early-stage startups

also referred to as: early stage startup · early stage startups

42 statements across 39 episodes · 10 bullish · 15 bearish · 36 people on the record · first statement Feb 5, 2015 by Niko Bonatsos · across every show →

Everything said about early-stage startups, oldest first

Feb 5, 2015 positive
Opinion
Bonatsos: Growth rate is the most important early-stage valuation metric
“And the third thing, in my opinion, the most important one, especially for earlier stage companies, is how quickly they're growing.”
Niko Bonatsos Feb 5, 2015 ▶ 10:50 20 VC: Niko Bonatsos on Startup Valuations
Jul 27, 2015 positive
Insight
Early startups should track usage metrics over MRR
“And I think in the beginning, especially when there's, you know, it's just so much uncertainty, I think it's very, very good to figure this out on a high level and then track, Tracking this over time, because it doesn't necessarily, you know restrict you to th…”
Nico Wittenborn Jul 27, 2015 ▶ 17:41 20 VC 057: The Investor Checklist with Nicolas Wittenborn, VC @ Point Nine Capital
Oct 28, 2015 negative
Opinion
Liao: Seed-stage startups are 'stupid' to form a board of directors
“And in this early stage, like, frankly speaking, like, I think you'd be kind of stupid to have a board at a company like this early, at least the stage that we're investing in.”
Marvin Liao Oct 28, 2015 ▶ 12:36 20 VC 083: 500 Startups Week: New Funds, Startup Mentoring and Dave's Masterplan with Marvin Liao, Partner @ 500 Startups
Feb 22, 2016 positive
Disclosure
Tim Draper prefers investing in early two-to-three person teams
“I like investing when there are two or three people in the company and they have a really good mission. And that can be before they've gotten any revenue or just after.”
Tim Draper Feb 22, 2016 ▶ 6:43 20VC: Tim Draper on Investing In Tesla, The Best Pitch He Has Ever Seen & The Evolution of Venture and Startups
Dec 12, 2016 positive
Insight
Ohanian: Early-stage startups should only write code and talk to users
“Because the only two things they should be doing is either writing code or getting slash talking to users.”
Alexis Ohanian Dec 12, 2016 ▶ 9:05 20VC: Reddit's Alexis Ohanian on How It All Started With Paul Graham @ YC, The Biggest Surprises About Making The Move Into VC & Why Alexis Believes All The Best Investors Have Operating Experience
Aug 30, 2017 bearish
Opinion
Cohen: Machine learning benefits tech giants, not early-stage AI startups
“Machine learning is a leveraged play on data, so So it's the Facebooks, the Apples, the Googles of the world that are getting the most benefit from it. It's not the early stage startups.”
Alina Cohen Aug 30, 2017 ▶ 13:48 20VC: Why AI Is More Artificial Than Intelligent, Why Engineering-centric Founders Are Able To Pivot Best & Why Startups Are Like Games with Alina Cohen, General Partner @ Initialized Capital
Sep 7, 2018
Insight
Early diversity hiring is a startup's best recruitment engine
“Doing your absolute level best to fill a team with diverse candidates is not only hard, it is probably the single best thing you can do as an early stage startup. Because when you have people from different backgrounds early on, call it in the first 50 employe…”
Andrew Farah Sep 7, 2018 ▶ 10:09 20VC: The Mindset The Best Investors Assume When Assessing Opportunities, Why So Many Hardware Startups Fail Today & The Right Way To Think About Employee Retention with Andrew Farah, Founder & CEO @ Density
Aug 5, 2019 negative
Insight
Puttagunta: The venture ecosystem over-rotates on managing early-stage startups by metrics
“Yeah, I think there's been, frankly, an over rotation into just running businesses simply on metrics.”
