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Patrick Collison on what he wishes he did differently when scaling Stripe “I think one of the most pernicious mental models you can have is that you are on some growth curve… I think a much better mental model to have is that you’re serving some market, and then...

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Stripe CEO Patrick Collison shares the tactics he used for finding product/market fit “We tried very hard to understand in granular detail what exactly it was that people were doing, where they were tripping up and so on.” Patrick gives some examples of specific tactics: • A public chat room to provide support to people integrating Stripe • For the first 10 users of Stripe, every API request sent an email to the founders so they could better understand how users were using their product and see if users were doing anything weird • All errors generated a high-priority email to the founders. This created a pleasant user experience where 15 minutes after hitting an error, Patrick could reach out to them and let them know the issue was fixed “These are all kind of examples of a general pattern of trying to be hyper-attentive to all the micro details of what people were doing in the product and iterating rapidly in response to it. Generally speaking, I think pre-product/market fit metrics are actually relatively unhelpful because probably not that many people are using your product. If it’s 20 users, you can in some sense afford to just look at everything they’re doing to understand what’s working and what isn’t.” Another example of this Patrick gives is embedding a text input on each of their web pages with placeholder text prompting users to give them useful feedback(e.g. “The worst thing about Stripe is…”, “The worst thing about this page is…”, or “I really hate the way Stripe does…”). As Patrick explains: “At that stage, you have to be kind of masochistic. We’d always be waking up to all these emails telling us all the terrible things about Stripe. But that was a helpful to-do list for the day ahead. Video source: Y Combinator (2018)
2:13

Stripe CEO Patrick Collison shares the tactics he used for finding product/market fit “We tried very hard to understand in granular detail what exactly it was that people were doing, where they were tripping up and so on.” Patrick gives some examples of specific tactics: • A public chat room to provide support to people integrating Stripe • For the first 10 users of Stripe, every API request sent an email to the founders so they could better understand how users were using their product and see if users were doing anything weird • All errors generated a high-priority email to the founders. This created a pleasant user experience where 15 minutes after hitting an error, Patrick could reach out to them and let them know the issue was fixed “These are all kind of examples of a general pattern of trying to be hyper-attentive to all the micro details of what people were doing in the product and iterating rapidly in response to it. Generally speaking, I think pre-product/market fit metrics are actually relatively unhelpful because probably not that many people are using your product. If it’s 20 users, you can in some sense afford to just look at everything they’re doing to understand what’s working and what isn’t.” Another example of this Patrick gives is embedding a text input on each of their web pages with placeholder text prompting users to give them useful feedback(e.g. “The worst thing about Stripe is…”, “The worst thing about this page is…”, or “I really hate the way Stripe does…”). As Patrick explains: “At that stage, you have to be kind of masochistic. We’d always be waking up to all these emails telling us all the terrible things about Stripe. But that was a helpful to-do list for the day ahead. Video source: Y Combinator (2018)

Startup Archive

45,833 просмотров • 6 месяцев назад

Stripe CEO Patrick Collison shares the tactics he used for finding product/market fit “We tried very hard to understand in granular detail what exactly it was that people were doing, where they were tripping up and so on.” Patrick gives some examples of specific tactics: - A public chat room to provide support to people integrating Stripe - For the first 10 users of Stripe, every API request sent an email to the founders so they could better understand how users were using their product and see if users were doing anything weird - All errors generated a high-priority email to the founders. This created a pleasant user experience where 15 minutes after hitting an error, Patrick could reach out to them and let them know the issue was fixed “These are all kind of examples of a general pattern of trying to be hyper-attentive to all the micro details of what people were doing in the product and iterating rapidly in response to it. Generally speaking, I think pre-product/market fit metrics are actually relatively unhelpful because probably not that many people are using your product. If it’s 20 users, you can in some sense afford to just look at everything they’re doing to understand what’s working and what isn’t.” Another example of this Patrick gives is embedding a text input on each of their web pages with placeholder text prompting users to give them useful feedback(e.g. “The worst thing about Stripe is…”, “The worst thing about this page is…”, or “I really hate the way Stripe does…”). As Patrick explains: “At that stage, you have to be kind of masochistic. We’d always be waking up to all these emails telling us all the terrible things about Stripe. But that was a helpful to-do list for the day ahead." Source: Y Combinator (Oct 2018)
2:13

