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Former Google CEO Eric Schmidt: “The great founders are frugal” When Eric joined Google as CEO in 2001 — two years after the company had raised a $25 million Series A — he shared an office with four engineers. He even had to lend one of the founders his...

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Eric Schmidt: The great founders are frugal When Eric joined Google as CEO in 2001—two years after securing a $25 million Series A—he shared an office with four engineers. He even had to lend one of the founders his car when theirs broke down. In the clip below he explains why this mentality is important: “I can always tell when we’re dealing with a proper founder by how they are spending their money… Whenever I go to startups that have beautiful offices and really nice chairs, I cringe.” He continues: “The great founders are frugal. They understand that the money needs to be used precisely for certain areas. Many of the most successful founders begin with no salary at all… If you’re not prepared to live that, you don’t really understand what being a founder is like.” Source: Startup Grind
0:59

Eric Schmidt: The great founders are frugal When Eric joined Google as CEO in 2001—two years after securing a $25 million Series A—he shared an office with four engineers. He even had to lend one of the founders his car when theirs broke down. In the clip below he explains why this mentality is important: “I can always tell when we’re dealing with a proper founder by how they are spending their money… Whenever I go to startups that have beautiful offices and really nice chairs, I cringe.” He continues: “The great founders are frugal. They understand that the money needs to be used precisely for certain areas. Many of the most successful founders begin with no salary at all… If you’re not prepared to live that, you don’t really understand what being a founder is like.” Source: Startup Grind

Startup Archive

68,501 görüntüleme • 2 yıl önce

"The founders are special. The founders need to be in charge. The founders are difficult to work with. They push people hard I had dinner with Elon, he was flying that night at 10PM to have a meeting at midnight with xAI. Think about it" ~ Eric Schmidt
0:22

"The founders are special. The founders need to be in charge. The founders are difficult to work with. They push people hard I had dinner with Elon, he was flying that night at 10PM to have a meeting at midnight with xAI. Think about it" ~ Eric Schmidt

Rohan Paul

103,970 görüntüleme • 9 ay önce

Marc Andreessen’s 2 reasons for why founder-run companies are harder to disrupt “If you just look historically at many of the important technology companies of the last 50-100 years, many of them are run by their founders for decades… And a lot of it has to do with disruption.” Marc continues: “There’s this cliché of founders that a lot of people believe which is that founders are too stubborn and founders get too locked into their original idea and they can’t adapt as times change. We’ve actually found the opposite to be true. We’ve found that when a company is going to get disrupted, the person in many cases with the best odds of countering the disruption is the founder, and I think there’s a couple of different reasons for that.” The two reasons Marc shares are: 1. The founder remembers when the business was nothing, and are constantly haunted by the fact that the business could be a zero again: “The founder remembers what it was like when there was nobody else in the office with you and when you carried out your own trash can. The founder remembers this thing used to be zero.” 2. The founder carries enormous moral weight inside the company and can more easily make drastic changes: “When Steve Jobs goes into Apple and says times are changing we need to do X - and X is heresy… A Steve jobs - a founder - is going to be able to convince the company that they have to do that. Whereas if a professional CEO shows up and says that, everybody’s going to be like, ‘Ooh, I don’t know.’” Source: Startup Grind (Feb 2016)
1:30

Marc Andreessen’s 2 reasons for why founder-run companies are harder to disrupt “If you just look historically at many of the important technology companies of the last 50-100 years, many of them are run by their founders for decades… And a lot of it has to do with disruption.” Marc continues: “There’s this cliché of founders that a lot of people believe which is that founders are too stubborn and founders get too locked into their original idea and they can’t adapt as times change. We’ve actually found the opposite to be true. We’ve found that when a company is going to get disrupted, the person in many cases with the best odds of countering the disruption is the founder, and I think there’s a couple of different reasons for that.” The two reasons Marc shares are: 1. The founder remembers when the business was nothing, and are constantly haunted by the fact that the business could be a zero again: “The founder remembers what it was like when there was nobody else in the office with you and when you carried out your own trash can. The founder remembers this thing used to be zero.” 2. The founder carries enormous moral weight inside the company and can more easily make drastic changes: “When Steve Jobs goes into Apple and says times are changing we need to do X - and X is heresy… A Steve jobs - a founder - is going to be able to convince the company that they have to do that. Whereas if a professional CEO shows up and says that, everybody’s going to be like, ‘Ooh, I don’t know.’” Source: Startup Grind (Feb 2016)

