"meeting founders and making decisions is way more of an art than a science and as Dalton says unfortunately in this game I think you have to lose some money before you can really become an expert as m..."

"than perhaps anybody I know before I introduce PB however first for the live streamers I apologize for the problems we're having with the live stream as I said this is the first time we've done this h..."

"session so I believe it's - all of the slides from yesterday are now up with the transcripts from yesterday at investor that's startup school.org and we'll do our best to to make the live stream work ..."

"would think about it a lot is you think about investing I think the best kind of morality is a product that people like so much that they just want to tell people about it so here's one of the smartes..."

"as Jeff mentioned I've been involved in startups for a while probably about 20 years now I've been investing for the past 12 years I've invested in hundreds of companies I've seen thousands here at YC..."

"it's what what I intend to do and so the structure of this is I'll tell a series of stories first of favorable outcomes things that went good for me and then some unfavorable outcomes things that did ..."

"billion dollar business sitting there they would just go do it themselves so necessarily for it to be a good startup it kind of has to be something that inside of a big company would get shot down for..."

"everyone said no no what no one thought it was worth a million dollars they thought search was unimportant they thought it was just like a commodity sort of a flavor of the month thing they're like oh..."

"asked myself like how did I end up at Google like what what took me there in the first thing is just that they actually had a product that I used I was a very early user and so I just knew about it li..."

"could really tell the difference what I didn't know was that it was a good business I actually expected that Google would get squashed by like Alta Vista or something I didn't go in thinking like I wa..."

"people in 2005 in fact their original lawyers they tried to work with refused to do the work he said this is this is terrible we're not going to do it investors all thought it was a joke they're like ..."

"cold email PG and it was like hey you know can I help out and so I started hanging out here got to know the first or the first batch that was in this building which was the winter oh six batch and the..."

"was like the idea and at first I was like are you joking like now we're gonna do it I'm like awesome like because again this is like really unpredictable what's gonna happen when you start live stream..."

"didn't have any talent they couldn't do a talent acquisition because the choirs thought there was no talent fortunately they eventually pivoted to twitch which was focusing on just the one part of the..."

"companies Michael Seibel started a company called Socialcam which actually was a justin.tv spin-out sold that Autodesk for 60 million and then became a YC partner and actually he's now the CEO of Y Co..."

"about Brett is he was the p.m. on maps not even or maybe like an APM not even an engineer and he was frustrated that the product was so slow and clunky this was before it was launched and so finally o..."

"so the the lesson here I really want to emphasize is find your betters like you want to find people who are smarter in everything more insightful than than than you are and I think Bret and and Zach a..."

"billion dollars now founders always sell too early because a billion dollars I make the same mistake I sell too early next up is cruise cruise I mentioned earlier one of the founders of justin.tv Kyle..."

"was about a 50 extra turn not too bad again probably sold too early this company you may or may not have heard of they get a lot of press because it's awesome they came out of YC two years ago they're..."

"we have so many great companies that are like in bio I think we're gonna have some just giant exits you know 10 years from now and and I see every time at demo day cuz I work with a lot of the bio com..."

"alright so I missed Airbnb I mean a Dropbox but what about Airbnb so here's a Michael Seibel introducing me this was June 26 2008 to to this company air bed and breakfast and then just sort of like hu..."

"price but again the point I want to make here is that if you move slow you're going to get adverse selection like the companies that you can string along for months you know give a hundred different m..."

"another mistake not investing because of price and clearly there must be some limit at which this isn't true but I've never encountered it anytime I've been like excited about something but then there..."

"had this one idea at one point that I should just invest in anything that would not be out of place in the movie idiocracy fortunately those investments didn't work all right another mistake really im..."

"in like Facebook Facebook's going to change their album algorithm and that companies there be dead right all right so I've tried to boil that all down again just more for my own use to a checklist bec..."

"ideas is a talent magnet so the best people want to work with the best people and somehow the really great founders seem to be able to attract other great people and actually YC this is I think really..."

"can't identify anyone in the world who would possibly want the thing that they're making anyone who's who if you offer it to them they'll be like no thank you that's that's a bad sign I was gonna say ..."

"Google and be like a normal person unfortunately I think like this can sometimes be a little bit hard to suss out because the founders will of course be like oh yeah I'm totally committed but some of ..."

"exit and then they can put on their resume oh you know started a YC startup and sold it to some other company right it doesn't say that they sold it for like zero dollars or whatever but they can add ..."

"create the product I have a question right just wondering I know Justin I know Michael I know I'm it I know Kyle what is it about those guys that made you invest because I mean that was you didn't rea..."

"companies just like iterate really quickly the ones who you know do a release every two years fail juice arrow sure so so the question is unlike private equity where you can do months and months of di..."

"fast and you know you can also try pushing the founders you know probably more so after you you fund them pushing them to move even faster and see how they respond and you know like my story with Kyle..."

"so the question is when I look at ICS do I see that as the open source of funding or the G sera funding it's a good question I'm trying to figure out figure out how do I like politely answer I think t..."

"room and they're just too shy to speak it out one was directly to me but I think it's an interesting question which is people tend to be nerve some sort of deep deep technology companies investors esp..."

"so the question is what about like I invest in things I don't know about what about things I do know about I have a trick here which is I don't know about anything I mean honestly like I think it's re..."