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<human>: No, for sure not. And I think that the, probably the last thing is kind of in this world of Web3, right? And you've talked about this a lot. Web3 opens up so many possibilities because it's the idea that everything could be rebuilt. And what couldn't be more exciting to a young founder coming into a world tha... |
<human>: You're doing pretty well.
<bot>: Yeah. When Shopify was a brand new thing, like all of these platforms, the people that were the first to recognize that these were, gave them leverage.
<human>: Yes.
<bot>: Those entrepreneurial minded people did really well.
</s> |
<human>: But what if they say no?
<bot>: talk to them, and they're like, no, I don't think so. What often happens, again, to go deep on this, is that the way they'll pitch the person is they'll pitch them their idea. They'll be like, I'm an idea guy. I've got a great idea. Do you want to be my worker bee to go do all m... |
<human>: Here's one.
<bot>: Let's imagine that you want to work on a new real estate related software company. That's your startup idea. And in category A, let's say that you have 10 years of experience working as one of the founders was a real estate agent. One of the founders worked at a mortgage underwriting compan... |
<human>: I think there's another thing going on too, which is fear based. Right. Like, I know that if I choose a bad deal, I'm going to waste a lot of time.
<bot>: Yeah.
<human>: Shouldn't I do all of this analysis first to make sure I don't choose, to make sure I don't choose a bad idea.
<bot>: Right. Yeah, we see thi... |
<human>: So this is a product that's being marketed to people. not companies. Sometimes these products are free and monetized with ads. Social networks are extremely common. Sometimes these products are paid products. The whole gig economy I would describe as a consumer business. But you know it's a consumer business ... |
<human>: OK, here's another one, right? Well, VCs, they care. We all know that Google engineers can just raise a series A, can raise five to $10 million with almost nothing. This is my path to getting funded.
<bot>: I mean, it depends on, I mean, certainly depending on your resume, it could be helpful. It's a good bra... |
<human>: All right, this is Michael Seibel with Dalton Caldwell. And today we're going to talk about dealing with setbacks. Needless to say, in both of our startups, we experienced a wide variety of setbacks. And I think working with so many startups over the last 10 years, What's probably become most obvious to us is... |
<human>: So if all of this stuff's great, why are people so pessimistic?
<bot>: hard to have perspective, man. I think when you're really caught up in the moment, everything gets polarized into political stuff or tribal warfare about who's on what team. And so if your team is the thing, pushing for the thing, you celeb... |
<human>: This is Michael Seibel with Dalton Caldwell. And today we're going to talk about how do you give more than you take from your users? Maybe we should start with kind of a business 101, right? Like MBA in 30 seconds. What do you think?
<bot>: Okay, so the basic idea underpinning all technological progress, busin... |
<human>: Everyone talks about rockets and going to space. When rockets are reliable you can go anywhere in the world in 45 minutes like we could commute to Tokyo. Yep When that happens, it changes the world in so many ways. In the 90s, we were watching space shuttles go up. Half of the shit in that space shuttle basi... |
<human>: Oh, man. All right. Well, to wrap this up, bad things are going to happen. Your reaction is completely under your control. Use it as an opportunity to get better at taking punches and be the example for the people around you. By up-leveling yourself, you can up-level your team, too. All right, man. Great chat.... |
<human>: The next one is... Dalton, and this is a little more vague, like it's gonna be easier for me to be successful at my startup. I'm gonna learn important lessons I can apply to my startup if I work for a while at Faang, right? Because the lessons I learned at a big company can directly apply to my early stage st... |
<human>: Well, I think it starts with, we're all consumers. We are all consumers and we are being marketed products basically our whole lives. And so often when we think about the problems in our lives or we think about the problems that interest us, they tend to be things that we would use or we think we would use or... |
<human>: Now, what about when maybe you shouldn't trust your gut?
<bot>: I think one way to self-diagnose that maybe, yeah, your gut instinct may not be dead on is where you find that you don't have a lot of opinions about what to work on.
<human>: Yeah.
<bot>: Or that your opinions are very... Mid? No, I'm just kiddi... |
<human>: I also think though that there's another way I see a lot of founders attacking this. A lot of founders just think this way from first principles. Good VC's pick good companies and can predict the future. If I can model a good vc in my head, I will pick a good idea and increase the likelihood of winning. And it... |
<human>: So, to wrap this up, let's come back to the message kind of in the beginning. How do you have balance in this world? Like how do you, like we say balance, but aren't these, aren't these, my balance is, I think this is a good idea, but it's going to be really hard and clear evidence for this is going to take a ... |
<human>: Any other things that have made you productive as a manager?