Startup Archive

19,509 görüntüleme • 1 ay önce

Ron is the nicest guy you'll ever meet, and he's also the most ferocious defender of founders when he needs to be. "If you're fighting for a founder you have to be fearless. If I had a gravestone...just 'fearless for founders.'"
1:35

Ron is the nicest guy you'll ever meet, and he's also the most ferocious defender of founders when he needs to be. "If you're fighting for a founder you have to be fearless. If I had a gravestone...just 'fearless for founders.'"

Jack Altman

27,615 görüntüleme • 6 ay önce

Brian Chesky: "People are born good founders. It's innate. You don't have to learn how to be good founder. No one is born a good CEO. The problem is we founders were never really prepared to be great CEOs. We were taught to learn by doing and that's great for a founder. It is not good as a CEO. I was naturally good founder, I think I was a very good early stage CEO. The moment I had to have an executive team, I really struggled to make the shift from a founder to CEO. In the 2010s, I do not think I was a great CEO. We paid the price for my learning curve. And then the pandemic happened. We had a near death experience and I said screw all the rumination it's do or die. And I learned how to do the job."
2:04

Brian Chesky: "People are born good founders. It's innate. You don't have to learn how to be good founder. No one is born a good CEO. The problem is we founders were never really prepared to be great CEOs. We were taught to learn by doing and that's great for a founder. It is not good as a CEO. I was naturally good founder, I think I was a very good early stage CEO. The moment I had to have an executive team, I really struggled to make the shift from a founder to CEO. In the 2010s, I do not think I was a great CEO. We paid the price for my learning curve. And then the pandemic happened. We had a near death experience and I said screw all the rumination it's do or die. And I learned how to do the job."

Patrick OShaughnessy

152,266 görüntüleme • 4 ay önce

Peter Thiel on the difference between the best founders and “professional CEOs” In his book Zero To One, which is approaching its 10-year anniversary, Thiel wrote: “We need founders. If anything, we should be more tolerant of founders who seem strange or extreme. We need unusual individuals to lead companies beyond mere incrementalism.” And while he doesn’t believe there’s a simple magic formula for what a founder looks like, Thiel observes: “A lot of the great companies that have been built over the last two decades were founded by people where it was somehow deeply connected to their identity - their life’s project.” He contrasts this to Silicon Valley in the 1990s when lots of founders were replaced with professional CEOs. Thiel believes it made a big difference when it became more common for founders run the companies. He gives the example of a 22 year old Mark Zuckerberg turning down a billion dollar acquisition from Yahoo: “If you had a professional CEO, it would have just been: ‘I can’t believe they’re offering us a billion dollars. I’m going to try not to be too eager. We better take the money and run.’” Video Source: The Aspen Institute
2:45

Peter Thiel on the difference between the best founders and “professional CEOs” In his book Zero To One, which is approaching its 10-year anniversary, Thiel wrote: “We need founders. If anything, we should be more tolerant of founders who seem strange or extreme. We need unusual individuals to lead companies beyond mere incrementalism.” And while he doesn’t believe there’s a simple magic formula for what a founder looks like, Thiel observes: “A lot of the great companies that have been built over the last two decades were founded by people where it was somehow deeply connected to their identity - their life’s project.” He contrasts this to Silicon Valley in the 1990s when lots of founders were replaced with professional CEOs. Thiel believes it made a big difference when it became more common for founders run the companies. He gives the example of a 22 year old Mark Zuckerberg turning down a billion dollar acquisition from Yahoo: “If you had a professional CEO, it would have just been: ‘I can’t believe they’re offering us a billion dollars. I’m going to try not to be too eager. We better take the money and run.’” Video Source: The Aspen Institute

Startup Archive

90,949 görüntüleme • 2 yıl önce

"I think in a way, people are somewhat overestimating the founders of companies, and massively underestimating what you can do when the founder is still present and in charge." Tobi talked about how it's not that founders themselves are some kind of super heroes, but that the *role* of a founder is incredibly important because of what the natural moral authority allows them to do.
1:17

"I think in a way, people are somewhat overestimating the founders of companies, and massively underestimating what you can do when the founder is still present and in charge." Tobi talked about how it's not that founders themselves are some kind of super heroes, but that the *role* of a founder is incredibly important because of what the natural moral authority allows them to do.