Stripe CEO Patrick Collison shares the tactics he used for finding product/market fit “We tried very hard to understand in granular detail what exactly it was that people were doing, where they were tripping up and so on.” Patrick gives some examples of specific tactics: - A public chat room to provide support to people integrating Stripe - For the first 10 users of Stripe, every API request sent an email to the founders so they could better understand how users were using their product and see if users were doing anything weird - All errors generated a high-priority email to the founders. This created a pleasant user experience where 15 minutes after hitting an error, Patrick could reach out to them and let them know the issue was fixed “These are all kind of examples of a general pattern of trying to be hyper-attentive to all the micro details of what people were doing in the product and iterating rapidly in response to it. Generally speaking, I think pre-product/market fit metrics are actually relatively unhelpful because probably not that many people are using your product. If it’s 20 users, you can in some sense afford to just look at everything they’re doing to understand what’s working and what isn’t.” Another example of this Patrick gives is embedding a text input on each of their web pages with placeholder text prompting users to give them useful feedback(e.g. “The worst thing about Stripe is…”, “The worst thing about this page is…”, or “I really hate the way Stripe does…”). As Patrick explains: “At that stage, you have to be kind of masochistic. We’d always be waking up to all these emails telling us all the terrible things about Stripe. But that was a helpful to-do list for the day ahead." Source: Y Combinator (Oct 2018)

Startup Archive

30,796 просмотров • 6 дней назад

Qullamaggie on Feeling Like a Genius, It's The Market Not You “A melt-up market is when everything is going straight up. And it becomes too easy to make money. You start feeling like a genius — that’s a melt-up market. Trust me, you are not a genius. None of you. It’s the market, not you. No, it’s true. It’s true. Most of my money has come from periods when the market is really good. You just have to line your trading with a period where the market is really good. You know, you gotta be aggressive when the market is really good. Your job is to identify good setups in a good market — and then let the market take care of the rest. Too many people think they are the shit just because they’re making a lot of money. But that’s not really true. It’s the market, not you.”
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Qullamaggie on Feeling Like a Genius, It's The Market Not You “A melt-up market is when everything is going straight up. And it becomes too easy to make money. You start feeling like a genius — that’s a melt-up market. Trust me, you are not a genius. None of you. It’s the market, not you. No, it’s true. It’s true. Most of my money has come from periods when the market is really good. You just have to line your trading with a period where the market is really good. You know, you gotta be aggressive when the market is really good. Your job is to identify good setups in a good market — and then let the market take care of the rest. Too many people think they are the shit just because they’re making a lot of money. But that’s not really true. It’s the market, not you.”

Lone

14,021 просмотров • 2 месяцев назад

Elad Gil’s 3 archetypes of hyper-successful founders Elad Gil has invested in and advised some of the largest companies in the world, including Stripe, Airbnb, Figma, Instacart, and Coinbase. When asked what made the founders of these companies so successful, Elad replies: “I think a lot of it is: Do you end up in the right market? Is the market big enough? Is it growing? Is it dynamic in the right way? I think half of it just is that you find the right market…. So you need the right market, but within that, there are tons of people who enter these markets and do horribly. So what’s different?” He notices that hyper-successful founders tend to fall into three buckets: “The first one is the polymathic, hyper-intellectual, yet very competitive person. And that’s probably Patrick and John [Collison] from Stripe. That was Larry and Sergey when I worked at Google — they were very polymathic, very deep on everything.” He continues: “I think the second one is the super hardcore, extremely focused, really really driven, overdrive founder. That may be Travis [Kalanick] from Uber… And I think there are almost signals of those because a lot of people in our ecosystem now, for example, are doing angel investing or they’re involved with lots of other companies while they’re running their own company. And this second class of founders doesn’t do any of that. They say no to everything, and they’re all-in on one thing.” Joe Lonsdale adds that this second type reminds him of Peter Thiel or Elon Musk in the early days: “I feel like Elon used to be more that way because he literally would say no to everything.” And then the third type of founder is one who is early to a network effects business: “If you have something that has network effects, you’re going to do well.” Video source: American Optimist Joe Lonsdale (2024)
2:42

Elad Gil’s 3 archetypes of hyper-successful founders Elad Gil has invested in and advised some of the largest companies in the world, including Stripe, Airbnb, Figma, Instacart, and Coinbase. When asked what made the founders of these companies so successful, Elad replies: “I think a lot of it is: Do you end up in the right market? Is the market big enough? Is it growing? Is it dynamic in the right way? I think half of it just is that you find the right market…. So you need the right market, but within that, there are tons of people who enter these markets and do horribly. So what’s different?” He notices that hyper-successful founders tend to fall into three buckets: “The first one is the polymathic, hyper-intellectual, yet very competitive person. And that’s probably Patrick and John [Collison] from Stripe. That was Larry and Sergey when I worked at Google — they were very polymathic, very deep on everything.” He continues: “I think the second one is the super hardcore, extremely focused, really really driven, overdrive founder. That may be Travis [Kalanick] from Uber… And I think there are almost signals of those because a lot of people in our ecosystem now, for example, are doing angel investing or they’re involved with lots of other companies while they’re running their own company. And this second class of founders doesn’t do any of that. They say no to everything, and they’re all-in on one thing.” Joe Lonsdale adds that this second type reminds him of Peter Thiel or Elon Musk in the early days: “I feel like Elon used to be more that way because he literally would say no to everything.” And then the third type of founder is one who is early to a network effects business: “If you have something that has network effects, you’re going to do well.” Video source: American Optimist Joe Lonsdale (2024)

