In Depth From reluctant founder to $2B valuation: The story of Persona | Rick Song (Co-founder and CEO)
May 8, 2025
Rick Song, co-founder and CEO of Persona, shares insights from his journey transitioning from a secure role at Square to launching a game-changing identity verification platform. He discusses the importance of skepticism in shaping early strategies and explores the challenges of scaling in competitive markets. The conversation also highlights unexpected customer validations, evolving pricing strategies, and lessons learned from his co-founder. Rick emphasizes the critical nature of product-market fit in an AI-driven world and the value of strong partnerships in entrepreneurship.
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Landing First $50 Customer
- Rick Song and Charles Yeh landed their first paying customer, an e-commerce shop needing age verification, after a casual coffee shop meeting.
- They accepted a $50/month deal and began building a custom automated government ID verification product for them.
Skepticism Drove Early Strategy
- Rick Song was skeptical Persona could build a universal, cross-industry identity platform and sought to disprove it.
- This skepticism drove a strategy of intentionally testing many diverse industries to invalidate the universal platform idea early.
Embrace Atypical Paths
- Founders should embrace an atypical approach to validate their business instead of only following common startup advice.
- Your approach should align with your personal style and what makes sense to your team.