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Stephanie Le

Peter Thiel | How to Start a Startup: Competition is for Losers | SVIC Interview

November 13, 2020/0 Comments/in Video, Investors Therapy /by Stephanie Le

Silicon Valley Investors Club (SVIC) is a global community of STEM professionals interested in making smarter investment and career decisions.

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Peter Thiel is an entrepreneur and investor. He cofounded PayPal, led it as CEO, and took it public; he made the first outside investment in Facebook, where he serves as a director; and he cofounded Palantir Technologies, where he serves as chairman. He has recently released a pre-recorded video that focuses on what makes a business valuable and how to successfully expand your startup.

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In This Talk, You’ll Learn About:

  • What specifically makes a business valuable to a customer
  • How advertising is used online and globally to capture audiences
  • The story of Paypal and how it expanded to become the brand it is today
  • The marginal costs of software
  • Technological progress and innovation over the years

Related Interviews: Interview with Annie Duke, Thinking in Bets

Episode Notes:

  • 00:03 Introduction and welcome of Peter Thiel.
  • 00:56 Capturing/creating value – what makes a business valuable.
  • 03:43 Pros and cons to the world of perfect competition.
  • 5:00 Two kinds of businesses in this world – perfectly competitive, and monopolies.
  • 06:45 Lies people tell about their businesses and how they work.
  • 7:55 Examples of how the lies work in practice.
  • 9:30 Is the intersection valuable – is it real, does it make sense?
  • 10:19 The Search market – the opposite lie.
  • 11:04 The advertising market – Online advertising, US advertising, and global advertising.
  • 11:30 Technology market – competition between cars, phones, social network.
  • 12:38 The evidence of the narrow markets in the tech industry.
  • 13:27 How to build a monopoly. Right size – start small and monopolize.
  • 15:02 Starting small and expanding – the PayPal story.
  • 18:44 Characteristics of monopoly businesses – proprietary technology, network effects. economies of scale branding.
  • 19:58 Characteristic of a monopoly technology company – PayPal and Amazon. comparison.
  • 21:36 Economies of scale – high fixed costs, low marginal costs, and branding.
  • 25:20 Time dimension to the characteristics.
  • 27:12 Value of the future – the last mover advantage.
  • 27:54 History of innovation – two slightly directions with this monopoly versus competition idea.
  • 28:27 Technological innovation – technological progress over the years.
  • 29:08 Valuable innovations – lack of reward for inventors.
  • 32:00 Vertically integrated complex monopolies.
  • 34:21 Software and economies of scale, low marginal costs.
  • 37:02 Psychology and competition – competition is for loser’s idea.
  • 38:1 Mimetic preferences – human nature and problematic behavior.
  • 38:36 Competitions as validation – does the intensity of competition make sense.
  • 42:23 Question and Answer session.

Related Interviews: Interview with Sebastian Junger, author of “Tribe: On Homecoming and Belonging”

Recommended Book

Zero to One by Peter Thiel

Check out the Silicon Valley Investors Club (SVIC) Library for more great reads.

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  • Peter Thiel | How to Start a Startup: Competition is for Losers | SVIC Interview - November 13, 2020
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Tags: growth, monopolies, startups, svicinterview
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