Jack Altman

43,403 görüntüleme • 4 ay önce

Sequoia's Carl Eschenbach on the founder traits that matter most when scaling a company: "One of the things I absolutely look for is self-awareness in founders, and are they honest about what they’re good at? Because a lot of these founders are just incredibly intelligent human beings, and sometimes they think they can do everything. Do they have the self-awareness to say, 'I need to go get other people as part of the company to help me scale so I can focus on what I’m really good at?'" "There are attributes and characteristics of people that I look for that are way beyond the intelligence side of the equation. You can’t teach grit. You can’t teach drive. You can’t teach a great attitude. You can’t teach determination." "All of those are things that are innate and part of people, and you want to see that in these founders. When you find someone who has that passion, drive, desire, and relentless ability to fight through challenges, issues, and opportunities — and then they have the intellectual horsepower on the other side — when that comes together, that’s a beautiful thing."
1:43

Sequoia's Carl Eschenbach on the founder traits that matter most when scaling a company: "One of the things I absolutely look for is self-awareness in founders, and are they honest about what they’re good at? Because a lot of these founders are just incredibly intelligent human beings, and sometimes they think they can do everything. Do they have the self-awareness to say, 'I need to go get other people as part of the company to help me scale so I can focus on what I’m really good at?'" "There are attributes and characteristics of people that I look for that are way beyond the intelligence side of the equation. You can’t teach grit. You can’t teach drive. You can’t teach a great attitude. You can’t teach determination." "All of those are things that are innate and part of people, and you want to see that in these founders. When you find someone who has that passion, drive, desire, and relentless ability to fight through challenges, issues, and opportunities — and then they have the intellectual horsepower on the other side — when that comes together, that’s a beautiful thing."

TBPN

15,950 görüntüleme • 6 ay önce

Peter Thiel on the difference between the best founders and “professional CEOs” In his book Zero To One, Thiel wrote: “We need founders. If anything, we should be more tolerant of founders who seem strange or extreme. We need unusual individuals to lead companies beyond mere incrementalism.” And while he doesn’t believe there’s a simple magic formula for what a founder looks like, Thiel observes: “A lot of the great companies that have been built over the last two decades were founded by people where it was somehow deeply connected to their identity - their life’s project.” He contrasts this to Silicon Valley in the 1990s when lots of founders were replaced with professional CEOs. Thiel believes it made a big difference when it became more common for founders run the companies. He gives the example of a 22 year old Mark Zuckerberg turning down a billion dollar acquisition from Yahoo: “If you had a professional CEO, it would have just been: ‘I can’t believe they’re offering us a billion dollars. I’m going to try not to be too eager. We better take the money and run.’” Source: The Aspen Institute (Jun 2024)
3:36

Peter Thiel on the difference between the best founders and “professional CEOs” In his book Zero To One, Thiel wrote: “We need founders. If anything, we should be more tolerant of founders who seem strange or extreme. We need unusual individuals to lead companies beyond mere incrementalism.” And while he doesn’t believe there’s a simple magic formula for what a founder looks like, Thiel observes: “A lot of the great companies that have been built over the last two decades were founded by people where it was somehow deeply connected to their identity - their life’s project.” He contrasts this to Silicon Valley in the 1990s when lots of founders were replaced with professional CEOs. Thiel believes it made a big difference when it became more common for founders run the companies. He gives the example of a 22 year old Mark Zuckerberg turning down a billion dollar acquisition from Yahoo: “If you had a professional CEO, it would have just been: ‘I can’t believe they’re offering us a billion dollars. I’m going to try not to be too eager. We better take the money and run.’” Source: The Aspen Institute (Jun 2024)

