Tobias Lütke, every mention
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every year anyone Harry Stebbings 68Jason Lemkin 14Harley Finkelstein 13Glen Coates 13Kaz Nejatian 6Kyle Norton 3Sanjit Biswas 2Peter Fenton 2Miles Grimshaw 2Matthew Prince 2
Verbatim, from the transcripts: the passages where Tobias Lütke comes up
Citrini Research Breakdown: Agents, "Ghost GDP", Consumer Spend | Figma Earnings Beat · 20VC with Harry Stebbings
- ▶ 14:35 Harry Stebbings Toby's a brilliant CEO at Shopify.
- ▶ 49:49 unnamed speaker Will do that kind of dramatic headcount reduction, and I think the most obvious place will be all the levered, PE-backed, highly levered, um, SaaS companies, because if you're not levered, if you're public, if you have time, you can do the…
Thrive Raises New $10B Fund | OpenAI Buys OpenClaw | Stripe at $140B: Is Adyen Wildly Undervalued? · 20VC with Harry Stebbings
- ▶ 22:58 Jason Lemkin And Shopify, and Toby says the same thing. 3 times in the scene
Anthropic's Super Bowl Ad: Who Won & Lost? | Sierra Hits $150M ARR: Is Customer Support Too Crowded? · 20VC with Harry Stebbings
- ▶ 24:48 Mike Cannon-Brookes Toby from Shopify.
Elon Musk vs Sam Altman | The Implosion of Thinking Machines | Can VC Survive Public Pricing? · 20VC with Harry Stebbings
- ▶ 1:01:12 Jason Lemkin You need somebody like Toby or maybe even, I mean, a Satya or something like that that can take some crazy bets, but most, most companies don't want to take that bet.
20Product: How AI Changes Product Design | Does the Design Phase Become Irrelevant in a World of Vibe Coding | The Five Pillars of Truly Great Product Design with Carl Rivera, Chief Design Officer at Shopify
- ▶ 28:31 Harry Stebbings Toby is CPO. 9 times in the scene
- ▶ 47:57 Harry Stebbings Is that just Toby saying, hey, you can do that? 4 times in the scene
Atlassian CEO, Mike Cannon-Brookes on Why Everything is Overvalued & Are We in an AI Bubble · 20VC with Harry Stebbings
- ▶ 51:31 Harry Stebbings And it made me think of a quote once that a brilliant founder told me, I think it was Toby at Shopify, that said, like, this is a game of who can survive the longest. 2 times in the scene
OpenAI's Multi-Billion Deal with AMD & Polymarket, Vercel and Supabase Raise Mega Rounds · 20VC with Harry Stebbings
- ▶ 5:16 Jason Lemkin Of Shopify and Stripe, and Toby was so angry in his mind that he put Stripe on the board that then he went to Klaviyo and said, listen, I'm going to do the same thing for email that I did with payments on Shopify, but you got to give me…
Opendoor CEO, Kaz Nejatian: OpenAI and Oracle, How Can Either Afford to Do This · 20VC with Harry Stebbings
- ▶ 2:01 Kaz Nejatian Um, and I just genuinely loved the company, love Toby, love what it stands for.
BVP Partner, Byron Deeter: The Future of Venture - Why Chanel vs Walmart is BS · 20VC with Harry Stebbings
- ▶ 57:10 Byron Deeter Toby is a, one of those force of nature, generational entrepreneurs as well.
Databricks at $100BN, CoreWeave’s $11B Debt Bet & Nubank’s $2.5B Profit Shocker - Ep.19 · 20VC with Harry Stebbings
- ▶ 1:13:27 Jason Lemkin All CIOs could be like, you got to be AI first, not just the Tobys and the others.
Sam Altman's Masterplan or a Gift to Anthropic? Palantir & Shopify Crush Earnings · 20VC with Harry Stebbings
- ▶ 55:31 Jason Lemkin The breathtaking, and Toby's ruthless on this, and founders should be too.
How Do All Providers Deal with Anthropic Dependency Risk & Figma IPO Breakdown: Where Does it Price? · 20VC with Harry Stebbings
- ▶ 18:22 Jason Lemkin Usually you would expect that's like ruthless Toby at Shopify behavior and love them.
Surge CEO & Co-Founder, Edwin Chen: Scaling to $1BN+ in Revenue with NO Funding · 20VC with Harry Stebbings
- ▶ 5:58 Harry Stebbings Can I ask you, in terms of meeting cadence, I'm sorry for being granular and I told you we go off schedule, but I've had Toby on the show in the past who, from Shopify, who's obviously advocated for no meetings.
