5. “I can envision this growing to 1B” - yes, you need to have vision. But going from zero to one is all about focus, clarity, and doing one thing well. Once you hit $1M in revenue and you start scaling, that big vision matters, but not before.
Recently wrote a guest post for @RWW about why a startup founder should lean more heavily towards bootstrapping.
Includes my own learnings and I find it's worth repeating the realities associated with venture capital especially for 1st-time founders.
https://t.co/gIMcAF6jrt
Sometimes it seems the best thing a Seed stage VC can do is just give the founders space to build.
Really sinks in when the vision comes together and you experience the fully realized product, that any instinct you had to push for an earlier launch before it was ready was wrong.
EU: driving assistance systems are now mandatory for all vehicles (all based on deep learning).
Also EU: All safety-critical AI systems must be explainable (deep learning must be banned).
Example: Google was founded in September 1998. They didn't launch AdWords till October 2000. So for over 2 years Google had only mistaken revenue models.
Here @Pmarca just unintentionally but very very convincingly explains to @tylercowen that Web3 is contrived nonsense to solve problems that clearly do not exist (and risk mess things up in the process) -- and, if these problems existed, could be solved in a more intelligent way.
Early on I think it benefits founders to work on deep vs shallow problems. If you add a feature that can’t be continuously improved if it lands with users, it’s easy to copy. Deep problems feel endless and give you a lead with users for a while as you keep investing resources.
I look forward to the forgotten culture of the lean startup: when companies used doors as tables, doing much more with a lot less, and constraints required ingenuity often leading to breakthroughs. A time where waste was culturally only inching you faster towards failure.
I think 1 reason to not give up too quickly on your startup (vs fishing for opportunities) is that time can solve your problems: a new technology arrives, a critical hire joins, an insight is discovered accidentally, the important problem becomes unimportant, etc.
Stick with it!
People will always, always, ALWAYS get into a heated debate about something. If you have a knitting community, there is going to be some kind of non-political debate that everyone gets very very upset about...
To get startup ideas, it's necessary to have fairly deep expertise in some domain. The idea is usually in the same domain, but it doesn't have to be. A startup idea can also consist of importing insights from one domain to another.
Shortly after moving to Silicon Valley, I remember thinking that the “tech industry” was a misnomer—only route to a startup was applying already-created technologies.
No longer—from AI to fusion to crypto, the future has been (slowly!) shifting back to inventing high technology.