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Peter Thiel on the difference between the best founders and “professional CEOs” In his book Zero To One, which is approaching its 10-year anniversary, Thiel wrote: “We need founders. If anything, we should be more tolerant of founders who seem strange or extreme. We need unusual individuals to lead... companies beyond mere incrementalism.” And while he doesn’t believe there’s a simple magic formula for what a founder looks like, Thiel observes: “A lot of the great companies that have been built over the last two decades were founded by people where it was somehow deeply connected to their identity - their life’s project.” He contrasts this to Silicon Valley in the 1990s when lots of founders were replaced with professional CEOs. Thiel believes it made a big difference when it became more common for founders run the companies. He gives the example of a 22 year old Mark Zuckerberg turning down a billion dollar acquisition from Yahoo: “If you had a professional CEO, it would have just been: ‘I can’t believe they’re offering us a billion dollars. I’m going to try not to be too eager. We better take the money and run.’” Video Source: The Aspen Instituteshow more

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Watch the full @AspenInstitute interview with Peter Thiel here:

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Remember when Scully as professional CEO ran Apple into the ground? Then Jobs returned as Saviour Founder.

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same principles apply to researchers (vs professional researchers), except magnified 1000x given research’s intended role of exploring unknown search space (researchers by extension should be a little idiosyncratic)

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Translation: embrace your inner mad scientist. 🚀 #StayWeird

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Interesting, there's a chance for me yet then?

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Peter is fooling himself.

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Peter Thiel on the difference between the best founders and “professional CEOs” In his book Zero To One, Thiel wrote: “We need founders. If anything, we should be more tolerant of founders who seem strange or extreme. We need unusual individuals to lead companies beyond mere incrementalism.” And while he doesn’t believe there’s a simple magic formula for what a founder looks like, Thiel observes: “A lot of the great companies that have been built over the last two decades were founded by people where it was somehow deeply connected to their identity - their life’s project.” He contrasts this to Silicon Valley in the 1990s when lots of founders were replaced with professional CEOs. Thiel believes it made a big difference when it became more common for founders run the companies. He gives the example of a 22 year old Mark Zuckerberg turning down a billion dollar acquisition from Yahoo: “If you had a professional CEO, it would have just been: ‘I can’t believe they’re offering us a billion dollars. I’m going to try not to be too eager. We better take the money and run.’” Source: The Aspen Institute (Jun 2024)

Peter Thiel on the difference between the best founders and “professional CEOs” In his book Zero To One, Thiel wrote: “We need founders. If anything, we should be more tolerant of founders who seem strange or extreme. We need unusual individuals to lead companies beyond mere incrementalism.” And while he doesn’t believe there’s a simple magic formula for what a founder looks like, Thiel observes: “A lot of the great companies that have been built over the last two decades were founded by people where it was somehow deeply connected to their identity - their life’s project.” He contrasts this to Silicon Valley in the 1990s when lots of founders were replaced with professional CEOs. Thiel believes it made a big difference when it became more common for founders run the companies. He gives the example of a 22 year old Mark Zuckerberg turning down a billion dollar acquisition from Yahoo: “If you had a professional CEO, it would have just been: ‘I can’t believe they’re offering us a billion dollars. I’m going to try not to be too eager. We better take the money and run.’” Source: The Aspen Institute (Jun 2024)

Startup Archive

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Peter Thiel: "Many of the great companies that have been built over the last two decades were founded by people whose identities were somehow deeply connected to their company. It was their life's project. They had some kind of idiosyncratic, different vision of what they were doing."

Peter Thiel: "Many of the great companies that have been built over the last two decades were founded by people whose identities were somehow deeply connected to their company. It was their life's project. They had some kind of idiosyncratic, different vision of what they were doing."

