Prompt Cast
Eric Ries and the Origins of the Long-Term Stock Exchange
TLDR Eric Ries, founder of the Long-Term Stock Exchange (LTSE), reflects on his experiences with failed startups and frustration with traditional methods, leading to the creation of the lean startup framework and the vision for the LTSE. The LTSE aims to prioritize long-term investors and provide a corporate governance platform for startups, while also addressing challenges such as resistance to change and customer adoption.
Timestamped Summary
00:00
Eric Ries, founder and CEO of the Long-Term Stock Exchange (LTSE), discusses the origins and polarizing nature of his idea, as well as the vision and goals of the LTSE.
06:05
Eric Ries dropped out of Yale during the dot-com bubble to start a startup from his dorm room, which was focused on creating online profiles for college students to share and use for job recruitment, but they didn't understand the concept of a pivot and missed the opportunity to become Facebook.
11:17
Eric Ries reflects on his experience working at a virtual reality startup that ultimately failed, but led him to meet influential people and become a co-founder of another company.
16:36
Eric Ries reflects on his frustration and attempts to find a way to explain and advocate for his ideas on lean startup methodology, eventually leading to the creation of the lean startup framework.
21:47
Eric Ries reflects on his frustration with traditional startup methods and his attempts to explain his lean startup ideas, leading to the creation of the lean startup framework and the writing of his book.
26:50
Eric Ries discusses the importance of the build, measure, learn feedback loop in analyzing every dollar spent by a company and cutting out any spending that doesn't contribute to learning critical things about the company, leading to the practical application of the lean startup framework.
32:49
The Long-Term Stock Exchange (LTSC) aims to align with the next generation of leaders who value sustainability, diversity, and equality, and want financial infrastructure that supports their vision, by allowing companies to sign up to principles that prioritize long-term investors and treat all stakeholders as first-class members of the decision-making process.
38:19
The rise of algorithmic trading and index funds in the financial world has led to the need for the Long-Term Stock Exchange (LTSC) to allow for a different view on governance and ownership in order to prioritize long-term investors and the company's long-term interests.
43:42
The Long-Term Stock Exchange (LTSC) allows for different voting systems and incentives, such as adding a multiplier to the amount of votes held by long-term stakeholders, in order to prioritize long-term investors and encourage long-term ownership.
48:46
The private markets have created a situation where long-term investors struggle to get the ownership they want in companies, leading to volatility and confusion, and a lack of information about the true value of a company's stock.
53:53
The Long-Term Stock Exchange (LTSC) aims to get companies to adopt good governance from an early age, providing a corporate governance platform for startups and offering various tools and services to help founders with evaluations, cap table management, runway planning, option planning, and hiring planning.
59:09
The Long-Term Stock Exchange (LTSC) aims to provide a corporate governance platform for startups and offers various tools and services to help founders with evaluations, cap table management, runway planning, option planning, and hiring planning, while also providing liquidity and access to liquid options for businesses.
01:04:20
The Long-Term Stock Exchange (LTSC) aims to fix a trillion-dollar problem in capitalism by creating an order of magnitude of value, even if it means being a worse business than other stock exchanges, and is focused on solving problems with large dollar size transactions in the current system.
01:09:55
The Long-Term Stock Exchange (LTSC) faces challenges in overcoming resistance to change, opposition from those benefiting from the current system, and the uncertainty of customer adoption, but has employed various strategies such as lean startup methodologies and building relationships with investors to mitigate these risks.
01:15:20
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