YouSaid · the spoken record

Jackie Reses

lines on the record: 54
first: 2023-03-31
most recent: 2023-03-31
sittings or episodes: 1
sources: podcast

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“I think lead bank will be one of the biggest innovators in fintech infrastructure in the world. And I'm excited about what we're building across banking products. I'm excited about the customers that we work with. They are A++ players in the FinTech and crypto market. I think we're going to continue to change the way banking is operated in the United States. I'd love to be multi-country. I'd love to be deep in compliance products even beyond core banking products so that people can come to us. We're a full slate of banking services that when they want to onboard into the banking system in multiple countries, they could come to us and have it be really easy and know that they are working with a partner who will help them build at scale in a way that is existentially safe and sound for their business.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“I am not worried about this state of the economy today. Unemployment is an incredibly successful marker today to watch. And we still have such strong numbers that underpins the success of the economy. There are notes in the market that show weakness. It could be total credit card balances. It could be savings rate levels. It could be auto defaults and things that are starting to mark more dead. But I don't see widespread fear in the same way that I did a year ago when we were sitting last December that actually was truly worried about the state of the market because of the signals around inflation. When the Fed was signaling that inflation was going to be temporary, I think you had to sit there and look at what was going on in the economy and just scratch your head. You're like, really? I don't know how that could be, but I think we're in a much better place today.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“About whether there's going to be a recession, how deep that recession will be, and once we get the uncertainty out of the market of the next two quarters around unemployment, around inflation levels, I think that will start to create a more even market that there's less uncertainty out there for players in the market.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“By the end of 2024, I think we'll be in a better place. We're in a bit of a market of volatility and uncertainty because we have this tail of inflation that has really plagued us for the last few years. And the Federal Reserve trying to control that with a dramatically different raise in interest rates and the way that they have ever done the slope of the interest rate raise has been extraordinary. And interestingly, though, we are at a 50 year mark on unemployment. And so there's this odd moment of uncertainty where Larry Summers predicted that you needed to have unemployment being at a five or six percent for a persistent number of years in order to bring down inflation. Yet we're at this weird inflection point on the market where that's not happening yet. Inflation is coming down. So I think 2023, we're still suffering through the uncertainty.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't think we've seen any use case where it has benefited or created a detriment for income inequality. Today, the use case that you've seen most prevalent is that around investment speculation, I have yet to see it really move the needle for societies, even in places like El Salvador where you've seen governments adopt it as a currency, it really has not created an environment where it is used day in, day out as a core tender type. And I think what crypto means is that around access. And I do think access will create dynamics where it will reduce the number of underbanked people around the world, but access can be created in lots of different ways, even outside of the crypto market.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“I've changed my mind on my willingness to try psychedelic drugs. I am so squeaky clean. I think my biggest bice is my obsession with carbohydrates. And I read Michael Polland's book and I am truly inspired by his exploration of psychedelic drugs. And I have not gotten up the courage to really go out there in the way that he did. But I really would like to. Like I look at what's happening with PTSD, with veterans, with people who have depression. And I really want to learn more. And as I said, I'm always someone who wants to learn and do something that's new and that is something that I would really like to try. And because I've lived in a very constrained, controlled way and not intentionally, but I have. I'm like a Girl Scout. That's the one area of my life that I really would like to explore.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“Don't really have any regrets, to be honest. I look at everything I did wrong as a learning experience. I just look at it as a battle scar. I could regret stupid things that I've done. Like I can remember stupid things I did over my career where I'm embarrassed about my own behavior. I piss someone off. I said something dumb. I really did something misguided. I think they're all really minor in the grand scheme of a life. You have to look at the totality of your behavior and just make sure you get better every year. There are so many things I've done with my kids that I regret, but like fundamentally, do I believe I'm a good parent? Yes.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“Take a point of view about okay, so what will the future look like? This is something that we did a lot of at Square. I have a hypothesis about what the future is. This is what I believe to be true. And if that is true, what does that mean today? And what does that mean that I need to build? And if you have that type of thinking embedded in your product development cycles, I think it helps you add conviction and execution to creative ideas around how you see the future unfolding. Super important to do. You could live in a world where you should have Koda Wada or you take those ideas and you actually put execution resources against them.