Founders in Arms

Jack Zhang is the co-founder and CEO of Airwallex, a global payments and financial platform valued at $5.5 billion. Founded in Melbourne, Airwallex processes billions in cross-border transactions and serves businesses expanding internationally. Jack shares his journey from starting the company to competing with giants like Stripe, navigating the complexities of global payments infrastructure, and building across multiple regulated markets.What you'll learn:Why cross-border payments remain broken despite decades of fintech innovationHow Airwallex competes against Stripe and other established payment platformsThe challenge of building financial infrastructure across multiple countries and regulationsJack's perspective on fair competition versus FUD (fear, uncertainty, doubt) tactics in businessWhy Airwallex is deploying $1 billion in the US market over the next three yearsThe reality of being a foreign founder building in America during geopolitical tensionsHow payment infrastructure for global businesses differs from consumer fintechThe trade-offs between growth velocity and sustainable business buildingJack's philosophy on money, success, and what matters after achieving wealth at 30Why he chose to stay in Melbourne instead of relocating to San FranciscoIn this episode, we cover:(00:00) Introduction to Jack Zhang and Airwallex(02:34) Early days of Airwallex and the founding story(05:12) The problem with cross-border payments(08:45) Competing with Stripe and other payment platforms(12:18) Building in regulated markets and compliance challenges(16:23) FUD (fear, uncertainty, doubt) tactics in business competition(19:13) Raj's experience with FUD at Lyft vs Uber(22:47) Navigating geopolitical tensions as a Chinese-Australian founder(25:36) The $1 billion US market investment commitment(27:41) Product philosophy and fair competition(31:15) Going upmarket vs staying with SMBs(35:22) Life choices: Melbourne vs San Francisco(37:49) Perspective on wealth - "not about the money"(42:18) The future of payments infrastructure(45:30) Advice for founders building in competitive markets

Ryan Gariepy is the co-founder and former CTO of Clearpath Robotics and Otto Motors, acquired by Rockwell Automation for $600M+ in 2023. He bootstrapped the company for five years with only $300K in funding, reached profitability in 18 months, and spent 14 years building mobile robotics platforms that became the industry standard for research and industrial automation.(If you’re looking for inspiration and lessons from other founders, Founders in Arms is hosting a founders roundtable with Rajat Suri, Immad Akhund, and Max Mullen next Wed Jan 14th at Mercury HQ. Discussing war stories and sharing lessons with a group of founders, as part of Founders-in-Arms podcast. Will be food and drinks. Capacity strictly limited at 50 so apply early if you’re interested: https://luma.com/dk97inyk )What you'll learn:Why robotics is a systems discipline where progress stacks rather than explodesHow to bootstrap a hardware company to $10M revenue before raising venture capitalWhy robotics follows 20-50% sustained growth for decades vs. software's boom-bust cyclesThe "promise problem" with humanoid robots and why form factor shapes user expectationsHow manufacturing in Canada (not China) became a strategic advantage for ClearpathWhy founders overestimate 2-year progress but underestimate 10-year impact in roboticsThe real economics of humanoid robots: $20K cost becomes $80K landed priceHow robotics investment differs from software: less competitive, more defensibleWhy experience compounds in hardware but expires in software careersInvestment criteria for robotics: engineering risk vs. technical risk and go-to-market strategyIn this episode, we cover:(00:00) Introduction and live event announcement(03:29) Ryan's background: Clearpath Robotics and Otto Motors(04:06) Building two brands under one company(06:29) The 14-year journey: challenges and non-linear growth(07:11) Bootstrapping robotics when "nobody thought you could make money"(08:17) Reaching profitability in 18 months with research customers(10:28) Building robotics platforms for MIT, universities, and research labs(11:03) Manufacturing in Canada vs. outsourcing to Asia(15:05) Reconnecting after 20 years: the Waterloo entrepreneurship connection(16:17) Working at Kiva Systems (now Amazon Robotics)(18:10) Why robotics is more exciting now than ever in history(19:21) Robotics as systems discipline: no single breakthrough technology(21:22) The overhype cycle and realistic expectations(22:14) Software explodes then crashes; robotics compounds for decades(23:36) Why hardware is harder but more mission-driven(25:27) The talent pool advantage: people irrationally love hardware(27:30) Physical AI and real-world impact beyond software optimization(28:07) Humanoid robots: incredible tech, miscalibrated expectations(32:41) The "promise problem": form factors make promises to users(34:35) Consumer robotics examples: Matic cleaning robot(35:59) Asia...

