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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 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.

      7 replies 28 retweets 174 likes
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    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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      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.

      12:00 PM - 3 Jul 2019
      • 1 Retweet
      • 37 Likes
      • Jose Ocampo 🍥 Ian Kar Joaquín with a mask on Beltrán 🐇 John Lee Benjamin “shelter in place” Chait Matt Secoske Austin Rochford Matt Chirag Jain
      5 replies 1 retweet 37 likes
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        2. TFA Shorty‏ @yuckycatbreath 3 Jul 2019
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          Replying to @patio11

          Can you explain in one tweet what the hell Brex is and why folks are creaming their pants about it?

          1 reply 0 retweets 0 likes
        3. Patrick McKenzie‏ @patio11 3 Jul 2019
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          Replying to @yuckycatbreath

          Brex is a charge card (credit card one pays in full every month) which a) will underwrite startups in a sensible fashion and b) offers rewards (effectively cash back) which are mathed out to be attractive to the likely charge mix and emotional buttons of a startup.

          2 replies 0 retweets 0 likes
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        2. Byrne Hobart‏ @ByrneHobart 3 Jul 2019
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          Replying to @patio11

          One notable thing about big tech companies is that when they get mature, they run out of things to invest in and start piling up cash. So if they’re not your counterparts, and what you bring to the table is a big balance sheet, it’s a scary position.

          2 replies 0 retweets 3 likes
        3. Patrick McKenzie‏ @patio11 3 Jul 2019
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          Replying to @ByrneHobart

          I think the thing most of the underlying provides for AppAmaGooFaceSoft is a regulatory firewall, of the general shape "We know you could duplicate our [bank/brokerage/insurer/etc] or buy a competitor. So do you. But if we're independent, our regulator never sees your roadmap."

          1 reply 0 retweets 2 likes
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        1. Neil Devani‏ @neildevani 3 Jul 2019
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          Replying to @patio11

          You could say the same thing about banks, networks, payment processors, program managers, can’t you? In some cases they begin blending, in some cases they don’t. Understanding why is often much more difficult than it appears.

          0 replies 0 retweets 0 likes
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        1. Max Tagher‏ @MaxTagher 3 Jul 2019
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          Replying to @patio11

          Interesting side effect of this: regardless of their actual position, both sides of the negotiation generally must pretend to believe the sophisticated option

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        1. Nathaniel Talbott‏ @ntalbott 4 Jul 2019
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          Replying to @patio11

          Often the galaxy brain is not undertaken or achieved by the original two players, but by a third party that comes along and eats them both. Except in fintech nothing ever really dies, so the third party more constricts future growth vs eating the first two players.

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