Startup Archive

74,779 просмотров • 6 месяцев назад

Marc Andreessen on the 3 things he looks for when investing in a startup The first thing Marc Andreesen looks for is a big market: “Is there a big existing market that you think you can go after and displace incumbents? Or do you believe there will be a new market that will be big?” The second thing he looks for is a 10x better product: “Is there a fundamental technology or economic change that justifies a new company? And the way I always think about that is: Is there a 10x change happening in the technology landscape? Is something 10x faster, 10x cheaper, or 10x better? If it’s not 10x, we as both VCs and entrepreneurs have to ask ourselves if it’s really worth doing because it’s really hard to start new companies . . . Existing companies are usually pretty good at what they do. So for a new company to exist, it has to bring a product to market that’s so much better than what exists that it punches through the status quo.” The third is the team: “Is the team outstanding? . . . You want to have a founding team of complementary skillsets. You want to have at least one super strong technologist — quite possibly more than one. Some of the best startups are actually more than one founding technologist. And then it often helps to have someone who is a marketing or salesperson who has a really good understanding of business.” Marc believes that you need all three of these, but if you’re going to compromise on one of those as an investor, it should be the product: “A great market is a lot easier to make up for with iterative product execution. The problem with a poor or small market is that even if you do a good job on the product, there just aren’t that many customers so it’s hard to ever get big and people get demoralized . . . And then we evaluate the team of a startup by its ability to get into a big market with a good product.”
2:43

Marc Andreessen on the 3 things he looks for when investing in a startup The first thing Marc Andreesen looks for is a big market: “Is there a big existing market that you think you can go after and displace incumbents? Or do you believe there will be a new market that will be big?” The second thing he looks for is a 10x better product: “Is there a fundamental technology or economic change that justifies a new company? And the way I always think about that is: Is there a 10x change happening in the technology landscape? Is something 10x faster, 10x cheaper, or 10x better? If it’s not 10x, we as both VCs and entrepreneurs have to ask ourselves if it’s really worth doing because it’s really hard to start new companies . . . Existing companies are usually pretty good at what they do. So for a new company to exist, it has to bring a product to market that’s so much better than what exists that it punches through the status quo.” The third is the team: “Is the team outstanding? . . . You want to have a founding team of complementary skillsets. You want to have at least one super strong technologist — quite possibly more than one. Some of the best startups are actually more than one founding technologist. And then it often helps to have someone who is a marketing or salesperson who has a really good understanding of business.” Marc believes that you need all three of these, but if you’re going to compromise on one of those as an investor, it should be the product: “A great market is a lot easier to make up for with iterative product execution. The problem with a poor or small market is that even if you do a good job on the product, there just aren’t that many customers so it’s hard to ever get big and people get demoralized . . . And then we evaluate the team of a startup by its ability to get into a big market with a good product.”

Startup Archive

17,333 просмотров • 6 месяцев назад

Benchmark founder Andy Rachleff on what most founders get wrong about product/market fit “When you’re starting a company, you need to develop a value hypothesis and then a growth hypothesis. The value hypothesis consists of the what, the who, and the how. What are you going to build? For whom is it relevant? And what’s the business model? That’s the how.” Andy believes the core of product market fit is proving the value hypothesis. And the mistake most founders make is iterating on the “what” variable, which he defines as the inflection point in technology you’re building on: “Great technology companies are created by virtue of an entrepreneur recognizing an inflection point in technology that allows them to build a new product.” When Andy was building Wealthfront, this inflection point was brokerage APIs and ETFs. It’s only once you’ve identified an inflection point in technology (the “what”), Andy argues, that you should begin to focus on the “who” (e.g. what’s the market?) and the “how” (e.g. what’s the business model?). “You don’t start with a market and look for problems to which you can find a solution because that’s consensus, leads to mundane outcomes, and certainly doesn’t support venture capital. The great returns in venture capital have all come from people who have tried to do something non-consensus.” The other product/market fit mistake Andy often sees founders make is spending too much money on advertising: “The way that you really know you’ve found [product/market fit] is if you have exponential organic growth - if you have word of mouth. People only recommend things that they love… I’ve seen many entrepreneurs fall in love with the growth they’ve gotten from their advertising and not realized they’re not getting word of mouth.” Video source: Fintech Nexus (2018)
1:39

