In order to get your startup off the ground it's critical to keep your co-founders motivated. One of the best ways to do that is to figure out a fair co-founder equity split. In this episode of Startup School, YC Group Partner Michael Seibel explains the ins and outs of co-founder equity, why it's important to be generous with that equity, and how to avoid bad advice that can lead to co-founder breakups. Apply to Y Combinator: https://yc.link/SUS-apply Work at a startup: https://yc.link/SUS-jobs Chapters (Powered by https://bit.ly/chapterme-yc) - 00:00 - Intro 02:03 - Co-founder equity split 06:39 - Co-founders break-up 09:42 - Bad reasons for very unequal equity splits 14:06 - Common bad advice 17:14 - Final thoughts
Should you and your startup live in San Francisco? Y Combinator Partners, Michael Seibel and Dalton Caldwell, debate their different opinions on whether startups are more likely to succeed in the Golden City or elsewhere. Where do they find common ground? Watch to find out. Apply to Y Combinator: https://yc.link/DandM-apply Work at a Startup: https://yc.link/DandM-jobs Chapters (Powered by https://bit.ly/chapterme-yc) - 00:00 - Intro 00:29 - Dalton's Preference 02:39 - Michael's Preference 05:02 - The Bay Area 05:50 - Follow The .001% 08:23 - The Network Effect 11:01 - Aim For Greatness 12:34 - Odds Of Success 14:42 - Outro
Whether or not you need a co-founder is always a hotly debated topic — but going one level deeper, founders often wonder what kind of co-founder they need. It’s also common for technical founders to be told by investors and advisors that they would benefit from a co-founder with non-technical expertise in things like business or marketing. Are they correct? Dalton Caldwell and Michael Seibel dive into exactly that question. Apply to Y Combinator: https://yc.link/DandM-apply Work at a Startup: https://yc.link/DandM-jobs Chapters (Powered by https://bit.ly/chapterme-yc) - 00:00 - Coming Up 00:31 - It's Complicated 01:10 - Tasks 03:06 - Ability vs. Appetite 04:12 - Technical Problems 05:58 - Examples 07:21 - Helpful vs. Necessary 08:19 - Fake Limitations 10:20 - Outro
Y Combinator CEO and Partner Michael Seibel on splitting equity between cofounders. https://twitter.com/mwseibel Y Combinator invests a small amount of money ($150k) in a large number of startups (recently 200), twice a year. Learn more about YC and apply for funding here: https://www.ycombinator.com/apply/ Chapters (Powered by https://bit.ly/chapterme-yc) - 00:00:00 How much equity to give your cofounders 00:00:23 Equity splits should maximize motivation 00:01:32 Safety mechanism for equity - Vesting and Cliff 00:02:21 More generous with equity not less 00:03:21 Equal equity splits 00:03:57 End Looking for a co-founder? Try YC's new co-founder matching platform: https://www.ycombinator.com/cofounder-matching
Michael Seibel on pitching customers vs pitching investors. Michael is CEO and a Partner at YC. He was the co-founder and CEO of Justin.tv and Socialcam. https://twitter.com/mwseibel Learn more about YC and apply for funding here: https://www.ycombinator.com/apply/ Chapters (Powered by https://bit.ly/chapterme-yc) 00:00:00 Intro 00:00:04 Difference between investor and customer 00:00:35 Talking to customers 00:01:00 Where to use your customer pitch? 00:01:13 Talking to investor 00:02:53 Where to use your investor pitch? 00:03:20 What investors care about? 00:04:02 What customers care about? 00:05:35 Summary 00:06:00 Outro
Jeff Bussgang is a lecturer at Harvard Business School and General Partner at Flybridge Capital Partners. Michael Seibel is CEO of YC.
