10 Things You Didn’t Know about Reed Hastings

Reed Hastings

Reed Hastings is one of the co-founders of Netflix. Currently, he serves as the CEO of the company that he co-founded, which is in addition to his other responsibilities as a member of the Boards of Directors at Facebook and a number of non-profit organizations.

Here are 10 things that you may or may not have known about Reed Hastings:

Great Grandson of Alfred Lee Loomis

On his mother’s side, Hastings is the great-grandson of Alfred Lee Loomis, who was a man with a wide range of talents to say the least. After all, he was an attorney, a physicist, and an investment banker who is still remembered for his fervent support of scientific research. Furthermore, Loomis contributed much to the Allied victory in World War Two, seeing as how he helped in the development of radar as well as the nuclear bomb.

Served with the Peace Corps

After graduating from college, Hastings served with the Peace Corps, which specializes in promoting social and economic development outside of the United States. In Hastings’s case, he went to teach math in the Kingdom of Swaziland, which is one of the smallest countries in Southern Africa. Hastings has credited his time in the Peace Corps with honing his entrepreneurial spirit because its challenges made the challenges of starting a business seem smaller.

Learned the Value of Focus from Audrey MacLean

When Hastings was at Adaptive Technology, he had the chance to meet Audrey MacLean, who is one of the most powerful businesswoman in the United States as well as someone with a longstanding interest in entrepreneurship. From MacLean, Hastings learned the importance of focus, which he summed up as being preferable to make one outstanding product than two mediocre products.

Believes in Business Culture Called “Freedom and Responsibility”

Hastings used Netflix to test his beliefs about the right business culture, which he calls “Freedom and Responsibility.” In short, said business culture is famous for providing its members with increased control over how they are paid as well as how they work, though this comes at the cost of being let go with a generous severance package if they fail to perform well.

Has Had Missteps From Time to Time

Of course, Hastings has had his fair share of missteps, which are inevitable for business people. For example, Netflix’s share price tumbled in 2011 because of an announcement that it was spinning off its DVD business, which resulted in so much chaos and confusion that it was reversed within a month. As a result, Hastings came under pressure to step down, though he refused.

Has Told Multiple Stories about the Founding of Netflix

The co-founders of Netflix have told multiple stories about how it was founded. For example, Hastings has claimed that he got the idea after being charged $40 for returning a movie late. Furthermore, he has also claimed that he was inspired by a bandwidth-related math problem that was focused on solving for both volume and distance traveled. His co-founder has stated that the two just wanted to make the Amazon.com of something before settling on DVDs.

Has Been Vocal about His Belief in Streaming Video for a Long Time

Hastings has been a believer in streaming video for a long, long time. For proof, look no further than the fact that he stated that Netflix was preparing for an Internet-based future back in 2005, which was when it was still known for DVDs rather than streaming services.

He Still Underestimated Streaming Video

With that said, it is entertaining to note that Hastings still underestimated the power of streaming video. After all, he expected that Netflix would still have at least a decade’s worth of time in which to dominate DVDs, but as it turned out, Netflix launched its streaming services in 2007, which soon started expanding by leaps and bounds.

He Needs No Office

Currently, Hastings no longer bothers with a physical office because Netflix’s use of DocuSign means that he doesn’t need the space for physical papers. As a result, he wanders from place to place in his office with his laptop, meeting with the people working for him as needed.

He Is Needing His Laptop Less and Less

Nowadays, Hastings is even starting to leave his laptop behind because he needs it less and less. This is because his phone is taking over more and more of his laptop’s previous functions, meaning that it is not unimaginable that there will be a time when Hastings will stop using his laptop as well.


Add Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Grammarly
20 Things You Didn’t Know About Grammarly
Julian Teicke
20 Things You Didn’t Know About Julian Teicke
Insurance
20 Things You Didn’t Know About Next Insurance
Bryan Cranston
How Bryan Cranston Achieved a Net Worth of $30 Million
McDonalds
10 Stocks to Consider if you Like McDonald’s
Nintendo
10 Stocks to Consider if You Like Nintendo
Nike
10 Stocks to Buy That are Like Nike but Cheaper
Home Depot
10 Stocks to Consider if You Like Home Depot
Darmstadt
The 20 Best Places to Live in Germany
Dar es Salaam- Tanzania
The 20 Best Places to Live in Africa
Bar Harbor, ME
The 20 Best Places to Live in the Northeast
Phoenix Neighborhoods
The 20 Best Places to Live in Phoenix Arizona
Hong Kong Restaurant
The 10 Best Seafood Restaurants in Berkeley, CA
The Prince Sakura Tower
The 20 Best Hotels in Tokyo
Palmers Fresh Seafood
The 10 Best Seafood Restaurants in Lexington, KY
Boardwalk Resort Aruba
The 20 Best Hotels in Aruba
2020 Lamborghini Huracan EVO
10 Things You Didn’t Know About The Lamborghini Huracan EVO
Ford Mustang Mach-E
20 Things You Didn’t Know About the Ford Mustang Mach-E
Mercedes-Benz Vision AVTR
The Mercedes-Benz Vision AVTR concept
Mulsanne
Bentley Bids Farewell to the Mulsanne by Releasing an Ultra-Limited 6.75 Edition
Stowa Prodiver Lime and Orange
The 20 Best Stowa Watches of All-Time
Spinnaker Hull California Automatic Black Tan
The 20 Best Spinnaker Watches of All-Time
Mido Multifort Automatic Anthracite Dial
The 20 Best Mido Watches of All-Time
Michele Butterfly
The 20 Best Michele Watches of All-Time