Benchmark founder Andy Rachleff on what most founders get wrong about product/market fit “When you’re starting a company, you need to develop a value hypothesis and then a growth hypothesis. The value hypothesis consists of the what, the who, and the how. What are you going to build? For whom is it relevant? And what’s the business model? That’s the how.” Andy believes the core of product market fit is proving the value hypothesis. And the mistake most founders make is iterating on the “what” variable, which he defines as the inflection point in technology you’re building on: “Great technology companies are created by virtue of an entrepreneur recognizing an inflection point in technology that allows them to build a new product.” When Andy was building Wealthfront, this inflection point was brokerage APIs and ETFs. It’s only once you’ve identified an inflection point in technology (the “what”), Andy argues, that you should begin to focus on the “who” (e.g. what’s the market?) and the “how” (e.g. what’s the business model?). “You don’t start with a market and look for problems to which you can find a solution because that’s consensus, leads to mundane outcomes, and certainly doesn’t support venture capital. The great returns in venture capital have all come from people who have tried to do something non-consensus.” The other product/market fit mistake Andy often sees founders make is spending too much money on advertising: “The way that you really know you’ve found [product/market fit] is if you have exponential organic growth - if you have word of mouth. People only recommend things that they love… I’ve seen many entrepreneurs fall in love with the growth they’ve gotten from their advertising and not realized they’re not getting word of mouth.” Video source: Fintech Nexus (2018)

Startup Archive

16,595 просмотров • 1 год назад

Wealthfront CEO on why advertising spend makes it harder to find product/market fit Andy Rachleff believes paid user acquisition can be a distraction for startups: “The way that you know you have product/market fit is if you have exponential organic growth. That’s not an easy thing to do, and advertising can make you think you’re doing well because you’re buying customers when in fact you’re not. The only way you drive exponential organic growth is through word of mouth.” He recalls a Japanese saying in manufacturing: “You can’t see the rocks until you drain the water.” “By getting rid of the advertising, we could actually see if we were driving exponential organic growth… The great companies were all built through word of mouth and through great products.” Instead of marketing, Andy has chosen to invest most in building a product that delights customers because, as he puts it, “delight is the greatest form of virality.” Video source: Fintech Nexus (2018)
1:07

Wealthfront CEO on why advertising spend makes it harder to find product/market fit Andy Rachleff believes paid user acquisition can be a distraction for startups: “The way that you know you have product/market fit is if you have exponential organic growth. That’s not an easy thing to do, and advertising can make you think you’re doing well because you’re buying customers when in fact you’re not. The only way you drive exponential organic growth is through word of mouth.” He recalls a Japanese saying in manufacturing: “You can’t see the rocks until you drain the water.” “By getting rid of the advertising, we could actually see if we were driving exponential organic growth… The great companies were all built through word of mouth and through great products.” Instead of marketing, Andy has chosen to invest most in building a product that delights customers because, as he puts it, “delight is the greatest form of virality.” Video source: Fintech Nexus (2018)

Startup Archive

29,943 просмотров • 1 год назад

Marc Andreessen explains the 3 Necessities for Start-up Success: "The general criteria for a successful high-tech startup, in my view, you see different sort of rules of thumb from different people. But the three big things you always come back to are, is there a big market? And by the way, that comes in two parts. Is there a big existing market that you think you can go after and sort of displace incumbents or do you believe there will be a new market that will be big? So big market. Is there a fundamental technology or economic change that causes you to basically justify having a new company? And that's really important. And the way I always think about that is, is there a 10X change happening in the technology landscape? Is something 10X faster or 10X cheaper or 10X better? And if it's not 10X, we as both VCs and entrepreneurs, we really have to ask ourselves like, is it really worth doing? Because it's really hard. I mean, it's really hard to start new companies. new companies generally shouldn't exist. Existing companies are usually pretty good at what they do. And so for a new company to exist, it not only has to like come in and go into business and bring a product to market, but it has to bring a product to market that's so much better than what already exists that it punches through the sort of status quo. And most customers in most markets are pretty happy buying from the current suppliers and so there has to be a real kind of edge on the thing and we look for that in either a technology change, usually a technology change or an economic change. which are often the same thing. And then the third is team. Is the team outstanding? And if you think about this as an entrepreneur, it becomes a question of the founding team. Some companies are solo founders and they can work, but generally most of us, like myself, we're human beings, we're mortal. You want to have a founding team of complementary skill sets. And so you want to have at least one super strong technologist, quite possibly more than one. Some of the best startups are actually more than one founding technologist and then it often helps to have somebody who's like a product or who's a market or sales person or has a sort of really good understanding of business on the team, certainly helps a lot. And so we sort of look at market, product, and team. And the reality is you need all three. I would say, interestingly, if you're going to compromise as an investor, if we're going to compromise on one of those, it would actually be the product. And the reason I say that is because a great market is a lot easier to make up for with iterative product execution than a poor market. Because the problem with a poor market, a small market, is even if you do a great job on the product, there just aren't that many customers. It's hard to ever get big."
2:15

