The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: Startups Fail Because They Do Not Take Enough Risk, Why A/B Testing is Inefficient and Slows You Down, Why It is Impossible To Hire Good PMs so Stop Trying & 3 Key Signals The Best Engineers Present with Grant LaFontaine, Founder & CEO @ Whatnot
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Mar 23, 2022 In this discussion, Grant LaFontaine, Founder and CEO of Whatnot, shares insights from his journey in tech and entrepreneurship. He argues that startups often falter due to a lack of risk-taking and criticizes the inefficiency of A/B testing in driving innovation. LaFontaine also addresses the challenges of hiring product managers and highlights the traits of exceptional engineers. His experiences at Facebook have shaped his approach to building a culture of adaptability and empowerment within Whatnot.
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Whatnot's Pivot
- Whatnot's initial concept was a full-service Craigslist.
- Two weeks into validating the model, Grant LaFontaine realized it was unprofitable and pivoted to collectibles.
Empower Engineers
- Empower engineers and let them drive product decisions.
- Whatnot has 50 engineers and one product manager, prioritizing speed and ownership.
Hiring PMs
- Hiring good product managers is difficult because many from established tech companies focus on strategy and numbers over user empathy.
- Early-stage companies benefit from user-centric PMs who understand user needs deeply.