Startup Archive

26,078 görüntüleme • 2 ay önce

Keith Rabois: “I tell founders not to worry about runway. Worry about lift.” “If you think about lift in a plane context, a company is only valuable if you achieve lift. Runway is a tactic for achieving lift, and you may need to extend the runway so that you have more time to get lift. But unless you’re actually achieving lift with that extra time, it doesn’t help you.” Keith continues: “I hate when a founder is like, ‘I want to raise this much money because it gives me two years runway.’… That is a stupid way to think about your fundraising.” Instead, founders should ask themselves what they need to achieve to achieve lift, and then work backwards from that. When Keith invests at Khosla Ventures and Founders Fund, they write internal memos about the three key risks to the company. Usually you can’t achieve all three in one financing, so founders should be asking themselves, What’s the most important inflection? And then structure their financing to achieve that. Keith advises founders that it’s ok to let their runway go very low if they feel like they’re approaching lift: “A lot of founders get very bad advice like ‘Oh, you need to have this much runway or you won’t be able to raise money from strength.’ That’s nonsense. If you have traction - if you hit a viral coefficient of 1 with three months of runway - almost every VC on the planet knows how to invest in that company, and it will not be a problem.” Video source: Khosla Ventures (2024)
1:18

Keith Rabois: “I tell founders not to worry about runway. Worry about lift.” “If you think about lift in a plane context, a company is only valuable if you achieve lift. Runway is a tactic for achieving lift, and you may need to extend the runway so that you have more time to get lift. But unless you’re actually achieving lift with that extra time, it doesn’t help you.” Keith continues: “I hate when a founder is like, ‘I want to raise this much money because it gives me two years runway.’… That is a stupid way to think about your fundraising.” Instead, founders should ask themselves what they need to achieve to achieve lift, and then work backwards from that. When Keith invests at Khosla Ventures and Founders Fund, they write internal memos about the three key risks to the company. Usually you can’t achieve all three in one financing, so founders should be asking themselves, What’s the most important inflection? And then structure their financing to achieve that. Keith advises founders that it’s ok to let their runway go very low if they feel like they’re approaching lift: “A lot of founders get very bad advice like ‘Oh, you need to have this much runway or you won’t be able to raise money from strength.’ That’s nonsense. If you have traction - if you hit a viral coefficient of 1 with three months of runway - almost every VC on the planet knows how to invest in that company, and it will not be a problem.” Video source: Khosla Ventures (2024)

Startup Archive

256,038 görüntüleme • 11 ay önce

Keith Rabois: “I tell founders not to worry about runway. Worry about lift.” “If you think about lift in a plane context, a company is only valuable if you achieve lift. Runway is a tactic for achieving lift, and you may need to extend the runway so that you have more time to get lift. But unless you’re actually achieving lift with that extra time, it doesn’t help you.” Keith continues: “I hate when a founder is like, ‘I want to raise this much money because it gives me two years runway.’… That is a stupid way to think about your fundraising.” Instead, founders should ask themselves what they need to achieve to achieve lift, and then work backwards from that. When Keith invests at Khosla Ventures and Founders Fund, they write internal memos about the three key risks to the company. Usually you can’t achieve all three in one financing, so founders should be asking themselves, What’s the most important inflection? And then structure their financing to achieve that. Keith advises founders that it’s ok to let their runway go very low if they feel like they’re approaching lift: “A lot of founders get very bad advice like ‘Oh, you need to have this much runway or you won’t be able to raise money from strength.’ That’s nonsense. If you have traction - if you hit a viral coefficient of 1 with three months of runway - almost every VC on the planet knows how to invest in that company, and it will not be a problem.” Source: Khosla Ventures (Aug 2024)
1:18