Marc Andreessen explains the 3 Necessities for Start-up Success: "The general criteria for a successful high-tech startup, in my view, you see different sort of rules of thumb from different people. But the three big things you always come back to are, is there a big market? And by the way, that comes in two parts. Is there a big existing market that you think you can go after and sort of displace incumbents or do you believe there will be a new market that will be big? So big market. Is there a fundamental technology or economic change that causes you to basically justify having a new company? And that's really important. And the way I always think about that is, is there a 10X change happening in the technology landscape? Is something 10X faster or 10X cheaper or 10X better? And if it's not 10X, we as both VCs and entrepreneurs, we really have to ask ourselves like, is it really worth doing? Because it's really hard. I mean, it's really hard to start new companies. new companies generally shouldn't exist. Existing companies are usually pretty good at what they do. And so for a new company to exist, it not only has to like come in and go into business and bring a product to market, but it has to bring a product to market that's so much better than what already exists that it punches through the sort of status quo. And most customers in most markets are pretty happy buying from the current suppliers and so there has to be a real kind of edge on the thing and we look for that in either a technology change, usually a technology change or an economic change. which are often the same thing. And then the third is team. Is the team outstanding? And if you think about this as an entrepreneur, it becomes a question of the founding team. Some companies are solo founders and they can work, but generally most of us, like myself, we're human beings, we're mortal. You want to have a founding team of complementary skill sets. And so you want to have at least one super strong technologist, quite possibly more than one. Some of the best startups are actually more than one founding technologist and then it often helps to have somebody who's like a product or who's a market or sales person or has a sort of really good understanding of business on the team, certainly helps a lot. And so we sort of look at market, product, and team. And the reality is you need all three. I would say, interestingly, if you're going to compromise as an investor, if we're going to compromise on one of those, it would actually be the product. And the reason I say that is because a great market is a lot easier to make up for with iterative product execution than a poor market. Because the problem with a poor market, a small market, is even if you do a great job on the product, there just aren't that many customers. It's hard to ever get big."

Founder Mode

39,005 просмотров • 6 месяцев назад

Peter Thiel's advice to early-stage startups: "One basic frame is that if you're starting a company, you always start small. So how do you get to monopoly when you're small? Answer, you start with a very small market. And the conventional business thing is always you want to go after really big markets. There are no big markets without lots of competition. You never want to go after big markets. You want to go after small markets. Facebook started with 10,000 people at Harvard. It was such a small market, it could not have been funded. It would not have been funded by investors if you'd actually pitched it. So it sort of bootstrapped the whole thing. It went from 0% to 60% market share in 10 days. That was actually a very auspicious start. Now, PayPal, we went after 30,000 power sellers on eBay. Again, sort of a subset of a subset of a subset of the payment space, but it has these very distinct, unique characteristics that made it a well-defined market. We got to about 30%, 35% market share in three months. Again, a very, very promising start. There was a tremendous amount that went wrong with all the clean tech companies in the last decade. And I think failure is always a little bit overrated because people can't learn much from failure. When you fail, you normally failed for multiple reasons. You failed for reasons A, B, C, D, E, and F. And maybe you think you failed because of A. Next time around, you'll fail for the other five reasons. So that's why I think we often make the mistake of... of overrating failure in various contexts. Cleantech failed for many different reasons. But one that I think is very important, and people haven't thought about enough, is that the markets were just way too big. Every PowerPoint presentation you saw in the period 2005 to 2008 started with, we are in the energy market. And this is a market that's in the hundreds of billions or trillions of dollars. And then it's a fraction of a fraction of a fraction of that market. And then you end up with a dynamic where you have to beat the other nine thin film solar panel companies. Then you have to beat the other 90 solar panel companies. Then you have to beat the wind companies. And then fracking comes out of right field. And China comes out of left field. And you're sort of like this minnow in this vast ocean. And there's just competition everywhere, most of it not even visible from the point at which you get started."
2:11

Peter Thiel's advice to early-stage startups: "One basic frame is that if you're starting a company, you always start small. So how do you get to monopoly when you're small? Answer, you start with a very small market. And the conventional business thing is always you want to go after really big markets. There are no big markets without lots of competition. You never want to go after big markets. You want to go after small markets. Facebook started with 10,000 people at Harvard. It was such a small market, it could not have been funded. It would not have been funded by investors if you'd actually pitched it. So it sort of bootstrapped the whole thing. It went from 0% to 60% market share in 10 days. That was actually a very auspicious start. Now, PayPal, we went after 30,000 power sellers on eBay. Again, sort of a subset of a subset of a subset of the payment space, but it has these very distinct, unique characteristics that made it a well-defined market. We got to about 30%, 35% market share in three months. Again, a very, very promising start. There was a tremendous amount that went wrong with all the clean tech companies in the last decade. And I think failure is always a little bit overrated because people can't learn much from failure. When you fail, you normally failed for multiple reasons. You failed for reasons A, B, C, D, E, and F. And maybe you think you failed because of A. Next time around, you'll fail for the other five reasons. So that's why I think we often make the mistake of... of overrating failure in various contexts. Cleantech failed for many different reasons. But one that I think is very important, and people haven't thought about enough, is that the markets were just way too big. Every PowerPoint presentation you saw in the period 2005 to 2008 started with, we are in the energy market. And this is a market that's in the hundreds of billions or trillions of dollars. And then it's a fraction of a fraction of a fraction of that market. And then you end up with a dynamic where you have to beat the other nine thin film solar panel companies. Then you have to beat the other 90 solar panel companies. Then you have to beat the wind companies. And then fracking comes out of right field. And China comes out of left field. And you're sort of like this minnow in this vast ocean. And there's just competition everywhere, most of it not even visible from the point at which you get started."

