“If you’re interested in starting a company, you don’t quite get the full picture” cautioned John Collison, a self-proclaimed start-up history geek. The problem with start-up histories is that the founders tend to “whitewash things a little bit.” With this as a starting point, Collison gave the class a candid history of the founding of Stripe.
Stripe wasn’t Collison’s first company. So how do you pick the right idea to pursue? “To spot opportunities requires you to question to how things work,” said Collison. But even the right idea can seem slow at first. Two years into Stripe’s history, they had just 50 customers. Going out of their way to take care of these early customers, Stripe began to spread by word of mouth.
As feedback flooded in from these new users, Stripe had to decide how to change to accommodate their requests and complaints. Collison explained the importance of knowing how and when to adapt. It isn’t about reaching the final form of your product as quickly as possible. Instead, it’s about following the right path all the way through.
When it came time for questions, there was an obvious one: what is it like to found a company with your brother? Collison described the benefits of working with a team that you already know how to work with. It solves the “meta issues” to collaboration and lets you focus on the task at hand. Clearly, it was a strategy that paid off for Patrick and John.
By Thomas Teisberg