Tobi Lütke on Shopify’s impact on the creator economy, COVID forcing focus, early Internet breakthroughs, evolving as a remote manager & much more | E1184

watch

listen

about this episode

Top Insights

  • Removing friction creates new opportunities and increases market size.
  • Shared priorities of some of the best companies in the world:
    • Priority #1: Go build the best product you can possibly build
    • Priority #2: Make some revenue so that you can do more of Priority #1
    • Priority #3: Never do #2 at the expense of #1
  • Important technologies of the future look trivial today (like games or toys), just like the Internet did in the ’90s.
    • Examples: Crypto, NFTs, Biohacking sensors
  • Software innovation compounds.
  • Going forward, the best companies in the world will be built fully-remote, with in-person events deliberately distributed (all-hands gatherings, etc.)

For more pod notes, click here.

Check out Shopify: https://www.shopify.com

FOLLOW Tobi: https://twitter.com/tobi
FOLLOW Jason: https://linktr.ee/calacanis

Listen here:
Apple: https://podcasts.apple.com/us/podcast/this-week-in-startups-audio/id315114957
Spotify: https://open.spotify.com/show/6ULQ0ewYf5zmsDgBchlkr9
Overcast: https://overcast.fm/itunes315114957/this-week-in-startups-audio

Show notes:
1:03 Jason intros Tobi Lutke & they discuss the footprint of Shopify when Tobi was last on the podcast in 2013
6:09 Shopify’s ecosystem vs. Amazon’s ecosystem
11:55 Odoo – Get your first app free & $1000 off your first implementation pack at https://odoo.com/twist
13:26 Adding the Shopify App Store, friction & breakthroughs of the early Internet revolution
25:16 LinkedIn Marketing – Get $100 off your first advertising campaign at https://linkedin.com/thisweekinstartups
26:48 mRNA vaccine breakthrough
31:20 Pandemic lessons, managing remote work
40:15 Vanta – Get $1000 off your SOC 2 at https://vanta.com/twist
41:51 Second order effects of remote work, sunk cost of real estate
46:31 Comparing blacksmithing with software development, Shopify’s rapid growth & impact on the creator economy
59:43 Shopify’s early fundraising, democratized investing, “vote with your dollars”
1:04:43 Forced focus due to the pandemic, importance of anti-fragility, future for commercial storefronts
1:12:55 Leveling of remote salaries, sci-fi future of work becoming reality, will cities lose their monopoly on great jobs?
1:20:36 Mental models, art of scaling, why Shopify has never sold

Subscribe to our YouTube to watch all full episodes:
https://www.youtube.com/channel/UCkkhmBWfS7pILYIk0izkc3A?sub_confirmation=1

Subscribe to TWiST Clips for all the best moments:
https://www.youtube.com/channel/UCS7tJlcUA6PzVHEMo-X7ddg?sub_confirmation=1

more episodes