20VC: The Secret to Negotiating; Making $50BN for Yahoo on Alibaba | Why Everything You Know About Hiring is Wrong; Domain Knowledge and Past Experience are Dangerous | The Next 10 Years for Fintech; Winners, Losers and Crypto with Jackie Reses, CEO @ Lea

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The Twenty Minute VC

Finance, Venturecapital, Tech News, News, Siliconvalley, Technology, Investing, Startups, Business

4.4 • 637 Ratings

🗓️ 31 March 2023

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jackie Reses is the Chair and CEO of Lead Bank, a community bank in Kansas City. Previously, she was the Executive Chairman of Square Financial Services and Capital Lead and Head of the People Team at Block Inc (Square). Prior, she had leadership positions at Yahoo! and was a Partner at Apax Partners Worldwide. Jackie also spent seven years at Goldman Sachs in mergers and acquisitions and the principal investment area. Jackie is on the board of directors of Endeavor, Affirm and Nubank. Previously, she served on the Board of Directors of Alibaba Group. She has been named one of Forbes' “Self Made Women”, Fast Company’s “Most Creative People in Business,” and American Banker “Most Powerful Woman in Finance”.

In Today's Episode with Jackie Reses We Discuss:

1. From Humble Beginnings to "Most Powerful Woman in Finance":

What is Jackie running from?
How did Jackie's upbringing impact her approach to business and management today?
What does jackie know now that she wishes she had known when she started her career?

2. Building the Best Teams: Lessons from Square and Yahoo

Why does Jackie believe that past experience is BS in hiring candidates for a role?
Why does Jackie deliberately not look for domain knowledge when hiring?
Why does Jackie believe employers should tell candidates what they suck at in hiring?
What does Jackie mean when she says, "you have to invest in people for 20 years"?

3. The Best Deal-Maker in the Business: Secret to Negotiating:

What does Jackie believe is the secret to successful negotiations?
How did Jackie do the Alibaba deal for Yahoo and make $50BN for them?
Why does Jackie believe the Laffonts and Coatue are the best risk managers?
What are the biggest mistakes people make in deal-making today?

4. The Next Wave of Fintech:

Who wins and who loses in the next wave of fintech?
What will happen to the crypto industry? How will crypto be regulated?
Why does Jackie believe that financial super apps are BS?
Why does Jackie believe that Goldman tried and failed to innovate?
Will we see a wave of M&A in fintech over the coming years?

Transcript

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0:00.0	I focus on what I think the person's innate skills are as a human, not what jobs they've had in the past.
0:07.0	Disarm people in an interview by saying, let me tell you what I suck at.
0:10.7	I now index away from domain knowledge than I ever did because a lot of what we're creating hasn't been done before.
0:18.2	This is 20 VC with me, Harry Stebbings, and today's guest has been described as the most
0:21.9	powerful woman in finance.
0:23.6	She's an OG of the industry, and I'm just so thrilled to welcome to the show Jackie Reese's.
0:28.0	Jackie is the CEO of Lead Bank, a community bank in Kansas City.
0:31.9	And before Lead, she was thinking executive chairman of Square Financial Services, and before
0:36.2	Square had leadership positions at Yahoo
0:38.5	and was a partner at Apex Partners. Jackie's also on the board of some incredible companies,
0:43.2	including a firm, new bank and endeavored, to name a few. But before we dive into the show
0:47.7	today, you've heard me talk about how Coda is the dock that brings it all together and how it
0:51.7	can help your team run smoother and be more efficient.
0:54.7	I know this because Coda helps me and 20VC.
0:58.4	So much prep goes into each episode of 20VC with 10 references for each guest.
1:03.2	And with Coda, multiple of my team members can work together on the research,
1:06.9	find commonalities, differences, comment on each other's work, and just be so much more efficient.
1:11.6	And so by putting all of their work in one centralized location, regardless of the format, Coda eliminates roadblocks that can stop your team in their tracks.
1:19.6	So with Coda, you'll never ask, where are the latest project updates, anyone know where the performance stats are?
1:24.6	This is what slows down productivity and collaboration, and with Coda, your team can operate on the same information and collaborate in one place
1:31.9	to get projects across the finish line faster. Help your team run more smoothly, more efficiently
1:36.8	with Coda. Get started today for free, head over to coda.io slash 20VC. That's Coda.io
	...

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