BUILD OR DIE

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Marc Andreessen’s 2 reasons for why founder-run companies are harder to disrupt “If you just look historically at many of the important technology companies of the last 50-100 years, many of them are run by their founders for decades… And a lot of it has to do with disruption.” Marc continues: “There’s this cliché of founders that a lot of people believe which is that founders are too stubborn and founders get too locked into their original idea and they can’t adapt as times change. We’ve actually found the opposite to be true. We’ve found that when a company is going to get disrupted, the person in many cases with the best odds of countering the disruption is the founder, and I think there’s a couple of different reasons for that.” The two reasons Marc shares are: 1. The founder remembers when the business was nothing, and are constantly haunted by the fact that the business could be a zero again: “The founder remembers what it was like when there was nobody else in the office with you and when you carried out your own trash can. The founder remembers this thing used to be zero.” 2. The founder carries enormous moral weight inside the company and can more easily make drastic changes: “When Steve Jobs goes into Apple and says times are changing we need to do X - and X is heresy… A Steve jobs - a founder - is going to be able to convince the company that they have to do that. Whereas if a professional CEO shows up and says that, everybody’s going to be like, ‘Ooh, I don’t know.’” Source: Startup Grind (Feb 2016)

Marc Andreessen’s 2 reasons for why founder-run companies are harder to disrupt “If you just look historically at many of the important technology companies of the last 50-100 years, many of them are run by their founders for decades… And a lot of it has to do with disruption.” Marc continues: “There’s this cliché of founders that a lot of people believe which is that founders are too stubborn and founders get too locked into their original idea and they can’t adapt as times change. We’ve actually found the opposite to be true. We’ve found that when a company is going to get disrupted, the person in many cases with the best odds of countering the disruption is the founder, and I think there’s a couple of different reasons for that.” The two reasons Marc shares are: 1. The founder remembers when the business was nothing, and are constantly haunted by the fact that the business could be a zero again: “The founder remembers what it was like when there was nobody else in the office with you and when you carried out your own trash can. The founder remembers this thing used to be zero.” 2. The founder carries enormous moral weight inside the company and can more easily make drastic changes: “When Steve Jobs goes into Apple and says times are changing we need to do X - and X is heresy… A Steve jobs - a founder - is going to be able to convince the company that they have to do that. Whereas if a professional CEO shows up and says that, everybody’s going to be like, ‘Ooh, I don’t know.’” Source: Startup Grind (Feb 2016)

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Peter Thiel on why all trends are overrated and one-of-a-kind companies are underrated Peter Thiel is asked what students should study in college. He thinks this is similar to the question “what are future trends in technology?” “What I will say about trends in technology and areas of study is that they’re probably all overrated,” Thiel explains. “When you have something that can be reduced to a buzzword, it means that a lot of people are doing it and they’re somehow inadequately differentiated in that field.” On the other hand, Thiel believes that one-of-a-kind companies that don’t easily fit into an existing narrative or trend are underrated. He gives Airbnb as an example—any existing category would miss the uniqueness of the business. “Great companies always have this one-of-a-kind attribute,” Thiel observes. And he suspects that areas of study are similar: “If you’re in a big area of study, where everyone’s studying the same thing, you’re not adequately differentiating yourself from other people… I think people are spending too much time studying the things everybody else is studying, and they’re spending too little time studying more particular things that they’re really passionate about.” Video source: Northwestern Engineering (2014)

Peter Thiel on why all trends are overrated and one-of-a-kind companies are underrated Peter Thiel is asked what students should study in college. He thinks this is similar to the question “what are future trends in technology?” “What I will say about trends in technology and areas of study is that they’re probably all overrated,” Thiel explains. “When you have something that can be reduced to a buzzword, it means that a lot of people are doing it and they’re somehow inadequately differentiated in that field.” On the other hand, Thiel believes that one-of-a-kind companies that don’t easily fit into an existing narrative or trend are underrated. He gives Airbnb as an example—any existing category would miss the uniqueness of the business. “Great companies always have this one-of-a-kind attribute,” Thiel observes. And he suspects that areas of study are similar: “If you’re in a big area of study, where everyone’s studying the same thing, you’re not adequately differentiating yourself from other people… I think people are spending too much time studying the things everybody else is studying, and they’re spending too little time studying more particular things that they’re really passionate about.” Video source: Northwestern Engineering (2014)

