How to Build a Product for Smart, Impoverished Outsiders

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The creators of the products learn from the users. It's a wonderful form of R&D. There's nothing better than to have sort of sophisticated users, right? And conversely, it's dangerous to build a product for giant corporations or God help you for the Defense Department. The clever, impoverished outsiders are leaders. They're harbingers in the medieval symbol almost by definition when it comes to technology.

Paul Graham, essayist, programmer and partner in the y-combinator talks with EconTalk host Russ Roberts about start-ups, innovation, and creativity. Graham draws on his experience as entrepreneur and investor to discuss the current state of the start-up world and how that world has changed due to improved technology that makes it easier to start a software company. Graham talks about his unusual venture firm, the y-combinator, and how he and his partners work with start-ups to get them ready for more advanced funding. Along the way, Graham discusses why hackers are like painters and how to survive high school.