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Stripe is a software startup founded by two young brothers from Limerick offering payment systems for websites – and it’s attracting a lot of attention in the US. Here John Gleeson looks at the startup’s manual for success.
IN THE LAST three years there has been a significant change in the startup ecosystem in Ireland. Programmes such as Endeavour.biz, Launchpad, Hothouse and Propeller have reduced the friction involved in getting started and the government are now pro-actively trying to keep the best technology start-ups here. A few slip through the cracks and some just want to move, but for the most part the situation is much improved.
That is why it is unfortunate that Ireland’s most promising startup is already in Silicon Valley. Stripe.com may have ultimately decided to setup in the US, but rejected applications for funding from government agencies and complete dismissal by Irish banks didn’t help. For those of us who read a lot about technology, the day that Stripe has its IPO feels strangely inevitable. There are no sure things in technology startups and a lot can go wrong quickly, but I would be slow to bet against Patrick and John Collison. Here are the reasons why:
1. The founders are exceptionally smart
Patrick won the Young Scientist of the Year Award when he was sixteen and John got the highest score in the history of the leaving cert in 2009. They have been programming from a young age and are exceptionally talented hackers as well as being academically strong. Not only that, but the smartest guys in Silicon Valley agree that they are exceptionally bright.
2. Paul Graham, Peter Thiel, Elon Musk, Max Levchin and Marc Andreeson
These are not household names in Ireland but they are some of the most well respected technological minds in Silicon Valley. Not only did they all put money into Stripe without much hesitation, some invested at levels that are untypical for their portfolio. They all believe these guys are not only smart, but can execute on a difficult problem.
3. They can execute
Before John and Patrick had been accepted to MIT and Harvard respectively, they had already created and sold an online startup based on optimizing eBay for power users. It only took 10 months for the company to be acquired and although they both went to start in US colleges, the startup bug had bitten them.
4. Their team is extremely strong
By all accounts there are no weak links in the Stripe team. While most start-ups need to worry about getting smart and hard-working people, this is the baseline at Stripe. Their primary concern when hiring is that new employees are ‘incredibly nice’. To judge this, they consider whether they would be happy to come into the office on a Sunday to work as an excuse to spend some time with the new hire. In a market where it is notoriously hard to find good developers, they turn away people who are just smart and hardworking.
5. Culture
The team are so focused on the details that it draws comparison with how people describe the culture in Apple’s hardware design team. They really care about things that other companies might dismiss as trivial, and that is a powerful advantage when combined with an ability to get things done. There are perfectionists, those who get things done and everything in between. Very few companies rank highly both in attention to detail and execution.
Reading about the company makes me think of Paul Grahams line in his 2005 essayReturn of the Mac. To paraphrase his thoughts on early adopters; ‘Whatever hackers are using now we’ll all be using in 10 years’. He used the Mac as an example. Admittedly Stripe is a software company, so the analogy isn’t exactly the same, but hackers in the US are moving to Stripe in large numbers. Stripe will hopefully come to Europe in the future and I’m sure they will have an Irish office.
Maybe predicting an IPO for a team of 15-20 seems premature, as only a tiny percentage of startup companies ever reach this level. But only a tiny number of companies have the combination of factors I have mentioned above.
The odds that a startup that has some financing will ever reach an IPO in the US are very long. But if you offered me an even money bet that Stripe won’t ever IPO, I wouldn’t take it. These guys are not only clever, resourceful and hardworking, they are arguably the most promising early stage founders in the US, and they are from Limerick.
With all the problems and obstacles
They are doing a great job.
Well done to all.
@Eddie Benson: the target was end of June was it not? easy to make target if you keep moving the goalposts
@dublindamo: let me guess your are a sein fein fan?
@Eddie Benson: I’m not so sure about the great job. Yes, there have been vaccine delivery limits and whatnot, but some other EU countries faced the same issues and the same vaccine numbers (percentage-wise per population), yet they are already vaccinating 16+ and pretty much everybody who wants it – you can book a jab for the next day. So yeah, something still isn’t working right here.
@MrJohne: anything but. Just speaking the truth
@dublindamo: exactly, while there does seem to be an excelleration in jabs. The target has casually drifted by a month. No mention of the fact 60 to 69s will be 4 months before second dose etc. I would actually consider leaving the country if sinn féin are in government but the fact is the vaccine roll out have missed their own target and are glossing over it.
@Peter Peterski: which ones? We all get an equal percentage of vaccines and there’s none sitting around
In fairness once they get the vaccines no time being wasted getting it into people.
Great news
Wasn’t it meant to be 80% by June or was that changed again recently??
@Michael Healy: It was always by the end of June, so nothing has changed.
@Mark Wallace: Except now scheduled to hit 80% in early July, not the end of June. That’s what’s changed.
@Mark Wallace: It says early July in the article. That could be a difference of 3 weeks or more. Hardly qualifies as nothing’s changed. Things are still moving along though.
