My problem is: I want don't want to raise funds from my home country, I want SF money because they get growth better than my home country.
Given that I don't know anyone, YC apps are over, and that we're still at idea stage but almost to the point of paid commitments, what do I do?
After 20 years in the corporate world, I am working on a startup idea. I am moving through the ideation phase much quicker than expected, and initial feedback from users on the concept has been positive. I am now putting a pilot together and working on an MVP. It is a healthcare app for consumers with chronic diseases.
My wife and I have been married for 20 years, and have very different styles. She is practical, people-oriented and direct. She is also more conservative financially. I am conceptual, object-oriented and more contemplative. I am more of a financial risk taker. She has been providing me excellent feedback throughout the initial stages. We don’t always agree but her fresh insights have been very beneficial.
Having read and seen some of the difficulties in finding and working with co-founders, I wonder how couples do it. Does it work? What are the downsides? Would you recommend against it, why?
Note that neither of us is a technical person, and we would still need to find technical expertise.
So we mom tested this idea with large enterprise VPs/managers. It seemed to be going well. I've understood quite a bit about the problem space. But it's been months and every time I try to get a pilot, it ends up in a dead end.
I'm trying to reach out to midsize now and move down market, but it's super slow.
With Peter Thiel and Palantir's IPO recently, I thought it'd be interesting to distill some lessons from the famed PayPal Mafia.
Here are 8 lessons from 8 of the members..
1/ Elon Musk – First Principles
First principles are basic assumption that cannot be broken down further. They are the lego blocks of thinking.
“It’s important to reason from first principles rather than by analogy. The normal way we conduct our lives is we reason by analogy.”
2/ Peter Thiel – Failure is overrated
• Failure is too complicated to result in easily applicable lessons
“Most businesses fail for more than one reason. So when a business fails, you often don’t learn anything at all because the failure was over-determined.”
3/ Keith Rabois – Movie Production Method
You don’t discover a startup market, you create it.
“Building a successful product and company is like producing a movie. You have a script and vision first and film the movie. Then you sell tickets.”
(Opposite of Eric Ries Lean Startup)
4/ David Sacks – Friction
Instead of thinking, “how do I build my company?”
Think… “What are sources of friction to this thing scaling and how do I remove it?”
5/ Reid Hoffman – 4 Factors to Blitzscale
• Network effects: networks become more useful for all with each new member
• Market size: dominate a niche to to get to mainstream consumers
• Distribution: pick channels that suit speed of your expansion
• High gross margins
6/ Max Levchin – Hiring
"Whenever there's any doubt, there's no doubt."
7/ Roelof Botha – Understanding Founder Motives
Learn HOW and WHY the founder makes decisions.
• What are the key decisions you faced in your life and what did you decide? What were the alternatives?
• Why did you go to this school?
• Why did you move to this city?
8/ Chad Hurley – Empower and Evolve with Users
• Enable users to do things they care about and spread the word about your product
• PayPal wanted Beam payments to PalmPilots. This wasn’t what users wanted.. Be flexible and notice how your users interact with the product
(I also turned this into a tweet thread which is here)