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, you mentioned two great founders who have incredible consumer instinct seeing what consumers want and maniacally focusing on it and going after it. I remember in 2017, yeah, it was end of 2016 when Jack wanted to put Bitcoin into cash app. And he, two engineers sat on the sixth floor 1455 market and wouldn't leave the office until they were able to build that product. It was inspiring to watch like he had a point of view about what the future was going to look like with Bitcoin as a part of that and the power of what that could achieve for consumers no matter how many naysayers thought it was crazy at the time. He wasn't leaving the office. And I do mean that literally until that product was built. I think there's a power to that kind of conviction in having hypothesis and building back to it. One of the things I love to do is”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“First of all, I think you have to start in a place where you have the right to have those products. Not every verticalization has the right to be a broad-based financial services ecosystem. And so depending on where you start, I think you'll have an easier or harder time building out multiple products that your customer base wants to use. I don't see a broad market for super apps. I think there are a few players out there who have shown that they could build multiple use cases around their product. I got to go back to Square because I know it so well. Cash app is to me the most brilliant example of.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“I think we go through these cycles of bundling and then unbundling. You attack a horizontal and I'll use squares as an example. Square attacked a horizontal point of sale. It went all the way across every industry and they were going to serve customers with the same product set. And then from that grew a whole series of verticalized solutions. Shopify is one, Stripe is one, Toast is one. And you started to get verticalized products that went after the horizontals. But then you find that the verticals aren't broad enough from an LTV point of view in order to serve a market. And again, you start to go into this bundling phase where now as you see people talking about killer apps, like we're going to have one consumer app is like many people's obsession. They're obsessed because they're trying to build LTV, particularly in a rising interest rate market where the cost of a lot of products and financial services got more expensive. So you have this idea once we get a customer in, we're going to sell them a wholesale.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“I do think it's really hard to build a consumer facing neobank if you don't truly have an advantage or a use case that is differentiated. Like today, debit cards are a dime a dozen. They're table stakes for any fintech at this point. And there are only so many beautiful designs that is a really tough business model to try to gain users, particularly after Apple changed their ad models. I think if you're solely operating in the digital ad market, you really need to have a unique product that stands out amongst your peers. And so I do think there are many where I just don't see the differentiation in the product to truly stand the time or their features. They're not companies. They should be integrated into other products that can help build LTV. Because I do think we ended up where people built companies out of features. And I think those will disappear over time.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“Companies that just haven't achieved product market fit. I know we look at a lot of MA opportunities for lead bank. We'd love to buy some technologies that we haven't built yet where we can find that in companies that haven't been able to succeed. We would love to bring those founders into our company. So we're always opportunistic to look at it. And I don't think we're alone as someone who is a well-funded, highly profitable company in fintech. It's a really interesting market to be able to look at startups like that that just haven't been successful.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I think we see it already. Companies that were funded in 2020, 2021 have done everything they can to streamline their cash flow burn. And they have used 2022 to try to achieve product market fit. They are now suffering the consequences in many cases of upside-down cap tables. And so where you have environments where they've raised more than their company is worth, they need to do another round that is upside down for current investors in many cases they will choose to pursue M&A exits and try to yield an outcome to investors that can be positive. And a positive outcome in some cases can be a shutdown. It could be a sale. But all of those yield a rationalizing of the market. And given the increase in funding that happens, I think there's a 10x increase in funding over the last few years, you will see the rationalizing of this market with”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“We're absolutely suffering in the United States as a result of that. And you have heard the leaders of the largest crypto companies call for more regulatory oversight because the place that we're in today is really going to be governed by the SEC or another regulatory body coming in and saying, oh, you can't do that. Sorry, we didn't have a rule for it, but we're going to stop you right now. And that kind of compliance doesn't work for companies that are trying to build within guardrails and rules. And so I do think regulatory clarity is probably the most important thing for the crypto industry today. And what we're seeing is the politics amongst the multiple regulatory bodies that operate in the financial services system trying to figure out first what the genuine nature of what each of these products are, and then second, who should regulate it and then how. I do think they let it get to a scale with”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“What's happening in the crypto market has been an important moment because I think it's causing everyone to step back and take a moment to think about what real models are in the business that are going to drive real businesses and real outcomes. What is a product of a bull market? And I think we're going to.