All Segments
Phil Libin at Startup School 2013
18 segments available
Phil Libin is the cofounder and CEO of All Turtles. Prior to that he was the CEO of Evernote. This is his 2013 Startup School talk.
Segments Timeline
The Importance of Co-Founders
Phil Libin emphasizes the significance of having great co-founders in the startup journey. He shares his experience from his first startup, Engine Five, highlighting how the relationships formed with his college friends laid the foundation for future ventures, including Evernote. Libin stresses the need to cultivate a team of brilliant, high-energy individuals who are willing to work together for a common goal.
"wow good morning uh I think this is literally the largest number of people I've ever spoken to pretty sure it [Music] is uh very cool very impressive thank you for uh for for coming um and to ever kno..."
Lessons from Consulting
In this segment, Libin reflects on his early experiences as a consultant with Engine Five. He discusses the challenges of being your own boss while working on projects for other companies, revealing that true entrepreneurial fulfillment comes from building lasting value rather than just earning immediate income. He shares anecdotes about the hard work and long hours that ultimately led to the sale of the company.
"say that you shouldn't even make friends with people that you don't see starting a company with like it kind of sounds dickish I guess but like you to be honest with you like why why bother like you o..."
Transitioning to Product Development
Phil Libin narrates the transition from consulting to product development with his second company, Cor Street. He discusses the lessons learned about the importance of passion in the products being developed, emphasizing that creating something meaningful and enjoyable is crucial. Libin reflects on the challenges faced in the security and cryptography sector, ultimately leading to the decision to pursue a venture that aligns with personal interests.
"for about 2 and a half years uh you know 16-hour days uh on average uh I remember you know I would come into the office at like 2: am and there would be people you know leaning out of the windows smok..."
Building for Yourself
In this concluding segment, Libin shares his vision for future ventures, advocating for the creation of products that resonate personally with the founders. He discusses the bittersweet nature of selling a company and the desire to build something that the team truly loves, rather than merely responding to market demands. This philosophy sets the stage for his future endeavors, including the founding of Evernote.
"any product it shouldn't be a product about we shouldn't sit around thinking you know what does the market want you know what what does the market fit how do we build something that we can sell what w..."
The Birth of Evernote
Phil recounts the early brainstorming sessions for Evernote, highlighting the decision to merge with another team rather than compete. He describes the innovative spirit behind the product's development and the vision of creating a 'second brain' for users, which became the foundation of Evernote's mission.
"for every note so we uh we set around thinking okay well what should we build uh well let's start with stuff that we like you know what do we like uh and uh we said I said uh you know I play a lot of ..."
Navigating Startup Challenges
Libin reflects on the unconventional structure of Evernote's founding and the complications that arose from it. He warns against being overly clever with legal structures in startups, sharing lessons learned from their experience that nearly hindered their ability to secure funding.
"the way I suck as an angel investor just just so you guys know um uh but then we thought okay well uh we have pretty good experiences with entertainment we have pretty good experiences with communicat..."
The Funding Rollercoaster
Phil Libin describes the tense moments leading up to Evernote's funding round, including the challenges of securing investment amidst a financial crisis. He recounts the day of the Lehman Brothers collapse and the impact it had on their funding prospects, illustrating the precarious nature of startup financing.
"company ribbon uh like you tie ribbon around your finger to remember and then in in my due diligence in my research about it uh we were in Boston we ran into this other group of people here in in actu..."
Learning from Mistakes
In this segment, Libin emphasizes the importance of adhering to conventional practices in startup structures to avoid unnecessary complications. He shares how their initial cleverness in structuring Evernote led to significant delays in funding and stresses the need for simplicity in the early stages of a startup.
"lesson there too which is uh this was a mistake that I think we made um it was a very unconventional start this wasn't the typical start Silicon Valley startup start where you know you go to w Dominat..."
A Near Miss with Funding
Libin recounts the tense moment when Evernote was on the brink of securing a $10 million investment, only to have it fall through on the day of the Lehman Brothers collapse. He describes the panic that ensued as they faced dwindling cash reserves and the urgency to find new investors amidst a financial crisis.