Emmett Shear is the founder and CEO of Softmax, an alignment research company, and previously co-founded and led Twitch as CEO. He was also a Y Combinator partner and briefly served as interim CEO of OpenAI.What you'll learn:Why AI alignment and AGI are fundamentally the same problemHow theory of mind is the critical missing piece in current AI systemsWhy continuous learning requires self-modeling capabilitiesThe dangerous truth: alignment is a capacity for both great good and great evilWhy "aligned AI" really means "aligned to me"—and why that's concerningHow societies of smaller AIs will outcompete singleton superintelligencesWhy AI needs to be integrated with humans, not segregated into AI-only societiesThe Twitch lesson: people don't want easy, they want goodWhy 99% of AI startups are building labor-saving tools instead of value-creating productsHow parenting and AI development mirror each other in surprising waysWhy current AI labs are confused about continuous learningConway's Law applied to AI: you ship your org chartThe problem with mode collapse in self-learning systemsWhy emotions are training signals, not irrational noiseEmmett's biggest mistake at Twitch: chasing new products instead of perfecting the coreIn this episode, we cover:(00:00) The dangerous truth about AI alignment(01:13) Introduction to Softmax and organic alignment(02:05) What alignment actually means (and why most people are confused)(03:33) The output: training environments for theory of mind(05:01) Continuous learning and why it's so hard(06:25) Multiplayer reasoning training in open-ended environments(07:14) Aligned to what? The critical question everyone ignores(08:40) Why alignment is always relative to the aligning being(11:07) Cooperation vs. competition: training for the real world(12:56) Is AGI an urgent problem or do we have time?(13:15) AGI and alignment are the same problem(15:25) Alignment capacity enables both good and evil(17:13) The singleton problem and why societies of AIs make sense(20:41) Building alignment between AIs and humans(22:09) Why Elon's "biggest cluster" strategy might be wrong(23:06) AI must be aligned to individual humans, not humanity(25:03) What does the atomic unit of AI look like?(28:02) Adding a new kind of person to society(29:06) Everything will be alive: from spreadsheets to cars(30:00) From Twitch retirement to Softmax founding(31:26) Research vs. product engineering at early-stage startups(32:41) Raising money for AI research in the current era(34:30) Why Softmax will ship products(34:50) Ilya's closed-loop research vs. open-loop learning(36:36) How you do anything is how you do everything(37:28) The continuous learning problem explained simply(38:29) Mode collapse: why AIs become stereotypes of themselves(39:33) The reward problem and why humans need emotions(40:48) Why LLMs are trained to avoid emotions(41:52) Watching children learn while building learning AI(43:04) Advice for first-time AI founders(45:08) Treat AI as clay to be molded, not a genie granting wishes(45:50) The Twitch lesson: people want good things, not easy things(47:22) Why 99% of AI companies are building the wrong thing(48:16) Rapid fire: biggest career mistake at Twitch(50:15) Which founders inspire Emmett most(50:56) The passing fad: AI slop generators

