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Ron Conway at Startup School 2013
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Jessica Livingston interviews Ron Conway at Startup School 2013
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Investing in Twitter: A Personal Journey
Ron Conway shares his early investment experience with Twitter, detailing his relationship with Evan Williams and the lessons learned from his previous investment in Odio. He emphasizes the importance of character and trust in investing, highlighting how Evan's integrity influenced his decision to invest in Twitter.
"wanted to talk about Twitter first because Jack dorsy is coming here later and they're going public they're doing so well I want you to take me back to when you first invested and what you saw on them..."
The Growth Challenges of Twitter
Conway discusses the rapid growth of Twitter and the challenges it faced, including the infamous 'fail whale' during peak usage times. He reflects on the importance of scalability and how the platform's early struggles were indicative of its potential.
"so you luck out there what what was it about EV though that made you say you know I'm in the next one just count me in well it was that he had such amazing human feelings about feeling bad about going..."
Early Days of Facebook: A Visionary Encounter
Ron recounts his first meeting with Mark Zuckerberg and Shawn Parker at Facebook. He describes Zuckerberg's confidence and vision for the platform, noting how the early metrics indicated a promising future for Facebook, which ultimately exceeded expectations.
"taking off right away and the the big problem Twitter had was Keeping Up with the growth uh the fail whale became more prominent than the bird let's um speaking of Snapchat and and and Pinterest um an..."
Recognizing Patterns in Social Apps
Conway reflects on the evolution of social applications, including Snapchat and Instagram, and how they have transformed communication. He discusses the importance of recognizing patterns in user behavior and the potential for new social platforms to emerge.
"know you've told me that you're a little bit skeptical about the social networking thing at first um but you must have seen something special in Mark when well what what what got me excited at Faceboo..."
The Persistence of Pinterest's Founder
Ron shares insights about Ben Silbermann, the founder of Pinterest, emphasizing his persistence and user-focused approach. He highlights how Silbermann iterated on the product based on user feedback, which ultimately led to Pinterest's success.
"those will be uh I don't cuz I'm not a Founder but I'm sure people out there have ideas on what what is the next social app cuz social apps are changing the way people communicate um you know Facebook..."
The Calm Leadership of Ben Silbermann
Conway describes Ben Silbermann's unique leadership style, noting his calm demeanor and focus on product quality. He contrasts Silbermann's approach with more aggressive entrepreneurs, emphasizing the importance of a thoughtful and user-centric mindset.
"took off uh in the case of Pinter you know I didn't discover the product um at at SV Angel we meet once a week for 4 hours I I chair that meeting um CU lots of people think I'm not involved in SV ange..."
Navigating Hard Projects in Startups
Ron discusses the challenges startups face and how he assists founders with difficult projects. He emphasizes the importance of building relationships and leveraging connections to help startups grow and succeed.
"Founders who at the Friday team meetings wind up their team in the case of Ben suberman he winds up the team in a cerebral Way by actually making everybody calm yeah I I noticed that as well he's very..."
Key Mistakes in Fundraising
Conway outlines common mistakes founders make during fundraising, such as focusing too much on valuation rather than finding value-added investors. He shares strategies for maintaining momentum in the fundraising process.
"first uh platform and and we can help get you in front of people at Apple uh because Apple respects your judgment uh that that'll help a company grow I asked because I actually have sort of inside kno..."
The Importance of Quick Decision-Making
Ron emphasizes the need for founders to make quick decisions during fundraising and the importance of securing a term sheet to create urgency among investors. He shares anecdotes from his experiences with Airbnb's fundraising.
"in the case of Airbnb they had a host of investors trying to invest this is you know it's heresy because we had the negotiation in a hotel room when we should have had it where Brian chesky was stayin..."
Recognizing Promising Founder Qualities
Conway discusses the qualities he looks for in founders, such as product focus and decisiveness. He highlights the importance of a clear vision and the ability to manage and lead teams effectively.
"memories many many uh transactions that fail because somebody doesn't remember remember what they said um it happens even more on on m&a transactions you know if we're trying to get a company of soft ..."
The Evolution of Entrepreneurs
Ron reflects on how entrepreneurs mature rapidly in response to the demands of their growing companies. He shares examples of successful founders who adapted to their roles and the challenges they faced.
"focus on the product and we have lots of uh bloggers and press people who call us and say hey get Ben Silberman to talk to me and Ben Silberman no no no eventually you say hey why won't we talk to thi..."
Lessons from 20 Years of Investing
Conway summarizes the significant changes in the startup landscape over the past two decades, including the shift from algorithm-based value to user experience and design. He expresses satisfaction in witnessing the growth and maturity of entrepreneurs.
"build Square flawlessly hiring a management team that that that if he has a deficiency he makes sure to hire somebody really powerful in that area so recognizing the deficiency and then building your ..."