Founder Mode

39,870 просмотров • 6 месяцев назад

Bill Campbell on trying to convince Steve Jobs to do market research “I was always trying to push Steve [Jobs] into market research, and he would throw me out in the street most of the time. He always believed that he had enough good people inside his organization with taste that could tell him exactly what we needed.” But Bill disagreed: “I don’t think a marketing person would have created the Macintosh, but a good marketing person would have made it better.” Bill believed a lot of the flaws in the early versions of the Macintosh could’ve been easily avoided with market research and user testing.
0:51

Bill Campbell on trying to convince Steve Jobs to do market research “I was always trying to push Steve [Jobs] into market research, and he would throw me out in the street most of the time. He always believed that he had enough good people inside his organization with taste that could tell him exactly what we needed.” But Bill disagreed: “I don’t think a marketing person would have created the Macintosh, but a good marketing person would have made it better.” Bill believed a lot of the flaws in the early versions of the Macintosh could’ve been easily avoided with market research and user testing.

Startup Archive

60,032 просмотров • 1 год назад

The View is SHOCKED to learn from guest co-host Sara Eisen (an actual financial expert) that the markets are actually doing good and actually like Trump as president: GOLDBERG: Later after we do what we're supposed to do I do want to ask you about the market. EISEN: Please. GOLDBER: Because it seems that the market doesn't really pay attention to who is president. The market does what it does. EISEN: Actually the market likes who's president, I think. GOLBERG: Really? HOSTIN: Oh, interesting. EISEN: There's a lot of upbeat sentiment from companies. GOLDBERG: Ah. EISEN: And from investors about policies that are helpful for growth. You know, deregulation. HOSTIN: Do you think the tariffs are helpful for growth? EISEN: The tariffs usually wouldn't be helpful for growth but they're not as bad as everybody expected. HOSTIN: But they're not good. BEHAR: It helps for rich people. It doesn't help poor people or middle income people. EISEN: Fair. But, you know, when the tariffs were announced everyone thought it would be massive inflation and the market would fall apart and the economy and it hasn't. BEHAR: Not yet. EISEN: Some companies have absorbed it. You know what? They've never been more profitable right now, but they also like the tax bill.
1:37

The View is SHOCKED to learn from guest co-host Sara Eisen (an actual financial expert) that the markets are actually doing good and actually like Trump as president: GOLDBERG: Later after we do what we're supposed to do I do want to ask you about the market. EISEN: Please. GOLDBER: Because it seems that the market doesn't really pay attention to who is president. The market does what it does. EISEN: Actually the market likes who's president, I think. GOLBERG: Really? HOSTIN: Oh, interesting. EISEN: There's a lot of upbeat sentiment from companies. GOLDBERG: Ah. EISEN: And from investors about policies that are helpful for growth. You know, deregulation. HOSTIN: Do you think the tariffs are helpful for growth? EISEN: The tariffs usually wouldn't be helpful for growth but they're not as bad as everybody expected. HOSTIN: But they're not good. BEHAR: It helps for rich people. It doesn't help poor people or middle income people. EISEN: Fair. But, you know, when the tariffs were announced everyone thought it would be massive inflation and the market would fall apart and the economy and it hasn't. BEHAR: Not yet. EISEN: Some companies have absorbed it. You know what? They've never been more profitable right now, but they also like the tax bill.

Nicholas Fondacaro

1,069,680 просмотров • 5 месяцев назад

Rahul Vohra on how to measure product/market fit Rahul Vohra is the founder and CEO of Superhuman. He was looking for a metric to measure product/market fit so that he and his team could optimize, and he came across the following methodology from Sean Ellis: Simply ask your users: “How would you feel if you could no longer use the product?” with three options: (1) not disappointed, (2) somewhat disappointed, or (3) very disappointed. It turns out that the benchmark for product/market fit across hundreds of venture-backed startups is 40% of respondents saying “very disappointed”. And as Rahul puts it: “If more than 40% of your users would be very disappointed without your product, then you should focus on growing your company. If less than 40% of your users would be very disappointed without your product, then you’ll probably struggle to grow.” 40% may not sound like a lot, but it’s an incredibly hard benchmark to beat. For example, Slack posed this to 731 customers early in the company’s history, and 51% said they would be very disappointed without Slack. One might expect a terrific product like Slack to have a score of 60-80%, but that wasn’t the case. Rahul’s explanation of why the response options are focused on disappointment rather than happiness is interesting too: “I think the reason behind that is that if you ask people how they feel about a product and you give them positive potential responses, I think it invites more bias. People are more likely to be polite. And it also doesn’t get to the heart of the matter which is: how necessary has your product become in people’s lives? If you’re trying to build a company that’s going to stand the test of time, you really do have to build a product that matters and that people ultimately come to depend on because it’s just so incredible at what it does. And that’s what this question gets to the heart of.”
4:39

