[I originally wrote and distributed this post to Y Combinator founders and have been encouraged to share it publicly, so here it is.] For context: in 2008 I was the founder/CEO of a company called imeem, which at the time had ~90 employees, good metrics, but high burn. I don’t think the 2020 crisis happening now is the same as what happened in 2008. But maybe the advice I wish I would have listened to in 2008 can help someone today.
Amazing advice. As always. Sorry you learned from experience but thank you for sharing; I hope people listen. Honestly this perspective is why I love YC. There is a culture that focuses on the importance of being profitable, and screams about the freedom and flexibility it affords. I have seen it frequently emphasized by YC partners and together with the lack of celebration about fundraising (indeed the view that fundraising is really failure to be profitable). This culture is so valuable in helping founders focus on execution rather than hype.
Thank you Dalton. So timely! Our circumstances have quite a bit of parallels between your 2008 and my 2020. I also have a newborn. I also run a startup. In fact, we launched this March LOL! Hey, at least we will get the credit for "great timing".
Painful advice. Much more real than I expected. When you feel things may be more volatile than they seem, the quicker you embrace rapid change to adapt, sure it will be more painful, but if you are talking about survival as the goal - make the hard choices. Much love to you and your family.
Golden!! Thank you Dalton for sharing this. Renegotiating contract point is so true especially when we enter as a new entrant in an already established industry.
Perfectly said Dalton, and boy do we (and about 5000 other start-ups) have that narrative in common. So much so that my partner and I started a conflict/dispute resolution and coaching platform called Refresh Mediation - conflict resolution and mediation by entrepreneurs for entrepreneurs (https:www.refreshmediation.com). The simple truth is that we all needed to get this letter (I did on several occasions), and that's never going to stop evolving as new, smarter, self loathing, righteous, insecure ent's keep taking a swing at it. I can't tell you how many times former founders and I across the last 15+ years needed third party independent help/intervention to help us calmly get our sh-t out of the weeds, fix an argument, pivot with purpose, or simply take a f'ing breath. Like many we were too proud and threatened to ask for help or maybe just another opinion on the 12 things burned onto the white board. So, like you we are also "the future" coming back to pay it forward. I/we were lucky enough to have great mentors, so with that in mind we started this practice cause we felt compelled to help ourselves as well. This is our way of filling our glasses up by maybe helping smart yet complex start-ups learn from some of our mistakes/wins so they can actually be more successful. We just joined the group, looking forward to making new friends. Cheers - C
Amazing advice. As always. Sorry you learned from experience but thank you for sharing; I hope people listen. Honestly this perspective is why I love YC. There is a culture that focuses on the importance of being profitable, and screams about the freedom and flexibility it affords. I have seen it frequently emphasized by YC partners and together with the lack of celebration about fundraising (indeed the view that fundraising is really failure to be profitable). This culture is so valuable in helping founders focus on execution rather than hype.
Thank you Dalton. So timely! Our circumstances have quite a bit of parallels between your 2008 and my 2020. I also have a newborn. I also run a startup. In fact, we launched this March LOL! Hey, at least we will get the credit for "great timing".
Still holds up 12 years later.
Painful advice. Much more real than I expected. When you feel things may be more volatile than they seem, the quicker you embrace rapid change to adapt, sure it will be more painful, but if you are talking about survival as the goal - make the hard choices. Much love to you and your family.
Golden!! Thank you Dalton for sharing this. Renegotiating contract point is so true especially when we enter as a new entrant in an already established industry.
Amazing advise. Every founder or aspiring founder should put this on their wall!
Perfectly said Dalton, and boy do we (and about 5000 other start-ups) have that narrative in common. So much so that my partner and I started a conflict/dispute resolution and coaching platform called Refresh Mediation - conflict resolution and mediation by entrepreneurs for entrepreneurs (https:www.refreshmediation.com). The simple truth is that we all needed to get this letter (I did on several occasions), and that's never going to stop evolving as new, smarter, self loathing, righteous, insecure ent's keep taking a swing at it. I can't tell you how many times former founders and I across the last 15+ years needed third party independent help/intervention to help us calmly get our sh-t out of the weeds, fix an argument, pivot with purpose, or simply take a f'ing breath. Like many we were too proud and threatened to ask for help or maybe just another opinion on the 12 things burned onto the white board. So, like you we are also "the future" coming back to pay it forward. I/we were lucky enough to have great mentors, so with that in mind we started this practice cause we felt compelled to help ourselves as well. This is our way of filling our glasses up by maybe helping smart yet complex start-ups learn from some of our mistakes/wins so they can actually be more successful. We just joined the group, looking forward to making new friends. Cheers - C
Thank you Dalton, as a YC W20 alum, this helped clear up a lot of uncertainty about the future.
Thank you for sharing. I need this reality check leading an early stage Fintech startup through this crisis.
thanks, for sharing... when we are in midst of a crisit, we tend to forget what we learnt last time.Your post has helped me.
Send a letter to your future self as well! :)