20Sales: From $2M ARR to $40M ARR: The Playbook | How to Use AI To Supercharge Your Sales Team | Why Pipeline Reviews are BS | The Sales Call Script that Closes 99% of Prospects and How to Hire the Best Sales Reps with Kyle Norton, CRO @ Owner
- ▶ 1:09:12 Kyle Norton And again, I think one of the smart things that we do at Owner, and certainly a lesson I took from Toby, 3 times in the scene
OpenAI, SBF & Perplexity: What VCs Know That You Don’t · 20VC with Harry Stebbings
- ▶ 40:13 Jason Lemkin I think Toby at Shopify kind of implied that too, that everyone's job is at risk.
20Product: How Scale AI and Harvey Build Product | Why PMs Are Wrong: They are not the CEOs of the Product | How to do Pre and Post Mortems Effectively and How to Nail PRDs | The Future of Product Management in a World of AI with Aatish Nayak
- ▶ 12:17 Harry Stebbings Toby is the CPO.
Mitchell Green, Founder @ Lead Edge Capital: Why Traditional VC is Broken · 20VC with Harry Stebbings
- ▶ 1:05:01 Harry Stebbings Because I struggle with that statement, too, because I have so many great entrepreneurs in here, from the founders of UiPath, and the founders of Klaviyo, and, like, go on and on and on at Toby at Shopify, which gives me, dude, I have,… 2 times in the scene
Anton Osika, Co-Founder and CEO @ Lovable: Hitting 85% Day 30 Retention - Better than ChatGPT · 20VC with Harry Stebbings
- ▶ 40:26 Harry Stebbings And I, I love Toby, and I think he's obviously a brilliant technologist, but I think without Harley's storytelling narrative,
Jason Citron, Co-Founder/CEO @Discord: The Untold Story Behind Scaling to 200M Users | E1230 · 20VC with Harry Stebbings
- ▶ 20:45 Harry Stebbings Toby at Shopify says the job of the CEO is to inject chaos into the organization. 2 times in the scene
Jeff Wang: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta|E1212 · 20VC with Harry Stebbings
Scott Gorlick: How Uber Acquired 1M Drivers & The Uber’s Expansion Playbook | E1196 · 20VC with Harry Stebbings
- ▶ 34:42 Harry Stebbings You see it with the Collisons, Toby Lutker at Shopify, Travis.
Kaz Nejatian: How Shopify Built a $90BN Business to Last 100 Years | E1189 · 20VC with Harry Stebbings
- ▶ 6:35 Harry Stebbings You mentioned kind of Toby there and building the snowboard store as the first vision. 5 times in the scene
- ▶ 13:04 Kaz Nejatian And, like, six months after we started, luckily, Toby overruled me, uh, six months after that, 3 times in the scene
- ▶ 32:03 Kaz Nejatian Like, Shopify has two core values that are different than most companies, and I know this is like a, but I think they're actually also embodiment of Toby, our founder, who, like, is very much like this.
- ▶ 35:32 Kaz Nejatian Like, the ability to give people the ability to take options or RSUs or, like, pick between them was just, like, very, so it took us many, it actually ended up with Toby personally writing a crap ton of code to actually make this thing…
Pedro Franceschi: What Brex Needs to do to be a Public Company | E1178 · 20VC with Harry Stebbings
- ▶ 8:30 Harry Stebbings I find the greatest entrepreneurs always make money early, whether it's Daniel Ek making websites or Toby with Shopify, the best start early.
Andrew Bialecki: Is Klaviyo the Most Under-Priced Public Company? | E1170 · 20VC with Harry Stebbings
- ▶ 32:42 Harry Stebbings I think Toby learned 5 times in the scene
- ▶ 36:42 Harry Stebbings I'll never forget when I had Toby on the show 2 times in the scene
Jason Lemkin: PluralSight S*** the Bed & The Next IPO Candidates | E1160 · 20VC with Harry Stebbings
- ▶ 1:16:55 Jason Lemkin I think I'd pick Toby from Shopify. 5 times in the scene
Aaron Levie: How the Business Model of SaaS Changes Forever & Startups vs Incumbents:Who Wins?|E1155 · 20VC with Harry Stebbings
- ▶ 43:47 Aaron Levie And I, I know that Toby has, you know, thousands or tens of thousands of these types of stories.
Kevin Ryan: Are the Best CEOs the Best Fundraisers & Why Ownership Should Not Be a Focus in VC|E1138 · 20VC with Harry Stebbings
- ▶ 23:05 Harry Stebbings You chose Toby and Nicollasons as the weak founders?