Rahul Vohra on how to measure product/market fit Rahul Vohra is the founder and CEO of Superhuman. He was looking for a metric to measure product/market fit so that he and his team could optimize, and he came across the following methodology from Sean Ellis: Simply ask your users: “How would you feel if you could no longer use the product?” with three options: (1) not disappointed, (2) somewhat disappointed, or (3) very disappointed. It turns out that the benchmark for product/market fit across hundreds of venture-backed startups is 40% of respondents saying “very disappointed”. And as Rahul puts it: “If more than 40% of your users would be very disappointed without your product, then you should focus on growing your company. If less than 40% of your users would be very disappointed without your product, then you’ll probably struggle to grow.” 40% may not sound like a lot, but it’s an incredibly hard benchmark to beat. For example, Slack posed this to 731 customers early in the company’s history, and 51% said they would be very disappointed without Slack. One might expect a terrific product like Slack to have a score of 60-80%, but that wasn’t the case. Rahul’s explanation of why the response options are focused on disappointment rather than happiness is interesting too: “I think the reason behind that is that if you ask people how they feel about a product and you give them positive potential responses, I think it invites more bias. People are more likely to be polite. And it also doesn’t get to the heart of the matter which is: how necessary has your product become in people’s lives? If you’re trying to build a company that’s going to stand the test of time, you really do have to build a product that matters and that people ultimately come to depend on because it’s just so incredible at what it does. And that’s what this question gets to the heart of.”

Michael McGuiness

67,106 просмотров • 2 лет назад

Sam Altman: “One of the few arbitrage opportunities left in the market is time” “I don’t think you can beat the market in a lot of ways, but the one way I do is by making a long-term commitment to something. My new belief on how long I should hold stock in the best companies I invest in is forever. And I think in a world where people are increasingly focused on the tick and the quarterly earnings cycle, you should try to go in the other direction. This is a great way to generate value and wealth.” Sam continues: “And so I think that when you’re thinking about a startup, it’s really worthwhile to think about something you’re willing to make a very long-term commitment to because that is where the current void in the market is. You get paid as a founder for the wealth you create for other people… The best companies just create massive amounts of value for the world, and then they capture some of that for themselves. But they capture far less than they create, and they do it over a very long period of time. So if you’re going to be one of those companies, I think you want to make a super long-term commitment to yourself and others that are going to work on it with you… It is worth waiting because you will make far more money over the long term by doing this company really well than a bunch of short term things along the way.” Video source: Y Combinator (2016)
1:44

Sam Altman: “One of the few arbitrage opportunities left in the market is time” “I don’t think you can beat the market in a lot of ways, but the one way I do is by making a long-term commitment to something. My new belief on how long I should hold stock in the best companies I invest in is forever. And I think in a world where people are increasingly focused on the tick and the quarterly earnings cycle, you should try to go in the other direction. This is a great way to generate value and wealth.” Sam continues: “And so I think that when you’re thinking about a startup, it’s really worthwhile to think about something you’re willing to make a very long-term commitment to because that is where the current void in the market is. You get paid as a founder for the wealth you create for other people… The best companies just create massive amounts of value for the world, and then they capture some of that for themselves. But they capture far less than they create, and they do it over a very long period of time. So if you’re going to be one of those companies, I think you want to make a super long-term commitment to yourself and others that are going to work on it with you… It is worth waiting because you will make far more money over the long term by doing this company really well than a bunch of short term things along the way.” Video source: Y Combinator (2016)

Startup Archive

49,283 просмотров • 1 год назад

John Collison: We only had 50 users two years after founding Stripe “We started working on Stripe in the Fall of 2009, and we launched Stripe in September 2011,” John Collison reflects. “I remember right at the beginning when we were starting it I said to Patrick [Collison], ‘Yeah let’s do it. How hard can it be?’ Which gives you a sense of our mindset. And the answer was: two years of difficulty. We had not predicted that.” John remembers feeling dejected when Stripe only had 50 users two years later: “When you spend two years getting 50 users, it doesn’t feel like a whole lot of progress. It feels like things are going pretty slow.” But this is one of the challenges of startups, he argues: “If you’re working on a startup that’s a bad idea, it’s going to feel like slow-going. But if you’re working on a startup that’s a good idea, it may feel like slow-going too.” Yet slow growth has a silver lining: “I think the thing that allowed us to take off in the subsequent years was the fact that since we were spending so much time on each one of those users; since we were hyper-focused on building a great product; and since we weren’t dealing with problems of scale yet, that allowed us to build the product that we wanted. Part of the culture that set in really early on was taking abnormally good care of those early users.” The Stripe founders would get an email or phone call anytime a user ran into a bug. When they sent the customer an email moments later alerting them that the bug was now fixed, people’s minds were blown. They set up a Campfire room that any customer could join and use to message John and Patrick at any hour of the day or night. And if a user was based in the Bay Area, the founders would invite them to come by the office and help integrate Stripe for them. In the Stripe dashboard they would prompt their customers for feedback and feature requests. Then the Stripe founders would reply to that feedback within 10 minutes. “What this meant was that even though the user growth was happening quite slowly in the early days,” John explains, “it actually had a pretty surprising viral effect where people had a good experience, they told their friends about it, and we were able to spread entirely through word-of-mouth even to this day.” Video source: Stanford eCorner (2015)
4:17

