20 korrents from this recording
Every claim below is a statement made in this recording, quoted word for word and linked to the second it was said, so you can hear it rather than take our word for it. The wording comes from the transcript published alongside the recording; the sentence above each quote is our reading of the claim, not their wording.
Their wordsThat's a hell of a lot slower than knowing it in cognitive L1 cache. And you can have way more round trips in your brain than you can, you know, muttering through, you know, super whisper or typing it out or whatever.
Their wordsthere still seems to be an enormous premium on cognitive ability. And so, I wouldn't I I I I think, um, renouncing that before there's evidence that we've saturated, uh, those benefits would be premature.
Our reading
Models can prove monumental theorems and still have never written an essay worth reading.
Their wordsI mean, it's very interesting, right? Because these can prove the Jacobian conjecture, you know, whatever. Uh and so clearly they're capable of these monumental feats. Um but somehow I still haven't read the LLM essay that I found super compelling.
Their wordsYou know, I think a lot of parents think that dropping out is very risky and impune your reputation for the rest of your life and so forth. And as far as I can tell, nobody has ever cared.
Their wordsYou know, in hindsight, I think that um that was a a poor intuition. Uh it's been pretty robustly and reliably the case over many decades in Silicon Valley has a surfeit of opportunities.
Their wordsI mean, obviously aviation was was a pretty big deal, but uh I I I don't think it was sort of quite the um the sociological rewriting that some of the you know excitable proponents at the time imagined. So I am you know it's it's hard to predict anything especially the future but I would I would take the under on this being the last couple of years to get a company going.
Their wordssomething we learned from YC uh was that the importance of focusing on very concrete easy to explain customer problems. Like it's it's very easy to to hallucinate or to you know imagine some customer problem that's not actually something viscerally felt by a person who would pay money.
Their wordsSo, anyway, I'd say it like it both seemed like an obviously good idea in that people really wanted this, but also a bad idea in that nobody took it seriously. Um but I I think that I think the fact that it was ultimately the fact that it was grounded in such a concrete actual real user problem saved us.
Their wordsUm in our domain, to answer your last question, because we had to do so much stuff around security and partners and money movement and infrastructure and reliability and you know, all the things. We just we didn't feel like we could scale a really good self-serve experience without getting a lot of the kind of the preconditions um and the infrastructure in place.
Their wordsAnd so, every, you know, every week, we had actual customer feedback, requests, new users coming in. We're learning things from reality as opposed to our own kind of hypothesized or extrapolated conception of it.
Their wordsmany of the companies that were most successful over the last 10 years, so many of them are are very anti-lean startup, right? Uh whether it's, you know, the labs themselves or Anduril or um yeah, you you you you can go down the list. A lot of them have this characteristic.
Their wordsSo, I um yeah, I think maybe maybe a better way of saying it is 20 20 years ago that whole lean startup thing was uh was almost the only thing to do because of capital available and you didn't have AI that made, I don't know, spinning up an organization with many different potentialities and capabilities so much easier, whereas now I think you can start these much more aggressive and ambitious things up front.
Their wordsI think you need to ask the uh, the sort of converse of that, uh, what if you succeed? And you know, you raise money and you've customers and you've employees and a whole thing. Like are you going to be are you going to enjoy that? Are you going to want to work on that for 10 years, for 17 years, for 30 years?
Their wordsBut yeah, just like it's it's I've never met a Stripe customer and thought that's boring. Um so so it's actually the business as a whole has been the opposite of uh of the Schlep Blindness um instinct.
Their wordsAnd just human organizations are complicated and it's very hard to have um to manage to aggressively prosecute 100 different priorities and to deal with all the issues and interference that arises among them and so forth. And so, you know, Google has done incredibly well in a bunch of specific places, but it's not like Google has done all the things even if in some kind of basic material sense, uh Google maybe, you know, had that ability.
Their wordsUm, as I speak, the number of new businesses starting on Stripe is up around a bit under, but around 2x year-over-year, um, which again is the largest relative jump, uh, we've seen.
Their wordsUm, but actually the median business, uh, is doing better this year than a year ago. Um, and so and then if we kind of, um, stratify and look at the probability that any given business will reach some revenue threshold, a million dollars, five million dollars, 10 million dollars, whatever, um, those all seem to be getting better.
Our reading
By every objective metric Stripe can see, there has never been a better time to start a business.
Their wordsUh, business are uh, the time to revenue for new companies incorporated with Atlas is declining. And so, by all the kind of objective metrics we can look at, uh, it seems to be a better time than ever to start a business.
Their wordsBut now, people know that, well, the risk of the status quo is actually extremely high. And so, even if there's risk in doing all the new things, well, this path also looks pretty dangerous. And so, I really think there's never been a better time for startups to to sell um and to have their products get adopted at, you know, pretty meaningful scale right out of the gate.
Their wordsBut based on what we can see at Stripe, the hunger and the intensity with which other companies are either getting started, taking advantage of these new capabilities, or existing companies are retooling, I don't worry about the centralization in the same way. Uh I think there I think there are going to be many thousands of winners.