<bot>: The number one thing that I do that I realize that a lot of the other successful founders did too, was I had my analytics dashboard or whatever was important KPIs on the business up on my screen 24-7 and I would stare at it all the time. And ... |
<human>: So I have personal experience with this one. And I think for the longest time I agreed. Like I was like, yes, this needs to exist. And as I got older, I learned something that was slightly depressing, but is proven to be true. The magical place doesn't exist, right? Like there is a finite number of restaurants... |
<human>: This is Michael Seibel with Dalton Caldwell. Today we're going to talk about how overthinking is sometimes a founder's biggest mistake. So, Dalton, this video was triggered by this amazing meme that you made on fundraising advice. But before we get to the meme, because I think it's, like, one of the best memes... |
<human>: So this is Dalton plus Michael, and today we're going to talk about why the best investors secretly love YC. Very secretly. Set this up for us, Dalton.
<bot>: Yeah, so the key word here that Michael is saying is secretly. Because if you talk to a lot of investors, if you read their blog posts and social media... |
<human>: Well, let's dig into that, right? So in some ways, We're kind of providing a service to VCs, and what do you think the VCs are consuming here? Why do you think they like to invest in YC?
<bot>: The major reason a normal venture capitalist would not invest in a startup is that it's too early. And too early jus... |
<human>: So, Dalton, one of the most perfect examples of this is actually Elon Musk, and why I think it's so perfect is that, depending on how you tell the story, Elon looks like the dummy or the idiot. Right? Like, I'm sorry, the dummy or the genius. Right. Depending on how you sell the story. And it almost doesn't ma... |
<human>: And then the last one, we see a lot of people trying to hedge their bets. So many people trying to be like, well, I'm keeping grad school open, I've got a Google job offer, I've got a Jane Street or whatever the new tech finance thing of the minute is, and I'm talking to three friends about doing a startup. A... |
<human>: So you've got a theory about this whole game. Share the theory.
<bot>: Here's a theory I'd like to share with everybody. Let's think about founders and startups. Let's talk about supply and demand. And the argument is this, there's many startup ideas that have very large supply of founders that would want to ... |
<human>: PG in some ways designed YC a little bit that way, right? I think that's counterintuitive to a lot of founders. One, there aren't that many events. You don't have classes all day at YC. We try to take as little time as possible during your week so you can actually get shit done. Two, there's a hard deadline, d... |
<human>: Anyways, this was an amazing batch, and I don't want YC to take too much credit here. The founders at the work, like we said, the founders at the work. And, you know, to one of the points you made earlier, being able to see everyone in person, this batch was also just like, amazing. You know, it was one of the... |
<human>: I think the last thing that I see a lot is that when you think like a VC, it is easier to get positive feedback from VC's. You know, when you talk, when you pick an idea because it's the hot thing on Twitter, it's easy to get meetings.
<bot>: Yep.
<human>: When you talk about companies using VC language, when ... |
<human>: Well, I'll tell you, I promise you, it wasn't that the idea was going to work. It was the adventure. Okay. It was the adventure. And I think what's so interesting, when people don't ask their friend, And they assume, oh, but they work at this company. They're never going to do it, da, da, da, da. It's like th... |
<human>: Yeah, that's why they're interested. They bought a house.
<bot>: And they have some ideas of like, well, we think the real estate industry is broken and it's weird that it works this way. And so we just think we can fix it. And you kind of ask, well, what, you know, how much research have you done or how many ... |
<human>: Investors and fundraising. The classic the classic. I went in fundraise with this expectation. I came out with a bloody nose and a black eye.
<bot>: Yeah, I thought I thought they liked me. I thought they were my friends. I thought I was special. I thought everyone else is raising, you know, everyone else is t... |
<human>: This is Michael Seibel with Dalton Caldwell. And today we're going to give advice on pivoting by discussing the startup ideas that founders most often pivot into and away from. We call these ideas tar pit ideas. Dalton, explain the problem here. What's going on?