Chetan Puttagunta Aug 5, 2019 ▶ 6:43 20VC: Benchmark's Chetan Puttagunta on The One Question To Ask When Analysing Market Size, How To Compete in Today's War for Talent & Why We Have Seen An Over-Rotation In Running Businesses Based on Metrics
Nov 17, 2021
Insight
Early-Stage Growth Teams Should Value Correlation Over Causality
“The guidance that I generally give, especially for the early stage startups, is move fast, be comfortable with correlation, because correlation just provides Quality hypotheses, and that's all you care about at that point. You're not looking for something that…”
Andy Johns Nov 17, 2021 ▶ 30:06 20Growth: Top Growth Lessons from the Early Facebook, Twitter and Quora Days, The Most Important Question to Ask When Building Your Growth Team, How To Test For True Candidate Depth and Quality When Hiring for Growth with Andy Johns, Venture Partner @ Unu
Feb 11, 2022 neutral
Prediction Not checkable as stated
Levie: High early-stage valuations will yield spectacular failures and big winners
“There will be a lot of bets that will not work in that model. Because again, back to category, you know, one, there are lots of challenges companies run into. So we will see spectacular failures in this approach, but ultimately they might get paid for by the s…”
Aaron Levie Feb 11, 2022 ▶ 22:15 20VC: Box's Aaron Levie on Why Founders Cannot Hedge Their Bets, The 2 Categories of Wrong Decision and How To Avoid Them & The Biggest Dangers of Being Over-Funded as a Startup
Feb 11, 2022 negative
Insight
Levie: Early startup overfunding causes teams to build the wrong products
“Being overfunded early can accidentally cause you to either build the wrong thing, go in the wrong direction.”
Aaron Levie Feb 11, 2022 ▶ 20:10 20VC: Box's Aaron Levie on Why Founders Cannot Hedge Their Bets, The 2 Categories of Wrong Decision and How To Avoid Them & The Biggest Dangers of Being Over-Funded as a Startup
Feb 18, 2022
Insight
Rhodes: Early-stage startups should prioritize speed over financial forecasting
“When you're an early stage startup, speed is so important. And there's so many unknowns that you can easily waste time trying to predict what's going to happen. And a lot of times the best way to figure out what's going to happen is just to do it.”
Max Rhodes Feb 18, 2022 ▶ 32:23 20VC: Faire's Max Rhodes on Three Steps To Hire the Best Candidates, Why Every Company Should Have a Strategy Doc and How To Do It & The Art of Referencing; How to Get the Most Out of Every Reference
Apr 25, 2022 negative
Insight
Shakir: Multi-stage funds writing small checks won't prioritize early-stage founders
“If they're just barely giving you a couple 100,000 dollars, they're not going to have time. They're just not going to give a shit. It's not going to be a priority for them.”
Deena Shakir Apr 25, 2022 ▶ 11:42 20VC: Why You Should Think Twice Before Taking Multi-Stage Money at Seed, Why Venture Has Never Been Less Collaborative, How Becoming a Parent Made Me a Better Investor and Why We Should Be Optimistic About the Future of Diversity in Venture with Deena Sh
May 9, 2022 bullish
Disclosure
Fabrice Grinda Allocates 60% of His Net Worth to Early-Stage Startups
“My asset allocation, my personal net worth is still 60%, basically, early-stage startups”
Fabrice Grinda May 9, 2022 ▶ 31:37 20VC: WTF Is Going On? 3 Outcomes for What Could Happen From Here; What Needs to Happen To Avoid Recession? Why Stagnation is Most Likely and What This Means for Startups and Venture & Why Catastrophe is More Likely Than Ever and Switzerland Could Be a "H
May 21, 2022 bullish
Disclosure
Fabrice Grinda keeps 60% of his personal net worth in early-stage startups
“My asset allocation, my personal net worth is still 60% basically early stage startups”
Fabrice Grinda May 21, 2022 ▶ 36:24 Fabrice Grinda: The First Person to Predict the Collapse of Credit Suisse? | 20VC #886 · 20VC with Harry Stebbings
Jun 8, 2022
Insight
Beykpour: People who need extreme clarity cannot thrive at startups
“There's so many ambiguities of being at an early stage startup and it is not a role. It's, it is not an environment where people who need extreme clarity can thrive in, I believe, right?”
Kayvon Beykpour Jun 8, 2022 ▶ 21:52 Kayvon Beykpour: How to Structure and Manage the Best Product Reviews | 20VC #894 · 20VC with Harry Stebbings
Jun 29, 2022 bullish
Disclosure
Grinda: 60% of personal net worth allocated to early-stage startups
“My personal net worth is still 60%, basically early stage startups, because they can grow very dramatically.”
