“I talked to three or four potential customers for our first product, and they all said, we don't need that. You know, that's not interesting. It's not a good thing to do, but I wasn't listening for that. I was listening. Are they emotionally attached to where they're getting their product now? Are they emotionally attached to those people? Do I feel like they're getting Value out of that thing. And I could tell in their responses that they weren't attached and they weren't getting value. So yeah, all four customers said it's a bad idea. They're all customers now, though.”
quote is from the automated transcript, cleaned for reading:
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More from Peter Gassner
Insight
Gassner: Outlier success requires pursuing ideas most people expect to fail
“You have to pick something that most people think is going to fail to be an outlier. Otherwise, by definition, you're picking something that most people think is going to work, and therefore a lot of people are picking it, therefore you're not an outlier.”
Peter GassnerMay 19, 2022▶ 15:42Capital-Efficient Growth (with Zoom CEO Eric Yuan & Veeva CEO Peter Gassner) · Acquired
“Cause I was always optimizing for the longterm value, which is the annual value per customer. So if I had to give the customer terms that would lock them in, I thought that's actually shrinking my market. Cause they'll pay less if they're locked in. That's one…”
Peter GassnerMay 19, 2022▶ 32:31Capital-Efficient Growth (with Zoom CEO Eric Yuan & Veeva CEO Peter Gassner) · Acquired
Insight
Gassner: A company's second product should be radically distinct, not an add-on
“Your new product, if you have a chance, it should be way out here, and maybe have the potential to be bigger.”
Peter GassnerMay 19, 2022▶ 58:18Capital-Efficient Growth (with Zoom CEO Eric Yuan & Veeva CEO Peter Gassner) · Acquired
AssertionNot publicly verifiable
Gassner: Veeva funded early development via a $3M upfront Pfizer payment
“I thought, oh, we've just raised a three million dollar round of capital here and it didn't cost us any dilution, right? The check came in.”
Peter GassnerMay 19, 2022▶ 29:07Capital-Efficient Growth (with Zoom CEO Eric Yuan & Veeva CEO Peter Gassner) · Acquired
Insight
Gassner: High market share companies must expand to avoid disruptive over-engineering
“If you get a high market share in an area, and you don't expand to another area, what will happen? Just because the nature of your company and the creative people, You'll do more stuff in your established area than you should, right? And that creates its own s…”
Peter GassnerMay 19, 2022▶ 53:37Capital-Efficient Growth (with Zoom CEO Eric Yuan & Veeva CEO Peter Gassner) · Acquired
Disclosure
Gassner: Veeva audits executive team for integrity and energy
“We audit for integrity of the leadership team, because when you're quite well established, that can throw you off. Integrity, integrity issues in the leadership team, so we audit myself and others, and also energy in the leadership team. Because these are thin…”
Peter GassnerMay 19, 2022▶ 54:31Capital-Efficient Growth (with Zoom CEO Eric Yuan & Veeva CEO Peter Gassner) · Acquired
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