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.

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)

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.

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)

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

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.