Startup Archive

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Peter Thiel on what he would look for if he was joining a startup Wharton professor Adam Grant asks Peter Thiel what he would look for if he was joining an early-stage startup. Thiel gives a simple response: “Do you like the people? Do you think you could become good friends with these people? That’s such a critical part for getting these things to work.” He recalls interviewing with a law firm in New York early in his career and one partner telling him: “It’s a place where everybody hates everybody else, but we all make lots of money.” The partner viewed it as an illustration of how incredibly “professional” the firm was. But Thiel argues that we need more than just “professional” at work. Thiel elaborates more on this idea in his book Zero to One: “Why work with a group of people who don’t even like each other? Many seem to think it’s a sacrifice necessary for making money. But taking a merely professional view of the workplace, in which free agents check in and out on a transactional basis, is worse than cold: it’s not even rational. Since time is your most valuable asset, it’s odd to spend it working with people who don’t envision any long-term future together. If you can’t count durable relationships among the fruits of your time at work, you haven’t invested your time well—even in purely financial terms.” Video source: The Wharton School (2014)

Peter Thiel on what he would look for if he was joining a startup Wharton professor Adam Grant asks Peter Thiel what he would look for if he was joining an early-stage startup. Thiel gives a simple response: “Do you like the people? Do you think you could become good friends with these people? That’s such a critical part for getting these things to work.” He recalls interviewing with a law firm in New York early in his career and one partner telling him: “It’s a place where everybody hates everybody else, but we all make lots of money.” The partner viewed it as an illustration of how incredibly “professional” the firm was. But Thiel argues that we need more than just “professional” at work. Thiel elaborates more on this idea in his book Zero to One: “Why work with a group of people who don’t even like each other? Many seem to think it’s a sacrifice necessary for making money. But taking a merely professional view of the workplace, in which free agents check in and out on a transactional basis, is worse than cold: it’s not even rational. Since time is your most valuable asset, it’s odd to spend it working with people who don’t envision any long-term future together. If you can’t count durable relationships among the fruits of your time at work, you haven’t invested your time well—even in purely financial terms.” Video source: The Wharton School (2014)

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Former Google CEO Eric Schmidt: “The great founders are frugal” When Eric joined Google as CEO in 2001 — two years after the company had raised a $25 million Series A — he shared an office with four engineers. He even had to lend one of the founders his car when theirs broke down. He believes this frugality is common attribute of the best founders: “I can always tell when we’re dealing with a proper founder by how they are spending their money… Whenever I go to startups that have beautiful offices and really nice chairs, I cringe.” Eric continues: “The great founders are frugal. They understand that the money needs to be used precisely for certain areas. Many of the most successful founders begin with no salary at all… If you’re not prepared to live that, you don’t really understand what being a founder is like.” Video source: Startup Grind (2016)

Startup Archive

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Former Google CEO Eric Schmidt: “The great founders are frugal” When Eric joined Google as CEO in 2001 — two years after the company had raised a $25 million Series A — he shared an office with four engineers. He even had to lend one of the founders his car when theirs broke down. He believes this frugality is common attribute of the best founders: “I can always tell when we’re dealing with a proper founder by how they are spending their money… Whenever I go to startups that have beautiful offices and really nice chairs, I cringe.” Eric continues: “The great founders are frugal. They understand that the money needs to be used precisely for certain areas. Many of the most successful founders begin with no salary at all… If you’re not prepared to live that, you don’t really understand what being a founder is like.” Video source: Startup Grind (2016)

Former Google CEO Eric Schmidt: “The great founders are frugal” When Eric joined Google as CEO in 2001 — two years after the company had raised a $25 million Series A — he shared an office with four engineers. He even had to lend one of the founders his car when theirs broke down. He believes this frugality is common attribute of the best founders: “I can always tell when we’re dealing with a proper founder by how they are spending their money… Whenever I go to startups that have beautiful offices and really nice chairs, I cringe.” Eric continues: “The great founders are frugal. They understand that the money needs to be used precisely for certain areas. Many of the most successful founders begin with no salary at all… If you’re not prepared to live that, you don’t really understand what being a founder is like.” Video source: Startup Grind (2016)

Startup Archive

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Peter Thiel on why the best businesses never compete: "Most people believe that capitalism and competition are synonyms. I believe capitalism and competition are antonyms." His point is simple: "A capitalist is someone who's in the business of accumulating capital. A world of perfect competition is a world where all the profits are competed away." Peter explains that the most important distinction in business is one nobody talks about enough. "There are two kinds of companies in this world. There are companies that are competitive and there are companies that have monopolies." His go-to example of a bad business? Restaurants. "Opening a restaurant is super competitive and nobody ever makes any money doing it." His example of a great business: Google. "Google has had no competition in search since 2002 when it definitively distanced itself from Microsoft and Yahoo, and it's been making enormous profits for the dozen years or so ever since." So what should founders actually aim for? "If you're a one-of-a-kind company, a happy company that's doing something different, you are a monopoly. It is the goal of every founder, every entrepreneur—it should be their goal to try to build a monopoly business." True market power means never having to compete in the first place.

