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Patrick Collison
Irish billionaire entrepreneur
There appears to be a mistake in the query - Patrick Collison is not a Content Strategist at Stripe. He is the co-founder and CEO of Stripe.
Early Life and Education
Patrick Collison was born in 1988 in Ireland. He attended Castletroy College in County Limerick and later enrolled at the Massachusetts Institute of Technology, though he eventually dropped out in 2009 to focus on his entrepreneurial ventures.1
Entrepreneurial Journey
In 2007, at age 18, Collison co-founded Auctomatic, a software company, with his brother John. The company was acquired by Canadian firm Live Current Media in 2008, making the Collison brothers millionaires at a young age.1
In 2010, Patrick and John co-founded Stripe, an online payments company that has become a core part of the internet's infrastructure. Under Patrick's leadership as CEO, Stripe has grown to serve millions of businesses worldwide, processing over $1 trillion in payments.2
In 2021, Collison co-founded the Arc Institute, a biomedical research institute that partners with Stanford, UCSF, and UC Berkeley to study complex diseases.2
Leadership and Culture at Stripe
As CEO, Collison has been instrumental in shaping Stripe's unique organizational culture and enabling its rapid growth. He emphasizes the importance of having the right leadership in place to scale the company effectively.3
Collison has navigated challenges such as the economic shifts during the COVID-19 pandemic, making difficult decisions like reducing Stripe's workforce by 14% in 2022 to align with the changing economic climate.4
Despite his success, Collison remains focused on Stripe's mission of growing the internet economy and supporting entrepreneurship worldwide.4
Highlights
I'm very excited that we now have results from an almost two-year randomized controlled trial that we ran across thousands of businesses on Stripe: those that accepted a loan from @Stripe Capital grew annual revenue around 27% faster.
(Two years isn't that long in the scheme of things, but it is when you're waiting for the results of an experiment you're interested in.)
We had two kinds of controls: businesses to whom we offered loans but didn't accept them, and a holdout group of businesses to whom we randomly did not offer loans but which were otherwise identical to those to which we did. As such, we feel confident in the causal nature of this conclusion.
While this might not sound like news ("capital increases growth"), I think the finding is a good reminder that many businesses are still quite capital-starved (this effect is on top of all of the other sources of capital that businesses have access to), and it is consistent with what we hear directly from businesses in surveys. Beyond Stripe, inefficient capital allocation at economy-wide scale is likely a major bottleneck to growth around the world.
We have an ambitious roadmap planned and we're very much looking forward to expanding worldwide access to growth capital.
Today is @arcinstitute's fourth birthday!
Thank you to the scientists for their amazing work (I was very optimistic about what would be possible, but I didn't expect so much progress so soon), and to the Arc employees, donors, partners, and friends who've made everything possible along the way.
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