Y Combinator CEO and Partner Michael Seibel on how to cold email investors. https://twitter.com/mwseibel Y Combinator invests a small amount of money ($150k) in a large number of startups (recently 200), twice a year. Learn more about YC and apply for funding here: https://www.ycombinator.com/apply/ *** Topics 00:00 - Intro 00:17 - Make it short, i.e. 60 seconds or less to read 00:58 - Interested in: the problem you're trying to solve, what your solution is, have you launched, do you have growth, how big you think the market could be, do you have cofounders, are you technical, and do you know something about the problem that you think is controversial. 1:38 - Not interested in: a long history of how you came up with the idea or jargon (see: customer pitch vs investor pitch - https://www.youtube.com/watch?v=pQnOBHNKlgs) 2:17 - Send your email from a company email address with your name in it 3:05 - Decks aren't required but use a common format if including one 4:02 - Track opens 4:14 - Don't make it long 5:27 - Don't immediately request an in-person meeting 6:04 - Don't send multiple follow-ups quickly 6:26 - Don't forget to describe what your company does
Dalton Caldwell and Michael Seibel discuss the best approaches to managing the many setbacks startup founders can face over the lifetime of starting and running a business. Apply to Y Combinator: https://yc.link/DandM-apply Work at a Startup: https://yc.link/DandM-jobs Chapters (Powered by https://bit.ly/chapterme-yc) - 00:00 - Introduction 00:26 - Punches that land 01:04 - The setback cycle 02:05 - Fundraising 04:27 - YC - No for now 05:42 - Survivorship bias 06:28 - Co-founders 08:02 - The magical deal 09:15 - After the deal, credits don't roll 11:21 - A bad launch 13:28 - Movie mess us up 15:27 - Getting sued 16:51 - Silver linings 18:44 - You are the example 20:00 - Taking stock 20:50 - Worst case analysis 22:00 - Wrap up
In this first in-person episode, Michael Seibel and Dalton Caldwell reveal how startups can gain a competitive advantage by doing something deceptively simple. They share compelling stories of companies that built loyal relationships and achieved success by making personal connections with users. In contrast, they discuss the traps early-stage founders make by trying to emulate big tech. If you want to build a business that customers love and that thrives in the long run, this advice on why caring deeply about your customers is key. Apply to Y Combinator: https://yc.link/DandM-apply Work at a Startup: https://yc.link/DandM-jobs Chapters (Powered by https://bit.ly/chapterme-yc) - 00:00 - Intro 00:42 - Flailing 01:43 - Horrible Emails 02:33 - Customers as an End 03:06 - Liking Your Users 05:09 - The Takeaway 06:19 - Being Accessible 09:01 - Your Superpower 10:03 - Learning to Care 12:01 - Conclusion
Michael Seibel on how to find a technical cofounder. Michael is CEO and a Partner at YC. He was the co-founder and CEO of Justin.tv and Socialcam. https://twitter.com/mwseibel Learn more about YC and apply for funding here: https://www.ycombinator.com/apply/ Looking for a co-founder? Try YC's new co-founder matching platform: https://www.ycombinator.com/cofounder-matching
Michael Seibel on getting and testing startup ideas. Michael is CEO and a Partner at YC. He was the co-founder and CEO of Justin.tv and Socialcam. https://twitter.com/mwseibel Learn more about YC and apply for funding here: https://www.ycombinator.com/apply/ Chapters (Powered by https://bit.ly/chapterme-yc) 00:00:52 Start with a Problem 00:01:26 Personal connection is helpful 00:02:07 Brainstorm with Friends 00:02:38 Once You've Found an Interesting Problem 00:02:45 Why Are You Uniquely Qualified to Work on This Problem? 00:03:43 Your MVP 00:04:55 Your Initial Users 00:05:49 In Conclusion 00:06:00 Outro
Step inside the Group Partner Lounge to hear Y Combinator Group Partners Harj Taggar, Michael Seibel and Brad Flora discuss how you should handle rejection from investors and why you should "believe the no, not the why." Apply to Y Combinator: https://www.ycombinator.com/apply/ Work at a startup: https://www.ycombinator.com/jobs Chapters (Powered by https://bit.ly/chapterme-yc) - 00:00 - Introduction 00:42 - What to do when an investor says no? 01:44 - What is going through the founders' heads 05:36 - Lie the founder's tell themselves 07:15 - What to do when founders hear the same why a lot? 09:17 - What are the real why's? 13:18 - Advice after demo day 13:54 - Takeaway #ycombinator #startups #investors #money
YC CEO Michael Seibel outlines how successful startups think about building something people want. Startup School is YC's free online program for founders. Sign up to access the full curriculum and over $100k in deals! https://www.startupschool.org/ Chapters (Powered by https://bit.ly/chapterme-yc) - 00:00:00 Introduction 00:00:53 What allowed us to survive? 00:03:50 What problem are you solving? 00:10:11 Who is your customer? 00:18:39 Does your MVP actually solve the problem? 00:21:10 Which customers should you go after first? (the easy ones!) 00:25:46 Should you discount or start with a super low price? (no!) 00:27:58 How to setup metrics 00:32:02 Product Development Cycle (v1) 00:43:44 Pivot vs Iterate 00:46:09 Fake vs Real Steve Jobs 00:48:04 Summary 00:51:06 Q&A
How do you determine what to build next? YC Partner and CEO Michael Seibel shares his framework for an early stage product development cycle. Join the community and learn from experts and YC partners. Sign up now for this year's course at https://startupschool.org.