John Collison: We only had 50 users two years after founding Stripe “We started working on Stripe in the Fall of 2009, and we launched Stripe in September 2011,” John Collison reflects. “I remember right at the beginning when we were starting it I said to Patrick [Collison], ‘Yeah let’s do it. How hard can it be?’ Which gives you a sense of our mindset. And the answer was: two years of difficulty. We had not predicted that.” John remembers feeling dejected when Stripe only had 50 users two years later: “When you spend two years getting 50 users, it doesn’t feel like a whole lot of progress. It feels like things are going pretty slow.” But this is one of the challenges of startups, he argues: “If you’re working on a startup that’s a bad idea, it’s going to feel like slow-going. But if you’re working on a startup that’s a good idea, it may feel like slow-going too.” Yet slow growth has a silver lining: “I think the thing that allowed us to take off in the subsequent years was the fact that since we were spending so much time on each one of those users; since we were hyper-focused on building a great product; and since we weren’t dealing with problems of scale yet, that allowed us to build the product that we wanted. Part of the culture that set in really early on was taking abnormally good care of those early users.” The Stripe founders would get an email or phone call anytime a user ran into a bug. When they sent the customer an email moments later alerting them that the bug was now fixed, people’s minds were blown. They set up a Campfire room that any customer could join and use to message John and Patrick at any hour of the day or night. And if a user was based in the Bay Area, the founders would invite them to come by the office and help integrate Stripe for them. In the Stripe dashboard they would prompt their customers for feedback and feature requests. Then the Stripe founders would reply to that feedback within 10 minutes. “What this meant was that even though the user growth was happening quite slowly in the early days,” John explains, “it actually had a pretty surprising viral effect where people had a good experience, they told their friends about it, and we were able to spread entirely through word-of-mouth even to this day.” Video source: Stanford eCorner (2015)

Startup Archive

191,059 просмотров • 9 месяцев назад

.Marc Andreessen 🇺🇸 and Jack Altman on underestimating market size and how tech evolved from tools to total transformation. “It turns out some of these markets just turned out to be much larger than people think… like one of the things that's been hardest for us to do is to do market sizing and sometimes we overestimate market size… but more often it’s the other way.”
0:43

.Marc Andreessen 🇺🇸 and Jack Altman on underestimating market size and how tech evolved from tools to total transformation. “It turns out some of these markets just turned out to be much larger than people think… like one of the things that's been hardest for us to do is to do market sizing and sometimes we overestimate market size… but more often it’s the other way.”

a16z

17,502 просмотров • 1 год назад

"I could see the growth of the stablecoin market dramatically eclipsing the growth of the euro dollar market. And so over time, you've kind of got these parallel systems and the new system is kind of cannibalizing the old system. But I also think, from a government's perspective, you don't want it all just to disappear because of some blackout or some. So I think physical currency is still going to exist. One of the ways that they fund these black projects is through cash because it's not traceable, right? I don't think that the Pentagon wants to put all of their transactions on the blockchain that everybody can see. It's almost like a belt in suspenders. They're going to have kind of redundant systems. And so one system is physical cash. Another system is gold. Another system is the traditional euro dollar market. And the newest system is this US dollar stablecoin. So it's a number of different systems through which you can deliver the same value." Santiago Capital of 💰 🔗
2:05

"I could see the growth of the stablecoin market dramatically eclipsing the growth of the euro dollar market. And so over time, you've kind of got these parallel systems and the new system is kind of cannibalizing the old system. But I also think, from a government's perspective, you don't want it all just to disappear because of some blackout or some. So I think physical currency is still going to exist. One of the ways that they fund these black projects is through cash because it's not traceable, right? I don't think that the Pentagon wants to put all of their transactions on the blockchain that everybody can see. It's almost like a belt in suspenders. They're going to have kind of redundant systems. And so one system is physical cash. Another system is gold. Another system is the traditional euro dollar market. And the newest system is this US dollar stablecoin. So it's a number of different systems through which you can deliver the same value." Santiago Capital of 💰 🔗

Geopolitics & Empire

18,942 просмотров • 6 месяцев назад