Employees talk about how the company doesn't think in years...it thinks in decades.
That comes from the top.
2. They are hyper-patient recruiters
In an interview with @johnolilly, @patrickc talked about how he courted key recruits for *more than three years* before they joined Stripe.
They are "painfully persistent."
3. Stripe is aggressively transparent
For a long time, every Stripe employee was BCC'd on every other employee's emails.
Like, you could see what Patrick wrote to @collision (and visa-versa). It's unclear if this still exists, but employees can still see docs across teams.
4. Patrick is a generational mind
A genius.
Employees describe the CEO as the most brilliant person they've ever met.
One rumor around Stripe was that Patrick had debated @elonmusk about rocket engines. His insane knowledge made that seem plausible.
(Let's settle this ;))
5. John & Claire provide balance
Both are absurdly clever.
John (President) is said to be more business-focused. He's also a natural communicator and motivator.
@chughesjohnson (COO) is an organizational mastermind. She studies great sports teams to understand how they tick.
6. Stripe's product is crazy ambitious
Stripe talks about building a "Global Payments and Treasury Network."
That's basically a system that runs all online economic activity. You can think of it as financial infrastructure for the *planet.*
Massive.
7. Everyone acts like a CEO
Stripe encourages employees across the company to think strategically, and share ideas.
Customer support agents act like they're executives.
8. Stripe's model is upending the industry
Payments companies get squeezed on pricing.
But Stripe has found a way to "layer" products to *increase* its margins. Things like Radar and Sigma can add basis points.
9. Stripe is a savvy investor
John mentions being inspired by Tencent and Alibaba's investing activity. Stripe looks like it's pulling off something similar in fintech.
They've invested in 21 startups so far.
10. It's _still_ undervalued
Stripe's last round valued it at $95B.
But the company did $7.4B in revenue and grew 70% YoY. Yet, Stripe has a lower multiple than its biggest competitor, Adyen.
Stripe is unique.
Few co's have its level of vision.
Fewer still can execute it at scale.
No others can do so while still seeming like an underdog.
If you liked this thread follow @mariodgabriele and read the rest of this *free* briefing here:
This is my best Walt Disney impression. Here's where I hope The Generalist goes.
- Play w boundaries of "audience" + "creator"
- Multiplayer by default
- Build, invest, write in public
- Decentralize decision-making to community
- Be the platform for smart ppl to share thoughts
Since I'm not a very good artist, I can't compete with Disney's amazing original.
But I've done my best...
Meet some characters below ;)
First, the "Blue Whiskered Job Fox."
He just wants to get people into careers they really like.
The more people he helps find a job, the longer his whiskers grow.
Hearing of more founders selling secondary shares.
Some really interesting new incentives to think about:
- Founders don't have to sell to get rich
- Can 'swing for the fences' more
- Less downside in raising beyond means
- Upside in constant raising to 🔼 secondary prices
If I were an employee of a company where the CEO was aggressive at selling secondaries...I'd have a lot of questions.
- Should I be trying to sell my shares?
- Does the CEO believe in this long-term?
- What kind of signal does this put out to the market?
I think we're going to see a class of mega-wealthy founders that built...a fundraising company.
Folks that understand VC dynamics well enough to exploit them.
The result may be something like a "VC Ponzi Scheme."
A co that looks unbelievable on paper, but doesn't do much.
Howard Schultz had 2 months to get the money to buy it.
With a month left, one of Schultz's own business partners tried to snipe the deal.
One of my favorite business stories ever 👇
1/
So, first things first:
Howard Schultz did not found Starbucks.
It was started by three college friends who set out to make a great coffee *roaster.* No drinks, no places to sit. Just great beans.
They opened their first location in 1971.
2/
In 1981, Schultz was a young salesman.
He worked for Hammarplast, a co that sold coffee machines & filters. On a business trip to Seattle he discovered Starbucks and became so obsessed, he told the founders he wanted to work there.