YC CEO and Partner Michael Seibel shares his approach to building an MVP and getting your first users as a pre-launch startup. Startup School is YC's free online program for founders. Transcript and lecture slides here: https://www.ycombinator.com/library/6f-how-to-plan-an-mvp This lecture is part of YC's Startup School, a free online program and global community of founders. Register and join the community at https://www.startupschool.org/ Chapters (Powered by https://bit.ly/chapterme-yc) - 0:00 Introduction 0:41 First, talk to users 1:40 Goal: launch quickly 2:40 After launching, get feedback 4:30 Lean MVP 5:37 Real-world examples 8:21 Heavy MVPs 9:33 Launches aren't special 11:22 Hacks for building an MVP quickly 12:57 Don't fall in love with your MVP
Michael Seibel, Managing Director at Y Combinator and co-founder of Justin.tv/Twitch and Socialcam, explains how to set your Key Performance Indicator.
Startup Investor School is a free, 4-day course designed to educate early stage investors interested in investing in startups. We'll cover the fundamentals of investing, from investing instruments to legal and accounting basics to evaluating startups and managing deal flow. Our hope is that more people, from a wide range of backgrounds will consider investing in startups and that those who do will be better at it. Learn more at https://investor.startupschool.org/
Michael Seibel is a partner and the CEO of YC. He cofounded Justin.tv, which was in the winter 2007 batch and Socialcam, which was in the winter 2012 batch. https://twitter.com/mwseibel In this video Michael comments on his essay One Order of Operations for Starting a Startup https://blog.ycombinator.com/one-order-of-operations-for-starting-a-startup/ The YC podcast is hosted by Craig Cannon - https://twitter.com/craigcannon *** Topics 00:00 - One Order of Operations for Starting a Startup 1:00 - People aren’t taught how to find ideas 2:40 - Find a particular problem that you’re passionate about 6:15 - Find some friends and brainstorm a solution 8:40 - Build an MVP 11:15 - Two failed orders of operations for starting a startup
Y Combinator CEO and Partner Michael Seibel on our latest request for startups: Government 2.0. Read the post here: https://blog.ycombinator.com/request-for-startups-government-2-0/ Here are the other requests for startups: https://www.ycombinator.com/rfs https://twitter.com/mwseibel Y Combinator invests a small amount of money ($150k) in a large number of startups (recently 200), twice a year. Learn more about YC and apply for funding here: https://www.ycombinator.com/apply/
Michael Seibel on using development shops to build your startup. Michael is CEO and a Partner at YC. He was the co-founder and CEO of Justin.tv and Socialcam. https://twitter.com/mwseibel Learn more about YC and apply for funding here: https://www.ycombinator.com/apply/
If you’re an employee of a late stage company right now, how would you know when it’s time to move on vs. time to double down? The fact is there isn't an easy answer — it can really vary from person to person and situation to situation. In this video, YC Group Partners, Michael Seibel and Dalton Caldwell share some suggestions on what sort of things an employee of a late stage startup should be looking for — the good signs and the bad — to best make this decision. Apply to Y Combinator: https://yc.link/DandM-apply Work at a Startup: https://yc.link/DandM-jobs Chapters (Powered by https://bit.ly/chapterme-yc) - 00:00 - Intro 00:53 - 1400 Unicorns 02:16 - Stock Options 04:00 - When To Stay 04:53 - Product Analytics 06:21 - Bad Signals 07:04 - Market Timing 08:44 - Two Directions 09:34 - Job Hopping 10:24 - Other Signs 12:26 - Summary 13:17 - Outro
Dalton Caldwell and Michael Seibel talk about OpenSea, Gusto, and the importance of building simple products that solve a real problem. To create Rookies Mistakes we asked YC founders: Is there a simple fact you wish you knew when you started your company or a rookie mistake you wish you could take back? Chapters (Powered by https://bit.ly/chapterme-yc) - 00:00 - Rookie Mistakes 00:42 - Note from YC founder 01:02 - Boiling the ocean 02:00 - Googlitis 02:32 - OpenSea 04:33 - Gusto 05:34 - Having lots of features is infinitely worse than having one that works all right 06:26 - Note from YC founder 07:04 - Blank for X - Fail after getting money 07:22 - Validation 09:06 - First principles 10:05 - Ground Truth Answers 12:06 - Clear thinking 13:21 - Discipline 15:40 - Hardware crowdfunding 19:21 - Hardware startup - Best practices
