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Startup Archive
Patrick Collison on the importance of waiting a really long time to hire people
Everybody tells you “work really hard to hire the best people.” But as Patrick explains, that’s not helpful because everyone knows they should do that. As he puts it:
“The question is to what length should you go and what does that actually mean in practice? And in practice, it means being okay waiting a really long time to hire people.”
It took Stripe six months to hire their first two people, and six more months to hire another 3-4 people. He can think of five people at Stripe who took 3+ years to hire.
“If you think about the smartest people you know, if you want to get them to work on your thing, chances are they already have pretty good paths ahead of them… You have to be way more persistent and be okay with it taking way longer than any sane or reasonable person would think it should take.”
There’s an important compounding effect here — hiring just one great person will make it marginally easier to get the next great person. Patrick argues you should also view every person you hire as bringing along another 50 people just like them if your company is successful:
“Even if they don’t literally hire 50 people, they will be so influential in determining the selection of those 50 people.”
Video source: @GreylockVC (2015)
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Patrick Collison on the importance of waiting a really long time to hire people
Everybody tells you “work really hard to hire the best people.” But as Patrick explains, that’s not helpful because everyone knows they should do that. As he puts it:
“The question is to what length should you go and what does that actually mean in practice? And in practice, it means being okay waiting a really long time to hire people.”
It took Stripe six months to hire their first two people, and six more months to hire another 3-4 people. He can think of five people at Stripe who took 3+ years to hire.
“If you think about the smartest people you know, if you want to get them to work on your thing, chances are they already have pretty good paths ahead of them… You have to be way more persistent and be okay with it taking way longer than any sane or reasonable person would think it should take.”
There’s an important compounding effect here — hiring just one great person will make it marginally easier to get the next great person. Patrick argues you should also view every person you hire as bringing along another 50 people just like them if your company is successful:
“Even if they don’t literally hire 50 people, they will be so influential in determining the selection of those 50 people.”
Video source: @GreylockVC (2015)
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Hidden Value Gems
I have put together a list of conferences and events that should be of great interest to value investors.
You can see them all (with links) in the Calendar section of my website.
Did I miss anything ? 👇 https://t.co/Sy3IKyyeWn
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I have put together a list of conferences and events that should be of great interest to value investors.
You can see them all (with links) in the Calendar section of my website.
Did I miss anything ? 👇 https://t.co/Sy3IKyyeWn
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InsideArbitrage
Crown Laboratories on January 16, provided to Revance $RVNC non-binding proposed amendments to their merger agreement.
The Crown proposal offers the following changes:
✴️an increase in the Offer Price to $3.65 per share;
✴️an increase in the Company Termination Fee to $15.3 million; and
✴️an increase in the Parent Termination Fee to $22.94 million.
The Crown proposal remains subject to approval from both Crown’s Board and Revance’s Board. Crown indicated that the offer expires at 4:10 p.m., Eastern Time, on January 17, 2025. The Revance Board will evaluate the Crown Proposal.
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Crown Laboratories on January 16, provided to Revance $RVNC non-binding proposed amendments to their merger agreement.
The Crown proposal offers the following changes:
✴️an increase in the Offer Price to $3.65 per share;
✴️an increase in the Company Termination Fee to $15.3 million; and
✴️an increase in the Parent Termination Fee to $22.94 million.
The Crown proposal remains subject to approval from both Crown’s Board and Revance’s Board. Crown indicated that the offer expires at 4:10 p.m., Eastern Time, on January 17, 2025. The Revance Board will evaluate the Crown Proposal.
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Dimitry Nakhla | Babylon Capital®
$NVO now trading below $80 Pre-Market 🧬
This is because of reports that $NVO weight-loss drug Wegovy is on Medicare’s next list of drugs to face price negotiations https://t.co/Ks3qbBRycA
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$NVO now trading below $80 Pre-Market 🧬
This is because of reports that $NVO weight-loss drug Wegovy is on Medicare’s next list of drugs to face price negotiations https://t.co/Ks3qbBRycA
$NVO is close to breaking $80 — the stock is down more than -45% from all time highs 📉 https://t.co/Hmb0nXc8ue tweet
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App Economy Insights
🏦 Big US banks just had their best quarter in years.
🏆 $JPM Record year.
💸 $BAC Investment banking surge.
🏢 $WFC Efficiency in focus.
💹 $MS Trading dominance.
📈 $GS Doubling down.
💼 $C Momentum builds.
📊 Let's visualize their earnings ⬇️
https://t.co/fbql5uDahW
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🏦 Big US banks just had their best quarter in years.
🏆 $JPM Record year.
💸 $BAC Investment banking surge.
🏢 $WFC Efficiency in focus.
💹 $MS Trading dominance.
📈 $GS Doubling down.
💼 $C Momentum builds.
📊 Let's visualize their earnings ⬇️
https://t.co/fbql5uDahW
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Quiver Quantitative
JUST IN: Representative Jonathan Jackson just disclosed a sale of up to $50K of General Dynamics stock, $GD.
General Dynamics is a defense contractor.
The sale was made on December 16th.
Jackson sits on the House Committee on Foreign Affairs. https://t.co/TyoVl8dEPf
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JUST IN: Representative Jonathan Jackson just disclosed a sale of up to $50K of General Dynamics stock, $GD.
General Dynamics is a defense contractor.
The sale was made on December 16th.
Jackson sits on the House Committee on Foreign Affairs. https://t.co/TyoVl8dEPf
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Quiver Quantitative
RT @QuiverCongress: JUST IN: Representative Vince Fong has introduced legislation to advance research into the development of hypersonic weapons. https://t.co/62T0GGbDpz
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RT @QuiverCongress: JUST IN: Representative Vince Fong has introduced legislation to advance research into the development of hypersonic weapons. https://t.co/62T0GGbDpz
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