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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 3 Jul 2019
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    There are a lot of fintech companies which are a wrapper of varying thickness over an underlying provider which was willing to do a smart bizdev deal but wasn't capable of shipping their own modern mobile/web experience.

    11:57 AM - 3 Jul 2019
    • 28 Retweets
    • 174 Likes
    • razh Bilal Farooqui Dryden W. T. Brown simon jordne Ziyad Guytexts Misbah Ashraf 🤷‍♂️ John Lee
    7 replies 28 retweets 174 likes
      1. New conversation
      2. Patrick McKenzie‏ @patio11 3 Jul 2019
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        The unsophisticated way to look at this is that the two companies are fundamentally in an oppositional relationship and either the startup learns how to go full stack and/or commoditize the underlying, or the underlying hires a web team and replicates startup note-for-note.

        2 replies 1 retweet 31 likes
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      3. Patrick McKenzie‏ @patio11 3 Jul 2019
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        The sophisticated way to look at it is that no, this is simply a channel strategy, and all parts of the channel have survived with differentiated players for generation, so a startup playing at a particular level of the stack is not a competitive threat to other parts of stack.

        1 reply 2 retweets 31 likes
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      4. Patrick McKenzie‏ @patio11 3 Jul 2019
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        The galaxy brain version to look at it is the unsophisticated way of looking at it is basically entirely right but they expect the transition to happen too quickly.

        5 replies 1 retweet 37 likes
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      5. End of conversation
      1. Brad van Leeuwen‏ @BradvanL 3 Jul 2019
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        Replying to @patio11 @tek_fin

        This isn’t just every fintech, but every payments company. The stack is so hopelessly convoluted and companies tend to layer each other’s services, even if they’re competing

        0 replies 0 retweets 8 likes
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      1. Eric D Alford‏ @ericalford 3 Jul 2019
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        Replying to @patio11

        So true. The more I’ve worked in the industry the more I’ve seen that the biz dev side aren’t really interested in paying much attention to development, so they both remain separate entities whether they are in the same company or not.

        0 replies 0 retweets 1 like
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      1. marty‏ @skop3 3 Jul 2019
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        Replying to @patio11

        This is a play in lots of verticals, not just fintech. Nudge nudge startups looking for PMF...😉

        0 replies 0 retweets 1 like
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      1. Sean Anderson‏ @tinytxn 3 Jul 2019
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        Replying to @patio11

        Not surprising. In the first 15 years of the broadly accessible internet. There was 1 wildly successful fintech startup - @PayPal.

        0 replies 0 retweets 1 like
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      1.  🏳️‍🌈Michael Ducker‏ @miradu 3 Jul 2019
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        Replying to @patio11

        Same thing in many enterprise spaces like telephony eg @twilio

        0 replies 0 retweets 1 like
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      2. Wyatt Anderson‏ @wyattanderson 4 Jul 2019
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        Replying to @homakov @jwkempe @patio11

        Shortening time to market? Takes a lot to build an MVP in healthcare. Especially since it’s not just about tech or product, but operations.

        1 reply 0 retweets 0 likes
      3. John Kempe‏ @jwkempe 4 Jul 2019
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        Replying to @wyattanderson @homakov @patio11

        Yeah, I mean, there are literally tons of examples in FinTech where it’s not about regulation. It’s often just about complexity

        0 replies 0 retweets 1 like
      4. End of conversation

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