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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

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Mar 31, 2023

Jackie Reses, the CEO of Lead Bank and a former executive at Square and Yahoo, shares insights from her impressive career in finance and team-building. She argues that traditional hiring practices often miss the mark, emphasizing the importance of innate skills over past experience. Jackie reveals her strategies for effective negotiation and discusses the evolving landscape of fintech, highlighting both its challenges and opportunities. She also reflects on personal growth and lessons learned throughout her journey, including the impact of leadership on innovation.

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INSIGHT

Future of Fintech

Fintech has focused on revenue for the last decade, streamlining transactions.
The next wave of innovation will focus on expense management and infrastructure.

INSIGHT

Self-Disruption

Disruption is always possible, so companies must be willing to disrupt themselves.
Reward individual contributors and encourage taking on new, smaller projects.

INSIGHT

No Micromanaging

Jackie Reses disagrees with micromanagement.
She believes in setting direction and trusting hired individuals to execute.

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Jackie Reses is the Chair and CEO of Lead Bank, a community bank in Kansas City. Previously, she was the Executive Chairman of Square Financial Services and Capital Lead and Head of the People Team at Block Inc (Square). Prior, she had leadership positions at Yahoo! and was a Partner at Apax Partners Worldwide. Jackie also spent seven years at Goldman Sachs in mergers and acquisitions and the principal investment area. Jackie is on the board of directors of Endeavor, Affirm and Nubank. Previously, she served on the Board of Directors of Alibaba Group. She has been named one of Forbes' "Self Made Women", Fast Company's "Most Creative People in Business," and American Banker "Most Powerful Woman in Finance".

In Today's Episode with Jackie Reses We Discuss:

1. From Humble Beginnings to "Most Powerful Woman in Finance":

What is Jackie running from?
How did Jackie's upbringing impact her approach to business and management today?
What does jackie know now that she wishes she had known when she started her career?

2. Building the Best Teams: Lessons from Square and Yahoo

Why does Jackie believe that past experience is BS in hiring candidates for a role?
Why does Jackie deliberately not look for domain knowledge when hiring?
Why does Jackie believe employers should tell candidates what they suck at in hiring?
What does Jackie mean when she says, "you have to invest in people for 20 years"?

3. The Best Deal-Maker in the Business: Secret to Negotiating:

What does Jackie believe is the secret to successful negotiations?
How did Jackie do the Alibaba deal for Yahoo and make $50BN for them?
Why does Jackie believe the Laffonts and Coatue are the best risk managers?
What are the biggest mistakes people make in deal-making today?

4. The Next Wave of Fintech:

Who wins and who loses in the next wave of fintech?
What will happen to the crypto industry? How will crypto be regulated?
Why does Jackie believe that financial super apps are BS?
Why does Jackie believe that Goldman tried and failed to innovate?
Will we see a wave of M&A in fintech over the coming years?