# Robinhood: Vlad Tenev

- Show: [How I Built This](https://hardwarepodcasts.com/podcast/how-i-built-this)
- Published: 2021-04-12
- Length: 1h 21m
- Page: https://hardwarepodcasts.com/podcast/how-i-built-this/2021-04-12-robinhood-vlad-tenev

## Summary

Vlad Tenev, co-founder and CEO of Robinhood, explains how he and co-founder Baiju Bhatt pivoted from building low-latency algorithmic trading software for institutions (Kronos Research) to creating a commission-free mobile stock trading app. Tenev details the regulatory hurdles, including the 'catch-22' of needing capital to get licensed, and the business model reliance on payment for order flow. He also addresses the GameStop controversy, system outages, and the company's commitment to safety guardrails like prohibiting short selling.

## Chapters

- [0:00](https://hardwarepodcasts.com/podcast/how-i-built-this/2021-04-12-robinhood-vlad-tenev#t=0) Introduction: Vlad Tenev and Robinhood's Origin
- [5:14](https://hardwarepodcasts.com/podcast/how-i-built-this/2021-04-12-robinhood-vlad-tenev#t=314) Tenev's Background: Physics, Math, and Meeting Baiju Bhatt
- [16:37](https://hardwarepodcasts.com/podcast/how-i-built-this/2021-04-12-robinhood-vlad-tenev#t=997) Building Kronos Research: Low-Latency Trading Software
- [30:39](https://hardwarepodcasts.com/podcast/how-i-built-this/2021-04-12-robinhood-vlad-tenev#t=1839) The Pivot to Robinhood: Occupy Wall Street and Mobile Tech
- [40:34](https://hardwarepodcasts.com/podcast/how-i-built-this/2021-04-12-robinhood-vlad-tenev#t=2434) Fundraising and Regulatory Hurdles: The License Catch-22
- [53:32](https://hardwarepodcasts.com/podcast/how-i-built-this/2021-04-12-robinhood-vlad-tenev#t=3212) Business Model: Payment for Order Flow and Zero Commissions
- [1:03:38](https://hardwarepodcasts.com/podcast/how-i-built-this/2021-04-12-robinhood-vlad-tenev#t=3818) March 2020 Outage and System Reliability
- [1:08:17](https://hardwarepodcasts.com/podcast/how-i-built-this/2021-04-12-robinhood-vlad-tenev#t=4097) Tragedy, Safety Guardrails, and User Education
- [1:11:33](https://hardwarepodcasts.com/podcast/how-i-built-this/2021-04-12-robinhood-vlad-tenev#t=4293) The GameStop Halt: Collateral Requirements and Controversy

## Topics

- [Starting a product company](https://hardwarepodcasts.com/topic/starting-a-company)
- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)
- [Validation & product-market fit](https://hardwarepodcasts.com/topic/validation-and-product-market-fit)
- [Security & privacy](https://hardwarepodcasts.com/topic/security-and-privacy)
- [Scaling production](https://hardwarepodcasts.com/topic/scaling-production)
- [Leadership, teams & culture](https://hardwarepodcasts.com/topic/leadership-and-culture)

## Most relevant to

companies scaling up

## Mentioned

- Robinhood (company)
- Kronos Research (company)
- Google Ventures (company)
- Tim Draper (other)
- GameStop (product)
- AMC (product)
- Foursquare (product)
- TD Ameritrade (company)
- E-Trade (company)
- Instagram (product)
- NSCC (other)

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- [Vellicate Videogame Vocation](https://hardwarepodcasts.com/podcast/the-amp-hour/2012-04-23-vellicate-videogame-vocation) (The Amp Hour)
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- [Trolltron, Assemble!](https://hardwarepodcasts.com/podcast/oxide-and-friends/2022-03-22-trolltron-assemble) (Oxide and Friends)

## Citing this page

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