Peter Thiel on why the best businesses never compete: "Most people believe that capitalism and competition are synonyms. I believe capitalism and competition are antonyms." His point is simple: "A capitalist is someone who's in the business of accumulating capital. A world of perfect competition is a world where all the profits are competed away." Peter explains that the most important distinction in business is one nobody talks about enough. "There are two kinds of companies in this world. There are companies that are competitive and there are companies that have monopolies." His go-to example of a bad business? Restaurants. "Opening a restaurant is super competitive and nobody ever makes any money doing it." His example of a great business: Google. "Google has had no competition in search since 2002 when it definitively distanced itself from Microsoft and Yahoo, and it's been making enormous profits for the dozen years or so ever since." So what should founders actually aim for? "If you're a one-of-a-kind company, a happy company that's doing something different, you are a monopoly. It is the goal of every founder, every entrepreneur—it should be their goal to try to build a monopoly business." True market power means never having to compete in the first place.

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Ron is the nicest guy you'll ever meet, and he's also the most ferocious defender of founders when he needs to be. "If you're fighting for a founder you have to be fearless. If I had a gravestone...just 'fearless for founders.'"

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We are thrilled to announce the launch of avra — a 7-week program designed specifically for post-Series A CEOs looking to scale their companies effectively. As most startup founders are first-time CEOs, the journey can be daunting, and resources are scarce. That’s why we created avra : to bridge that gap and provide structured, actionable insights from those who’ve been there. Each week, you’ll dive deep into essential topics like hiring and managing leaders, how to accelerate shipping velocity, and refine strategic planning. Every session is taught by experienced CEOs and operators from the world’s best companies. Since launching last year, we’ve run three cohorts, with 37 CEOs participating in the program. Don’t just take our word for it—hear from the avra founders directly!

We are thrilled to announce the launch of avra — a 7-week program designed specifically for post-Series A CEOs looking to scale their companies effectively. As most startup founders are first-time CEOs, the journey can be daunting, and resources are scarce. That’s why we created avra : to bridge that gap and provide structured, actionable insights from those who’ve been there. Each week, you’ll dive deep into essential topics like hiring and managing leaders, how to accelerate shipping velocity, and refine strategic planning. Every session is taught by experienced CEOs and operators from the world’s best companies. Since launching last year, we’ve run three cohorts, with 37 CEOs participating in the program. Don’t just take our word for it—hear from the avra founders directly!

Anu Hariharan

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Mark Zuckerberg explains why he thinks Elon Musk got it right when he cut 80% of Twitter's staff: "Elon led a push early on to make Twitter a lot leaner. You can agree or disagree with exactly all the tactics, but a lot of the specific principles that he pushed on around basically trying to make the organization more technical, around decreasing the distance between engineers of the company and him, fewer layers of management, I think those were generally good changes" "I also think that it was probably good for the industry that he made those changes because my sense is that there were a lot of other people who thought those were good changes but who may have been a little shy about doing them" "Just in my conversations with other founders and how people have reacted to the things that we've done, what I've heard from a lot of folks is when someone like you, when I wrote the letter outlining the organizational changes I wanted to make back in March and when people see what Elon is doing, that gives people the ability to think through how to shape their organizations in a way that can be good for the industry and make all these companies more productive over time" "That was one where I think he was quite ahead of a bunch of the other companies on. Certainly his actions led me and I think a lot of other folks in the industry to think about, hey, are we kind of doing this as much as we should? Could we make our companies better by pushing on some of these same principles?" If you're new here, GeniusThinking is a gallery for the greatest minds in economics, psychology, and history. Follow along for more similar content.