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't agree with micromanaging at all, unless there is someone who needs to be micromanaged because there's a particular performance issue. I am a believer in setting direction as a leader and that you hope that you're hiring the right people who know how to get the job done in their own way. I don't focus on the inputs of how they do it. I focus on the outputs of what gets done. I am not a micromanager, maybe to a fault. People I work with, I absolutely trust, but I like to hire certain kinds of entrepreneurial people and let them run. And so I don't ascribe to the theory of micro management.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“Is like a culture killer on invention. You could have people who are incredible, who are just incredible operators in their own, and they need to be rewarded. The second thing that you need to do is to take people out of jobs that they have succeeded in and give them an idea. And if you can do that in a company and a person is rewarded for coming out of this huge job and starting over, that is incredibly powerful because there's this historic convention that power grows with the number of headcount that you have underneath you and that absolutely is a cancer in a company. And so when people get rewarded for invention and creation and starting small and being entrepreneurial around teams, that is absolutely magic in a culture or company no matter how big it is.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“So, there's always room for someone to innovate on what you're doing. And if you are not disrupting yourself, someone else will. I think no matter who you are, there's always room for your product to be disruptive. I look at what's happening right now with AI and a company like Google, which I consider to be one of the most interesting scientific companies ever created. And out of the blue comes chat GPD. Like, it's incredible. I think you always have to be willing to disrupt yourself. Two of the things I like to do that are really important in a culture of disruption is making sure that you have ICs who are well regarded and someone is a star and the highest performer can be in IC. You don't have to be a manager in order to be considered amazing. That's super, super important because this idea that you need to like keep growing teams in order to become more powerful and a”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“Companies like PayPal, Square, Audi, and Stripe are kind of incumbents. Like, you can't say that these companies at the scale they operate in aren't incumbents. And I do think you see different levels of invention at companies like Square that still manages to build many multi-billion dollar products within its own organic infrastructure. Stripe as well. I think there's a magic to the way that they do that that I think is very important to learn. And I think those kinds of companies will continue to innovate. I think Goldman tried to disrupt themselves, but they did it in a market that they weren't good at, which is consumer finance. They just had to restructure that business. And I think they're learning some important lessons about focusing on things and don't focus on something that you have no insight into. They're learning some tough lessons right now.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“Old school infrastructure companies, large financial services companies have understood that they need to innovate. I think the question is, can they do it? And they all need to disrupt their own products and set up teams around their own disruption. And I think if you're willing to do that, they have the chance at being able to build the next stage of products that are inventive. If they decide that they just want to manage their business or cash flow, they will die a long-term death.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“You can ask that question to every bank in the United States and in the world why didn't JP Morgan create Square? I think in some ways they have so much embedded infrastructure and benefits associated with the system that they run that in many cases they don't decide to disrupt themselves. And I think these companies will be incredibly disruptive to lots of incumbents who have lots of tentacles into the ecosystem of how money is paid out.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“If you think back to fintech, it's not that old of an industry when Jack created Square was 2009. So we're in a market that is 15 years old. And so I think the first batch of invention was really around the first and easiest part to tackle around revenue. And in the last few years, companies are starting to build creativity around expense management. Melio is one of these companies that I love. Topalti is one of these companies that I love that are really just starting to invent around that market. And then I think there's also investment around infrastructure and you needed the infrastructure to be more sophisticated in order to really get to these underlying components that are now getting more and more sophisticated. Both of those markets are things that I think will be really interesting in the next 10 years.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“So within expense management, right now, when you want to manage your entire P&L, all of the components of how things get paid go out in very different ways. You track it in different ways, you pay it in different ways. You get invoices, you have to manage it differently. You have to pay out people differently. You have to pay out people in different countries. You have to pay out in different companies. You have to pay out people. Again, people are.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“The inbound of a transaction and made it incredibly frictionless. They have abstracted away all of the pain associated with collecting revenue. The place where we haven't invented nearly as deeply is that around expenses. It's much harder because the fractionalization of that market is much deeper. And so I see the next 10 years of interesting companies being developed around expenses, expense management, and then infrastructure.