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Oct 6, 2021 · 15m · founders-journal

What to Learn from a Business That 10x'd in 5 Quarters

Alex Lieberman · 13m spoken Pat Kinsel · 13s spoken
0:00 / 0:00

gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

Alex Lieberman deconstructs the hyper-growth case study of Notarize.com, detailing how founder Pat Kinsel navigated complex regulatory friction, pivoted to a marketplace model, and achieved a tenfold revenue increase in five quarters.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Alex holds 98.6% of the talking time here. How this is scored →

Alex as informed peer 0.0 Guest teaching 0.0 Guest disagreement 0.8 Alex pushing back 0.0
05100:0010:001:02–5:32 · Alex as informed peer 0/10 The Origin and Lean Launch of Notarize.com This is a solo monologue segment where Alex Lieberman narrates the founding story and initial MVP launch of Notarize.com based on a past interview with Pat Kinsel.5:33–8:01 · Alex as informed peer 0/10 Building a Defensible Regulatory Moat Across the U.S. This is a solo monologue segment detailing Notarize's state-by-state regulatory lobbying efforts across the United States to build defensibility.8:07–13:06 · Alex as informed peer 0/10 Scaling Through Marketplace Transformation and API Partnerships This is a solo monologue segment breaking down how the business transitioned from an internal service into a two-sided marketplace and integrated API partnerships.13:07–15:30 · Alex as informed peer 0/10 Becoming the Internet's Trust Layer and Founder Drive The host recaps the company's long-term vision and plays a soundbite from Pat Kinsel expressing his defiant motivation to prove skeptics and investors wrong.1:02–5:32 · Guest teaching 0/10 The Origin and Lean Launch of Notarize.com This is a solo monologue segment where Alex Lieberman narrates the founding story and initial MVP launch of Notarize.com based on a past interview with Pat Kinsel.5:33–8:01 · Guest teaching 0/10 Building a Defensible Regulatory Moat Across the U.S. This is a solo monologue segment detailing Notarize's state-by-state regulatory lobbying efforts across the United States to build defensibility.8:07–13:06 · Guest teaching 0/10 Scaling Through Marketplace Transformation and API Partnerships This is a solo monologue segment breaking down how the business transitioned from an internal service into a two-sided marketplace and integrated API partnerships.13:07–15:30 · Guest teaching 0/10 Becoming the Internet's Trust Layer and Founder Drive The host recaps the company's long-term vision and plays a soundbite from Pat Kinsel expressing his defiant motivation to prove skeptics and investors wrong.1:02–5:32 · Guest disagreement 0/10 The Origin and Lean Launch of Notarize.com This is a solo monologue segment where Alex Lieberman narrates the founding story and initial MVP launch of Notarize.com based on a past interview with Pat Kinsel.5:33–8:01 · Guest disagreement 0/10 Building a Defensible Regulatory Moat Across the U.S. This is a solo monologue segment detailing Notarize's state-by-state regulatory lobbying efforts across the United States to build defensibility.8:07–13:06 · Guest disagreement 0/10 Scaling Through Marketplace Transformation and API Partnerships This is a solo monologue segment breaking down how the business transitioned from an internal service into a two-sided marketplace and integrated API partnerships.13:07–15:30 · Guest disagreement 3/10 Becoming the Internet's Trust Layer and Founder Drive The host recaps the company's long-term vision and plays a soundbite from Pat Kinsel expressing his defiant motivation to prove skeptics and investors wrong.1:02–5:32 · Alex pushing back 0/10 The Origin and Lean Launch of Notarize.com This is a solo monologue segment where Alex Lieberman narrates the founding story and initial MVP launch of Notarize.com based on a past interview with Pat Kinsel.5:33–8:01 · Alex pushing back 0/10 Building a Defensible Regulatory Moat Across the U.S. This is a solo monologue segment detailing Notarize's state-by-state regulatory lobbying efforts across the United States to build defensibility.8:07–13:06 · Alex pushing back 0/10 Scaling Through Marketplace Transformation and API Partnerships This is a solo monologue segment breaking down how the business transitioned from an internal service into a two-sided marketplace and integrated API partnerships.13:07–15:30 · Alex pushing back 0/10 Becoming the Internet's Trust Layer and Founder Drive The host recaps the company's long-term vision and plays a soundbite from Pat Kinsel expressing his defiant motivation to prove skeptics and investors wrong.

speaking balance: gold is Alex, purple is the guest (3 minute bins)

0:00 · Alex 100% · guest 0%0:00 · Alex 100% · guest 0%3:00 · Alex 100% · guest 0%3:00 · Alex 100% · guest 0%6:00 · Alex 100% · guest 0%6:00 · Alex 100% · guest 0%9:00 · Alex 100% · guest 0%9:00 · Alex 100% · guest 0%12:00 · Alex 92.5% · guest 7.5%12:00 · Alex 92.5% · guest 7.5%15:00 · Alex 100% · guest 0%15:00 · Alex 100% · guest 0%
Sharpest disagreement ▶ 14:32 Defiance toward doubters and investors

Pat Kinsel expresses combative motivation, recalling how skeptics claimed he would never pull it off or achieve target margins, and how he smirks every time he proves them wrong.