Keith Rabois: “I tell founders not to worry about runway. Worry about lift.” “If you think about lift in a plane context, a company is only valuable if you achieve lift. Runway is a tactic for achieving lift, and you may need to extend the runway so that you have more time to get lift. But unless you’re actually achieving lift with that extra time, it doesn’t help you.” Keith continues: “I hate when a founder is like, ‘I want to raise this much money because it gives me two years runway.’… That is a stupid way to think about your fundraising.” Instead, founders should ask themselves what they need to achieve to achieve lift, and then work backwards from that. When Keith invests at Khosla Ventures and Founders Fund, they write internal memos about the three key risks to the company. Usually you can’t achieve all three in one financing, so founders should be asking themselves, What’s the most important inflection? And then structure their financing to achieve that. Keith advises founders that it’s ok to let their runway go very low if they feel like they’re approaching lift: “A lot of founders get very bad advice like ‘Oh, you need to have this much runway or you won’t be able to raise money from strength.’ That’s nonsense. If you have traction - if you hit a viral coefficient of 1 with three months of runway - almost every VC on the planet knows how to invest in that company, and it will not be a problem.” Source: Khosla Ventures (Aug 2024)

Startup Archive

95,405 görüntüleme • 6 gün önce

Sam Altman: “The good founders are people who have ideas all the time” “You can give a founder an idea and they can start a company. The problem is they need to come up with new ideas for the company basically every week. You have to come up with crazy new ideas and big changes all the time.” When Sam was at Y Combinator, they tried an experiment where they funded 20 teams of strong founders that didn’t have ideas but were otherwise really good. They all failed. “What we learned is that the good founders are people who have ideas all the time. There’s an intelligence component to this. There’s a creativity component to this. There’s an ability to think independent thoughts component to this. But whatever you want to call this - this particular kind of intelligence that leads to seeing problems in different ways and thinking of ideas that don’t yet exist but should - you’ve got to have that in a founder.” Video source: Y Combinator (2018)
0:49

Sam Altman: “The good founders are people who have ideas all the time” “You can give a founder an idea and they can start a company. The problem is they need to come up with new ideas for the company basically every week. You have to come up with crazy new ideas and big changes all the time.” When Sam was at Y Combinator, they tried an experiment where they funded 20 teams of strong founders that didn’t have ideas but were otherwise really good. They all failed. “What we learned is that the good founders are people who have ideas all the time. There’s an intelligence component to this. There’s a creativity component to this. There’s an ability to think independent thoughts component to this. But whatever you want to call this - this particular kind of intelligence that leads to seeing problems in different ways and thinking of ideas that don’t yet exist but should - you’ve got to have that in a founder.” Video source: Y Combinator (2018)

Startup Archive

93,622 görüntüleme • 1 yıl önce

Sam Altman: “The good founders are people who have ideas all the time” “You can give a founder an idea and they can start a company. The problem is they need to come up with new ideas for the company basically every week. You have to come up with crazy new ideas and big changes all the time.” When Sam was at Y Combinator, they tried an experiment where they funded 20 teams of strong founders that didn’t have ideas but were otherwise really good. They all failed. “What we learned is that the good founders are people who have ideas all the time. There’s an intelligence component to this. There’s a creativity component to this. There’s an ability to think independent thoughts component to this. But whatever you want to call this - this particular kind of intelligence that leads to seeing problems in different ways and thinking of ideas that don’t yet exist but should - you’ve got to have that in a founder.” Video source: Y Combinator
0:49

Sam Altman: “The good founders are people who have ideas all the time” “You can give a founder an idea and they can start a company. The problem is they need to come up with new ideas for the company basically every week. You have to come up with crazy new ideas and big changes all the time.” When Sam was at Y Combinator, they tried an experiment where they funded 20 teams of strong founders that didn’t have ideas but were otherwise really good. They all failed. “What we learned is that the good founders are people who have ideas all the time. There’s an intelligence component to this. There’s a creativity component to this. There’s an ability to think independent thoughts component to this. But whatever you want to call this - this particular kind of intelligence that leads to seeing problems in different ways and thinking of ideas that don’t yet exist but should - you’ve got to have that in a founder.” Video source: Y Combinator

