Spearhead

Listen, download, subscribe

Apple Podcasts

Google Podcasts

Spotify

In PayPal’s Early Days, We Lost Money on Every Transaction

Transcript: http://spearhead.co/PayPal  

• 

  Rapidly Growing Valuations Shouldn’t Scare You Off

• 

  Reading Social Proof Is an Art Form

• 

  Social Proof Is a Valid Signal

• 

  Ask About the Metrics They’re Not Showing You

• 

  It’s Easy to Exaggerate Early Traction

• 

  Everything Is a Proxy for Traction

• 

  Early Winners Don’t Always Make It to the Finish Line

• 

  Invest in the First Credible Mover

• 

  Monopolies Fall When Platforms Shift

• 

  A Lot of Great Tech Businesses Are Natural Monopolies

• 

  Great Companies Expand Their Markets

• 

  Invest in $0 Billion Companies

• 

  Invest in Pure Tech Companies

• 

  Raising Money Without Any Product Is a Red Flag

• 

  Product Is the Resume of the Team

• 

  Expanding Fast vs. Dialing in the Model