AngelList Confidential 2022 Eric Glyman: How to be a Second Mover
Dec 1, 2022
Eric Glyman, CEO of Ramp and a FinTech innovator, shares insights on thriving as a second mover in competitive markets. He discusses how to maintain product velocity by understanding customer needs and emphasizes the transformative shifts in fintech driven by regulation. Glyman highlights the importance of opinionated leadership, balancing vision and adaptability. He also shares strategies for team alignment in growing businesses and the keys to decoding success through real-time metrics and effective storytelling for market positioning.
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Market Dynamics
- The corporate card market isn't winner-take-all, and has multiple large players.
- This dynamic allowed for new entrants like Ramp, despite American Express's long-standing dominance.
Misaligned Incentives
- Existing corporate cards incentivize spending, not saving, which misaligns with customer needs.
- Ramp aimed to address this misalignment by designing a card that encouraged less spending.
FinTech Boom Origins
- The 2008 financial crisis and subsequent regulations like the Durbin Amendment unintentionally created the FinTech boom.
- This legislation changed interchange fees, incentivizing smaller banks and enabling companies like Square and Marquetta.