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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 19 Jun 2018
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      Some companies are easy to start. Some companies less so. Sometimes you just enjoy playing life on hard mode, and so you start a bank. Tom Blomfield (CEO of @monzo) was kind enough to chat with Stripe Atlas users about what it took to do that: https://stripe.com/atlas/guides/ama-tom-blomfield … Thoughts:

      3 replies 29 retweets 156 likes
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    2. Patrick McKenzie‏ @patio11 19 Jun 2018
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      Many software entrepreneurs feel that there is some sophistication thermocline beneath with it's all of us grubbing about with MVPs and stuff-that-doesn't-scale and above which there are invisible magic experts. Nope, starting a business is starting a business, all the way up.

      1 reply 1 retweet 18 likes
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      Patrick McKenzie‏ @patio11 19 Jun 2018
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      Tom's thoughts on dealing with regulators largely track my thoughts. I've found most to be surprisingly reasonable, mostly because they're pleasantly surprised that someone actually wants to read their Handy Guide To X Compliance that they spent 6 months on last year.

      4:12 PM - 19 Jun 2018
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      • SuperManfred 💙 Filippo Valsorda 🇮🇹 Mohammad bin Ra’s Al Ghul Kevin Riggle Jason Bailey Jake Hamby Adam Brandizzi Daniel Baird
      1 reply 1 retweet 22 likes
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        2. Patrick McKenzie‏ @patio11 19 Jun 2018
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          There are certainly some regulatory regimes which are more user-friendly than others, but broadly speaking, "Describe to me exactly what you need to approve X." and then providing **exactly** what was specified is often a successful strategy.

          1 reply 1 retweet 25 likes
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        3. Patrick McKenzie‏ @patio11 19 Jun 2018
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          (It's a lot harder for most bureaucrats to get a variance to their standard process approved than for them to run their standard process on inputs where you, as an entrepreneur, might not perceive a whole lot of value from running the process that way. Make their life easy.)

          2 replies 0 retweets 22 likes
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        4. Patrick McKenzie‏ @patio11 19 Jun 2018
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          A totally hypothetical example: if you are asked for a diagram of your telecommunication equipment, and you don't own any, you'll have more success submitting a doc which says "As we do not own any telecommunications equipment, this diagram is intentionally blank" than arguing.

          2 replies 2 retweets 41 likes
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        5. Patrick McKenzie‏ @patio11 19 Jun 2018
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          I loved Tom's anecdote about stuffing envelopes with debit cards (to fulfill them for users). A lot of startups have a roll-up-the-sleeves story early in their life; they're both good because they solve the immediate business need and because they become company lore.

          1 reply 0 retweets 14 likes
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        6. Patrick McKenzie‏ @patio11 19 Jun 2018
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          Among many: my failover strategy for Twilio going down at my last last company was a) a list of people who needed phone calls that day, b) a cell phone, and c) "I paid for college by working in a call center *knuckle crack* lets do this."

          1 reply 0 retweets 25 likes
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        7. Patrick McKenzie‏ @patio11 19 Jun 2018
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          I think it is underremarked upon that seed investments are largely made on vision/promise/excitement but that Series A and up are made by hard-nosed professionals who care about your metrics, and the difficulty curve (even assuming a fundamentally healthy business) is rough.

          1 reply 1 retweet 11 likes
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        8. Patrick McKenzie‏ @patio11 19 Jun 2018
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          I largely agree with Tom regarding domain expertise. Largely. There are probably fields which you need 10~20++ years to appreciate all the nuances, but for most fields, a sufficiently motivated smart person attacking reduced subset can get you enough proof points to hire experts.pic.twitter.com/jY1AuZ031s

          2 replies 4 retweets 27 likes
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        9. Patrick McKenzie‏ @patio11 19 Jun 2018
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          Another way to phrase this is "Domain expertise is certainly important in X, but the set of problems it will help you with will kill you far later than the 73 things which are already set up to kill you." (Contrary examples are the rare "Passed 73 gates; forgot 74th" variety.)

          0 replies 1 retweet 22 likes
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        10. End of conversation

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