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, fintech is an industry that's driven off of financial services as a whole. And thankfully, from a fintech point of view, most of the market cap in FinTech is over 50 years old. It's incredible when you look at the industry and banking as a whole, how old it is and how concentrated it is. There's $23 trillions of assets in the banking system. The top five banks hold 41% of that. So there's so much room for invention in fintech, starting with that level of control, centralization, and age around the financial products that drive our markets. I think about it from an industry point of view and like a subgrouping within Fintech. I think we spent the last 10 years iterating on revenue within FinTech. We've been incredible at top line revenue. You could look at companies like Audience Square, Stripe, say, wow, they have taken the idea of”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“I think they're great at following trends, understanding when they see breakages in the market and not being emotional about the need to sell or the need to make different trades. I think they have an intuition and then data science driven expertise that very few people in the world have. I see that with incredible money managers and risk managers. And I think there's a real skill around it.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, there's a risk. There's an entire game theory of risk management around exiting. And I think some people are incredible at it. Some people are not. And I think that drives returns in venture and private equity. And there are some folks who are absolutely incredible. Like I think Kotu is an investor of mine. And I look at Philippe Lafont, Thomas Lafont, the way that Kotu manages risk. And I am mesmerized by their ability to understand market dynamics and react to it in really smart ways. They aren't enamored by the companies that they invest in. There's a lot to be learned around watching people like that.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“Personal deals that I've done in the last year, I've made some pretty disastrous trades with the changes in the financial market. I can say that I've done best for myself, not selling quick enough. And I think people usually are great in investing in bullet at selling. And I think I'm guilty of that myself.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“I was involved in dealing with a lot of the financials in managing them between Alibaba and Alipay and the banking licenses that Alipay. And as an American who grew up in Atlantic City, New Jersey, I have to say it was a pretty surreal career experience. The people at Alibaba are extraordinary. As I was watching what was happening in China, there was a lot to learn as an American company with regard to the velocity of invention, the creativity that they had, the way that they were able to employ financial assets against transactional data. And I know we drew a lot of inspiration from that in what we built at Square because we had seen what was being built at Oli Pay with firsthand insight and were able to look at that and draw inspiration from it. It was an unusual career experience and an unusual insider's view and being able to draw experiences from Chinese financial services into US.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“Shareholders, I went to rebuild those relationships that we had a foundation for trust in order to renegotiate some of those deals. I worked really hard at that. I spent every other week in China for several years. I showed the shareholders of Alibaba that I was going to put their interest first so that when I went to negotiate and get equity back, they trusted that I had done right by them for their business. I had let them do things that they felt I didn't have to let them do. And as a result, they were willing to give me back some of the economics on behalf of Yahoo shareholders. So the economic yield of those transactions where we had absolutely zero leverage were extraordinary. And I will forever be proud of it in order to create something out of nothing.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“Economically, some of the best deals I ever made were around Alibaba, and that's a situation where we had no leverage. It probably generated $50 billion worth of economics to Yahoo shareholders. This was while I was at Yahoo. I was on the board of Alibaba. Unfortunately, was a deal that was struck that was selling half of Yahoo's economics back to Alibaba at the IPO. And this is massive economics. I had the goal of trying to get some of those economics back, even though a written transaction was executed and the economics were contractually obligated to be given up at the IPO. I went on a singular mission to get equity back and I would always say to the Yahoo board, equity is good. Equity is good. I have one goal. And so I went and worked with the Alibaba team. There were pretty bad relationships before my arrival between Yahoo and the Alibaba board.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“I was taking folks was because I wanted their brain. And when we set the terms for our investing rounds, I was very comfortable letting our investors get a lot of their way on a lot of different components of the transaction because I knew I needed certain things. I needed a structure that was appropriate for bank holding company. I needed something that was going to get us approved by the Federal Reserve and Speed mattered. That was more important to me than the last percent of economics that I could derive from our investors. And I also didn't want”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, they can be jerks. They think it's their way or the highway. There's only one way to get to the right answer. And I think sometimes people overplay their hand around leverage. You may have all the leverage in the world, but you got to decide, do you need to have an operating relationship with this person? So having that negotiating leverage is only going to burn the relationship. And I think there are just so many per interpersonal relationships in the way that you need to manage these things. And so I think you have to draw that into the components of the discussions you're having. I'll give you an example. I have investors. This is in lead bank. And I wanted these investors because I thought they'd make us more disciplined as a group of founders. And I, the smarter and better they were. I wanted their brain power. I wanted their advice and I wanted them to kick us in the ass. We had a lot of leverage when setting up this company because I was also willing to fund it myself. And the only reason.