Mario Schlosser: "How to Deal with a 94% Decline in Market Cap" | E1136 · 20VC with Harry Stebbings
- ▶ 12:27 Harry Stebbings I find it hilarious the amount of people who want to go up against the Collison's or Toby at Shopify.
Jean-Michel Lemieux: Three Product Decisions Every Team Needs to Make | E1129 · 20VC with Harry Stebbings
- ▶ 32:05 Harry Stebbings I think Toby says the trust battery.
Sanjit Biswas: Samsara's $18BN Market Cap & $1BN in ARR in 8 Years | E1092 · 20VC with Harry Stebbings
- ▶ 42:11 Harry Stebbings Can I ask you, I think Toby Shopify said to me on the show that resource allocation is the single biggest determinant of success as a CEO.
- ▶ 48:10 Sanjit Biswas Toby, you mentioned there's a long, long list, right? 2 times in the scene
Geoff Charles: How To Hire Product Teams & Increase Product Velocity | E1091 · 20VC with Harry Stebbings
- ▶ 49:13 Geoff Charles And again, this is the Shopify, you know, obviously, you know, Toby's like very involved in the product surface area at ramp.
Harry debates Cloudflare CEO Matthew Prince: "Should startups target niche markets?" · 20VC with Harry Stebbings
- ▶ 6:01 Matthew Prince So now the question is, and maybe again, this is going to get down to somewhat semantics, but now the question is, let's say that you're Toby and you're starting Shopify and you have two different options.
Matthew Prince: The Two Biggest Mistakes Every Founder Makes | E1072 · 20VC with Harry Stebbings
- ▶ 35:22 Matthew Prince But now the question is, let's say that you're Toby and you're starting Shopify.
Miles Grimshaw: The 5 Pillars of Venture Capital & Why Co-Pilot is an Incumbent Strategy | E1061 · 20VC with Harry Stebbings
- ▶ 1:36:44 Miles Grimshaw And so for Toby at Shopify to make an acquisition and then divest it 2 times in the scene
Dave Clark: Lessons from Leading 1M Employees w/ Jeff Bezos at Amazon to CEO of Flexport | E1036 · 20VC with Harry Stebbings
- ▶ 35:40 Harry Stebbings Does Toby drop you a WhatsApp and say, hey Dave, got time to jump on a FaceTime? 3 times in the scene
- ▶ 51:19 Harry Stebbings I asked Toby at Shopify this, um, how do you bring your children up with the same hunger and ambition when brought up bluntly in very lovely and financially secure environments?
Snap's VP of Product Jack Brody: The Future of AR; Snap Glasses; Evan Spiegel's Product Mind | E1006 · 20VC with Harry Stebbings
- ▶ 19:02 Harry Stebbings Essentially, I had Toby on the show from Shopify, and he said, actually, the best companies are defined by constraints. 2 times in the scene
Joost de Valk: How I Founded Yoast; The Ultimate Guide to SEO; The Threat of AI | E1000 · 20VC with Harry Stebbings
- ▶ 9:36 Joost de Valk And, uh, companies like Shopify, and I heard your podcast with, uh, with Toby, which was awesome, but Shopify has like two, three percent of, of the market, if that.
Rob Lacher: How I Scaled to $600M AUM; Hiring Tips for VCs; Venture Capital in Europe vs USA | E999 · 20VC with Harry Stebbings
- ▶ 49:28 Harry Stebbings Like Toby at Shopify said to me the other day that the best businesses are built around constraints, whether artificial or real.
Jackie Reses: The Most Powerful Woman in Finance; Making $50BN for Yahoo on Alibaba | E996 · 20VC with Harry Stebbings
- ▶ 41:22 Harry Stebbings I just had Toby from Shopify on this show, and we had a little nice debate. 3 times in the scene
Glen Coates: Why Shopify Will Dominate Amazon; How Microsoft Made Smartest Move of 2023 | E986 · 20VC with Harry Stebbings
- ▶ 4:50 Glen Coates And so Toby asked me to move over and basically like run a, what's called a code red on checkout.
- ▶ 5:11 Harry Stebbings And when Toby says Code Red, you're not like, no, I'm going to have my work-life balance. 2 times in the scene
- ▶ 12:43 Glen Coates So assumptions are actually one of the, I, this is often where I get into these very funny conversations with Toby, where we're like railing at each other about like two, like, I'm like, I can't believe you want to do this.