"and we almost did Evernote almost failed for the stupid reason that we were too clever with our legal forms early on so um you know we cleaned up uh everything and uh you know we we we had self-funded..."
The Awkward VC Pitch
Phil Libin humorously reflects on his disastrous pitch to venture capitalists, where he struggled to convey the value of Evernote. He highlights the challenges of competing against established free note-taking solutions and the difficulty of gaining traction in Silicon Valley.
"do the investment um and I had uh we had 3 weeks of cash left at that point uh we hadn't we hadn't been able to talk to too many other investors for about the previous three months because we were kin..."
The Turning Point Email
At a moment of desperation, Libin receives a life-changing email from a user in Sweden who expresses love for Evernote and offers to invest. This unexpected support leads to a crucial $500,000 investment that helps stabilize the company and allows them to refine their business model.
"free uh please give me $10 million and uh [Applause] uh it worked in Europe it did it worked in Europe uh and then usually you know usually that would be enough to get us thrown out in Silicon Valley ..."
Finding Traction and Investors
After securing the investment, Libin discusses how Evernote was able to clean up its structure and finally present a compelling case to investors. He notes that the company began attracting interest from international investors who were fans of the product, marking a significant shift in their funding journey.
"must feel like to be an adult um for the first time in my life I felt like I was an adult this is what it feels like to be an adult to make an adult decision this sucks whatever happens afterwards I'm..."
Cultural Missteps in Business Meetings
Libin shares a humorous anecdote about a cultural mix-up during a meeting with Japanese investors, where his co-founder mistakenly spoke Korean instead of Japanese. He reflects on the empathy shown by the Japanese investors and the importance of cultural sensitivity in international business.
"something um but then then he went on to say in his email uh so I'm just writing to see if you guys need any investment uh and I wrote back and I wrote why yes we would like some investment uh and the..."
The Power of Empathy in Business
Phil Libin shares a humorous yet insightful story about a meeting with Japanese investors from Doo Capital. He highlights the cultural nuances of empathy, explaining how the investors felt more embarrassed than his team when a language mix-up occurred. This segment underscores the importance of understanding cultural sensitivities in international business dealings.
"Japanese uh we got one of our First Investors professional investors was Doo Capital you know the giant Telecom in Japan um the reason we got that uh was pretty good you know they they they reached ou..."
From Struggle to Success
Libin reflects on the early struggles of Evernote, emphasizing the simplicity of focusing solely on raising funds to keep the company afloat. He contrasts this carefree period with the complexities that arise once a startup gains traction and becomes a 'real company,' illustrating the evolving challenges of entrepreneurship.
"you know they come in to to the room and you know we bow and and say hello and then in back of me I see I hear Dave you know was talking to them and I hear Dave uh say thank you very much to them in K..."
The Transition to Real Company Challenges
In this segment, Libin discusses the shift from the excitement of startup life to the pressures of running a successful company. He describes the moment after securing significant funding when the reality of responsibilities sets in, highlighting the increased expectations and the need for a more structured approach to business.
"like [Applause] um just to prove uh that you know there was no heart feelings so so we got lucky in that in that as well uh but then you know then things did get a lot better and uh and then we did ha..."
Finding Joy in the Journey
Phil Libin candidly shares his perspective on the daily challenges of running a startup, noting that while it may not be fun every day, the long-term achievements are gratifying. He emphasizes the importance of having a strong team and a meaningful mission that keeps him motivated despite the difficulties.
"actually have to do something um and um so so you know I can stand here and say you know traditionally the you know it gets better uh it does very much uh but it also gets harder it doesn't it doesn't..."
Building for Yourself: The Key to Success
Libin concludes with a powerful message about the importance of creating products that resonate personally with the founder. He argues that building something you love not only enhances the likelihood of success but also connects you with a broader audience who shares that passion. This segment encapsulates the essence of entrepreneurship in the modern tech landscape.
"5 years ago if you were starting a business even 5 years ago it would have been stupid advice to say build it for yourself if you're starting it now it's stupid advice to do anything else uh because i..."