Startup Archive

133,653 görüntüleme • 2 yıl önce

Frank Slootman’s advice for founders learning to be CEO Founders frequently ask Frank (former CEO of Snowflake), “Do you think I can be a CEO?” Frank responds with a question: “Do you want to be?” He explains: “If you want to be, you need to become a student of the role because it’s different.” One of the biggest differences in transitioning to being an “operating CEO” is that a founder’s “reality distortion field” becomes a liability. Frank explains: “Reality distortion is a very useful thing. Steve Jobs wouldn’t have done anything if he didn’t have reality distortion — you have to see the world differently, and you wouldn’t start a company if you didn’t have reality distortion. But when you start running a place for scale and breakout velocity, you need intellectual honesty.” He continues: “You need to see the world the way it really is… Not some version of the truth. And by the way, it’s hard. You have to drive for that intellectual honesty with everything.” A lack of intellectually honesty is where Frank sees a lot of founders go wrong: “They can’t handle the truth. When they have sales problems, it’s always, ‘Oh let’s get a new Sales VP.’ Well, maybe the product sucks. But that’s a conversation they don’t want to have.” Video source: Foundation Capital (2024)
1:35

Frank Slootman’s advice for founders learning to be CEO Founders frequently ask Frank (former CEO of Snowflake), “Do you think I can be a CEO?” Frank responds with a question: “Do you want to be?” He explains: “If you want to be, you need to become a student of the role because it’s different.” One of the biggest differences in transitioning to being an “operating CEO” is that a founder’s “reality distortion field” becomes a liability. Frank explains: “Reality distortion is a very useful thing. Steve Jobs wouldn’t have done anything if he didn’t have reality distortion — you have to see the world differently, and you wouldn’t start a company if you didn’t have reality distortion. But when you start running a place for scale and breakout velocity, you need intellectual honesty.” He continues: “You need to see the world the way it really is… Not some version of the truth. And by the way, it’s hard. You have to drive for that intellectual honesty with everything.” A lack of intellectually honesty is where Frank sees a lot of founders go wrong: “They can’t handle the truth. When they have sales problems, it’s always, ‘Oh let’s get a new Sales VP.’ Well, maybe the product sucks. But that’s a conversation they don’t want to have.” Video source: Foundation Capital (2024)

Startup Archive

92,000 görüntüleme • 9 ay önce

Jaylen Brown says meeting 21-year-old founders making $2–3 million in revenue changed how he views money and business “When I was at Cal, I met this dude Eric Moore. He had his own venture capital firm.” “I just kept hitting him up until he let me intern at his VC firm.” “He started teaching me about money, how rich people make money, and how they stay rich.” “At 18 or 19, I got to see companies being run successfully.” “Some of the founders were 21 or 22, had dropped out of college, and were making $2–3 million in revenue.” “My body is my company.” “Why is it a bad thing that I’m putting myself in a position to make a lot of money at an early age?” “I really got to see how the world works.” “I started to understand the similarities between companies and the business of basketball.”
1:45

Jaylen Brown says meeting 21-year-old founders making $2–3 million in revenue changed how he views money and business “When I was at Cal, I met this dude Eric Moore. He had his own venture capital firm.” “I just kept hitting him up until he let me intern at his VC firm.” “He started teaching me about money, how rich people make money, and how they stay rich.” “At 18 or 19, I got to see companies being run successfully.” “Some of the founders were 21 or 22, had dropped out of college, and were making $2–3 million in revenue.” “My body is my company.” “Why is it a bad thing that I’m putting myself in a position to make a lot of money at an early age?” “I really got to see how the world works.” “I started to understand the similarities between companies and the business of basketball.”