Y Combinator CEO and Partner Michael Seibel on the biggest mistakes first-time founders make. https://twitter.com/mwseibel Y Combinator invests a small amount of money ($150k) in a large number of startups (recently 200), twice a year. Learn more about YC and apply for funding here: https://www.ycombinator.com/apply/ *** Chapters (Powered by https://bit.ly/chapterme-yc) - 00:00 - Introduction 00:10 - Solving a problem you don't care about 01:01 - Helping users you don't care about 01:47 - Choosing co-founders you don't know well 02:22 - Not having transparent conversations with your co-founders 03:20 - Not launching 04:45 - Not using analytics 05:02 - Not knowing where your first users will come from 05:47 - Poor prioritization
What happens when the unconventional becomes conventional? Michael Seibel and Dalton Caldwell discuss how the startup world has changed from being dominated by outsiders and nonconformists to now attracting more mainstream conformists looking for status and money. They share stories of what the tech scene was like when they were in school - and how radically different it is today. Dalton and Michael offer advice about navigating a world that doesn't always reward nonconformists embarking on risky entrepreneurial journeys. Don't just think different, act different. Apply to Y Combinator: https://yc.link/DandM-apply Work at a Startup: https://yc.link/DandM-jobs Chapters (Powered by https://bit.ly/chapterme-yc) - 00:00 - Intro 00:29 - Mainstream Startups 01:30 - Ye Olde Startups 02:48 - School Mindset 04:29 - Waiting In Line 05:28 - Weirdos 06:47 - Investors 09:41 - Where Is Home? 10:37 - Positive Signals 11:43 - Learning & Growing 12:54 - Confidence 15:21 - Grand Takeaways
In this video, Y Combinator partners Michael Seibel and Dalton Caldwell discuss the importance of having honest and difficult conversations with startup founders. While having hard conversations can be uncomfortable, Seibel and Caldwell argue that this transparency is essential for founders to grow and ultimately, these experiences help founders have their own hard conversations that they've been avoiding with the people around them. Apply to Y Combinator: https://yc.link/DandM-apply Work at a Startup: https://yc.link/DandM-jobs Chapters (Powered by https://bit.ly/chapterme-yc) - 00:00 - Intro 00:39 - Definition 02:35 - Being likable 03:52 - Validating decisions 06:54 - Fundraising 08:31 - Deep dives 11:37 - Co-founders 15:42 - Employees 18:37 - Nobody's perfect 19:50 - Outro
Despite the most successful tech founders being centralized in the Bay Area, there are founders, accelerators, and investors located around the world. In this video, Dalton Caldwell and Michael Seibel discuss the phenomenon of local startup experts and why they may be doing a disservice to your entrepreneurial journey. Apply to Y Combinator: https://yc.link/DandM-apply Work at a Startup: https://yc.link/DandM-jobs Chapters (Powered by https://bit.ly/chapterme-yc) - 00:00 - Coming Up 00:21 - Intro 00:40 - Sourcing Advice 01:26 - Strange Ideas 02:29 - Best Practices 03:41 - Innovation Hub 05:21 - Advice and Therapy 06:54 - Be Picky 08:47 - Local Bad Advice 10:07 - Bay Area Advice 11:52 - Outro
If you're looking to maximize your startup's potential, start by setting the right goals. Michael Seibel and Dalton Caldwell provide tips and strategies for setting goals that will help keep you and your new business focused on success—plus provide examples of bad goals to avoid as a startup. Apply to Y Combinator: https://yc.link/DandM-apply Work at a Startup: https://yc.link/DandM-jobs Chapters (Powered by https://bit.ly/chapterme-yc) - 00:00 - Intro 00:17 - Setting Goals: The Stupid Games 01:18 - What's a Too Aggressive Goal? 03:35 - What are the Fake Metrics? 05:43 - Stupid Comparatives 08:03 - What is Sandbagging? 09:39 - Why People Screw Up Accomplishing Goals 11:25 - Take The L 12:41 - Excuses 14:29 - Stupid Prizes Companies Win 14:48 - Most Money Raised 16:16 - Most Employees 17:45 - Execution Team 19:33 - Burning Money 21:07 - Acquiring Companies 22:22 - What's the Prizes for Defrauding Your Customers? 24:11 - Become an Amazing Investor
