Kevin Systrom, co-founder of Instagram, reflects on his journey, the importance of finding the right problem to solve, early growth of Instagram, and their current project related to COVID-19. They also discuss decision-making, expected value, and give advice for a fulfilling journey and enjoying life.
The right time to start a venture depends on individual circumstances, such as available skills and a supportive network.
Building the right team is crucial for the success of a venture, emphasizing the value of finding investors and team members who align with the company's mission and have expertise in the relevant areas.
Deep dives
The Importance of Starting at the Right Time
Kevin Systrom reflects on his journey with Instagram and emphasizes that there is no universally right time to start a venture. While some companies have thrived during downturns, others have succeeded during economic booms. Systrom notes that the right time to start a venture depends on individual circumstances, including the availability of necessary skills and a supportive network. He suggests that it's important to be well-prepared and equipped with the right skill set before diving into entrepreneurship.
Building the Right Team
Systrom highlights the critical role of building the right team in the success of a venture. He stresses the importance of considering people over valuation when raising venture capital, emphasizing the value of finding investors and team members who align with the company's mission and have expertise in the relevant areas. Systrom shares that the success of Instagram was driven by the collaboration between him and his co-founder, as well as the core employees who helped them pivot and transform ideas into a viable product. He emphasizes the significance of having a strong, complementary team in successfully navigating challenges and achieving growth.
Balancing Product Development and Other Business Factors
Systrom discusses the balancing act between building a product and managing other aspects of a venture. He highlights the reality that building a company involves not just creating a product, but also handling various operational tasks like finance, legal requirements, and team management. Systrom shares the importance of leveraging other talented individuals to scale the business and how a leader's role evolves over time. He highlights the need to continuously adapt and be comfortable with the discomfort of uncertainty and change, emphasizing that the hard part is determining the right problem to solve rather than finding a solution.
Solving Real Problems
Systrom emphasizes the importance of solving significant problems for people rather than solely focusing on creating fancy products. He encourages entrepreneurs to deeply analyze the magnitude of the problem they are attempting to solve, its impact on people's lives, and the potential market size. He emphasizes that successful companies are those that address pressing needs and provide valuable solutions, rather than merely starting something for the sake of starting. Systrom believes that understanding the problem and thinking about the broad context in which it exists are critical factors in building impactful ventures.
Kevin Systrom, co-founder of Instagram, first spoke at ETL in 2011, just seven months after Instagram launched. Here, he returns to ETL nine years later to draw some new insights about the startup's rocket-like growth. In an interview with Stanford professor of the practice and STVP faculty director Tina Seelig, Systrom reflects on the lessons he’s learned during the course of that journey, and also talks about his work on Rt.live, a new platform that aims to model the COVID-19 pandemic.
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