Prompt Cast
Learn from Patreon's Mistakes and Successes with Jack Conte
TLDR Jack Conte shares his journey with Patreon, highlighting the importance of authenticity, learning from mistakes, and prioritizing communication with creators. Patreon's success was driven by empowering creators, transparency about earnings, and the ability to adapt and change deeply held beliefs for growth.
Timestamped Summary
00:00
Join Masters of AI Day on February 29th to accelerate and amplify your team's work with AI through hands-on activities and virtual events.
05:16
Sarah's patrons receive intangibles they actually want, like shoutouts in her newsletter or spotlights on their social media accounts, emphasizing the importance of being willing to learn from mistakes in business.
10:01
Making wrong choices in the early stages of a company can actually lead to aligning with its mission and values, as exemplified by Jack Conte's personal experience with Patreon.
14:11
Being authentic and sharing his personal story, rather than trying to imitate a traditional business pitch, helped Jack Conte secure funding for Patreon.
18:26
Transparency about creators' earnings on Patreon initially faced resistance but eventually became a key feature that empowered creators and drove significant growth for the company.
22:28
Changing your mind about deeply held beliefs can be difficult but essential for growth and success, as exemplified by Jack Conte's experience with Patreon.
26:28
Prioritizing different sides of a multi-sided marketplace is essential, as demonstrated by Patreon's decision to shift credit card fees to patrons resulting in a disastrous product rollout.
30:36
Patreon learned from a disastrous product rollout by prioritizing communication with creators over patrons and emphasizing the importance of qualitative data alongside quantitative data in decision-making.
34:42
Patreon decided to give creators the email addresses of their fans, despite advice against it, in order to empower creators and prioritize their control over their audience.
38:54
The podcast episode concludes with advice on engaging listeners to leave five-star reviews and share favorite episodes with others to support the show.
Categories:
Business