If you're a high school or college student with big dreams of starting your own company, this video is for you. Dalton Caldwell and Michael Seibel, two startup founders who started in the early 20s and are now top investors, sit down to share the hard-won advice they wish they had known back in high school. Whether you're already running your own startup or just have an idea you can't stop thinking about, Caldwell and Seibel will discuss the skills you need to learn now and how to set yourself up for success after graduating school. Their stories will give you a glimpse of what's truly possible at the intersection of ambition and opportunity in in today's world. This is a masterclass in entrepreneurship for the next generation. Apply to Y Combinator: https://yc.link/DandM-apply Work at a Startup: https://yc.link/DandM-jobs Chapters (Powered by https://bit.ly/chapterme) - 00:00 - Intro 01:12 - Delayed Gratification 02:23 - Learn to Code 04:17 - Learn Design 04:52 - Launch Products 06:49 - Make Friends 08:04 - School Sandbox 09:13 - Learn To Care 11:20 - Credential Game 13:35 - Fads That Stick 15:42 - Be Excited 17:50 - Be Honest 20:08 - Love The Long Games 23:46 - Live Your Dream
With the YC S22 batch coming to a close, Dalton Caldwell and Michael Seibel reflect on the recent batch and their experience fundraising. The two group partners also clear up some misconceptions about Y Combinator based on feedback from founders. Apply to Y Combinator: https://yc.link/DandM-apply Work at a Startup: https://yc.link/DandM-jobs Chapters (Powered by https://bit.ly/chapterme-yc) - 00:00 - Introduction 00:27 - Expectations 01:56 - Secret YC perks 04:57 - Not a mafia 06:08 - Misconceptions 07:02 - Investors 08:05 - Direct experience 08:51 - The scale lie 11:11 - Why to do YC 12:33 - Recent batch 15:08 - Running an auction 16:45 - Fake advisors 20:33 - Horror stories #startups #entrepreneur #tech
Dalton Caldwell and Michael Seibel discuss the qualities that make a founder overly optimistic or far too pessimistic about their startup. Where is the right middle ground? Apply to Y Combinator: https://yc.link/DandM-apply Work at a Startup: https://yc.link/DandM-jobs Chapters (Powered by https://bit.ly/chapterme-yc) - 00:00 - Introduction 00:30 - Stereotypes 03:09 - The Two Leaders 05:45 - Pessimistic mistakes 06:28 - Expectation setting 07:14 - Faulty feedback 08:24 - Demo day goals 09:20 - Energy drain 11:22 - Magical thinking 14:23 - Founder mistakes 16:03 - Product mistakes 17:43 - Magical investors 18:41 - Hiring optimism 19:57 - Doing what's cool 21:46 - Cognitive dissonance #startups #entrepreneur #tech
Michael Seibel is a partner and the CEO of YC. He cofounded Justin.tv, which was in the winter 2007 batch and Socialcam, which was in the winter 2012 batch. https://twitter.com/mwseibel In this video Michael comments on his essay Users You Don't Want https://blog.ycombinator.com/users-you-dont-want/ The YC podcast is hosted by Craig Cannon - https://twitter.com/craigcannon *** Topics 00:00 - Users You Don’t Want 1:30 - The spectrum of how users are using your product 3:00 - Users that take a lot of customer support time 5:50 - Don’t let the hijack users control the product roadmap
Michael Seibel is a partner and the CEO of YC. He cofounded Justin.tv, which was in the winter 2007 batch and Socialcam, which was in the winter 2012 batch. https://twitter.com/mwseibel In this video Michael comments on his essay Why Does Your Company Deserve More Money? https://blog.ycombinator.com/why-does-your-company-deserve-more-money/ The YC podcast is hosted by Craig Cannon - https://twitter.com/craigcannon *** Topics 00:00 - Why Does Your Company Deserve More Money 1:00 - A team, a product, and an office are all just a means to an end 2:00 - If you don’t really deserve money, what is an alternate path to create leverage? 3:45 - Breaking even at Justin.tv was a moment of infinite clarity 6:00 - Series A program and leverage
