Tech entrepreneur Erik Torenberg discusses investing, legacy media, Turpentine, creator monetization, community building, modernity, and the evolving media landscape. Topics include the future of media, content creation challenges, niche content, and the impact of social media on society.
Media platforms are evolving to act as data aggregators and reputation builders, capitalizing on the transition to easier creation and tougher distribution.
Future creator monetization could involve price discrimination by offering varying levels of engagement and economic upside to fans.
Personalization in media content is on the rise, catering to individual or tribal preferences, shaping the future landscape of media towards isolated, tailored experiences.
Deep dives
Media's Role in Data Accumulation and Reputation Building
Media companies are discussed as not just distribution platforms but also as data aggregators and reputation builders. In an age where it's harder to get noticed, media platforms can capitalize on the transition towards easier creation and tougher distribution. Creators are emerging as entrepreneurs, leveraging their reach to incubate and sell products directly to their audience. Turpentine aims to create a network of niche creators who provide high-value content to specific audiences, aiming to serve as a trusted voice in media.
The Future of Creator Monetization
With the advent of no-code tools and AI making it easier to create, but harder to gain visibility, the focus shifts to new ways of monetizing creations. The future may lie in price discrimination on the creator's side, offering fans varying levels of engagement and economic upside. Turpentine aims to explore this by offering data-driven products alongside media content, utilizing the reach of creators to build a valuable data asset. Creator monetization of the future could involve aligning value creation and capture more effectively.
Navigating the Evolution of Media and Technology
As technology disrupts traditional media models, chaos ensues, creating an environment where personalization thrives. The future of media may shift towards more isolated, personalized content experiences, catering to individual or tribal preferences. Social media platforms act as global villages, reflecting the evolving interdependence in a digitally connected world. Individuals' desire for community and belonging drives niche creators to build tailored content for specific tribes, shaping the future landscape of media.
Overcoming Risk Aversion in Startup Culture
Startup culture faces challenges in understanding risk and embracing failure as part of the entrepreneurial journey. The invisible graveyard concept highlights the unseen benefits of risk-taking, such as innovation and progress. Encouraging more startups involves a shift in attitude towards risk, recognizing that failure is a stepping stone towards success. Embracing multiple attempts and learning from failures can lead to transformative breakthroughs in entrepreneurship.
Importance of Founding a Company for Future Opportunities
Starting a company provides more optionality and valuable experience compared to working at established tech companies like Facebook or pursuing traditional paths like business school. Founders have the opportunity to build a strong network, gain firsthand knowledge of entrepreneurship, and attract respect for their initiative, even if a venture fails.
The Role of Commitment and Faith Over Logic in Decision-Making
Commitment to meaningful endeavors and taking a leap of faith are emphasized as crucial elements in achieving success, especially in entrepreneurship. Embracing productive hypocrisy addresses the balance between unwavering commitment and adaptability to setbacks, allowing individuals to pursue goals with intensity while remaining resilient in the face of challenges.
Erik Torenberg is a technology entrepreneur and investor.
Presently, he’s the founder of Turpentine. Previously, he was the chairman of On Deck, co-founder and general partner at Village Global, and first employee at Product Hunt.
0:00 - Intro
5:08 - On Investing vs Operating and Being a Player
7:34 - Trust and Direct Distribution
10:45 - Legacy Media and the Techlash
17:24 - What is Turpentine
18:41 - Lessons From 1000 Interviews
20:59 - The Printing Press, Barbells, and the Future of Media
25:22 - Pre-Internet Journalism and Survival of the Fittest Ideas
28:44 - Creator Monetization and Price Discrimination
34:55 - Does Media Have a Direction?
41:44 - Tailwinds and Turpentine at Scale
49:37 - Creating More Startups and Understanding Risk
54:24 - Is Entrepreneurship Founder or Market Limited?
59:04 - What Do Most People Get Wrong About Community Building?
1:01:34 - Probabilistic vs Deterministic Mindsets
1:04:29 - On Faith over Logic
1:08:06 - Modernity and God Shaped Holes
1:10:44 - The Hypocrisy of Elites
1:13:30 - Asking Erik Questions He Asks People
1:15:40 - What Should More People be Thinking About?
