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Founders

#381 I Had Dinner With Michael Ovitz

Founders

David Senra

Steve Jobs, Founders, James Dyson, Company Builders, Technology, Henry Ford, Elon Musk, Business Professional Biography, How I Built This, The History Of Entrepreneurship, Jim Clark, Entrepreneurship, Entrepreneurs, History, Founder, Business Autobiography, Jeff Bezos, Entrepreneur, Biography, Biographies Of Entrepreneurs, Biographies, Business, Business Biography

4.81.5K Ratings

🗓️ 7 March 2025

⏱️ 27 minutes

🧾️ Download transcript

Summary

What I learned from having an intense and fun 3 hour dinner with Michael Ovitz.

Transcript

Click on a timestamp to play from that location

0:00.0

Something that Michael Ovitz had in common with people like Steve Jobs and Jeff Bezos is the belief that you must find and work with extraordinary people.

0:07.6

Even when Ovitz was a young man, he starts his company, he has no money, he makes a list of people that he eventually wanted to work with.

0:13.8

And it was the best of the best.

0:15.5

And even though at the time it felt like a pipe dream, he actually makes that list into a reality.

0:21.4

And the importance of working with the very best people,

0:24.0

there's actually a great observation about this from Steve Jobs.

0:26.8

And he says that the key observation was that I noticed

0:28.8

that that dynamic range between what an average person could accomplish

0:32.6

and what the best person could accomplish was 50 to 1 or 100 to 1.

0:39.2

So given that, you're well advised to build a team that pursues the A plus players. That's exactly what Steve Jobs did. It's exactly what Michael

0:44.4

Overt's did. And it is exactly what Ramp did. Ramp has the most talented technical team in their

0:50.2

industry. Becoming an engineer at Ramp is nearly impossible. In the last 12 months,

0:54.3

they hired only 0.23% of the people that applied. So that means when your business is using Ramp,

1:00.4

you now have access to top tier technical talent and some of the best AI engineers on the planet

1:06.1

working on your behalf 24-7 to automate and improve all of your businesses' financial operations.

1:12.8

Ramp invests heavily in creating new innovative products. In fact, I just sat down with the founder

1:18.2

and a friend of mine who's one of the co-founders and the CEO of Ramp named Eric, and he told me

1:24.4

that 54% of their payroll is now dedicated to R&D.

1:28.5

So the longer they use Ramp, the more efficient your company becomes.

1:31.6

That's very important because as Sam Walton astutely pointed out in his autobiography, he wrote,

1:36.2

you can make a lot of different mistakes to still recover if you run an efficient operation,

1:39.8

or you can be brilliant and go out of business if you're too inefficient.

...

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