 Hardest push from Alex ▶ 14:32 Rejection of conventional startup advice

Pat Kinsel details rejecting outside skepticism and conventional margin targets to build out Notarize against investor doubts.

 Biggest teaching moment ▶ 14:32 Founder mindset on proving critics wrong

Pat Kinsel directly explains the chip-on-the-shoulder mentality that drives elite founders to succeed despite universal skepticism.

 Alex holds their own ▶ 14:46 Host synthesizes high-performer traits

Alex Lieberman demonstrates pattern recognition by analyzing how top-tier founders use chips on their shoulders to outwork 99% of people.
the scores for every segment, with the reasoning behind each
ChapterTopicAlex as informed peerGuest teachingGuest disagreementAlex pushing backWhy
The Origin and Lean Launch of Notarize.com 0000 This is a solo monologue segment where Alex Lieberman narrates the founding story and initial MVP launch of Notarize.com based on a past interview with Pat Kinsel.
Building a Defensible Regulatory Moat Across the U.S. 0000 This is a solo monologue segment detailing Notarize's state-by-state regulatory lobbying efforts across the United States to build defensibility.
Scaling Through Marketplace Transformation and API Partnerships 0000 This is a solo monologue segment breaking down how the business transitioned from an internal service into a two-sided marketplace and integrated API partnerships.
Becoming the Internet's Trust Layer and Founder Drive 0030 The host recaps the company's long-term vision and plays a soundbite from Pat Kinsel expressing his defiant motivation to prove skeptics and investors wrong.

Statements from this episode (9)

Assertion Partly supported
Kinsel Led Notarize's Seed and Series A While Serving as Sole Employee
“He was the only employee of the business for the first nine months, and interestingly, he was also the seed and series A lead investor in Notarize.com. Yeah, that's right. He was the founder of the business, but he also funded the business because he was a ven…”
Alex Lieberman Oct 6, 2021 ▶ 3:06
Assertion Supported
Lieberman: Virginia Was Only State Permitting Digital Notary in 2015
“When Pat first looked at this business, he saw that most states in the U.S., other than Virginia, didn't allow for digital notary, and they required an in-person witness.”
Alex Lieberman Oct 6, 2021 ▶ 4:33
Assertion Supported
Lieberman: 34 States Legalized Digital Notaries Since Notarize Launched
“Since the company launched, 34 states have made digital notary legal, and he's currently working with the government at the federal level to pass legislation about remote online notary.”
Alex Lieberman Oct 6, 2021 ▶ 6:42
Insight
Digitizing Fragmented, Arduous Physical Work Creates Massive Competitive Moats
“There is such an incredible competitive advantage awarded to businesses that basically end up doing the shitty work to digitize a highly fragmented physical environment that no one else wants to spend the time doing.”
Alex Lieberman Oct 6, 2021 ▶ 7:10
Assertion Supported
Lieberman: Notarize Valued at $760M After $130M Series D
“The company has raised two hundred and thirteen million dollars to date, with a one hundred and thirty million dollar Series D in March that valued the company at seven hundred and sixty million dollars.”
Alex Lieberman Oct 6, 2021 ▶ 7:36
Assertion Not checkable as stated
Lieberman: Notarize Grew 600% in 2020 and 10x Over Five Quarters
“The company grew 600% in 2020, and it has 10 X in the last five quarters.”
Alex Lieberman Oct 6, 2021 ▶ 7:46
Assertion Not checkable as stated
Notarize Received 3,000 Inbound Customer Inquiries Per Week During COVID-19
“At one point in COVID, 3000 customers were reaching out inbound every week to use Notarize.com.”
Alex Lieberman Oct 6, 2021 ▶ 9:53
Insight
Most Corporate Partnerships Are Massive Time Drains Yielding Little Value
“I traditionally have been so skeptical of partnerships because I found that they are a huge time suck, and very few of them are actually fruitful.”
Alex Lieberman Oct 6, 2021 ▶ 11:44
Assertion Supported
1.25 Billion Annual Notarizations Represent a Multi-Billion Dollar Market Opportunity
“There are 1.25 billion notarizations every year, and you can be a multi-billion dollar business just serving this market.”
Alex Lieberman Oct 6, 2021 ▶ 13:17
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