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't think of it as a zero sum game. I think there's always ways to be creative in getting an outcome that enables both parties to feel good about something. And that doesn't mean that every point is going to be a love fest where everyone is super happy, but it means that you can make trade-offs in what's absolutely the most important things to you and what can you give up. I try to focus on understanding what someone needs, truly understand what's the outcome that they need. Do they need to look good? Do they need a certain economic outcome? When do they need certain economic outcomes? And I think if you really creative in first understanding what's driving their decision making process, it could yield a lot of optionality in what you negotiate for. I don't see things as black and white as an outcome. I think it yields good long-term relationships. And I think it yields great economic outcomes.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“Good human around the understanding of who they are being honest with them, listening to them. I spend a lot of time listening to people I work with. Sometimes they just want to vent. And sometimes they need a little bit of respect where I'll say, yeah, I got to call bullshit on you. I don't see it that way. And I think people appreciate that honesty and the relationship that drives because I think they know that I want them to be better as a professional. And then finally, I guess I'd say I hope that I inspire people. I work hard myself. I try to do best for people. I put my heart and head into everything I do. And so hopefully that means something to people and that I'm not just phoning it in. I clean the coffee pot in our office in Sunnyvale because it's dirty. And when I see it's dirty, I'm not above it all. I could do that and then move from that to a meeting at the Federal Reserve. And I have no issues going from one end of that spectrum to the other. I just try to do whatever needs.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“First, I focus on the long game with people. I really care about their career. And it could be someone who is multiple levels down for me. I don't care if I build a relationship with someone and I want to help them. I will take a 20-year view of how to build their career and know that they'll show up over time. The second thing I do is I focus on them to my own detriment. And I will send people to business school. I'll send them to other companies. I will want them to go learn something, even if it gets in the way of our roadmap. I'll move them to other departments if I think it's better for their career. I genuinely believe that's the way to build that kind of followership where people trust that you have their best interest at heart. And I have so many examples of this where I've sent someone at a business school, even though they were my best person in a particular field. And then I pay attention to true, just genuine principles of being.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“During that period of time, and people were inspired by the mission, I'll never forget the discussions with people all over the company and how they were motivated to want to kill themselves in ways that I find incredibly inspiring because they knew that they were attached to the mission. They just wanted to change the world. They wanted to see outcomes that were incredible. And so people were willing to roll up their sleeves and do the work.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I'm a pretty intense 24 7 kind of person. You will get emails and slacks from me at any hour, including in the middle of the night. But I think it depends on the kind of culture you're building. You have to set up a culture where you don't build entitlements into the way that you operate. And I think that's really important from the first 20 people that you hire to lay out the foundations for the focus, the intensity, and the inspiration of what you're trying to build. But you have to be pretty disciplined about your team, weed out people who are not hitting the goals. And you as a manager of the honest set goals in OKRs that drive the team forward. I had this experience in COVID, in developing P and we developed P. This is at Square in a crisis. And we ended up with a core team of people working on it. And then we literally got the entire company of Square to volunteer for us to be loan reviewers 24-7.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“I made a lot of mistakes when building some of the functions at Square around hiring for domain knowledge. When we were building out banking and lending at Square, it was a pretty new concept. We were trying to find particular expertise in a product set that really hadn't been done before. Fundamental mistake there. And in reality, I now index away from domain knowledge than I ever did because a lot of what we're creating hasn't been done before or you want first principles thinking.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“These questions of curiosity and get to know people and understand what drives them so that I know what job to give them, where to put them in a company. And that's how I spend the time in interviews, not tell me about how you look at XYZ company. And I just don't want to know anything that shows up on their resume.