2min snip

ACQ2 by Acquired cover image

Ben and David on My First Million

ACQ2 by Acquired

NOTE

Alibaba three things that lead to failure

There are three things that lead to failure./nMoney plans a technology./nHe goes, so our plan was no money, no plans, no technology./nWhat?/nAnd this is crazy because it's like a tech company worth like $40 billion./nLike, what are you talking about?/nAnd he goes, hey, he goes, all right, here we go./nMoney, money makes people stupid./nAnd when problems come up, their first instinct becomes throw money at it rather than attacking it with creativity./nSo basically way back when Google was like dominating with AdWords./nAnd so the people at Alibaba were like, we need to make our version of AdWords./nAnd he goes, you know, this is no ordinance. Like, you know, building this type of ad network is not like super simple./nHe goes, so Jack Ma cut a check for $250,000 to build this project./nAnd let's team like laugh like, you're you're missing three zeros on the back of this. Like, what are you talking about? $250k./nAnd he goes, that's how much money it took me to start Alibaba. Like, I had less than that starting the whole company./nSo if you need more than that for a feature, we're doing it wrong./nAnd he's like, they're like.

00:00

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.
App store bannerPlay store banner

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode