In this episode of "20 minutes VC," host Harry Stebbings interviews Paul English, co-founder of Kayak and Lola. Paul shares insights from his journey as a programmer with a passion for music to a successful entrepreneur, emphasizing the importance of creativity, empathy, and problem-solving in tech startups. He discusses his approach to hiring, aiming to work with inspiring and smarter individuals, and the significance of building a strong culture within a team. Paul also touches on his experiences with fundraising, IPOs, and the value of smart money over higher valuations. Additionally, he highlights his method of managing a high volume of emails and the importance of balancing personal and professional life. As a philanthropist, Paul advises finding inspiring leaders to support and shares his personal challenge of being bipolar, advocating for transparency and shared problem-solving. Looking ahead, Paul's goal for Lola is to create an electrifying work environment that fosters growth and passion among its team members.
"So I'm very excited to welcome Paul English, co-founder of both Kayak and Lola."
This quote introduces Paul English as a significant figure in the tech and startup industry, highlighting his successful ventures and philanthropic efforts.
"I look at it, arranging music and writing code are very similar to me, and I did both in college, and then I ended up working full time as an engineer, going to school kind of at night and then just taking it from there."
Paul English draws parallels between music arrangement and programming, indicating a creative and structured approach to his work in technology.
"I think to be a successful entrepreneur, and this has been said many times by a lot of people, but I believe that the most important thing you can do is build the culture and the team and the interactions."
Paul English emphasizes the importance of team culture and dynamics in entrepreneurship, linking it to his early life experiences.
"I think most creativity comes out of people who are empaths for problems."
This quote highlights Paul English's view that creativity in business is driven by a deep understanding of and empathy for problems.
"It's the radar lock on the problem that allows you to keep iterating and trying and trying and trying different things so eventually you find something that works."
Paul English explains that persistent focus on a problem is key to developing effective solutions through continuous iteration.
"It's only when I get one person excited do I say, okay, maybe there's something here, and then I pitch it to more and more people."
Paul English describes his process of idea validation, which relies on sparking interest in at least one other person as an initial litmus test.
"I'm going back and forth on my phone, and"
Although the quote is incomplete, it suggests Paul English's dedication to the hiring process, indicating that he is constantly involved in recruiting talent for his ventures.
"And there's a woman who did a task, like a year ago, and I vaguely remember I never met her in person, but being really, really impressed with her organizational and writing and all that."
This quote highlights Harry Stebbings' ability to remember and appreciate talent, even from brief or indirect interactions, and his consideration of future opportunities for collaboration.
"I think it's a couple of things. I mean, one is you need to be a storyteller and get people excited in a vision."
This quote encapsulates Paul English's perspective that a compelling vision and the ability to communicate it are fundamental to attracting top talent.
"But it's also trainable, for sure."
Paul English stresses that while some people may have an innate charisma, the ability to connect with others is a skill that can be developed and honed over time.
"So they don't hire people that are daring enough and they're going to challenge them and push them."
This quote reflects Paul English's belief that a common mistake among tech founders is not hiring individuals who can provide constructive challenges and drive innovation.
"What I mean by that is you want people that have been successful for sure, and they don't have to have done what you need them to do right now."
Paul English explains that past success is indicative of transferable skills and that confidence combined with humility can be a powerful attribute in team members.
"I look at them both as incredibly bright."
This quote highlights Paul English's admiration for VCs who possess intellectual acuity and the capability to guide entrepreneurs effectively.
"So I've had to coach board members about how I want them to operate in my board meeting."
Paul English shares his approach to directing board members to ensure productive and efficient board meetings.
"I'll say, I think that's a really great idea, but I don't think we can think about that until we get x, Y and Z done."
This quote illustrates Paul English's method of diplomatically addressing board suggestions by prioritizing the company's immediate goals.
"We can't leave a board meeting with 50 action items to really effective. You have to think about what are the two or three really most important things and then make sure you crush those between board meetings."
