6 More Questions with Zach Perret

Summary

Podcast Summary: Building One with Tomer Cohen – Episode 6: More Questions with Zach Perret

Release Date: May 7, 2024

In the sixth episode of Building One, hosted by Tomer Cohen, LinkedIn’s Chief Product Officer, listeners are treated to an engaging rapid-fire session with Zach Perret, the co-founder and CEO of Plaid. This episode delves deeper into Zach’s personal motivations, philosophies, and aspirations beyond his entrepreneurial achievements. Below is a comprehensive summary of the key discussions, insights, and conclusions drawn from their conversation.

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1. Early Influences and Inspirational Reads

Tomer opens the conversation by exploring Zach’s early love for reading and the impact of literature on his personal and professional life.

• Ben Franklin Biography: Zach cites Walter Isaacson’s biography of Benjamin Franklin as a significant influence. He revisits the book, reflecting on Franklin’s multifaceted life and ingenuity.

  “It's just such an inspiring story of a truly incredible human being... inspiring in many senses.” (00:56)

• Aspiration and Realization: The biography inspired Zach by showcasing how one individual can achieve a diverse array of accomplishments, encouraging him to envision broad possibilities in his own life.

• Connection with Authors: Despite admiring Walter Isaacson, Zach humorously mentions hesitancy in reaching out to him due to Isaacson’s celebrity status, though he hopes to connect in the future.

  “He's too much of a celebrity maybe for me to feel comfortable doing it.” (01:22)

2. Making Financial Services Fun

Tomer shifts the focus to the fintech industry, exploring Zach’s vision for making financial services more engaging.

• Injecting Fun into Fintech: Zach expresses a desire to make financial management more enjoyable, highlighting Plaid's initiative during a hackathon where they developed an app that sends playful emoji-filled texts upon receiving a paycheck.

  “I wish there were more things that made financial services fun.” (01:56)

• Cultural Insights from Brazil: Drawing from his recent trip to Brazil, Zach acknowledges the country’s vibrant and social culture, which seamlessly integrates fun into various aspects of life, including financial planning.

  “Even how their federal bank and their Supreme Court used to share stickers as a way to excite Gen Z to engage in democracy and engage in financial planning.” (02:23)

• Future Endeavors: Zach considers continuing such creative projects in future hackathons, aiming to blend fun with functionality in financial tools.

3. Growth Mindset and Continuous Learning

A significant portion of the episode delves into Zach’s approach to maintaining a growth mindset amidst the high-paced environment of fintech.

• Staying Humble: Zach emphasizes the importance of humility in learning, acknowledging that the rapidly evolving world requires constant adaptation.

  “I try to stay humble about the things that I know... realize that even if I do know something, the world will change pretty quickly.” (03:14)

• Curiosity and Questioning: He actively seeks knowledge by asking questions, both in professional settings and casual conversations, to spark new ideas and learning opportunities.

  “I like to ask a lot of questions... how do you learn?” (03:47)

• Integrating Learning into Daily Life: Making learning a priority helps Zach stay ahead in his field and continuously challenge himself.

4. Personal Life and Hobbies

Tomer inquires about Zach’s activities outside of work that contribute to his personal growth and well-being.

• Active Lifestyle: Zach enjoys running, cycling, and surfing, activities that provide relaxation and mental clarity.

  “Those kind of active, kind of somewhat meditative activities let my brain relax a little bit and think about things longer term.” (04:03)

• Diverse Interests Through Spousal Influence: His wife’s entrepreneurial endeavors in healthcare expose him to different industries, broadening his perspective beyond financial services.

  “I love just like asking her questions about the business that she's building... to be able to look at another industry that is similar in some ways but different in so many more.” (04:39)

5. Education and Learning Opportunities

The conversation turns to education, where Zach reflects on his academic background and areas he wishes he had explored further.

• Value of Formal Education in Finance: While Zach holds a history background, he acknowledges the benefits of having formal education in economics and finance, which would have complemented his work in financial services.

