00:20:35 · Guillaume Moubeche, Steven Schwartz
[00:20:35] S1: A lot of people actually have tried, you know, with the the faster checkout, like, to to make it work. I think there were a company called Fast Nutris, if you remember them. Mhmm. I do remember them. Yeah. So is it something you're trying to push also? So when someone has entered, like, all their details on the Whop platform and they come back, all the details can be entered, like, a lot faster, like, with a one click checkout or something like this? [00:20:57] S0: We have that now, and it... It's awesome. You can you can pay with stored stored pay methods. If you make money on the platform, you can use that to pay. It's it's awesome. [00:21:08] S1: And I'm guessing, like... Because I was talking with with the CRO, Antoine Lennell, at Revolut, and essentially, like, what he was telling me is because they have, like, credit card payments, and also, like, the platform, essentially, when you make a transaction and you you hand... You have both the credit card and the platform, the the fee is equal to zero. Yes. So on your case, I'm assuming it's similar if it's like a a Whop customer who basically got money and they they build their business and they wanna buy something on the Whop ecosystem, the the transaction will cost zero. Is that correct? [00:21:47] S0: That is correct. [00:21:49] S1: That's nice. [00:21:49] S0: It is nice. Yeah. Yeah. It's a it's a great thing because, I mean, who wants to... Nobody wants everything to be cost a little bit more. It's it's... Everyone saves money, both the buyer and the seller.
00:21:49 · Steven Schwartz, Guillaume Moubeche
[00:21:49] S0: It is nice. Yeah. Yeah. It's a it's a great thing because, I mean, who wants to... Nobody wants everything to be cost a little bit more. It's it's... Everyone saves money, both the buyer and the seller. [00:21:59] S1: What do you feel is, like, your moat? [00:22:02] S0: We we try to make sure that the... I mean, we... No. People... Consumers and businesses and people now, like, they they want things fast, easy, and cheap. And if things can remain that way, then you'll build a long term business. I think that the idea of, mean, you know, maybe for a while there is, you could build a really strong moat by locking people into this, locking people into that. But I I don't think that's a negative way to look at it, versus saying, how can we make this existing user's life easier? And we can do that by looking at what they do today and figure out the pain points. And a lot of times, it involves those users having to go to other platforms. So when we see that, we try to bring in the functionality that they're missing to the platform. And that makes their life easier because nobody wants to use more than one platform to accomplish the same thing. And I think over time, our moat is is very much that. So we have everything in one place, and you you really don't need to to juggle multiple platforms at one time.
00:23:06 · Guillaume Moubeche, Steven Schwartz
[00:23:06] S1: Nice. Yeah. I think the the platform play is literally, like, the best because you want to have the the whole ecosystem. Building up on that, one of the challenges we faced at some point for us whenever we want to kind of, like, build our platform was either we build it ourselves or we acquire companies. So we've acquired, like, a few companies. Is that something you look at also? Like, do you ask yourself, should we buy or build it? Because I'm assuming, like, you're... We're in New York. Company is working really well, but talent is also like a scarce asset, and someone who's built something in a great way can be a great addition. So is it something you've already considered, or you want to keep everything in house? [00:23:48] S0: Yeah. 70% of our team had former businesses before they joined Whop. So we make a lot of acquisitions, and we don't always announce them. But... And the last one we announced was a fraud fighting company that had raised venture money, and the people behind it are very smart, and they've done the same thing before. They're very high agency. They're they're former founders. You know? So that's the the most talented people. So we we do make acquisitions, and it's a great way for, like you said, first and foremost, talent. I mean, the most talented people are high agency. They're obsessed with what they do. They're super curious. And oftentimes, not always, but but you're you're gonna find this in in teams that have built zero one products, especially on the engineering and and design front.
00:23:48 · Steven Schwartz, Guillaume Moubeche
[00:23:48] S0: Yeah. 70% of our team had former businesses before they joined Whop. So we make a lot of acquisitions, and we don't always announce them. But... And the last one we announced was a fraud fighting company that had raised venture money, and the people behind it are very smart, and they've done the same thing before. They're very high agency. They're they're former founders. You know? So that's the the most talented people. So we we do make acquisitions, and it's a great way for, like you said, first and foremost, talent. I mean, the most talented people are high agency. They're obsessed with what they do. They're super curious. And oftentimes, not always, but but you're you're gonna find this in in teams that have built zero one products, especially on the engineering and and design front. [00:24:37] S1: How do you make sure they stay for the long run?
00:24:40 · Steven Schwartz
[00:24:40] S0: I think you gotta make sure that they're having a... I think, like, people don't wanna waste their time. And when people feel like they're working on things that are impactful, and they're learning, and they don't wanna completely hurt themselves when they're spending all the time with people on the team, then why would somebody wanna leave? I think it's like if if that... If those are all true, then why would... I mean, what's... Like, what else can you do? I mean, that's kind of what I saw about. It's like, what's... Let's... We have a shirt that says build building cool... He's building cool show with your friends, and it's like, what more can you can you want? So... And I think monetarily, I mean, everyone on our team, I'd say, is is compensated very well, has equity in the business for the long run. And I think any any outcome that we want to go for is going to make everybody very wealthy too. So I I I... I'd say whether or not people on our team are looking for... To make a lot of money, to learn a lot of things, to work with awesome people that are funny and cool and culturally tapped in, or... Yeah. I don't know how well other people... What else can you want. Then I think that there's something here... For them. Some people on our team have have already made probably a $100,000,000 liquid cash, and they still love it. And I think I think that's good to say, it's like, it's definitely not about the money purely, and you gotta you gotta make sure you're keeping things interesting for everyone.
00:26:07 · Guillaume Moubeche, Steven Schwartz
[00:26:07] S1: Nice. I like I like that idea. I think it's it's always a struggle to find, like, the the right the right upside with with people, but as you said, like, if the project is interesting and people are learning, I think they... [00:26:19] S0: Yeah. And I think I think also a lot of it is, like, if I'm... If if me and... If if people on our team that were here from the beginning are kinda like checked out, and we're going on long vacations, and kinda just chilling, kickback, not in the office ever, don't really respond to messages, then why would anybody care? And I think the more that we're in the fight, and I I believe that the the early team is very... Still extremely excited, if not more excited than ever, and thinks that we're actually feel smaller for some reason now than we did four four years ago, I think that's a very good sign that the the rest of the group is going to get... Have that energy rub off on them, and and it's very important to not check out. [00:27:08] S1: I agree. You you mentioned, like, the word, like, fighting. Yeah. Who are you fighting against?