and that new businesses joining Stripe in Q1 were up 71% YoY: "It's parabolic. It's exponential. I'm running out of mathematical terms, but it's really very striking."

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> see 2 Irish guys > wonder how much of the world's GDP they process > type their website > circle the number and get it on your stack Patrick Collison John Collison Stripe
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Founder of Bridge Zach Abrams tells a Stripe acquisition story: “I walked into Stripe to meet John Collison and Patrick Collison. First thing John says: 'Can I tell you a joke? What’s the difference between a bank and Tether? … One of them is this big institution that holds a ton of money and you have no idea where it is, and if you want your money back you might not be able to… and the other one is a stablecoin.’”
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Patrick Collison on the importance of beauty and craftsmanship when building products “If Stripe is a monstrously successful business, but what we make isn’t beautiful… I’ll be much less happy. The world’s just uglier than it needs to be.” Patrick believes that the impact of beauty and craftsmanship are higher than people think. And not just for aesthetic reasons — it’s rational for customers to buy beautiful products. “What does a beautiful thing tell you?” Patrick asks. “It tells you the person who made it really cared." Source: Million Stories Media (Mar 2024)

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Patrick Collison on the importance of beauty and craftsmanship when building products “If Stripe is a monstrously successful business, but what we make isn’t beautiful… I’ll be much less happy. The world’s just uglier than it needs to be.” Patrick believes that the impact of beauty and craftsmanship are higher than people think. And not just for aesthetic reasons — it’s rational for customers to buy beautiful products. “What does a beautiful thing tell you?” Patrick asks. “It tells you the person who made it really cared." Video source: Million Stories Media (2024)
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Patrick Collison on the importance of beauty and craftsmanship when building products “If Stripe is a monstrously successful business, but what we make isn’t beautiful… I’ll be much less happy. The world’s just uglier than it needs to be.” Patrick believes that the impact of beauty and craftsmanship are higher than people think. And not just for aesthetic reasons — it’s rational for customers to buy beautiful products. “What does a beautiful thing tell you?” Patrick asks. “It tells you the person who made it really cared." Video source: Million Stories Media (2024)

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20 years ago, every founder feared one tech company: Google. Even when Patrick Collison (CEO of Stripe) was building a startup back then, he got the same question in every meeting: "What if Google does this ?" But the truth is, Google still didn't build most of what people expected. Because no company can chase 100 priorities at once. Cause the teams get in each other's way, and everything slows down. Today the same question is aimed at the AI labs. Patrick is honest that better models will wipe out some products. That part is real. But the fear is far bigger than the record deserves. — Patrick Collison (.Patrick Collison), founder of Stripe, at Y Combinator's startup school
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20 years ago, every founder feared one tech company: Google. Even when Patrick Collison (CEO of Stripe) was building a startup back then, he got the same question in every meeting: "What if Google does this ?" But the truth is, Google still didn't build most of what people expected. Because no company can chase 100 priorities at once. Cause the teams get in each other's way, and everything slows down. Today the same question is aimed at the AI labs. Patrick is honest that better models will wipe out some products. That part is real. But the fear is far bigger than the record deserves. — Patrick Collison (.Patrick Collison), founder of Stripe, at Y Combinator's startup school

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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)
2:25

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)

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Jack Dent story time - his path from high school in the UK to founding Chai is pretty amazing: - Cold-emailed Stripe as a teenager - Daniela Amodei was running Stripe’s careers inbox and forwarded his email to Patrick Collison - Interned on Stripe’s payments API and eventually became the only engineer working on it - Greg Brockman walked around the office with no shoes - Met Joshua Meier while at Harvard. Years later, Sam Altman Facebook-messaged him about Josh when he was leaving OAI - asked if he could be convinced to stay or start a company ... All of it became part of the path to co-founding Chai Discovery a few years later. Early Stripe was a talent epicenter Daniela Amodei Patrick Collison Greg Brockman Sam Altman
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Jack Dent story time - his path from high school in the UK to founding Chai is pretty amazing: - Cold-emailed Stripe as a teenager - Daniela Amodei was running Stripe’s careers inbox and forwarded his email to Patrick Collison - Interned on Stripe’s payments API and eventually became the only engineer working on it - Greg Brockman walked around the office with no shoes - Met Joshua Meier while at Harvard. Years later, Sam Altman Facebook-messaged him about Josh when he was leaving OAI - asked if he could be convinced to stay or start a company ... All of it became part of the path to co-founding Chai Discovery a few years later. Early Stripe was a talent epicenter Daniela Amodei Patrick Collison Greg Brockman Sam Altman

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Sheldon Creed's burnout was the kind of burnout someone who's been waiting a really long time to do a burnout does
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