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How to build your product team from scratch, attract top product talent, go multi-product, and more | Rohini Pandhi (Mercury, Square)

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Jan 12, 2025

Guest

Rohini Pandhi

Rohini Pandhi is a product leader at Mercury and co-founder of Transparent Collective. In this discussion, she shares insights on recognizing when to hire product managers and the importance of founders taking on this role initially. Rohini emphasizes the need for high-quality product design, particularly in finance, and explores how to attract top talent. She also discusses the transition to multi-product strategies and the value of fostering a customer-centric culture to align offerings with user needs.

01:19:24

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insights

INSIGHT

Signs of PM Need

Bottlenecks and increasing complexity signaled the need for dedicated PMs at Mercury.
Initially, business leads filled the gap, but they lacked formal PM training and experience, highlighting the importance of specialized skills.

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ADVICE

Building the PM Team

Define the product management discipline, expectations, and career ladder.
Tailor your interview process to assess the specific skills and values you seek in PMs.

insights

INSIGHT

PM Flavors

Product managers come in different “flavors”: pioneers (0-1), town settlers (growth), and city planners (mature products).
Consider which type you need based on your company’s stage and specific needs.

Get the Snipd Podcast app to discover more snips from this episode

Simplifying Product Integrations with One Schema

03:38 • 2min

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The Growth of Product Management at Mercury

05:09 • 26min

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Navigating Talent and Quality in Product Development

30:54 • 11min

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Innovating in Unsexy Industries and Expanding Product Lines

41:52 • 4min

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Advancements in Business Banking Software

45:24 • 7min

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Cultivating a Customer-Centric Approach in Product Development

52:07 • 4min

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Navigating Customer Research and Product Strategy

56:07 • 16min

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Embracing the Future with Waymo

01:12:35 • 4min

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Engaging with the Mercury Team and Exclusive Banking Opportunity

01:17:01 • 2min

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#4075

• Mentioned in 12 episodes

The Song of Achilles

Madeline Miller

José Miguel Pallarés Sanmiguel

This novel retells the story of the Trojan War from the perspective of Patroclus, a young prince exiled from his homeland after an act of violence. Patroclus forms an inseparable bond with Achilles, the son of the sea goddess Thetis and King Peleus. As they grow up together, they are trained by the centaur Chiron and eventually join the war effort when Helen of Sparta is kidnapped. The story explores their deep love for each other, the pressures of destiny, and the tragic consequences of their choices. Miller incorporates Greek mythology seamlessly, making the gods and their histories integral to the narrative. The book is a poignant exploration of love, bravery, and the human cost of war.

#322

• Mentioned in 84 episodes

The Inner Game of Tennis

Timothy Gallwey

This book, first published in 1974, focuses on the 'Inner Game' played within the mind of the player, against obstacles such as self-doubt, nervousness, and lapses in concentration. Gallwey introduces the concept of two selves: Self 1, the thinking brain that analyzes and judges, and Self 2, the 'feeling and doing' brain that can master skills naturally if not interfered with by Self 1. The book provides strategies for achieving 'relaxed concentration' and overcoming internal mental and emotional obstacles, making it relevant not only to tennis but also to other areas of life such as music, writing, work, and personal relationships.

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• Mentioned in 25 episodes

Pachinko

Allison Hiroto

Min Jin Lee

This novel follows the story of Sunja, a young Korean woman, and her family as they navigate the challenges of living as immigrants in Japan from the early 1900s to the late 1980s. The book explores themes of love, sacrifice, ambition, and loyalty, set against the backdrop of significant historical events including World War II and the Korean War. It delves into the experiences of discrimination, cultural identity, and the struggles of everyday life for Korean families in Japan.

#30742

• Mentioned in 2 episodes

Vectors

Aphorisms & Ten-Second Essays

James F. Richardson

This book by James Richardson is a compilation of aphorisms and short essays that delve into topics such as perception, God, shame, self-consciousness, love, and friendship. The work is characterized by its concise and insightful nature, often forcing readers to think deeply about the presented ideas. Richardson’s writing is praised for its precision, humor, and philosophical depth, making the book a compelling read that invites personal reflection and engagement.

#10521

• Mentioned in 5 episodes

Cutting for Stone

Abraham Verghese

The novel tells the story of twin brothers Marion and Shiva Stone, born of a secret union between an Indian nun and a British surgeon. Orphaned at birth, they grow up in Ethiopia, bound by a deep connection and a shared fascination with medicine. The story follows their journey through love, loss, and the complexities of family, as they navigate their lives from Ethiopia to New York City. The book delves into themes of love, betrayal, forgiveness, and the unbreakable bonds of family, set against the backdrop of medical miracles and the tumultuous history of Ethiopia.

