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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 May 12
    • Report Tweet
    • Report NetzDG Violation

    Patrick McKenzie Retweeted Austen Allred

    This is a real thing in the world, and almost everyone underestimates how much of a thing it is.https://twitter.com/Austen/status/1260212525171277826 …

    Patrick McKenzie added,

    Austen Allred @Austen
    One of the most interesting things about Lambda School is running into all the little software companies you’ve never heard of quietly pulling in $10m/yr in profit with a team of 25 in some city in Oklahoma you’ve never heard of
    Show this thread
    7:37 AM - 12 May 2020
    • 46 Retweets
    • 456 Likes
    • Sixty Kartik Mandaville Dawe Andreas Klinger ✌️ Roy Bahat .‾ ‾ Malik Rosset Scott Andersen Akshay Kadam(A2K) 👻 Jayashree Raman
    11 replies 46 retweets 456 likes
      1. New conversation
      2. Patrick McKenzie‏ @patio11 May 12
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        People do not widely assume in the software industry that they would be able to name every legal firm with $10M in revenue, but they assume that every software company with $10M in revenue is on the top of HN or TechCrunch at least weekly, and that just isn’t true.

        3 replies 6 retweets 144 likes
        Show this thread
      3. Patrick McKenzie‏ @patio11 May 12
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        The three things I think everyone in software should understand about this type of company: 1) Founding one is a lot easier than you probably model it as, and works out very well for founder. 2) Being an engineer at one is a package of subtle tradeoffs. 3) PE wants them *bad.*

        11 replies 4 retweets 150 likes
        Show this thread
      4. Patrick McKenzie‏ @patio11 May 12
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        One of the interactions between those three factors is that some engineers at these companies feel like they have a secure 9 to 5 with locally great pay at a company that operates “like a family”... ... but the family won’t own the business for forever, which may be a surprise.

        3 replies 0 retweets 68 likes
        Show this thread
      5. End of conversation
      1. New conversation
      2. Mark Riffey‏ @MarkRiffey May 12
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        Replying to @patio11

        Yup. Look at all the companies Constellation has bought... over 400 of them - mostly in that revenue range.

        1 reply 0 retweets 14 likes
      3. Patrick McKenzie‏ @patio11 May 12
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        Replying to @MarkRiffey

        My impression is that Constellation’s sweet spot was closer to $3-5M but not positive about that.

        1 reply 0 retweets 8 likes
      4. 1 more reply
      1. New conversation
      2.  🇬🇧 ☂️ 🍸‏ @Domokase May 12
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        Replying to @patio11 @sGianella

        Show me two companies in Oklahoma with a team of sub 50 bringing in 5-10M/yr in profit.

        1 reply 0 retweets 4 likes
      3. Patrick McKenzie‏ @patio11 May 12
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        Replying to @Domokase @sGianella

        I am not generally at liberty to disclose the revenue or profit figures of most companies at which I have better-than-a-guess understanding of what those figures are, but you should know that I was bet at 10,000:1 on the existence of 2+ companies satisfying those criteria.

        1 reply 0 retweets 19 likes
      4. 2 more replies
      1. Adham AbdelFattah‏ @ByAdham May 12
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        Replying to @patio11

        Cash cow software companies are not sensational. They're just great. Nobody's curious about great, everybody is curious about sensational. Despite sensational being quite boring honestly!

        0 replies 0 retweets 11 likes
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      1. New conversation
      2. Dan Benyamin‏ @dbenyamin May 12
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        Replying to @patio11

        I know a surfer out in Manhattan beach whose 2 person company makes >$10M / yr on web forms.

        1 reply 0 retweets 4 likes
      3. Jesse Evers‏ @_jlevers May 12
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        Replying to @dbenyamin @patio11

        Do you know what kind of clients they work for? I'm assuming either the forms are very complex, or the clients are very niche, or both. Not implying that web forms aren't worth that much -- just want to understand why they *are* so valuable in this case.

        1 reply 0 retweets 0 likes
      4. 2 more replies

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