  “If I could add another subject, I would learn about economics and I would learn about finance.” (04:55)

• Practical Learning at Plaid: Despite not having a formal finance education, Zach credits his success to the collaborative and educational environment at Plaid, where colleagues filled in the knowledge gaps.

  “I was fortunate to be surrounded by a lot of amazing people at PLAID who taught me all of the things that I didn't know.” (05:18)

6. Final Thoughts and Conclusion

As the conversation wraps up, both Tomer and Zach reflect on the insights shared and the mutual appreciation for the exchange.

• Mutual Appreciation: Zach expresses his gratitude for the discussion and his enjoyment of the podcast.

  “Thank you so much for having me. This was a lot of fun and I love the podcast.” (05:27)

• Looking Ahead: Tomer hints at future episodes, maintaining the engaging momentum of the series.

  “Tune in next week for our new... Interview with Zoom CPO Smita Hashim.” (05:33)

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Key Takeaways

1. Inspirational Literature: Zach’s admiration for Benjamin Franklin underscores the impact of multifaceted role models in shaping entrepreneurial mindsets.

2. Innovation in Fintech: Integrating fun into financial services can enhance user engagement and broaden the appeal of fintech products.

3. Growth Mindset: Continuous learning, humility, and curiosity are pivotal for sustained success in rapidly evolving industries.

4. Work-Life Balance: Engaging in physical activities and exploring diverse interests contribute to personal well-being and professional creativity.

5. Collaborative Learning: Building a knowledgeable team can compensate for individual knowledge gaps, highlighting the importance of a collaborative work environment.

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This episode of Building One provides valuable insights into Zach Perret’s approach to leadership, innovation, and personal growth. His reflections offer inspiration to aspiring product leaders and entrepreneurs seeking to navigate the complexities of product development and maintain a resilient, growth-oriented mindset.

Notable Quotes:

• “I wish there were more things that made financial services fun.” — Zach Perret (01:56)
• “I try to stay humble about the things that I know...” — Zach Perret (03:14)
• “This was a lot of fun and I love the podcast.” — Zach Perret (05:27)

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Timestamp Guide:

• 00:56 Early Influences: Ben Franklin Biography
• 01:22 Connection with Authors
• 01:56 Making Financial Services Fun
• 02:23 Cultural Insights from Brazil
• 03:14 Growth Mindset: Staying Humble
• 03:47 Curiosity and Questioning
• 04:03 Personal Hobbies
• 04:39 Diverse Interests Through Spousal Influence
• 04:55 Education and Learning Opportunities
• 05:18 Collaborative Learning at Plaid
• 05:27 Final Thoughts and Appreciation
• 05:33 Looking Ahead: Future Episodes

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For those seeking inspiration and practical insights into product development and leadership, this episode of Building One offers a blend of personal anecdotes and professional wisdom from one of fintech’s leading entrepreneurs.

Transcript

[Leah Smart]

From LinkedIn News. I'm Leah Smart, host of Everyday Better, an award winning podcast dedicated to personal development. Join me every week for captivating stories and research to find more fulfillment in your work and personal life. Listen to Everyday better on the LinkedIn podcast network, Apple Podcasts, or wherever you get your podcasts.

[Tomer]

Hey, it's Tomer. Last week we had a great time learning from Zac Perret, co founder and CEO of Plaid. He taught us the value of being able to leverage your empathy for your own customer, how delivering simplicity might be key to building a broad ecosystem, and why he's not afraid to ask for advice. This week we do a rapid fire question round to learn a little bit more about what makes Zach tick. You mentioned before that you loved reading books as a kid and some of those offers you reached out to. I'm curious if there is like a book, an author that stuck in your head and what was it about the story or the person that left a.

[Zach Perret]

Big mark on you so many over the years? I think one of the books that I read when I was in college was the Ben Franklin biography by Walter Isaacson and I actually picked it up again this past week and for me it's just such an inspiring story of a truly incredible human being. Of course, incredibly well written. Just realizing that people can have a life like that, realizing that people can do so many things that Ben Franklin did throughout a life. Inspiring in many senses.