@JedBartlett: Ransomware attack and Johnson and johnson not hitting its production numbers.
@michael: How can it be the difference of 3 weeks or more? End of June original target early July the new one. 3 weeks from the end of June is past mid July not early July. Honest to go Micko, come on. it’s like saying early in the morning is 4pm.
@michael: It say July 3rd in the article. That’s not exactly much change from the end of June.
@Ally Mc Culladgh: The end of June and early July are vague targets. End of June could be a week before, early July a week or two into the month. I’ll give you the ‘or more’ part may have been a stretch. But that’s as far as I’m conceding :)
Fantastic job. Knew we could do it. Let’s keep the foot down and look forward to better days from end of June.
High risk people in Cohort 7 are being forgotten. Not vaccinated by GP and told to wait until age is called
@CarmelOh: that’s it, use a blatant lie so you can say something negative about the system
@CarmelOh: is the issue there not with your GPS and no one else ?
@CarmelOh: need to get a better GP. There’s GPs lashing vaccinations into healthy 30 year olds but now as they are out of cohort 7. Theyre doing second jabs for 4 and 7. Giving the spares to patients
@CarmelOh: I’m 21 and in cohort 7 and got vaccinated on Tuesday along with hundreds of others. Your personal experience does not equal the general reality.
@CarmelOh: I’m in cohort seven and I got my first jab three weeks ago so it’s down to your GP forgetting cohort seven people clearly, not the system.
@CarmelOh: same as that. Rang my Gp to enquire and she said they were still doing it by age.
@Mark Brown: many GPS didn’t opt in for cohort 4 or 7. HSE are setting up a portal for referral to a vaccine centre but it has been delayed by the hack. Advised to wait until age cohort is called at this stage
@Bernard Mc Grath: not exactly, my GP is depending on vaccine deliveries from the HSE. Apparently they get 100-200 doses once every 2-3 weeks and there’s a long waiting list (it’s a relatively large clinic)… At this rate I will get it through the age groups system faster…
@CarmelOh: Change your GP. I got called by mine and I know others that got called by theres.
I’m 40 in group 7 and as my GP is not doing under 70s I have to wait for my age to get called as I’m also not under the care of a consultant and the portal for my GP to register me never materialised due to the hack.
#TheForgottenCohorts
Gas how even with nearly half the country with a first dose they’re still talking as if they would love another lockdown
@Adam Ford: you’re reading it at they’d love another lockdown.
They don’t want lockdowns but as a strategy it kept lots of people alive and many more out of hospitals.
It’s a case of doing something very bad to avoid something much worse.
Go take a walk and stop being so negative.
I really believe that it’s not on track there are people like myself who should have been vaccinated over 4 weeks ago and we still can’t get an appointment the helpline is a joke if you ring it they “escalate” your query and guess what nothing is done I’ve even had a call from a HSE “manager” still no appointment
@Sharon Keating:
Get on to your GP, seems they have plenty of vaccines, my GP has being vaccinating last weekend, this weekend and next weekend
@Sharon Keating: what age range are you in if you don’t mind me asking?
@Sharon Keating: are you in Meath by any chance? My Dad in the same boat, hes 66 and so sign of an appointment. Fobbed off every day on the helpline. He went to the helix today just before 6 to see if they had any leftover and the place was closed
@Jackie Moore: My Mam had the same problem, also in Meath (Dublin border) was advised to present at Citywest last Sunday as had registered 4 weeks ago and still had no appt. She was turned away from Citywest as they had no AZ left but received an text to go to the Helix last Wed and received the Pfizer vaccine. She’ll now be fully vaccinated before my Dad, who reveived AZ a few weeks ago and would be far more vulnerable. In any event, we’re relieved they’ve now both received their first dose!
Got vaccinated in the Helix this morning with the Janssen vaccine, about 60 boots, in and out within 5 minutes , very efficient, they kept filling the boots, they must do easily 500 people in one hour
Terraces opened in France on Wednesday, the Italians eating and drinking until 10 or 11pm too for a while now.
Europe is opening now, what is the Irish plan ?
Countries starting to welcome foreigners all over the shop..
Getting close to the end of May now so they should be sitting down soon to make a plan for June..
Is everyone that wants to go back to work allowed to go back or what’s the craic ?
got min janssen one yesterday 55.one shot and done! bit lethargic today and a sore arm
@ed w: oh and open the pubs and restaurants (in 2 weeks :) )
I say this every year.. why the f do we not said something uniquely Irish??? We have unique music culture and style in almost every county in the country but yet rte still persevere with the same old trip€…
@wormtubes: eh? Eurovision?
Data was patchy before the cyber attack. Dodgy would describe it better.
Simon covney was minster for affairs one stage this should sorted your technical systems yrs ago this coming from Corkman stay out lovely people.
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