Invest Like The Best
Episode 348 A Business State of Mind
Invest Like The Best

Episode 348: A Business State of Mind

Invest Like The Best

Episode 348

A Business State of Mind

Patrick and John Collison are the co-founders of Stripe. We discuss how to create a strategy and culture that inspires ambition, why sweating the small stuff pays off, and how Stripe views its progress toward its goal of raising the internet's GDP.

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(00:03:16) - (First question) - Stripe's curiosity-driven growth fuels enduring success and expansion

(00:08:34) - Why companies should resonate with founders' ideas but also have strong enduring cultures

(00:012:27) - Stripe aims to reduce friction and expand global commerce by solving practical barriers

(00:25:59) - Simplifying processes for startups and large companies to drive growth efficiently

(00:29:11) - Analyzing the enduring stories of ancient companies

(00:35:44) - Success in Hollywood and academia depends on unmeasurable vision and knowledge

(00:40:11) - Stripe's ubiquity, self-serve nature, and collective care drive its unique status

(00:43:16) - Success in tech is grounded in user-centricity, care, and connecting with customers

(00:48:17) - Parental influence on becoming entrepreneurs is complex

(00:50:21) - Adult perspective on parents, admiration for their work, and ongoing philanthropy

(00:52:30) - Stripe's challenges include complexity due to diverse payment methods and global programmable accessibility

(00:57:27) - Aiming for long-term durability, Stripe prioritizes beauty and craftsmanship in its pursuit

(01:02:50) - The most memorable conversation they had between them

(01:05:30) - Why the launch of Atlas was a defining moment in Stripe’s history

(01:06:35) - How their 25-year-old selves would react to what they are doing now

(01:10:19) - The various ways in which they feel proud of each other

(01:14:35) - The kindest thing anyone has ever done for them

 

A Business State of Mind

Introduction

Patrick O
My two guests today are John and Patrick Collison, co-founders of Stripe. My conversation with John in 2020 was, for a long time, our most downloaded episode. In this conversation, we went in a totally different direction, talking about Stripe, the global internet economy, and beyond.

This year, along with John Malone, John and Patrick were recipients of the Singleton Prize, given annually by the Singleton Foundation to active CEOs. The foundation was recognizing John and Patrick as up-and-coming CEOs in the mold of Henry Singleton, who I spent years studying, and who heavily influenced my own thinking on business and investing, both in my quantitative investing days and today.

This was one of those conversations that I went into with tons of topics to cover, only to get through close to zero of them because I became so wrapped up in other interesting topics with two of the smarter people that I've ever encountered. I hope you enjoy this great and wide-ranging conversation with John and Patrick Collison.

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