Lenny Rachitsky: evaluation

Transcript context

…Yeah, it was talking to customers, and looking at the survey results, and then through that, in many different ways, price will come up, speed will come up, ease of use will come up, and they kind of aggregate up to that. I think a lot of people listening are still going to be this like, "Okay, we're just going to make our product awesome, and it's going to grow. " And in a sense, yeah, in another sense what you're sharing is essentially kind of a really simple framework for how to actually do that. To kind of go a little deeper there, when you see other people trying to drive word of mouth, trying to drive virality, is there anything you think people often do wrong? Is there other missteps you've taken in trying to drive word of mouth? It's this thing around growth rate. So, especially product net growth, which is what we're talking about. So you can imagine, we're going to open a new market to Indonesia, and the fastest way to do it is to take... Someone else has figured out how to move to Indonesia. We take that infrastructure, and we'll plug it into Wise, You know what? We can do this, we'll get some users. But it doesn't grow like a hockey stick. It doesn't grow like a hockey stick because we haven't fundamentally changed the problems in moving money internationally. So, got this mantra, you've got to build a 10x better product than what's there. And if it's 10x product better, basically it doesn't exist already. So if you're plugging in something else, that's kind of a misstep. So it comes from a very logical place, how do I get users quickly? I can take a shortcut in doing this, but that, you kind of realize is wasted effort. So the step then becomes this much harder question of these types of questions. Like what is the theoretical minimum cost for moving money into a market? What is the theoretical maximum speed? Not just make it instant, make it cheap, but what actually is the lowest it could possibly be? And instead of incrementally going, doing a jump to make it a little better, a little better, a little better, you can never get there. How do we take two years, and end up there?…

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