<bot>: So here's the deal. It's surprisingly, a... |
<human>: Let's talk about the trap, right? So these are a lot of assumptions that future founders have. Let's talk about the other side. What's the company trying to do, right? And I think this is something that I hear a lot. where the company is trying to retain you. And trying is not the right word. The company has ... |
<human>: Now, here's another one that's a little controversial. how to play the credential game. This one's tricky because I'd like to say we live in a world where credentials don't matter, but we don't live in that world, right? So how would you tell a high schooler to think about this game?
<bot>: There's the people... |
<human>: One, this is the only thing that I would add to that is that you're the example. Like in so many things in startups, the punch in the face is the moment where you can still win points. how you react influences how your co-founders react, how your employees react, influences how they will react when bad things... |
<human>: So let's get to the problem. There are a lot of founders out there that are building products that deliver no or minimum value to the user. Classic fear is always like, well, I need to grow, right? The most important thing is to grow in order to raise money. And so I'm going to build something that kind of su... |
<human>: I think there's another one, which is this fear of being a consultant. I think one of the reasons why people build shitty products that don't solve people's problems is that when they start talking to a user and the user starts saying, well, here's my problem, I could really use this, this, and this. The foun... |
<human>: All right, let's talk about fads. There have been a lot of fads.
<bot>: Yeah, well I think it's easy, especially when you're young, to just get caught up in stuff, whatever the thing is. And some of the things were pretty cool. Again, I was really into the internet. Yep, yep, yep. When that was a new thing. I ... |
<human>: And that inventory, I like to call that the worst case analysis. Like, I actually like to like, okay, this bad thing happens. What are the five things we're most afraid of now? And when we say them out loud, do they just sound less scary? Because they didn't happen? It's like, oh, all of our customers are goi... |
<human>: When we deal with in the context of YC founders, the best people who don't get in realize this isn't a one-shot game. Yeah, they apply again, they make progress to their company. We send the reject email to every company and the best people will be like, you're making good points, we're gonna improve on those... |
<human>: So if you're getting, if you're technical and you feel like you're getting trapped here, Dalton, like how do you know it's time to get out? Like, how do you know, like, okay, like, or even if you see a friend in this situation, how do you know it's time to tell them like, hey, like, hey, think about breaking u... |
<human>: I think this brings up the next topic perfectly. So, like, all right, what happens when founders think like these and then encounter the real world?
<bot>: Yep.
<human>: So you did your analysis, you've done your validation. There's a big market opportunity. It's on trend. VC's are going to like it. I'm all li... |
<human>: You're walking a good path. You're walking a good path.
<bot>: And if you don't, no sweat. Most folks that we fund, most folks that get into YC don't have a ton of expertise. That is totally fine. Totally fine. It just means you should admit that to yourself. Yes. And start really simple and learn on the fly. ... |
<human>: So anyways, right, I think that we're trying, you know, I think that there's like... I'll say this, I'm a business guy, right? I think YC has a lot of messaging that's like, yeah, our business guy's important, da-da-da-da, like you don't need them. I agree, you don't need them. But I will say this, there are ... |
<human>: This is Dalton plus Michael. And today we're going to talk about why AI is going to create more successful founders in the world. It's interesting, as we've gotten older. Oh, sad. We kind of see a new set of tools come into the market and then an explosion in the number of founders who can now create value. A... |
<human>: The second thing is around meetings. And we talk about this a lot. You're going to have to have some meetings. I've seen a couple tricks, but they can all be reduced down to write shit down. The worst thing is when you have to have another meeting, because people didn't write the shit down from the first meet... |
<human>: Well, and this might be torturing the metaphor, but basically what we're saying is instead of moving towards what looks like the easy freshwater pond, but that's a trap, you move towards the mountains, the desert, right? The places that people don't want to go. But when people find gold, they usually don't fi... |
<human>: In this way, there's a bit of advantage to being young, right?
<bot>: Yeah. Like, you and I experienced this ourselves as founders where we were young when we first started. And this is the beauty of not knowing anything. The beauty of not knowing anything is that you think everything is easy. And none of the ... |
<human>: So let's start with some stats. Right? So, A16Z, Andrew Zinowitz, pretty famous, impressive investor. So, they've done 234 investments into YC companies. Sequoia, another impressive investor, 139 investments into YC companies. Founders Fund, a very controversial, counterintuitive investor, has done 104 invest... |
<human>: Okay, next. This is a classic one, especially because you have to deal with so many admissions questions. Applying to YC Dalton. What is. What is the. What is the Jedi founder move to apply to YC versus the midwit founder?
