The Tim Ferriss Show #353: Patrick Collison — CEO of Stripe
Collison Installation
- Stripe's early sales approach involved setting up potential users' accounts on the spot.
- This proactive method, termed "Collison installation," facilitated rapid user acquisition.
Product Focus
- Companies often over-prioritize sales and marketing, neglecting product development.
- Focusing on product quality creates a sustainable advantage against competitors.
Stripe's Name Change
- Stripe's initial name, /dev/finance, was a programming joke that confused customers.
- They eventually changed the name to Stripe after a lengthy brainstorming process.
"If people around you don't think what you're doing is a bit strange, maybe it's not strange enough." — Patrick Collison
Patrick Collison (@patrickc) is chief executive officer and co-founder of Stripe, a technology company that builds economic infrastructure for the internet.
After experiencing firsthand how difficult it was to set up an online business, Patrick and his brother John started Stripe in 2010. Their goal was to make accepting payments on the internet simpler and more inclusive. Today, Stripe powers millions of online businesses around the world.
Prior to Stripe, Patrick co-founded Auctomatic, which was acquired by Live Current Media for $5 million in March 2008. In 2016, he was named a Presidential Ambassador for Global Entrepreneurship by President Obama. Originally from Limerick, Ireland, Patrick now lives in San Francisco where Stripe is headquartered.
Also, as you can tell from seeing just a selected segment of his reading list shared in the show notes on tim.blog/podcast, he's one of the most well-read people I know. Please enjoy!
Click here for the show notes for this episode.
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