Misconceptions of first-time founders: How to avoid Hiring-Red Flags & the Biggest Fallacies about Finding Product Market Fit - Dan Siroker, Limitless

Dan Siroker built Optimizely to more than 120 million ARR before leaving the company. The company was sold and merged, and then launched, rewind.ai-now limitless.ai, a consumer product that, unlike Dan's previous company, has a software and hardware component.

Dan gives deep insights into the transition from software to hardware development and the use of AI in modern startups. He explains how empathy and user research can improve the product development process and the strategies he uses to build an efficient team. He also shares his experience in fundraising and gives tips on how to choose the right investors.

You'll also learn how to identify the biggest red flags in the hiring process and save yourself hassle and money. Basically, Dan shares many things that he now looks at differently as a serial founder: How do you find the right investor? What mistakes lurk in fundraising? & Which founder misconceptions are simply based on bullshit?

What you will learn:

The challenges and opportunities of transitioning from software to hardware

How AI can be used as a superpower to increase productivity

The importance of empathy and user research in product development

Strategies to avoid classic hiring mistakes

How to attract investors and choose the right partners

What you can learn for your energy management from a father of three and founder of two

ALL ABOUT UNICORN BAKERY: https://zez.am/unicornbakery

Dan Siroker: https://www.linkedin.com/in/dsiroker/

Limitless: https://www.limitless.ai/

Optimizely: https://www.optimizely.com/

Unicorn Bakery WhatsApp Broadcast: Here you can find out everything you need to know as a founder: https://drp.li/jrq5S

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Marker: 

(00:00:00) Company Building in the era of AI

(00:06:35) What do you use GPT4 for, and what about old habits that block us from using new tools like AI?

(00:10:48) Building the founding team - what people are you looking for and how is your leadership-style?

(00:19:59) How to do Backchannel References?

(00:23:36) How do you find out if former founders are recruitable?

(00:26:45) How do you describe the journey of Limitless to Product-Market-Fit?

(00:32:13) What are the biggest fallacies about finding PMF?

(00:35:01) Round Sizing: How do you evaluate how much money you want/need from investors? 

(00:39:22) Why founders need to have empathy for investors

(00:45:47) How do you know if the investor you are talking to is the right investor for you?

(00:49:45) What unusual decision did you make in your fundraising?

(00:53:30) How do you think about burn management?

(00:56:16) To what extent can you test your hardware for product market fit?

(01:01:03) How do you think about energy management now as a 3-times-dad and a 2nd time founder?

(01:06:02) What is one of the biggest misconceptions that founders have?