An early PayPal employee said the ‘PayPal Mafia,’ which includes Elon Musk, have been successful founders partly thanks to their counterintuitive hiring process

Elon Musk co-founded PayPal after his startup X.com merged with Peter Thiel’s Confinity.

Many of PayPal’s early employees, including Elon Musk, have gone on to found successful companies. 
A former employee told the Tim Ferriss Show that the way PayPal hired people may have played a part in that success.
Jason Portnoy said Paypal focused on hiring for capability, rather than people with specific skills. 

PayPal is perhaps as noteworthy for its hugely successful founders as it is for the way it transformed online money transfers. 

Elon Musk, Peter Thiel and Reid Hoffman were all members of the so-called ‘PayPal Mafia’. The group collectively went on to found a plethora of successful companies including Yelp, Yammer, and Youtube, alongside Musk’s Tesla and SpaceX. 

Speaking on a podcast this week, one early employee said that while there’s no single answer as to why PayPal’s founders were so successful, their collective approach to hiring may have helped.

Jason Portnoy, an entrepreneur and investor and PayPal’s 34th employee, told the Tim Ferriss Show podcast that hiring for talent, rather than specific job skills, helped the company’s success.

“Part of it could be the idea that there was a lot of latent talent in these individuals that had been identified by the people who were hiring them,” Portnoy said. This was partly due to the fact that the company hired for capability and ability, rather than for specific skills, he added.  

“As opposed to saying, ‘Does this person have the very specific skills to do this very specific job,’ it would be more focused on, ‘Is this person just exceptional, in lots of different ways?’ Because if they are, they’re going to be exceptional at whatever job they have to do,” Portnoy said. 

Working in a startup requires people to be “good all round utility …read more

Source:: Businessinsider

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