<bot>: Yeah, the. The extremes of this and the midwit meme are. I filled out my applicat... |
<human>: Yes.
<bot>: And if someone is literally offering to invest, you should take them a lot more seriously. If someone says, I want to invest this amount of money, and you should not even apply to YC and take the money and all that, maybe you want to. That's not crazy.
<human>: It's not the worst offer.
<bot>: Yeah... |
<human>: I think notebooks are great for ideas. I think, like, a well-managed to-do list is a software product that you need to adopt. And there's, like, 80 of them. I actually don't even care which one you adopt. But it's like, when I, like, tell something to founders, and then they write it down in a notebook, I'm li... |
<human>: What else falls in this category?
<bot>: Too much optimism around thinking that because you raise some amount of money, whatever that is, is going to save you from things not working or that your investors are magical and will save you. Like somehow they have magical powers. And so because I, you know, because... |
<human>: I think that more business people need to embrace the idea that great software companies are built by great software engineers. A common retort out here is like, Dalton, we're not building a software business. Software is in there, but it's not that important. It's a tech-enabled. Yeah. We're just building a s... |
<human>: I often find myself saying in this situation, make something that would impress you. Make something that you would be proud of. And then you can sell that to other people like you. And so I think that's kind of a really cool superpower when you can be like, oh, yeah, I can tell whether this is good because it... |
<human>: So why do founders do this? What's going on in a founder's head that gets them to think, this is how I should assess an opportunity, this is how I should figure out whether I work on this idea or not, is using these tools what's changed? Why is this far more common now?
<bot>: Well, something I noticed when we... |
<human>: Right? And I think that story isn't told, right? I think the story is always this kind of depressing story of like, oh, maybe you won't need it. You won't be needed anymore as opposed to here's a set of tools you could do things that people couldn't think of doing affordably before. Like you could be your own ... |
<human>: So I think there's two challenges here. I think the first challenge is people often don't understand how high the bar is. the consumer products that they use, they don't realize how actually good they are and how many others existed and failed. So that's the first thing. And then the second thing, and we shou... |
<human>: So here's the first one we hear a lot. Before I start a company, I want to get experience working on the hardest technical problems at the largest scale. And Faang is the only place in the world to do this. What do you think, Dalton?
<bot>: That is, that's just quoting the recruiter. You're like, you're like ... |
<human>: Well, the movie analogy is so perfect because when you think about the launches that most people experience, I think one of the most famous types of launch that you would see in the world is a movie launch, right? It's a movie premiere. That gives you the exact opposite of impression of how a startup is, right... |
<human>: So let's start with some of the assumptions that we hear from these potential slash future founders about why working at Faang right out of college or soon thereafter makes sense, why it's, And it's never presented us to us as like, it's a pretty good opportunity. It's always presented to me at least as like,... |
<human>: There was no growth hacking.
<bot>: There was no growth hacking. They just had a website. And they got millions and millions and millions of people to go out of their way every day to open a web browser and go there. And they have tens if not hundreds of millions of daily active users now. They make something... |
<human>: You had some thoughts on when a launch goes bad.
<bot>: Yeah, I mean, I think a lot of folks think that launches will be like the movie. Again, I think we can't help but be influenced by television and movie and books. Actual an actual realistic movie that showed a startup Would just be like people sitting at... |
<human>: Whole new industry, basically. No, I think that what's cool is that We're also talking about every scale, right? We're talking about things that can be venture backed, maybe billion dollar companies one day. But we're also talking about things that can just set you up so that you can pay your rent and live a ... |
<human>: All right. So let's say you're in that first category. Let's say that you have expertise. You're solving your own problem. You've done something that's created value, either for a lot of people or maybe even just a few. How should you think about the challenge of bringing a product to market slightly differen... |
<human>: Well, and I would argue it is so distinguishing that you're given amazing opportunities. But what's tricky is not only do people not see this or do people try and not get a technical founder.
<bot>: Or they just dismiss it out of hand. It's too hard. They'll just kind of shut this line of thinking down.
<hum... |
<human>: So everyone listening has got to ask, well, aren't we VC's? Right? Like, isn't this how a YC partner would think when reading applications, collecting interviews?