Fabrice Grinda Jun 29, 2022 ▶ 22:56 20VC: The Memo: Bill Gurley, Doug Leone, Keith Rabois; Investing Lessons from Prior Busts, How Their Investor Psychology Changed, What Can Be Applied To Today's Market
Aug 17, 2022 neutral
Insight
ARR does not matter in the early days of a startup
“Early days, I don't care at all about what price people pay. ARR doesn't matter at all. There's a hot take from a sales leader early days. I think the only thing that matters is that you're learning and that you have good customers who are good fits that are g…”
Jordan Van Horn Aug 17, 2022 ▶ 14:15 Jordan Van Horn: 3 Reasons Salespeople Fail; How to Make a Sales Playbook | 20VC #918 · 20VC with Harry Stebbings
Aug 30, 2022 negative
Insight
Early-stage startups should keep PR in-house rather than hiring external agencies
“Even if it doesn't work, you're much better in-housing it than throwing it over to someone else and having them give a, you know, probably not their best performance and trying to get you placement.”
Logan Bartlett Aug 30, 2022 ▶ 50:04 Logan Bartlett: WTF is Happening at Growth Stage Investing? | 20VC #920 · 20VC with Harry Stebbings
Oct 7, 2022 neutral
Insight
Weil: Rigid product strategies require product-market fit; early startups pivot frequently
“Like you invest in the early stages in companies and they're going to pivot three times before they find anything. So laying out a strategy and sticking to something, it assumes that you have some degree of product market fit.”
Kevin Weil Oct 7, 2022 ▶ 18:08 Kevin Weil: Lessons from Leading Product at Instagram & Twitter | 20VC #934 · 20VC with Harry Stebbings
Jan 13, 2023 bearish
Insight
Lemkin: Startups that raise massive early capital become un-acquirable and "dead"
“When you raise massive amounts of money early, how are you going to sell for 10 X what you raise? Who's going to buy you for five hundred million dollars? You're dead.”
Jason Lemkin Jan 13, 2023 ▶ 29:13 Jason Lemkin: WTF is Going On in VC? Are LPs Investing in New Funds? | 20VC #965 · 20VC with Harry Stebbings
Feb 3, 2023 positive
Insight
Doshi: Craftsperson product leader is the default early-stage hire
“That is a reasonable default, especially if you're early stage, say perhaps pre-PMF or just about reaching PMF. Then craps person is of good default.”
Shreyas Doshi Feb 3, 2023 ▶ 8:58 20Product: When to Hire a CPO, The Three Different Types of CPO, How To Know What You Need, How To Structure the Hiring Process, What Are the Must-Ask Questions, What Tests and Case Studies Should Be Used, How Should Their Compensation Package Be Structur
Jun 21, 2023
Insight
Gotthilf: Early-stage startups cannot easily run statistically significant tests
“It's really hard really early on in early stage startups, which is where I'm focusing my time now, because you don't have enough people for statistical significance.”
Gina Gotthilf Jun 21, 2023 ▶ 19:00 Gina Gotthilf: Lessons Scaling Duolingo from 3-200M Users; How to Master PR and Comms | E1028 · 20VC with Harry Stebbings
Jul 12, 2023
Insight
Egan: Early-Stage Startups Should Avoid Hiring Coin-Operated Sales Reps
“It does not pay to have coin-operated sales reps in the early days. They're going to be overly focused on quotas and crushing their number to get to a certain outcome. The early days are really about who is creating the best connection between my developing pr…”
Kevin Egan Jul 12, 2023 ▶ 19:14 Kevin Egan: Biggest Lesson on Managing Sales Teams at Slack and Atlassian | E1034 · 20VC with Harry Stebbings
Jul 12, 2023
Insight
Egan: Early-stage startups need generalist sales reps before scaling specialized ones
“Early days of hiring reps, you're going to need Renaissance reps that have a very wide breadth of skill sets who enjoy the building process. And as things go on and you start to sell, scale your sales team, you're going to see reps that are there for really to…”
Kevin Egan Jul 12, 2023 ▶ 18:15 Kevin Egan: Biggest Lesson on Managing Sales Teams at Slack and Atlassian | E1034 · 20VC with Harry Stebbings
Jul 19, 2023
Insight
Isford: Early startups shouldn't spend time perfecting growth metrics
“That exercise is not one I would spend too much time on because the reality is, especially in earlier stages, your customer base is going to evolve and change pretty dramatically in the years following when you define that metric and you'll probably want to ch…”
Lauryn Isford Jul 19, 2023 ▶ 0:11 Lauryn Isford: Product Growth Secrets from Facebook, Airtable, BlueBottle, Dropbox & Notion | E1037 · 20VC with Harry Stebbings
Aug 11, 2023 negative
Insight
Lessin: Willingness to join early startups anti-correlates with sales talent quality
“I think sales is incredibly hard to hire at startups, specifically because the whole nature of sales is like the people who want to go early are like anti correlated with the good people, right?”
