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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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    Patrick McKenzie‏ @patio11 9 Jul 2018
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    Patrick McKenzie Retweeted Atty Eleti

    1) Assume that product differentiation is a meaningful but small contribution to eventual success; your current edge always has an expiration date. 2) Understand your market enough to be able to say why "they just build X" isn't incentive-compatible. 3) Small steps; big vision.https://twitter.com/athyuttamre/status/1016512327720394752 …

    Patrick McKenzie added,

    Atty Eleti @athyuttamre
    When pitched on a product, lots of people (me included) respond with "But what if <big-slow-incumbent> just builds that as a feature?"—how do you (and how do startup founders) respond to that?
    Show this thread
    7:51 PM - 9 Jul 2018
    • 6 Retweets
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    • Jake Tsacudakis ダークソール Renars Liepins Ray Tsaihong Nick Nish 👋🏼 Britt Melissa Tsang Jackson Mohsenin Peter Hatch
    2 replies 6 retweets 87 likes
      1. New conversation
      2. Patrick McKenzie‏ @patio11 9 Jul 2018
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        For startups in financial technology, I generally say some variant of "You have three years and eighteen months. Three years until they realize that what you're doing is working. Six months until they decide to do anything. A one year product cycle. And then..."

        1 reply 5 retweets 40 likes
        Show this thread
      3. Patrick McKenzie‏ @patio11 9 Jul 2018
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        "... you will get hit full in the face by an organization which has every partnership it could ever want, regulators on speed dial, tens of millions of customer relationships, a marketing budget denominated in billions, and capability of hiring in any tech stack. So, move fast."

        2 replies 2 retweets 31 likes
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      4. Patrick McKenzie‏ @patio11 9 Jul 2018
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        Different companies might have different estimates of how fast the established players are going to move, and you're welcome to them; the exact number is less important than being optimistic about your chances and appropriately respectful of the competition.

        1 reply 0 retweets 17 likes
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      5. Patrick McKenzie‏ @patio11 9 Jul 2018
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        See the big mountain of money with the sleeping dragon on it? He was not always sleeping. Look around you: the charred bones were smart, fearless people who had trained a lifetime to do exactly what you're trying to do. Many of them were better than you.

        2 replies 3 retweets 34 likes
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      6. Patrick McKenzie‏ @patio11 9 Jul 2018
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        (Also that's not even the right fantasy analogy: the incumbent is closer to the dwarves than the dragon. "How'd we get all this gold? Honoring traditions, patient engineering, hard work every day, and being VERY EFFING GOOD AT WHAT WE DO THANK YOU.")

        2 replies 3 retweets 32 likes
        Show this thread
      7. End of conversation
      1. New conversation
      2. Atty Eleti‏ @athyuttamre 9 Jul 2018
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        Replying to @patio11

        Fascinating, thank you! Could you say more on 2? What does incentive-compatible mean exactly? That innovating or building what you're building isn't what the incumbents are incentivized to do?

        2 replies 0 retweets 4 likes
      3. Patrick McKenzie‏ @patio11 9 Jul 2018
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        Replying to @athyuttamre

        This is basically the innovator's dilemma argument, but a lot of startups are producing something which is better for some niche or narrow use case but which would be inimical to the larger organization to roll out broadly, and so they'd kill attempts to build it.

        2 replies 0 retweets 15 likes
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