<bot>: I think that's an excellent point. Here's the facts. When we are reading applications and doing interviews, we are investing very, very, very... |
<human>: I love optimism also comes in the form of hiring. We have this really big, hairy, kind of awkward problem we don't understand well, but if we just hire a marketing person, a salesperson, a this person, they will come in and solve the biggest problem inside of the company, especially pre-product market fit. Li... |
<human>: Yes.
<bot>: That's what the midwit meme is. And a beginner's mind is like, I guess I'm gonna build a product and I'm gonna give it to people. I guess I'm gonna deliver burritos, you know? Yeah, that's a beginner's mind approach.
<human>: Yeah, that's the game. And so you might find yourself, after watching thi... |
<human>: All right, next. And here's kind of a classic one. Is product market fit. Dalton, do I have product market fit and how. What's the midwit approach to product?
<bot>: Yeah, the midwit approach for this one is to be not sure if you have it and create 15 different metrics and, like, a complicated series of though... |
<human>: One of the questions that I love getting from a founder is, before we launch your mvp, how do we know we're going to be able to survive the onslaught of traffic and users that will come on our launch day? What's midwit? What's the midwit play? What's the midwit meme for your mvp?
<bot>: I mean, yeah, the. The ... |
<human>: So if we think about this conflict, right, why do they love YC? Because we can kind of package companies for them in a much better way. And because YC companies tend to be further along than the average company walks in the door, and more technical than the average company walks in the door. Why is that love s... |
<human>: So let's start with the maker mode. You were a developer in your startup. I was a business guy in my startup. I think, in many ways, this stuff came a little bit more natively to you. And I had to learn this stuff by basically destroying the productivity of my co-founders. So how did you think about maker's mo... |
<human>: Well, and this touches on the next subject, which is co-founders. Because, you know, this is something that I definitely experienced, you know, my co-founders are reading TechCrunch, watching idiots raise tens of millions of dollars every day, and then looking at me as the fundraiser being like, hey, Mike, wh... |
<human>: So I think that is the first thing is this bar. Let's talk about timing a little bit here. Cause I think that you and I were fortunate enough to do startups during kind of two big, let's say, kind of explosions of consumer products, right? Web 3. I'm sorry, Web 2. That was a Freudian slip. Web 2 and mobile. A... |
<human>: And so the counterintuitive advice we're giving is basically, forget your fear about it being consultant early. Dig in with some customers. Actually solve their problem. And in the process, maybe you're building some stuff that's one-off, but you're going to learn a ton about the actual problem. And then you'... |
<human>: Let's put this in historical context though, because this giving before you receive is not new.
<bot>: Yeah, this is a whole broad topic, but just quick crash course. The history of computers involves giving away a lot of value for free. Specifically, the original business models of computer companies were to ... |
<human>: So the other thing that comes up a lot is this concept of the magical deal. And I always love the magical deal because like the magical deal can punch you in the face when it doesn't happen. And the magical deal can punch you in the face when it does happen. Because it turns out it's not as magical as you thou... |
<human>: This is Michael Seibel with Dalton Caldwell, and today we're talking about how to break out of fame. I think almost inadvertently, because we talked to so many young technical people, young technical founders and potential founders, we've become experts at career advice, and specifically big tech career advice... |
<human>: Facebook is extremely similar. I believe the stat was within 48 hours of Facebook being released at Harvard, 75% of the campus was using it. And when I think Peter Thiel and Reid Hoffman invested, the average time on site per user was two hours a day. And so it's like, holy crap.
<bot>: And did they spend mon... |
<human>: All right, this is Dalton was Michael. And today we're going to talk about why founders shouldn't think like VC's. Shocking. I would have never imagined we had this opinion. So maybe we should start what is thinking like a VC? How does a VC, how are they trained to think?
<bot>: So, let's break this down. And ... |
<human>: This is Dalton Plus Michael, and today we're going to talk about commit or validate. When to trust your gut as a startup founder. So I'll set this one up. I find myself encountering two situations at YC. Situation one is a founder who used to work at a company, built something extremely valuable at that compa... |
<human>: Welcome to Dalton Plus Michael. Today, we're going to talk about why business folks need great technical co-founders. So who's this video for? Let's talk about the business folks we're talking to.
