Stripe's 2023 annual letter
Stripe's annual letter drop is always a treat.
Here's what we product folks can all (re-)learn from this year's letter.
A clear mission
In a single paragraph, Patrick and John elegantly describe Stripe's vision, mission, and strategy.
Reminder: your mission matters.
I'm always fascinated by companies (and individuals) able to so clearly articulate why they do what they do.
Tie features to the mission
Stripe lift the product strategy veil further and tell us they 'obsess over eliminating barriers to internet purchases'.
Obsess.
What a beautiful word.
As Patrick and John list product enhancements, new features, added providers, and more, they tie each of them back to the core obsession.
Reminder: remain mission-locked.
There are always a million things product could work on. The mission (and the strategy) is the filter. Does Feature X help us grow the GDP of the internet? Is Enhancement Y a good way to eliminate barriers to internet purchases?
Articulating a mission as clearly as Stripe is tough. But once you have it, it's a superpower. It eliminates the bullsh*t and keeps you focused.
Keep a pulse on macro-trends
Stripe highlight how they are adapting to changes in the macro-environment.
Two macro-trends stand out:
Enterprises need to innovate. Being the incumbent is no longer enough to coast.
Startups need to make money faster. VC money is drying up.
Stripe explain how they adapt their product strategy to these macro-trends.
For trend #1, Stripe help enterprises migrate from legacy tech stacks and tap into new payment opportunities. For trend #2, Stripe help startups get cash as quickly as possible with features like Payment Links.
Reminder: don't keep your nose to the ground.
The last 14 years since Stripe's inception have been vastly different than the next 14. While the mission stays the same, the product strategy (and tactics) must adapt to the ever-changing environment.
Oh, and fyi…
Stripe now handle $1trillion+ volume yearly.
Stripe deploy code 400+ times per day.
Stripe maintain 99.999% uptime.
What a beast.
Stripe's annual letter is a masterclass in leadership, business, and product. I recommend reading it in full (and reading past letters, too).