Bassey

403,792 görüntüleme • 1 ay önce

The 9 traits Sam Altman looks for to identify founders who can build a $10 billion company “It’s difficult to hear an idea at the very early stage and say: ‘Yeah, this idea has what it takes to be a $10 billion company.’ However, I think you can, with practice, identify founders that have a chance at creating one of those companies.’” The first four traits Sam looks for comes from gmail creator Paul Buchhiet: obsession, focus, frugality, and love. Next, Sam looks for intelligence: “You can give a founder an idea, but the problem is they need to come up with new ideas for the company basically every week… We tried an experiment at Y Combinator where we funded 20 teams of strong founders that didn’t have ideas but otherwise were really good, and they all failed. What we learned is that good founders have ideas all the time.” #6 is communication skills: “So much of your job as a founder is about communication—every time you hire someone, go to raise money, try to sell the product, and set a direction for the company. A huge amount of a founder’s job is being an evangelist for the company. If you don’t have strong communication skills or you don’t develop them quickly, you’re at a big disadvantage.” #7 is execution speed. How quickly can you generate a hypothesis, test it, and implement it? Sam observes that most slow-moving founders who went through Y Combinator didn’t go on to be successful: “A relentless cadence of execution is incredibly correlated with success.” #8 is the rate of improvement of the founder: “If you look at a founder who comes to meet you for a seed round and compare that founder to Brian Chesky, you will be disappointed 100% of the time. That’s the wrong comparison… You should look at the at the growth rate of the founder… Humans always underestimate exponential growth.” #9 is the right motivations: “There a lot of people who start a startup because they think it’s a way to get rich quickly, and unfortunately it’s just not. So startups have become the new default career trajectory for ambitious people… This does not work given the amount of pain you have to suffer for a startup… In our portfolio at YC, every time we thought a company was going to go really well and didn’t, the founder did not have a deep sense of mission.” Video Source: Y Combinator
5:32

The 9 traits Sam Altman looks for to identify founders who can build a $10 billion company “It’s difficult to hear an idea at the very early stage and say: ‘Yeah, this idea has what it takes to be a $10 billion company.’ However, I think you can, with practice, identify founders that have a chance at creating one of those companies.’” The first four traits Sam looks for comes from gmail creator Paul Buchhiet: obsession, focus, frugality, and love. Next, Sam looks for intelligence: “You can give a founder an idea, but the problem is they need to come up with new ideas for the company basically every week… We tried an experiment at Y Combinator where we funded 20 teams of strong founders that didn’t have ideas but otherwise were really good, and they all failed. What we learned is that good founders have ideas all the time.” #6 is communication skills: “So much of your job as a founder is about communication—every time you hire someone, go to raise money, try to sell the product, and set a direction for the company. A huge amount of a founder’s job is being an evangelist for the company. If you don’t have strong communication skills or you don’t develop them quickly, you’re at a big disadvantage.” #7 is execution speed. How quickly can you generate a hypothesis, test it, and implement it? Sam observes that most slow-moving founders who went through Y Combinator didn’t go on to be successful: “A relentless cadence of execution is incredibly correlated with success.” #8 is the rate of improvement of the founder: “If you look at a founder who comes to meet you for a seed round and compare that founder to Brian Chesky, you will be disappointed 100% of the time. That’s the wrong comparison… You should look at the at the growth rate of the founder… Humans always underestimate exponential growth.” #9 is the right motivations: “There a lot of people who start a startup because they think it’s a way to get rich quickly, and unfortunately it’s just not. So startups have become the new default career trajectory for ambitious people… This does not work given the amount of pain you have to suffer for a startup… In our portfolio at YC, every time we thought a company was going to go really well and didn’t, the founder did not have a deep sense of mission.” Video Source: Y Combinator

Startup Archive

85,860 görüntüleme • 2 yıl önce

Former Sequoia chairman Michael Moritz on why he judges founders by the first 15 years of their life "For me, generally, it doesn't really matter how old somebody is. It's all about the first 15 or 16 or 17 years of life. I think those are the most important things to understand" "That's when you develop your character. It's when you're around the environment and people that shape you. It's perhaps where you develop a particular interest or obsession, in the case of many founders"
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Former Sequoia chairman Michael Moritz on why he judges founders by the first 15 years of their life "For me, generally, it doesn't really matter how old somebody is. It's all about the first 15 or 16 or 17 years of life. I think those are the most important things to understand" "That's when you develop your character. It's when you're around the environment and people that shape you. It's perhaps where you develop a particular interest or obsession, in the case of many founders"

Jaynit

22,711 görüntüleme • 16 gün önce