Mark Zuckerberg explains why he thinks Elon Musk got it right when he cut 80% of Twitter's staff: "Elon led a push early on to make Twitter a lot leaner. You can agree or disagree with exactly all the tactics, but a lot of the specific principles that he pushed on around basically trying to make the organization more technical, around decreasing the distance between engineers of the company and him, fewer layers of management, I think those were generally good changes" "I also think that it was probably good for the industry that he made those changes because my sense is that there were a lot of other people who thought those were good changes but who may have been a little shy about doing them" "Just in my conversations with other founders and how people have reacted to the things that we've done, what I've heard from a lot of folks is when someone like you, when I wrote the letter outlining the organizational changes I wanted to make back in March and when people see what Elon is doing, that gives people the ability to think through how to shape their organizations in a way that can be good for the industry and make all these companies more productive over time" "That was one where I think he was quite ahead of a bunch of the other companies on. Certainly his actions led me and I think a lot of other folks in the industry to think about, hey, are we kind of doing this as much as we should? Could we make our companies better by pushing on some of these same principles?" If you're new here, GeniusThinking is a gallery for the greatest minds in economics, psychology, and history. Follow along for more similar content.

GeniusThinking

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Kevin O'Leary says he sold his company for $4.2 billion and all 10 founders went back to work because they didn't know what else to do "I woke up one day and we sold The Learning Company for $4.2 billion, I had founder shares, I wasn't even thinking about that the night before when we were negotiating the deal" "The 10 of us that were founders, we didn't know anything else except to go back to work… the only difference was we were filthy rich"

Kevin O'Leary says he sold his company for $4.2 billion and all 10 founders went back to work because they didn't know what else to do "I woke up one day and we sold The Learning Company for $4.2 billion, I had founder shares, I wasn't even thinking about that the night before when we were negotiating the deal" "The 10 of us that were founders, we didn't know anything else except to go back to work… the only difference was we were filthy rich"

Yonan

2,870,160 görüntüleme • 6 ay önce

Peter Thiel: Europe will never have massive tech companies because they fear success. "In Silicon Valley, there's this pornography of failure. You talk about all your failures, and this somehow means you're going to succeed." "In the social democratic European societies, it's acceptable to be moderately successful, it's not acceptable to be wildly successful. If you have a successful company that's starting to grow, it will get short-circuited, and you'll sell the company. You'll never get to an enormous company if you sell it along the way." "The single most important decision in the history of Facebook— summer of 2006. It was two years into the company. We got an acquisition offer for $1B from Yahoo to buy the company. There were three of us on the board— Mark Zuckerberg, myself, and another VC. We had a meeting to decide if we should take the $1B." "The two of us thought it was a lot of money, we should maybe take it. Mark started the board meeting— 'this is a pro forma thing, we're just going to talk about this for 10 minutes. Obviously we're not taking it.'" "Any super big tech company is one where you've been offered multiple times for people to buy it, and you've chosen never to sell it. You're not that afraid of success." "In Europe, the answer is to check out sooner rather than later and go back to the decade-long vacation that people are on in Europe."

Peter Thiel: Europe will never have massive tech companies because they fear success. "In Silicon Valley, there's this pornography of failure. You talk about all your failures, and this somehow means you're going to succeed." "In the social democratic European societies, it's acceptable to be moderately successful, it's not acceptable to be wildly successful. If you have a successful company that's starting to grow, it will get short-circuited, and you'll sell the company. You'll never get to an enormous company if you sell it along the way." "The single most important decision in the history of Facebook— summer of 2006. It was two years into the company. We got an acquisition offer for $1B from Yahoo to buy the company. There were three of us on the board— Mark Zuckerberg, myself, and another VC. We had a meeting to decide if we should take the $1B." "The two of us thought it was a lot of money, we should maybe take it. Mark started the board meeting— 'this is a pro forma thing, we're just going to talk about this for 10 minutes. Obviously we're not taking it.'" "Any super big tech company is one where you've been offered multiple times for people to buy it, and you've chosen never to sell it. You're not that afraid of success." "In Europe, the answer is to check out sooner rather than later and go back to the decade-long vacation that people are on in Europe."

