Coinbase co-founder and CEO Brian Armstrong discusses the psychological toll and lessons learned from trying to scale his first venture, UniversityTutor.
0:00 / 0:21exact quote · 21.3s
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“When you're trying to get product market fit, you know, you're just continually tweaking things, and getting customer feedback, and fixing bugs, and you never know if you're one more fix from turning the corner, and then boom, organic growth just starts
To take off on its own.
or maybe it's just never going to work and you don't actually know and not knowing is actually really kind of what gets people down in entrepreneurship”
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More from Brian Armstrong
Insight
Armstrong: Unanimous consensus committees miss breakthrough innovations
“I think there's a real danger in consensus, especially when you're talking about real breakthrough innovation, because yes, Every breakthrough innovation looks like a bad idea, but it's actually a good idea, and so you, I think you really want to avoid, like, …”
Armstrong: Less than 1% of crypto transactions are for illicit purposes
“And so the best data that I have on it today, like over the last couple of years, is that crypto transactions, it's less than one percent are for illicit purposes.”
Brian ArmstrongNov 15, 2021▶ 1:03:49Coinbase: Brian Armstrong
AssertionSupported
Armstrong: Only 5% of Coinbase employees took severance after 'no politics' memo
“It turned out it was about five percent of the company. We offered this exit package to people, anybody who was not on the same page and wanted to make it all win-win, about five percent of the company decided to take the exit package”
Brian ArmstrongNov 15, 2021▶ 1:15:12Coinbase: Brian Armstrong
PredictionNot checkable as stated
Armstrong: Crypto could become 20% of global GDP within two decades
“Crypto as a whole industry, I think could become 10, 20% of global GDP, like in maybe 10 or 20 years, something like that.”
Brian ArmstrongNov 15, 2021▶ 1:19:42Coinbase: Brian Armstrong
Disclosure
Armstrong: Coinbase preferred shutting down over pivoting to enterprise banking software
“If we have to pivot this company to be an enterprise software company, I think we maybe just want to shut it down and return capital to investors. Cause like, I just didn't want to run that company. Like we really were in it for the mission. We were a mission …”
Armstrong: Legacy financial services hold back innovation and human progress
“Financial services is really holding back innovation in the world. And it's holding back human progress because people don't have the freedom to participate in this global economy because of all the barriers to innovation.”
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