[Tomer]

Did you reach out to Walter Essington?

[Zach Perret]

I have not done that yet. He's too much of a celebrity maybe for me to feel comfortable doing it. But maybe one day I'll send him an email.

[Tomer]

I feel he'll be excited to get to meet you as well. You've been very candid about Plaid and your journey. Actually, it was wonderful to hear just the humility that you brought into the entrepreneurship journey. And I'm curious. We talked about the financial advisor and budgeting that you think has to be there and I completely agree with you. Anything else that you wish existed in the fintech world or any app that you wish you would have made on your free time?

[Zach Perret]

I wish that there were more things that made financial services fun. I wish there were more things that made dealing with your financial life fun. One of the applications that we actually built in a hackathon at Plaid, it linked to your bank account and anytime you got a paycheck, it just sent you a text with a bunch of emojis and those kinds of like little funny, cheeky experiences that make financial services fun. I think more of Those should exist. Maybe in the next hackathon we do these once a year and maybe I'll think about building something then.

[Tomer]

You should try out Brazil as a market. I just came back from a trip in Brazil and we learned about how the fun and social environment is true across the entire culture. One of the examples they shared with us was even how their federal bank and their Supreme Court used to share stickers as a way to excite Gen Z to engage in democracy and engage in financial planning. So I love the idea of fun coming into the culture as well. You work in a really high paced environment. We always talked about your amazing ability to learn and your passion for learning, which I share tremendously. This podcast is about helping people learn from people like you. I'm curious, what do you do in your life to maintain that growth mindset but continue to challenge yourself? You talked about having conversations with people. Any other practices people can learn from you that you adopted along the way?

[Zach Perret]

So first I try to stay humble about the things that I know. I try to admit that I don't know things very quickly and realize that even if I do know something, the world will change pretty quickly. And that might mean I go from knowing something to not knowing it. I like to ask a lot of questions and I actually love the question that you just asked where when I have dinner with a person that I don't know very well, oftentimes I will ask them directly, how do you learn? And that for me will then spark, oh, I could be doing this, I could be reading that. I could be reaching out to these people. So trying to make learning something that is front and center and top of mind for myself at all times, that helps drive a lot of it.

[Tomer]

And then outside of fintech, what do you do to nourish yourself? Is there areas that you're super interested in that you spend time on? Whether it's books or domains I know if you love. I love biographies as well. I read the Ben Franklin one, it was incredible. Anything that you have a passion for.

[Zach Perret]

I love reading, I love being active. I love running and cycling a lot. I actually love surfing a lot as well. And I find that those kind of active, kind of somewhat meditative activities let my brain relax a little bit and think about things longer term. And then I love learning about new industries. So I'm lucky. I have a wife who's an entrepreneur in healthcare, so I love just like asking her questions about the business that she's building and the people that she knows and learnings that she has so it helps kind of be an interesting foil to me thinking about financial services all the time to be able to look at another industry that is similar in some ways but different in so many more.

[Tomer]

If you were to go back to school, what's one thing you wish you have studied or would you do it all again? Something tells me actually that you would maybe go back and learn physics and chemistry again. It struck me as a first principles kind of guy, but anything you would advise people to learn today or to.

[Zach Perret]

Get into, you know, I loved the history of things that I did study, and I'm not sure I would change my school experience if I got to do it again. That said, if I could add another subject, I would learn about economics and I would learn about finance. It turns out working in financial services is really helpful to know about finance, and I never actually formally studied that in school, so some of that learning would be helpful.

[Tomer]

So one of the biggest financial entrepreneurs of our time does not have a finance background. I think that actually fits really, really well.

[Zach Perret]

Well, I was fortunate to be surrounded by a lot of amazing people at PLAID who taught me all of the things that I didn't know.

[Tomer]

Zach, thank you so, so much. It was wonderful to learn from you and I appreciate all the insights, of course.

[Zach Perret]

Thank you so much for having me. This was a lot of fun and I love the podcast.

[Tomer]

Tune in next week for our new.

[Zach Perret]

Interview with Zoom CPO Smita Hashim.