Rohini Pandhi is a product leader at Mercury, and previously spent over seven years at Square/Block leading product work on Square payments, invoicing, and the Bitkey hardware Bitcoin wallet. She’s also the co-founder of the startup bootcamp Transparent Collective and is an active angel investor. In our conversation, we discuss:

• Key indicators that it’s time to hire PMs

• How to build your early PM team

• Why founders should initially take on the product manager role themselves

• How to attract top PM talent

• What she’s learned about going multi-product

• A case for investing in quality

• More

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Skip the Mercury Personal waitlist: https://mercurytechnologies.typeform.com/lenny

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• Cloudinary—The foundational technology for all images and video on the internet

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Find the transcript at: https://www.lennysnewsletter.com/p/how-to-build-your-product-team-from-scratch-rohini-pandhi

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Where to find Rohini Pandhi:

• X: https://x.com/rohinip

• LinkedIn: https://www.linkedin.com/in/rohinipandhi

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Where to find Lenny:

• Newsletter: https://www.lennysnewsletter.com

• X: https://twitter.com/lennysan

• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/

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In this episode, we cover:

(00:00) Rohini’s background

(05:00) The role of product managers at Mercury

(09:51) Key indicators that it’s time to hire PMs

(13:18) Building the product team at Mercury

(19:53) Why you should avoid hiring PMs too early

(22:26) The different flavors of product management

(26:15) How to attract top talent

(35:59) Advocating for quality in product development

(44:10) Going multi-product

(46:37) Organizational structure for multi-product success

(50:57) Organizational culture for multi-product success

(52:07) Customer obsession and product development

(57:36) More lessons from going multi-product

(01:05:57) Transparent Collective: supporting underrepresented founders

(01:09:54) Lightning round

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Referenced:

• Immad Akhund on X: https://x.com/immad

• Mercury: https://mercury.com

• Square: https://squareup.com

• Product management career ladders: https://www.lennysnewsletter.com/p/product-management-career-ladders

• Pioneers, Settlers, Town Planners [Wardley]: https://orghacking.com/pioneers-settlers-town-planners-wardley-9dcd3709cde7

• Jason Zhang on LinkedIn: https://www.linkedin.com/in/jason-zhang-5645a860

• What is ‘Dogfooding’?: https://www.nytimes.com/2022/11/14/business/dogfooding.html

• Mercury Bill Pay: https://mercury.com/bill-pay

• Zip: https://zip.co

• Jira: https://www.atlassian.com/software/jira

• The art and science of pricing | Madhavan Ramanujam (Monetizing Innovation, Simon-Kucher): https://www.lennysnewsletter.com/p/the-art-and-science-of-pricing-madhavan

• Gokul Rajaram on designing your product development process, when and how to hire your first PM, a playbook for hiring leaders, getting ahead in you career, how to get started angel investing, more: https://www.lennysnewsletter.com/p/gokul-rajaram-on-designing-your-product

• Gokul Rajaram on X: https://x.com/gokulr

• Transparent Collective: https://www.transparentcollective.com

• 16 Reading Tips from Naval Ravikant: https://alexandbooks.com/archive/16-reading-tips-from-naval-ravikant

• Shrinking on AppleTV+: https://tv.apple.com/us/show/shrinking

• Bad Sisters on AppleTV+: https://tv.apple.com/us/show/bad-sisters

• Slow Horses on AppleTV+: https://tv.apple.com/us/show/slow-horses

• Severance on AppleTV+: https://tv.apple.com/us/show/severance

• Presumed Innocent on AppleTV+: https://tv.apple.com/us/show/presumed-innocent

• Waymo: https://waymo.com

• Adam Robinson on X: https://x.com/IAmAdamRobinson

• Cyan Banister—From Homeless and Broke to Top Angel Investor (Uber, SpaceX, and 100+ More): https://tim.blog/2024/11/28/cyan-banister

• Bobby Matson on LinkedIn: https://www.linkedin.com/in/bobbymatson

• Jobs at Mercury: https://mercury.com/jobs

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Recommended books:

• Vectors: Aphorisms & Ten-Second Essays: https://www.amazon.com/Vectors-Aphorisms-Ten-Second-James-Richardson/dp/0967266890

• The Inner Game of Tennis: The Classic Guide to the Mental Side of Peak Performance: https://www.amazon.com/Inner-Game-Tennis-Classic-Performance/dp/0679778314

• Pachinko: https://www.amazon.com/Pachinko-National-Book-Award-Finalist/dp/1455563927

• Cutting for Stone: https://www.amazon.com/Cutting-Stone-Abraham-Verghese/dp/0375714367

• The Song of Achilles: https://www.amazon.com/Song-Achilles-Novel-Madeline-Miller/dp/0062060627

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Production and marketing by https://penname.co/. For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com.

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Lenny may be an investor in the companies discussed.

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