My First Million #5 - The First Viral Website: "Hot or Not"
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Jul 23, 2019 James Hong, creator of the viral website Hot or Not and a seasoned angel investor, shares his journey from a simple idea to 2 million page views a day. He reveals the chaos and excitement of viral growth, comparing his early project to an 'internet laundromat' that raked in up to $20,000 nightly. Hong discusses innovative monetization strategies and partnerships that fueled the site's rise, all while reflecting on the evolution of online engagement and his transition into entrepreneurship within Silicon Valley.
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Early Motivation and HP Experience
- James Hong wasn't initially driven by wealth but by a desire to avoid boredom and create something meaningful.
- His experience at Hewlett-Packard, where he automated his job and his colleagues' jobs but received only a small bonus, fueled his entrepreneurial spirit.
Corporate Limitations and Entrepreneurial Drive
- Large companies often can't compensate employees proportionally to the value they create, especially for those who significantly outperform their peers.
- This realization prompted James to pursue entrepreneurship, where he could directly reap the rewards of his efforts.
Dot-Com Boom Observations
- After graduating from Berkeley with an engineering degree, James observed less academically inclined friends getting rich during the dot-com boom.
- This experience challenged his assumptions about success and highlighted the role of luck and circumstance.