Y Combinator CEO and Partner Michael Seibel on why fundraising in Silicon Valley is different. https://twitter.com/mwseibel Topics 00:00 - Why Fundraising Is Different In Silicon Valley 00:25 - Overcorrecting based on investor feedback outside Silicon Valley 00:35 - Investors are not spread evenly around the world 00:50 - Why Silicon Valley investors are different 1:50 - Investors in Silicon Valley are less likely to dismiss ideas out of hand 2:30 - Judging based on if a team is executing
Dalton Caldwell and Michael Seibel on common pitfalls in the advice from different types of investors and why you, the founder, are ultimately responsible for the success of your company. Chapters (Powered by https://bit.ly/chapterme-yc) - 00:00 - Why investors including YC can't fix their company? 01:56 - Investor with the finance background 02:33 - Balance Sheet 04:14 - Big Company Exec 05:37 - What does failure look like for a lot of our companies? 08:01 - Successful entrepreneur in non-tech 09:49 - Junior investor 12:25 - Influencer / Famous person 12:58 - What is the advice that founders get from other entrepreneurs? 14:25 - Founders 14:42 - founders 15:54 - Extremely young investor (Scout) 17:17 - Wrap up 17:22 - YC partner common bad advice 19:44 - Personal accountability 19:57 - Big takeaway 21:20 - Great investor advice
Michael Seibel is a partner and the CEO of YC. He cofounded Justin.tv, which was in the winter 2007 batch and Socialcam, which was in the winter 2012 batch. https://twitter.com/mwseibel In this video Michael comments on his essay Why Should I Start a Startup? https://blog.ycombinator.com/why-should-i-start-a-startup/ The YC podcast is hosted by Craig Cannon - https://twitter.com/craigcannon *** 0:00 - Why Should I Start a Startup? 2:00 - Three types of people: people highly motivated when working for themselves, people that could succeed starting a startup or within a big company, and people that could succeed within a big company. 6:00 - How do you decide what type of person you are? 7:30 - Identify bias in advice givers 10:30 - Peer advice becomes less valuable during college
How will the rise of AI impact startups and entrepreneurs? Join Michael Seibel and Dalton Caldwell for a discussion on the opportunities and challenges AI brings for founders. Through the lens of history and other technological leaps, Michael and Dalton explore the difference between just cargo culting AI versus using it to solve real problems. Will AI usher in a new generation of startups or is this the beginning of the end? These are insights and predictions for startups in this new AI age. Apply to Y Combinator: https://yc.link/DandM-apply Work at a Startup: https://yc.link/DandM-jobs Chapters (Powered by https://bit.ly/chapterme-yc) - 00:00 - Intro 00:31 - Building AGI 01:45 - Historical Examples 03:20 - Current Startups 04:51 - Utilizing The Tools 07:15 - Opportunists 09:05 - Get Rich Quick 09:59 - Time For Optimism 11:59 - AGI Is The Goal 12:24 - Outro
Michael Seibel on why working at some big tech companies can prevent you from starting your own company. Michael is CEO and a Partner at YC. He was the co-founder and CEO of Justin.tv and Socialcam. https://twitter.com/mwseibel Y Combinator invests a small amount of money ($150k) in a large number of startups (recently 200), twice a year. Learn more about YC and apply for funding here: https://www.ycombinator.com/apply/
Dalton Caldwell and Michael Seibel provide an update on the upcoming Summer 2022 batch along with the changes and trends they've noticed in the startup world today. Apply to Y Combinator: https://yc.link/DandM-apply Work at a Startup: https://yc.link/DandM-jobs #startups #business #tech Chapters (Powered by https://bit.ly/chapterme-yc) - 00:00 - Intro 00:29 - In-Person events 02:14 - Summer 22 batch trends 03:04 - Hype cycle 05:03 - Tech relocation 06:57 - Where the action is 08:04 - Economic downturn 09:35 - Sober analysis 11:03 - New standard deal 14:24 - Old standard deal 16:36 - Guiding principle 17:53 - Alumni audience
Questions from SUS 2020 answered live by Michael & Eric (https://www.startupschool.org/posts/31216)