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Ron Conway at Startup School 2013
This is an AI-generated summary of a YouTube video "Ron Conway at Startup School 2013" by Y Combinator!

The key idea of the video is that social apps have the potential to change communication and behavior, creating a huge opportunity for companies in this space, and startups should focus on finding investors who can add the most value.

  • πŸ’°
    00:00
    Mike invested in Twitter after meeting founder Evan Williams through his incubator, and was impressed by Jack Dorsey's product vision of a platform with a 140 character limit.
    • Mike discusses his investment in Twitter and how he got to know Evan Williams through Google and his incubator, Obvious Corp, which led to his investment in audio, a podcasting company that unfortunately did not succeed.
    • The speaker invested in the next startup, Twitter, because the founder had impressive human qualities and refunded investors from a failed startup.
    • Twitter was pitched to an investor as a product vision by Jack Dorsey with a limit of 140 characters.
  • πŸ“ˆ
    03:43
    Facebook's rapid growth and user adoption, along with Sean Parker's reputation, led to successful investments.
    • Twitter struggled to keep up with its rapid growth, while other social media platforms like Facebook, Snapchat, and Pinterest took off quickly.
    • Facebook's growth and user adoption, as well as Sean Parker's reputation, led to successful investments by the speaker.
  • πŸ’°
    06:49
    Social apps like Facebook, Twitter, Instagram, and Snapchat have the potential to change communication and behavior, creating a huge opportunity for companies in this space.
    • Investor sees potential in social apps like Facebook, Twitter, Instagram, and Snapchat due to their ability to change the way people communicate and behavior, and believes there is a huge opportunity for more companies in this space.
    • Pinterest is a great example of a company whose founder kept iterating until it exploded, despite not experiencing immediate success like Twitter, Facebook, or Instagram.
    • Silverman iterated for a year and a half, staying close to users through focus groups and feedback, while SV Angel meets once a week for four hours to invest in and help companies.
  • πŸ“Œ
    10:09
    Pinterest was founded by Ben Silbermann and his team, who focused on creating a platform for people to share their aspirations.
    • SV Angel team and Shanna Fischer discovered Pinterest, an app where people pin their aspirations.
    • Ben Silbermann is a successful and cerebral entrepreneur who is focused on the product and has a calming effect on his team.
  • πŸ’°
    12:31
    Startups should focus on finding investors who can add the most value, not just on valuation and dilution, as demonstrated by Airbnb's negotiation with Andreessen Horowitz.
    • Big companies can help bootstrap growth for startups by introducing them to other companies, and Y Combinator helps startups with funding and M&A transactions, but most of the hard projects cannot be disclosed.
    • Founders often make the mistake of not focusing on finding investors who can add the most value, instead being too concerned with valuation and dilution.
    • Investors should add the most value to a company's valuation, as demonstrated by the case of Airbnb and their negotiation with Andreessen Horowitz.
  • πŸ’°
    15:52
    Pick the right investor, move quickly, and confirm commitments in writing to avoid failed transactions and memory lapses.
    • Pick the right investor, get a term sheet ASAP, and keep the process moving quickly to avoid losing momentum, and once you get an agreement, send an email that commits the investor to that agreement.
    • Confirm commitments in writing to avoid failed transactions and potential memory lapses.
    • Integrating a startup's product with Facebook's user base can fulfill the product's dream and provide leverage for the startup.
    • Investors look for founders who are product-focused and decisive in making decisions to grow their company.
  • πŸ’Ό
    20:47
    Hire and fire fast, have a clear vision, and be a team builder and leader to manage a successful company.
    • Hire and fire fast, have a clear vision, and be a team builder and leader to manage a successful company.
    • Jack Dorsey recognized his shortcomings in managing Twitter and built Square flawlessly by hiring a management team that complements his deficiencies.
    • The climate for starting a company has significantly improved since the speaker started their first company in 1979, as the cost of starting a company is now much lower and there are more investors willing to take risks.
  • πŸ“±
    24:26
    The internet has shifted to mobile, with social apps and design being most important, leading to changes in company locations and intellectual property.
    • The internet has shifted from the web to mobile, with social apps running on phones and design and user interface IP being the most important, leading to changes in company locations and intellectual property.
    • Entrepreneurs mature at the speed of light when their companies take off, and watching them adapt to growth is the most satisfying thing.
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Ron Conway at Startup School 2013
This is an AI-generated summary of a YouTube video "Ron Conway at Startup School 2013" by Y Combinator!