This quote emphasizes the necessity of focusing on a few critical tasks rather than an overwhelming number of actions post-board meetings, which leads to increased effectiveness and productivity.
"I am a believer that you want to get smart money, and I'd rather take smart money at a lower valuation than dumb money at a higher valuation."
Paul English's quote reflects his investment philosophy where the quality and compatibility of investors take precedence over merely obtaining a higher valuation for the company.
"We were able to raise at an 800 million dollar valuation, which was crazy given that we're only 39 employees, but we raised on our growth rate was looking really good."
The quote illustrates a specific instance where maximizing valuation was crucial for Kayak to achieve a strategic acquisition without excessive dilution of equity.
"Your customers don't care who invested in you. And for the most part, your customers don't even care if you're a private company or a public company."
Paul English's quote suggests that customer-centricity should be the primary focus for founders, rather than the prestige or public relations benefits that might come with investment milestones.
"It was great. But it didn't change things one day to the next day for our customers."
The quote conveys that while an IPO can be a significant financial event for a company and its employees, it does not necessarily impact the fundamental business operations or customer experience.
"I think at the core, I mean, I'm an engineer by training my best skill. If I had to put me functionally on an.org chart, I would say would be product manager."
This quote reflects Paul English's self-awareness of his strengths and the recognition of the importance of delegation in leadership roles.
"I am pretty disciplined about my time."
Paul English's quote highlights his structured approach to managing a busy schedule, ensuring he dedicates time to various aspects of his life while keeping his priorities in check.
"And then also balancing that with time that you're helping other people with their projects. And I think unless you have a good balance between those two things, you end up having really stressful, miserable days."
This quote emphasizes the importance of finding equilibrium between focusing on personal tasks and assisting others, which is essential to avoid stress and unhappiness.
"So the first one is I delete it... The second thing is you have to do something about it... The third thing I do is delegate... And then the fourth one is defer..."
Paul outlines his systematic approach to email management, which involves making immediate decisions to delete, do, delegate, or defer emails to maintain efficiency and control over his inbox.
"There's a collection of essays I've read with him recently called the Trumpet of Conscience. It's just remarkable in sort of the breadth and depth of his work and what a visionary he was and what a citizen of the world."
Paul suggests this book due to its profound impact on him, highlighting the significant influence of Martin Luther King Jr.'s work on his thinking.
"I think it's, last night I met for drinks with someone who worked for me twelve years ago, and I met her and her colleagues that she works with now, and she told them that, she said, working for Paul was the best job I've ever had..."
This quote reflects Paul's pride in creating a positive work environment that leaves a lasting impression on his team members.
"Find a leader that inspires you. Write them checks first and ask the question second."
Paul's philosophy on philanthropy focuses on identifying and financially backing inspiring leaders, allowing them to operate effectively in their areas of expertise.
"One of his quotes that I've always really liked is, it's always the right time to do what's right."
This quote is a personal motto for Paul, reflecting his commitment to integrity and ethical action in all situations.
"I'm bipolar... I remember one of my guys who worked with me said, you seem really depressed... you don't have the energy you used to have."
Paul shares a personal moment that led him to embrace his natural tendencies while managing his bipolar condition, highlighting the importance of authenticity and self-acceptance.
"The first thing is I do is I share information about it. So I believe in radical transparency... I'm a big believer in shared pain."
This quote underlines Paul's approach to crisis management, which involves open communication and relying on a supportive team to navigate challenges.
"I want to create the place that's the most exciting place of people's career... Creating this electrifying environment where people are very brilliant but passionate, they love working together."
Paul's vision for the next five years includes building a vibrant and dynamic team culture that enhances career satisfaction and development for his employees.
"What an incredible guest to have on the show. And I want to say a huge thank you to Paul for giving up his time today to appear on the show."
The host expresses gratitude to Paul for his contribution to the podcast and encourages the audience to connect with him and the show online.