Jawwwn

1,681,289 görüntüleme • 9 ay önce

Mark Zuckerberg explains why he thinks Elon Musk got it right when he cut 80% of Twitter's staff: "Elon led a push early on to make Twitter a lot leaner. You can agree or disagree with exactly all the tactics, but a lot of the specific principles that he pushed on around basically trying to make the organization more technical, around decreasing the distance between engineers of the company and him, fewer layers of management, I think those were generally good changes. " also think that it was probably good for the industry that he made those changes because my sense is that there were a lot of other people who thought those were good changes but who may have been a little shy about doing them. Just in my conversations with other founders and how people have reacted to the things that we've done, what I've heard from a lot of folks is when someone like you, when I wrote the letter outlining the organizational changes I wanted to make back in March and when people see what Elon is doing, that gives people the ability to think through how to shape their organizations in a way that can be good for the industry and make all these companies more productive over time. That was one where I think he was quite ahead of a bunch of the other companies on. Certainly his actions led me and I think a lot of other folks in the industry to think about, hey, are we kind of doing this as much as we should? Could we make our companies better by pushing on some of these same principles?"

Mark Zuckerberg explains why he thinks Elon Musk got it right when he cut 80% of Twitter's staff: "Elon led a push early on to make Twitter a lot leaner. You can agree or disagree with exactly all the tactics, but a lot of the specific principles that he pushed on around basically trying to make the organization more technical, around decreasing the distance between engineers of the company and him, fewer layers of management, I think those were generally good changes. " also think that it was probably good for the industry that he made those changes because my sense is that there were a lot of other people who thought those were good changes but who may have been a little shy about doing them. Just in my conversations with other founders and how people have reacted to the things that we've done, what I've heard from a lot of folks is when someone like you, when I wrote the letter outlining the organizational changes I wanted to make back in March and when people see what Elon is doing, that gives people the ability to think through how to shape their organizations in a way that can be good for the industry and make all these companies more productive over time. That was one where I think he was quite ahead of a bunch of the other companies on. Certainly his actions led me and I think a lot of other folks in the industry to think about, hey, are we kind of doing this as much as we should? Could we make our companies better by pushing on some of these same principles?"

Founder Mode

26,520 görüntüleme • 8 gün önce

Brian Chesky: "People are born good founders. It's innate. You don't have to learn how to be good founder. No one is born a good CEO. The problem is we founders were never really prepared to be great CEOs. We were taught to learn by doing and that's great for a founder. It is not good as a CEO. I was naturally good founder, I think I was a very good early stage CEO. The moment I had to have an executive team, I really struggled to make the shift from a founder to CEO. In the 2010s, I do not think I was a great CEO. We paid the price for my learning curve. And then the pandemic happened. We had a near death experience and I said screw all the rumination it's do or die. And I learned how to do the job."

Brian Chesky: "People are born good founders. It's innate. You don't have to learn how to be good founder. No one is born a good CEO. The problem is we founders were never really prepared to be great CEOs. We were taught to learn by doing and that's great for a founder. It is not good as a CEO. I was naturally good founder, I think I was a very good early stage CEO. The moment I had to have an executive team, I really struggled to make the shift from a founder to CEO. In the 2010s, I do not think I was a great CEO. We paid the price for my learning curve. And then the pandemic happened. We had a near death experience and I said screw all the rumination it's do or die. And I learned how to do the job."

Patrick OShaughnessy

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"I would not recommend playing against Peter Thiel at chess. You gotta pick games that you can win." Cognition CEO Scott Wu says he did challenge Founders Fund to a poker match to determine their seed round terms, a difference worth ~1% of the company, but Peter shut it down: " Peter was like, 'I don't really think that's the right way to do this.'" "We worked it out anyway and we came to a deal and it was all good, and then we've been working together ever since."

"I would not recommend playing against Peter Thiel at chess. You gotta pick games that you can win." Cognition CEO Scott Wu says he did challenge Founders Fund to a poker match to determine their seed round terms, a difference worth ~1% of the company, but Peter shut it down: " Peter was like, 'I don't really think that's the right way to do this.'" "We worked it out anyway and we came to a deal and it was all good, and then we've been working together ever since."

sourcery

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