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People are still very focused on the startup story: Risk-taking founders, with a bold idea, some capital and a network supportive environment, go out and take the shot on goal. But the problem is, this is no longer the truth about what makes Silicon Valley so special.
There's nothing wrong with a business that supports you and perhaps an extended family. But if you want to build a scalable startup, you need to be asking how you can you get enough customers/users/payers to build a business that can grow revenues past several $100M/year.
My first job after college was at Magic Quest, an educational software startup company where I was responsible for writing the content. I found that job somewhat accidentally but after working there a few weeks and loving my job, I decided to pursue a career in technology.
One of the issues we face here in San Francisco and Silicon Valley is a sense that the people all around us are as conversant in startup and tech culture as we are. But we need to remember, and remind ourselves repeatedly, that we're a small minority in a larger population.
If you look at it now from the Google perspective, how do you make billions of dollars? Hundreds of millions doesn't count anymore; how do you make billions? And that's the question we've been tasked. Is this a Google-scale business, or is this a nice business for a startup?
I think whether it's a good idea or not to take the startup plunge comes down to the responsibilities of the individual. If you have a family to care for or a huge mortgage payment, then quitting your steady day job to launch a startup probably isn't the best decision to make.
The truth is, you cannot run a political campaign like a tech startup. Technology is a field that fetishizes disruption. The old ways are suspect, and we place an almost irrational trust on new tools. That's fine for developing games, but it was a failing playbook for politics.
One thing I never thought about in my big-company job? Cash flow. When your business has billions of dollars in revenue, you can make a lot of mistakes and still have a viable business. But in a startup, make a few hiring mistakes, and you can find yourself in real jeopardy fast.
One of the most important tasks as a leader in a startup is to pick the right metric to track. This is often referred to as the 'compass metric' because it will be your compass for growth. It's important to note that 'compass metrics' will likely change over the lifetime of a business.
That's a problem. I mean, like any sort of growing startup organization, we are sort of overwhelmed by our growth. And that means we're getting enormous quantity of whistleblower disclosures of a very high caliber, but don't have enough people to actually process and vet this information.
In my view, product/market fit is the most important thing to get right as a startup entrepreneur. There's a variety of ways to do it, but without solving some pain point that the customer gets so excited about they tell their friends, it's really hard in the modern age to get any liftoff.
The truth is, there are many types of businesses that require thousands of dollars to be invested during the startup period. However, there are also many different types of business models that you can run from the comfort of your own home without having to reach too deep into your wallet.
As I've traveled the country, we visit tech incubators all the time where women are going into their second or third act in their career and learning how to be software programmers, or how to work at startup companies, and learning a completely different skill set. I think it's never too late.
Sometimes, the startup game works in your favor just because you got in at the right time and right environment. Other times, you're a little too late entering an already crowded space. But startups with strong fundamentals withstand external conditions and come out ahead in good or bad times.
Like a tracer running through the veins of the city, networks of air quality sensors attached to bikes can help measure an individual's exposure to pollution and draw a dynamic map of the urban air on a human scale, as in the case of the Copenhagen Wheel developed by new startup Superpedestrian.
Whether you're a government entity, a large enterprise, or a startup, a true digital transformation takes advantage of technology to focus on the customer, automates work that does not need manual interference, and unleashes your people to truly make decisions that change the path of your company.
There are two companies that the AI Fund has invested in - Woebot and Landing AI - and the AI Fund has a number of internal teams working on new projects. We usually bring in people as employees, work with them to turn ideas into startups, then have the entrepreneurs go into the startup as founders.
Valuations are actually quite simple to grasp. A company is only worth what two acquirers are willing to pay for it. Don't you just need to find that one buyer? If there is only one potential company interested in buying your startup, chances are you won't be hearing the word 'billion' in the offer.
Inasmuch as there is a useful purpose to what we do as VCs, I tend to think it's our duty not only to mentor entrepreneurs and executive teams, but also to learn from them and the others involved. We can then pass on lessons to aid the startup ecosystem and help businesses succeed and grow their impact.
For a long time, I've ranted against naming your startup community 'Silicon Whatever.' Instead, I believe every startup community already has a name. The Boulder startup community is called Boulder. The L.A. startup community is called L.A. The Washington D.C. startup community is called Washington D.C.
The typical workday, particularly in startup mode, is from nine to six or nine to seven, then you take a two-hour break to work out and eat dinner. By that time, you're relaxed, and then you work until midnight or one A.M. If there was no break with physical activity, you'd be more tired and less alert.
When we launched If WeRanTheWorld, I said to my team, I want us to innovate in every aspect of how we design and operate this as a business venture, as much as the web platform itself - because I want us to design our own startup around the working lives that we would all like to live. Women and men alike.
Most startup entrepreneurs unnecessarily spend half their time and give up half their equity in search of funding from angel investors and venture capitalists. Tens of millions of dollars are available to them for free from partners who not only don't want their equity, they don't even want to be paid back.
Startups alternate between nostalgia for the garage and millennial longing for a lucrative exit. But what I always keep in mind is how disconnected and purposeless I felt before Redfin or my earlier startup, Plumtree. All I ever wanted was to get into a situation where I could win. Everybody has that dream.
Startup culture fosters laughter, debate, and a passionate, non-politically-correct focus on getting things done. And this startup of culture is something entrepreneurs struggle to maintain as the business grows. To ensure this environment continues, create a strong foundation and ensure everyone is on board.
The Lean Startup is a process for turning ideas into commercial ventures. Its premise is that startups begin with a series of untested hypotheses. They succeed by getting out of the building, testing those hypotheses and learning by iterating and refining minimal viable products in front of potential customers.
