A recession saved Shopify after Lütke borrowed payroll for 18 months
Tobi Lütke · #41 Tobi Lütke: The Trust Battery · Sep 18, 2018 · at 1:28:58
Shopify founder and CEO Tobi Lütke discusses the company's early financial struggles and near-death experiences with host Shane Parrish.
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“I spent a year and a half being out of money and asking my father-in-law, who I was living with me and my wife for checks to meet payroll, and I don't, I never will figure out why he actually gave those checks to us, but, like, we were essentially dead on life support for a long time, and it was only actually a recession which sort of saved Shopify because at this point it was good enough, and, People were replacing really expensive e-commerce systems with much cheaper, but at this point better Shopify, and that kind of Got us back into life.”
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