Founders are advised to pay themselves the least amount possible to live comfortably so that more money can be invested in the startup's growth. It is suggested to take a minimal amount of money to avoid fear and maximize the resources for the business. Comparing founder compensation to working in corporate America, it is highlighted that as the owner of a startup, the focus should be on optimizing the enterprise's value rather than salary. Startups are advised to pay themselves a modest monthly draw, ensuring more capital is allocated towards developing the business.
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Timestamps:
(0:00) Alex Wilhelm joins Jason to dive into this week’s news.
(1:17) Announcing new co-host on TWiST Alex Wilhelm of TechCrunch fame!
(3:03) Alex breaks down what’s on the docket for today!
(12:39) OpenAI’s ChatGPT 4o.
(15:33) Why ChatGPT is better than Siri.
(17:50) OpenAI’s net revenue in the wake of last week’s announcements.
(20:04) LinkedIn Ads - Get a $100 LinkedIn ad credit at http://www.linkedin.com/thisweekinstartups
(22:06) Comparing the needs of consumers vs enterprise for ChatGPT.
(24:17) OpenAI has pulled “Sky” one of the voices for the new ChatGPT 4o due to it sounding like Scarlett Johansson
(28:48) Equinix - Join the Equinix Startup Program for up to $100K in credits and much more at https://deploy.equinix.com/startups
(30:01) Alex’s favorite topic around how much founders paying themselves.
(38:46) A billion-dollar deal in cybersecurity.
(45:43) Breaking news Scar Jo!
(56:24) What’s going on with crypto-venture capital.
(58:02) A look at “decentralized twitter” called Farcaster.