- ▶ 17:27 Glen Coates One is because Toby is, because Toby's had basically a 15 year bull run of like, I mean, he's had, it's been hard, but he's mostly been an outrageously successful technologist. 3 times in the scene
- ▶ 25:01 unnamed speaker The day after Toby was like, hey Glenn, cool, you run these eight teams together, these eight teams now, like, please smush them all into one. 5 times in the scene
- ▶ 28:16 Glen Coates I would say my style of leadership and Toby's and Kaz's, and I would say this is actually common to basically all of the leadership at, uh, at Shopify now is
- ▶ 38:41 Glen Coates The hard thing about, one of the hard things that happens when you get shopify scale, which is not an excuse, but it's a thing that is a fact, is that, um, I mean, Toby's had the mission of shopify be make commerce better for everyone for… 6 times in the scene
- ▶ 50:05 Glen Coates But, like, if you are a product founder, like, Toby, and, like, look, let's be honest, most of the very, very successful tech companies, the founder is the product person.
Brian Armstrong: Coinbase’s Failed NFT Launch, Thoughts on SBF & FTX, Crypto Winter | 20VC #946 · 20VC with Harry Stebbings
- ▶ 36:34 Brian Armstrong There's a bunch of people, you know, Toby, uh, is on our board from Shopify and,
Aydin Senkut: How I Scaled from a $4M Angel Fund to $900M AUM | 20VC #890 · 20VC with Harry Stebbings
- ▶ 46:41 Aydin Senkut Uh, but I think the one with Shopify really stood out because when I started talking to Toby and Harley, I literally thought like, Hey,
Shopify President, Harley Finkelstein on What is Being a Good Husband | Full Interview · 20VC with Harry Stebbings
- ▶ 1:12 Harry Stebbings How did you and Toby come together and how did you come to be president at Shopify as you are today? 7 times in the scene
- ▶ 24:10 Harley Finkelstein I think, um, Toby uses this great analogy of like a river stone. 5 times in the scene
- ▶ 33:07 Harry Stebbings Can I ask one that I find so interesting, and it's, you know, when you look at the relationship that you and Toby have, you know, across the board, everyone says it, it's fantastic, it's wonderful, it's my favorite word, wholesome. 6 times in the scene
20VC: Sweetgreen Founder Jonathan Neman on Leadership Lessons from Managing Through COVID, The Importance of Failing Fast and Iterating & How the Best Leaders Bring Together Brand, Capital Allocation and Strategy
- ▶ 37:08 Harry Stebbings You know, you mentioned your Toby's from Shopify's.
20VC: Benchmark's Peter Fenton on The Single Question That Defines The Art of Early Stage Venture, Marketing Timing Risk, Why The Oversupply of Capital Is Good & His Biggest Lessons from 12 Years On The New Relic Board
- ▶ 11:53 Peter Fenton I remember the conversation with Toby and his eyes sparkled and said, this product is magical. 2 times in the scene
20VC: The Pinterest Memo: Bessemer's Jeremy Levine on The Secret To Success within User Generated Content Plays, Where Most Investors Make Mistakes When Analysing Consumer Social and How The Pinterest Deal Wouldn't Have Happened without a Diverse Partners
- ▶ 31:15 Jeremy Levine I saw Jeremy Stoppeman do it at Yelp, and I saw Toby Lutke do it at Shopify.
20VC: Gusto Co-Founder, Tomer London on Why Most Founders Approach Fundraising With The Wrong Mindset Today, How To Construct A Values/Motivation Alignment Test To Determine The Right Investors For You & Why Delight Is So Crucial To The Success of Any Con
- ▶ 0:27 Harry Stebbings To date, Toma and the team have raised over five hundred and twenty million dollars with Gusto from some of the industry's leading investors, including General Catalyst, Capital G, Clyde and Perkins, T-Row, Fidelity, and more, and then…
20VC: Building Shopify From $5m To IPO, Why The Future Of Retail Is Not Online vs Offline & Why Law School Is Like Finishing School For Entrepreneurs with Harley Finkelstein, COO @ Shopify
- ▶ 5:41 Harley Finkelstein And one of the entrepreneurs that I met through, um, through that, at that coffee shop was this brilliant engineer and programmer named Toby. 5 times in the scene
- ▶ 9:02 Harley Finkelstein In fact, if you read our, uh, Toby's letter to shareholders when we filed our IPO, we made it very clear that if you're looking for sort of quick wins, and you're looking for a company that is going to chase revenue, we're probably not the… 2 times in the scene
- ▶ 21:45 Harley Finkelstein But, you know, myself and Toby, we've never ran a publicly traded company before.
20VC: Felicis' Aydin Senkut on Scaling Felicis From $4m to $120m, Doing Venture Differently and Why Being A VC Is Like A Jamaican Bobsled Team!
- ▶ 26:55 Aydin Senkut You know, James Park at Fitbit, who's, I think, one of the most resilient CEOs that I know, and then Toby Lutke at Shopify, and Peter Van Der Doze at Adyen.