<bot>: Yeah, I think to set this up, Michael and I both talk to a lot of aspiring founders in any number of diffe... |
<human>: I'm going to try out a really, really crazy kind of analogy on you. I think these best VC firms are like really high-end restaurants. And I think that they like to give the impression that they go out to farms and they hand-select live chickens and live cows. They're farming themselves. So the chef is... Exac... |
<human>: Let's go through some examples of the midwit meme. And you have to start with the meme that you made for YC founders. So just to provide context, we're in the part of the batch where YC founders start getting nervous about fundraising. And whenever a founder gets nervous, they start overthinking. And whenever ... |
<human>: So anyways, what would be your last parting piece of advice for someone who suspects they're in this world?
<bot>: Look, technical people know your worth. And if you're a really nice person, those are the people that tend to get ripped off the most. Follow our handy checklist and find a place where you're app... |
<human>: Yeah.
<bot>: What do you think?
<human>: I think it's tricky because all too often this group of folks are giving founders the advice of hiring executives before product market fit. It's like you need to build up the company. It's like marketing doesn't work. We need a marketing executive. Like the engineering... |
<human>: What I love about this story is that while they were in the YC batch and they were asking people, do you need this? They were finding people who were getting screwed, right? It was like, oh, you're under 25. Yes. You can't get a credit. Sorry. No can do. Yeah. There's no like fill out extra forms. It's like. ... |
<human>: What other trends are you seeing for the summer 22 batch?
<bot>: Yeah, I mean, let's see, to go through some of the stuff I've noticed. So for one, more applications. I think that's, I think that's always a trend, but there's definitely more applications and, you know, I think the new YCDL doesn't hurt on that... |
<human>: Now, let's be clear, all these businesses worked.
<bot>: Yeah.
<human>: So let's talk about it.
<bot>: Right?
<human>: Like, for Google, this was great advice. Right. For Google, hiring as many really smart people was essential because they were trying to do something really hard.
<bot>: Yeah. I think that the... |
<human>: All right, here's the next one. That was written in by a YC founder. They wrote, we copied another successful business model from an overseas market and wrongly assumed that product market fit was a given. If the product works in country x, it's gonna work in country y. We scaled up hiring quickly and burnt a ... |
<human>: So let's go back to the dark ages. You and I went to school in the early and mid 2000s. And when we were in school, what's so funny is that like, it's probably hard for us to explain to a current college kid how uncool tech was. And then like, think of however uncool tech was, startups were 10X less cool than ... |
<human>: I think the last example in light of Cruz, Cruz this week allowed any – started to allow the general public to drive in a driver-free, safety driver-free driverless car. I remember when Cruz was in YC and the V1 of the car, the V1 of the driverless car, Kyle and his tiny team built in three months. They retrof... |
<human>: Let's talk about real health care. Let's talk about mental health care for a second. This is becoming less of a controversial issue, but I still think that it's something that needs to be normed more, right?
<bot>: Yeah, I mean, therapy is good. medication is good if you're prescribed it and it's not from you... |
<human>: All right. So the next one is Elon. You're familiar with this story.
<bot>: Yeah. So I actually heard the story from Elon verbatim. I met him before. And so I'll tell you what he told me about his life story. And again, perhaps he is an unreliable narrator about his own life. Certainly possible based on my int... |
<human>: I'll go a step further. I think the whole argument is fake news. I don't think This is a real argument, right? I don't think that anyone thinks it's more moral or good or right to start a VC-backed company or a non-VC-backed company. I don't think this is an actual debate. Yeah, I think that like starting a V... |
<human>: So one of the things that I've thought about a lot is what are the other things you can be passionate about? in the context of startups that can motivate you to grind it out for years. Because that's the bar, right? What are you going to work on when everyone thinks it sucks for years?
<bot>: To dispute what ... |
<human>: All right, next communications. I don't know about you, but we started with one phone line in the house. Yep. And that's it. That was communication.
<bot>: And people are like, whoa, but it must have been so great. There were no phones, and it was so much easier to be a teenager and all that. I mean, maybe.
<... |
<human>: So there's another concept in this default alive, default dead article that was linked to. It was another PG essay called the Fatal Pinch. I think it's so interesting because we see this in office hours so frequently. Like, it is so common that we will talk to a founder who's in the fatal pinch and doesn't rea... |
<human>: Now, what about the early employee?
<bot>: Well, the early employee notoriously kind of gets hosed on this stuff, especially if they're providing the work of an equal technical co-founder, yet they get 1% or less of the company. Again, this is very common where you'll have two business founders, three business... |
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