I was amazed at how the life of a freelancer differed from running a remote studio for another company. I thought I knew what I was doing in 2004 when I left Eidos because I had run Ion Storm Austin, which was my own independent studio. I had run a business unit inside Origin, but being part of a startup is crazy.
I've been very fortunate to be at the startup of a lot of different things. I was the startup of the Pancrase organization in Japan. Became a big figure over there. Then I was in the UFC and was at the startup of that, and I was a big figure in that. Twice. Not only in the beginning but also when it was taken over.
It almost goes without saying that when you are a startup, one of the first things you do is you start setting aside money to defend yourself from patent lawsuits, because any successful company, even moderately successful, is going to get hit by a patent lawsuit from someone who's just trying to look for a payout.
Networking is all about connecting with people. But then again, isn't that what life is about? The more time you can find to get out of the office and build true friendships, the farther your startup will go. Entrepreneurs need to remember to spend as much time working on their business as they do in their business.
There's this famous observation that I totally believe: Great startup ideas are the ones that lie in the intersection of the Venn diagram of 'is a good idea' and 'looks like a bad idea.' So you want most people to think it's a bad idea and thus not compete with you until you get giant. But for it to secretly be good.
One of the cool things we're seeing at TaskRabbit is local tech and gaming startups hiring TaskRabbits to test their products and deliver immediate user feedback. As the founder of a tech startup, I can tell you that this type of focus group testing is paramount - and usually really pricey and difficult to coordinate.
It's harder, but we're still finding oil in Oklahoma today. The bar has been raised on startup companies, but it can still be done. Every regulation and every rule limits you, but, yes, it can still be done. That's the beauty of living in a free country and having the freedom to have an idea and become an entrepreneur.
In a startup car company, everything you do has to be done in a different way than a traditional car company. And the main reason is that all of these big car companies are operating like giant well-oiled machines - you could put a very seasoned executive in, and all he has to do is make sure the machine keeps running.
Everybody who goes into government gets somewhat chewed up in the process. Being a senior appointee is like being at a startup, only more so: You run into opposition from the entrenched oligopoly of contractors whose business model is to extract as much money from government as possible for doing as little as possible.
Science and vision are not opposites or even at odds. They need each other. I sometimes hear other startup folks say something along the lines of: 'If entrepreneurship was a science, then anyone could do it.' I'd like to point out that even science is a science, and still very few people can do it, let alone do it well.
State funds, private equity, venture capital, and institutional lending all have their role in the lifecycle of a high tech startup, but angel capital is crucial for first-time entrepreneurs. Angel investors provide more than just cash; they bring years of expertise as both founders of businesses and as seasoned investors.
Every new startup business creates new opportunities. It doesn't matter whether you have a new app for college students or a home medical device for senior citizens; there are other multibillion noncompetitive corporations that are spending millions of dollars trying to market their goods and services to your same audience.
As a small business or startup, one of the factors you should always consider when looking at a potential partnership is the incremental potential reach. Note that wider reach doesn't always mean a better partnership opportunity. Instead of sheer scale, take a look at which communities your potential partner can open up for you.
A startup job is an investment, after all: Venture capitalists may wager money, but you're staking something more precious - your time. And unlike VCs, you can't spread your risk by betting on a bunch of companies at once. Start with TAM. That's 'total addressable market,' and if it's not big enough, there's no point in talking.
There are fun parts of running a startup and not so fun parts, and Facebook handles the not so fun parts, like infrastructure, spam, sales. The real questions are, how big can 'Instagram' get? Is it 400 million, or bigger? Can it be a viable business if it is that big? These are at the top of the list for everyone in Silicon Valley.
You can't predict the future, and you've got to go with your gut on these things, and I'm sure if you speak to a laundry list of CEOs and people who have gone through the startup process themselves, they'll say it's an endless hurdle race, and you are inevitably going to catch your legs on hurdles, and it's just how you roll with that.
In 2007, there weren't any other accelerators, at least that I was aware of. We were almost the prototypical Y Combinator founders: We were highly technical but had never done a startup before. We also didn't know anyone in the Valley - investors, other entrepreneurs, potential hires. YC seemed like a great way to bootstrap that network.
A blockchain-based startup could have a product/service as part of what they are developing, but their stride is best hit when they are also creating a self-sustaining circular economy that is supported by their own currency or tokens and where there is a transactional loop between earning and spending these tokens within their ecosystem.
You can fake a lot in a startup these days, what with Amazon Web Services and all sorts of off-the-shelf back-end components that let any even minimally competent duffer set up a Web app that does something. Intelligent planning for growth is rare among early startups, but it's the name of the game at a large, rapidly scaling tech company.
A recipe I've seen work in early-stage startups is a small tight-knit group of passionate people who are obsessed with their vision of how to fix a particular industry. Conversely, teams composed of people with a lot of specialized experience at running a large business are not as likely to do very well in the first year or two of a startup.
Evolving our culture to operate and think differently is no small task. We are challenging our employees to be the best of both small and big companies - they should operate with the soul and spirit of a startup, while leveraging the scale, resources and capabilities of Campbell - with the goal of ultimately becoming the biggest small company.
YouTube began as a failed video-dating site. Twitter was a failed music service. In each case, the founders continued to try new concepts when their big ideas failed. They often worked around the clock to try to overcome their failure before all their capital was spent. Speed to fail gives a startup more runway to pivot and ultimately succeed.
Some incubators, like Y Combinator and TechStars, were started by successful entrepreneurs wishing to help the next generation learn from their experiences. Other programs, such as Viterbi Startup Garage and Austin Technology Incubator, were created by universities to help young entrepreneurs bridge the knowledge gap from student to funded company.