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“So, you spend a lot of time with people, both in a personal setting as well as in an interview setting. I like to go through case studies with people and see how they operate in a real world experience. That helps you understand how they operate on the fly and what they're good at and not good at. And then I also spend a lot of time on things that have nothing to do with their resume. And I often start with a question of tell me what your life goals are. Like when you look back at your life 50 years from now, what do you want to have achieved? And then what do you think you're truly amazing at? Please don't give me anything that shows up on your resume. And what do you think you suck at? Disarm people in an interview by saying, let me tell you what I suck at. You might look at what I've done and say amazing finance. But in reality, like accounting and mass on the fly, I can't do it in my head. That has never been my skill. But when it comes to like intrinsically understanding what motivates people, I love to just have.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“And what they might be good at in their jobs that had nothing to do with finance. But if you really abstract what private equity is judgments about people, where you need to place them in their jobs and what levers of growth you give them in order to help them grow a business, that is recruiting and that is leadership and that is HR. And so as much as someone might look at my background and say, oh, you'd be an amazing CFO. I was like, no, if you truly understand what I'm good at, I'd be an amazing head of HR. I think the most important thing you can do is just understand everything outside of someone's resume. What are they truly good at and what do they suck at? And if you focus them then on a job, that's what matters.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“I focus on what I think the person's innate skills are as a human, not what jobs they've had in the past. Someone could be amazing at people's skills and you could pull someone from sales and get them to be a recruiter. It doesn't matter that they had a totally different function. That function has a certain level of underlying experiences that attach to it that often attaches to where someone's true spike is in who they are. That may have nothing to do with their resume. I remember when I was at Square, I ran HR and people used to look at my background, which was extremely financial, right? I worked in private equity for 20 years. I've always created esoteric financial products. And then I ran HR for a decade at two tech companies. I used to say my best skill was that around understanding the good in people.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“I think there can be a bunch of different dimensions around that where people have incredible raw intelligence and able to actually create outcomes that matter and make a difference to a company. And so I focus on not the work they're doing, but the outcomes they drive and how they drive it as a vehicle for looking at who's an absolute killer, who has good instinct, who has good judgment, and what do they deliver for us.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“Of his parents' friends were all married for decades. They had friends for decades and they were true to who they were. They stayed loyal to the people that they associated with and they were all kind of people of high integrity. I love that and I gravitated towards it. It's the same reason why I went to go work at Goldman Sachs when it was a tiny private company, but it stood out amongst Wall Street players as being this high integrity firm that focused on excellence and their clients. My husband's relationships were the same way and I was mesmerized by that as a kid who grew up in a broken home. I wanted to be like those people and I was going to leave behind broken relationships and make sure I put myself in a different world to watch and observe and see what I could glean from people who seem to excel at building trusts with other people and I love that as a kid.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“Shakespeare and his father was like an old school lawyer. He taught me about longevity and relationships and good people. Like you want to spend time with good people. That is a great foundation and a great reaction to my childhood where I met people who had really high integrity and I just wanted to spend time with them and live in a world of excellence. And that's what I saw from him that was a total reaction from my childhood, which was the exact opposite.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“The only expectation I recall from my parents is that around education. They were very education focused. And the only place I remember my parents ever talking about was University of Pennsylvania. You're going to go to Wharton. And I was a very entrepreneurial kid, as I mentioned. And my parents just drilled into me that I was going to go to Penn. So I only wanted to go to one school. I went to that school. I applied to that one school. I love that school. I think I owe that school my entire life. That was really the only expectation they had for me. I think everything else I had to build on my own around what I wanted to achieve in my life and who I wanted to spend time with. The other thing that happened to me really young, and again, I think it's a function. of reacting to my childhood was that I met my husband when I was 18 and my husband came from one of these super classy families and he's a very generous family they were all so erudite and wonderful his mom studied”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, Grant is like an intensity around needing to be independent and needing to drive yourself forward and pick yourself up and just brush yourself off and get back on the train and go. It's one of those things that I try to teach my kids. There is unfortunate a curse of kids growing up in a level of comfort. I try to make sure my kids understand you got to work. You were independent. You were putting yourself through school. You are going to have your own jobs.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source
“Of environment as a kid, you learn what grit is and you learn what entrepreneurialism is. And I ended up having a drive to succeed, to get myself out of that environment that I think is unending. I wanted to be successful. I wanted to be independent. I wanted to have a lot of things that didn't exist in my family. My entire career is built off of that foundation.”
2023-03-31 · The Twenty Minute VC · 20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea · IDENTIFIED FROM THE TRANSCRIPT · source