“We trained machine learning models on the startups, selecting the best startups. And then the machine learning model actually amazingly outperforms. 95% of VCs out there on, on backtest.”
quote is from the automated transcript, cleaned for reading:
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More from Nik Storonsky
Disclosure
Storonsky: Revolut paid $2M for 55 executive hires and fired 50
“I think I hired like, you know, 55 through executive recruiters, paid like, you know, two million in fees. I ended up, you know, firing 49 or 50 of that, so it's such a waste of money.”
Nik StoronskyDec 2, 2024▶ 5:13Nik Storonsky, Revolut Founder: What Revolut Needs to Do to Hit $100BN Valuation | E1233 · 20VC with Harry Stebbings
Opinion
Storonsky: UK public markets cannot compete with the US due to liquidity
“I just don't understand how the product which is being provided by UK can compete with the product provided by US. It is less liquid, so it's much worse compared to US. Plus it's much more expensive because it pays some duty, right? So it's like, it's just not…”
Nik StoronskyDec 2, 2024▶ 0:00Nik Storonsky, Revolut Founder: What Revolut Needs to Do to Hit $100BN Valuation | E1233 · 20VC with Harry Stebbings
Opinion
Storonsky: Hiring management consultants proves your internal employees are incompetent
“Because if you look at all these management consultants, they come to you with a nice presentation explaining how to get things done. A reality here is when you start hiring management consultants to help you run the company, that means your employees are not …”
Nik StoronskyDec 2, 2024▶ 4:15Nik Storonsky, Revolut Founder: What Revolut Needs to Do to Hit $100BN Valuation | E1233 · 20VC with Harry Stebbings
Insight
Storonsky: Hiring experienced professional managers to scale is a dead end
“Well, I never believed it, but I was forced to believe that, you know, in order to scale the company to hire experienced professional managers, that's a dead end.”
Nik StoronskyDec 2, 2024▶ 5:02Nik Storonsky, Revolut Founder: What Revolut Needs to Do to Hit $100BN Valuation | E1233 · 20VC with Harry Stebbings
Opinion
Storonsky: Traditional bank CEOs use vague jargon to hide tech incompetence
“The problem with traditional banking CEOs, they are not tech-driven at all. And then they rather speak in the very vague jargon to hide their incompetency or their limited knowledge in tech-related matters.”
Nik StoronskyDec 2, 2024▶ 12:16Nik Storonsky, Revolut Founder: What Revolut Needs to Do to Hit $100BN Valuation | E1233 · 20VC with Harry Stebbings
Insight
Storonsky: Founder age 25 to 35 is the sweet spot for success
“If you look at statistics, so 20 to 25 is actually quite negative. Like, too early is a negative then 25 to 30 is, is okay. 30 to 35 is the best age. After 35, I mean, there is a clear negative correlation with the success. So sweet spot is 25 to 35 for founde…”
Nik StoronskyDec 2, 2024▶ 36:27Nik Storonsky, Revolut Founder: What Revolut Needs to Do to Hit $100BN Valuation | E1233 · 20VC with Harry Stebbings
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