Phil Libin, CEO of All Turtles, talks about the prerequisites for starting a company, including the importance of exceptional co-founders and assembling a talented team. He shares his experience merging companies and creating Evernote, as well as the pitfalls of being overly clever with company structure. He also discusses the desperation of securing an investment and the challenges and rewards of starting a company.
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Quick takeaways
Having great co-founders is essential for startup success, as they provide support and guidance throughout the journey.
Building a product that the founders are passionate about is crucial for attracting investors and creating a clear vision.
Deep dives
Importance of having great co-founders
One of the main lessons learned from the speaker's startup experiences is the importance of having great co-founders. These co-founders are described as brilliant, high energy individuals who are willing to work for free and become best friends for life. The speaker emphasizes the significance of cultivating such a group as early as possible, as they will be essential in navigating the challenges and successes throughout the startup journey. The speaker credits their own success to the fact that their core team of co-founders remained with them throughout multiple startup ventures, even in their current company Evernote.
Building a product they love
Another crucial insight from the podcast is the idea of building a product that the founders truly love, rather than focusing solely on market demand or potential profitability. The speaker shares their experience of starting multiple companies, one of which involved building something for others without much personal passion. However, in their third startup, Evernote, they decided to create a product that they themselves were passionate about and wanted to use. This approach allowed them to create a product with a clear vision and purpose, and also facilitated attracting investors and other stakeholders who were fans of the product.
The challenges and rewards of starting a company
The podcast highlights the challenges and rewards associated with founding and running a startup. The speaker candidly shares their experiences of almost running out of cash, struggling to secure investments, and facing existential threats to the company's survival. Despite the difficulties, the speaker acknowledges the rewarding aspects of the journey, particularly the sense of accomplishment and gratification derived from building something epic with an amazing team. The speaker emphasizes that while it may not always be fun day-to-day, the long-term rewards and impact make the journey worthwhile.