Immad Akhund and Raj Suri reunite for a one-on-one conversation covering the biggest tech shifts of 2025, from Mercury's public launch of Personal Banking to the quieting of AGI doom discussions. This wide-ranging episode explores why self-driving cars may matter more than AGI, how vibe coding is changing software development, and the strategic decisions founders make when everyone else disagrees.What you'll learn:Why Immad launched Mercury Personal despite investor and team skepticism—and the founder lesson about following convictionHow Mercury Personal brings business-grade financial controls to personal banking (collaboration features, automatic categorization, 3.5% savings rates)The existential threat facing OpenAI and Anthropic as AI models commoditize and Google leverages distribution advantagesRaj's vibe coding experiment: Building a full-stack app with Postgres backend using just prompts (and why Replit won)Why Tribe is rejecting the $30/user ad model to build a premium, ad-free group chat platformThe retention metrics showing Tribe's product-market fit (20-40% six-month retention with minimal marketing)How AI hype shifted from AGI doom conversations to practical commercial applications in 2025Why self-driving technology (Waymo, Tesla FSD) represents a more immediate transformation than AGIThe best and worst of 2025: renewed tech energy vs. immigration scapegoating and Doge's failure to deliver government efficiencyWhy supply constraints (chips, power) signal AI demand is real, not a bubbleIn this episode, we cover:(00:00) AGI conversations cooling down in 2025(01:50) Mercury Personal launch after year-long waitlist(02:42) Business-grade controls for personal banking(04:30) 3.5% savings rates and Treasury/Invest products(06:15) Following founder conviction despite opposition(07:33) Balancing product shipping with polish(08:26) OpenAI's Code Red and focus strategy(09:23) Google's distribution advantage vs. OpenAI(10:33) The API commoditization threat to Anthropic(12:34) Why ad economics dominate the internet(14:58) Facebook's $30/user vs. subscription models(17:22) Tribe's progress: retention, AI features, monetization plans(21:42) Vibe coding experiment: Replit vs. Lovable vs. Wix(26:31) Why Replit might own the vibe coding market(28:05) Enterprise use cases for AI-generated apps(33:26) 2025's best: renewed tech energy and deregulation(34:51) 2025's worst: immigration scapegoating and Doge's failure(40:48) Self-driving breakthrough: Waymo and Tesla FSD(42:31) Why AGI talk has quieted down(43:43) Supply constraints proving AI demand is real

Noah Glass is the founder and CEO of Olo, an enterprise platform for mobile and online ordering that powers digital commerce for 800+ restaurant brands and nearly 90,000 locations. Founded in 2005, Olo went public in 2021 at a $3.5B valuation and was acquired by Thoma Bravo in 2024—a 20-year journey from scrappy startup to category leader.What you'll learn:Why Olo's first 10 years required extreme "pain tolerance" waiting for product-market fitThe B2C to B2B pivot that transformed their unit economics from burning $15 per customer to earning revenue while scalingHow "embrace the suck"—borrowed from the Marine Corps—became the cultural mantra that kept the team goingWhy going public was about customer confidence and long-term credibility, not exit or liquidityThe role of industry advisors in bridging credibility gaps when selling to traditional enterprisesHow adding delivery-as-a-service (Dispatch) in 2015 unlocked escape velocity and scale advantageThe challenges and benefits of operating as a public company in a misunderstood industryWhy partnering with Thoma Bravo PE offers better alignment than quarterly public market pressuresNoah's philosophy on founder loyalty and the lifelong bonds formed with early team membersWhy the current "homegrown tech stack" trend in enterprise is a passing fad that misses SaaS fundamentalsIn this episode, we cover:(00:00) Introduction and the "embrace the suck" mentality(01:03) Early days and the long wait for product-market fit(05:30) Why YC's "grow fast or quit" advice doesn't apply to every company(08:06) The deep bonds formed with early team members(12:14) Deciding between B2B vs B2C business models(13:34) The B2C beginning and Good Morning America moment(16:08) The pivot to B2B enterprise software(20:43) How third-party delivery and DoorDash changed the industry(23:04) The journey as a public company (2021-2024)(27:49) Why going public signaled long-term stability to enterprise customers(30:15) Operating under private equity with Thoma Bravo(36:10) Breaking into enterprise sales with industry advisors(44:45) The importance of reliability at scale for enterprise(46:58) Thinking about market size and expansion in vertical software(48:25) Rapid fire: Which founder inspires you most(49:01) Uncomfortable feedback on being overly loyal(50:48) Current trend prediction: Homegrown enterprise software is a fad