New ideas could surface easily, then rapidly gain traction. From the outside, looking at Shopify, I think part of the benefit you had, and this is actually, I think, among the group think of Silicon Valley, is everyone thought it was a combination of Amazon and maybe eBay, and it was all locked up. Everyone else has to lose, in order for you to win. No, I think it’s among the different parts of genius. Then he opened the platform to outside developers, so they could create specialized apps that merchants could install on their stores. The best way to tell real stories is this idea of a brand. I’d say Tobi’s choices were more than just “reasonable”. As soon as there’s a new sales channel, as soon as Instagram says, “Okay, we will allow products to be sold,” you add Instagram as a new channel to your Shopify account, Shopify store, and you’re off to doing it.But it’s worth talking about what this used to be like, right? All companies have rituals, from holding all-hands meetings to measuring KPIs. They could just sign up on Shopify and do it in a matter of minutes. because this is retail, you realize retail is basically everything, it’s a four trillion-dollar business, a four trillion-dollar market just for online parts in the next couple of years.And so it’s like, this is so unbelievably big. Cameo appearances by: Bill Gates, Eric Schmidt (Google), Julia Hartz (Eventbrite), and Gustav Söderström (Spotify). Be a platform, w/Shopify's Tobi Lütke in full in the Spotify appListen to all your favourite artists on any device for free or try the Premium trial. Guests on the show come from a wide range of backgrounds and share insight into topics … Because no one has ever built software for the new businesses. Be a platform, w/Shopify's Tobi Lütke It’s amazing and super gratifying part of Shopify’s journey now where you know a lot of little lights can become a sun. The more people buy the iPhone, the more companies would develop apps. And that gave me a lot of hope. It’s a platform that lets independent merchants sell lemonade. And do I see the team wanting to build the platform, and how to do it?
Tobi remembers asking early merchant developers if they’d be willing to turn their custom apps into something any merchant could buy.The question we always asked, saying, “Hey, would you generalize this, and make it so that other people could also use this?” And eventually we heard “yes” more often than “no” to this question, and that’s when we introduced an App Store, where these developers could list their software, and created the software discovery issue. Masters of Scale is an original podcast hosted by Reid Hoffman, co-founder of LinkedIn and investor at Greylock. And I didn’t think being top three would be that valuable. Cameo appearances: Bill Gates, Eric Schmidt (Google), Julia Hartz (Eventbrite), Gustav Söderström (Spotify).“The best way to tell real stories is this idea of a brand – and giving brands a way to have something they own on the internet is hugely important.”Meet eight-year-old Archibald T. Whinnymaker, III. It’s a phenomenon called “feature creep.” And Tobi had seen it before, in previous versions of Microsoft Word, for example.e were worried about what we internally called the Microsoft Word toolbar problem. Apple could have decided to make all the apps themselves. And app developers for the platform made over $90 million dollars. The secret to massive scale? This success all ties back to Tobi’s decision to turn Shopify into a platform, one that helps merchants build online stores, and also helps developers build specialty stores for merchants.That might sound like a money grab, but it’s actually quite the opposite. Tobi could see the virtuous cycle that SIlicon Valley created: The best companies draw the best talent and build the best products, which draws more talent and more companies. Only too late did he learn the path to true strength lies not in monolithic power, but in letting as many lemonade stands flourish as there are people who want to sell lemonade. This browser doesn't support Spotify Web Player. Show Masters of Scale with Reid Hoffman, Ep Shopify's Tobi Lütke: Be a platform - Feb 13, 2020 Build a virtuous cycle and you’ll emerge the biggest winner of all. Build a virtuous cycle where everyone wins, and you’ll emerge the biggest winner of all. Until… Eventually, someone took me aside and gave me the good advice that I will never ever find anyone who will care as much about Shopify as I do. And they said “So that sounds interesting. And I believe the secret to MASSIVE scale is compressed in three words: “Be a platform.” Build a virtuous cycle where everyone wins, and you’ll emerge the biggest winner of all.Conventional wisdom tells you: Business is always a zero-sum game. I did the day-and-night thing, probably working 16 hours a day, and a couple months later launched the snowboard store, and it ended up working really, really well. And this puts your virtuous cycle into high gear.Cultivating a rich ecosystem of third-party developers isn’t the only way to do this though. And a platform should be your end-point, but it shouldn’t be your only aim. And all under the Whinnymaker brand! Be a platform. So I started doing this. For instance, when I hire someone, the chance of us working together in five years or 10 years, is massive, in Ottawa and Toronto. Now witness how Archibald takes his first misstep. It’s the next 20% which are perfectly unique.Building the first 80% was straightforward. I just, even when I was meeting with venture capitalists, they always wanted me to answer how big the TAM was. It was so clear that no one who’s ever run a retail business had had any part in building these pieces of software.So the best option became for me to just build my own software from scratch, instead of using anything out there. Then a state-wide lemonade franchise. It’s an amazingly thriving ecosystem. Be a platform. The secret to massive scale? Maybe I could sell them from your stand?
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