Jag Duggal: prediction

Transcript context

…He's coming on the podcast in a few weeks. Is he? He's fantastic. And having those frameworks, all of which in many ways, if you synthesize them, are getting at the same thing around focus, around a clear understanding of the customer, around not trying to be in the words that we literally have on Nubank coffee mugs, "We're not trying to be incrementally better. We are trying to be fundamentally different." These are all very similar ideas expressed in slightly different ways. Once you understand the frameworks and you distill them, then it's about practicing them and practicing them is scary. Hedging is appealing. Hedging means you don't have to make choices. Hedging sounds smart. Concentrating all your bets is the thing that desperate people do, and startups are desperate entities because they're burning cash in almost every instance. But successful startups, the ones that become profitable... I'm very wary, given the places I've worked, of the successful company with one or two monster products, and Nubank is now in that fortunate position, that starts to get conservative, that starts to forget that focus, concentration, customer obsession are every bit as important, that even though the company won't go bankrupt if products three, four, five and six don't succeed because products one and two are monster cashflow drivers, that's a slow path to death. And so practicing that discipline and having, and I use this word very intentionally, having the courage to make those hard choices and to concentrate the bets, which goes against, by the way, a lot of what's taught in business school and a lot of MBAs is really important, and then it's a matter of you get better the more you do it and you get more practiced and more grooved and more principled in how you get to a methodology the more you do it. Did you say the mugs at Nubank say, "Be fundamentally different"?…

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