Sam Lessin Aug 11, 2023 ▶ 48:24 DEBATE: State of Seed Investing w/ Jason Lemkin, Sam Lessin, Frank Rotman & Harry Stebbings | E1047 · 20VC with Harry Stebbings
Sep 20, 2023 negative
Insight
Paley: Easy access to early capital usually destroys startup value
“The easy access to money at a accelerated stage that the company is not ready for usually will destroy the company's value.”
Eric Paley Sep 20, 2023 ▶ 17:49 Is the VC Model Broken? Jason Lemkin, Mike Maples, Eric Paley & Harry Stebbings Debate | E1062 · 20VC with Harry Stebbings
Nov 10, 2023 negative
Insight
Early enterprise sales drain startup resources through custom feature demands
“Those large enterprises, especially in an early stage startup, they will suck the life out of that startup because they will say, I need these hundred features.”
Chris Degnan Nov 10, 2023 ▶ 25:54 Chris Degnan: Why You Should Hire a Head of Sales Sooner Than You Think | E1080 · 20VC with Harry Stebbings
Nov 22, 2023
Assertion Not checkable as stated
Seibert: High late-stage salaries prevent talent migration to early-stage startups
“And that's probably the counterforce is all of these big companies who raised huge rounds in 20, 21 have high salaries. And if you switch, you'll get more equity, but way less cash. And so that's probably keeping folks where they are.”
Jeff Seibert Nov 22, 2023 ▶ 52:09 Jeff Seibert: Why OpenAI Will Become an Infrastructure Play | E1085 · 20VC with Harry Stebbings
Dec 6, 2023
Insight
Early-Stage Startups Must Focus Purely on Shipping Speed
“You couldn't afford to do that earlier on. You would, you just have to have an existential crisis and ship as quickly as you can.”
Geoff Charles Dec 6, 2023 ▶ 18:40 Geoff Charles: How To Hire Product Teams & Increase Product Velocity | E1091 · 20VC with Harry Stebbings
May 8, 2024
Insight
Hulme: Free products generate bad feedback because users don't value them
“I see a lot of businesses, and it's slightly different in consumer, but they will not charge their early adopters, they won't charge their design partners, they won't charge their ICPs, and the problem with that is you don't know if it's valued. And generally …”
Tom Hulme May 8, 2024 ▶ 1:03:26 Tom Hulme: Lessons from a 24x Angel Track Record, 275x on Robinhood & Making Billions on Uber |E1150 · 20VC with Harry Stebbings
May 10, 2024 positive
Insight
Shurtz: Early Startups Should Target Category Killer Logos Over Volume
“So for me, the entire orientation of an organization in the early, early stages, I'm talking like sub a hundred. Now I think needs to be figure out the industries and the verticals. You can be successful and go get brand names, category killers and rotate hard…”
Larry Shurtz May 10, 2024 ▶ 37:00 Larry Shurtz: How to Hire, Train & Retain the Best Vertical Teams | E1151 · 20VC with Harry Stebbings
May 15, 2024 negative
Insight
Siroker: Early-stage board members struggle to gain enough founder context
“I do think boards as a company gets bigger and bigger and closer to going public are really important for governance and accountability. But when the company is so early on, it's very, very hard for a board member to get up to speed. You know, they're showing …”
Dan Siroker May 15, 2024 ▶ 34:38 Dan Siroker: Second-Time Founders Are More Investable & Why Not To Hire People Out of College |E1153 · 20VC with Harry Stebbings
May 31, 2024 negative
Insight
Lerner: Traditional corporate performance skills are useless in early-stage startups
“The way you get promoted in a lot of companies, in product, in marketing, is by doing the stuff you're supposed to do, but doing it faster and doing more of it and making fewer mistakes and managing more people and more budget and making good decks. And none o…”
Matt Lerner May 31, 2024 ▶ 37:34 Matt Lerner: How to Hire Growth Leaders and Teams and Why in a World of AI | E1159 · 20VC with Harry Stebbings
May 31, 2024
Insight
Lerner: Early-stage startups must turn the entire company into the growth team
“So in an early stage startup, I think there just comes a point where your company becomes the growth team, right? Like you go through fundraising, you go through building your product, and sort of the eye of Sauron turns, and it's like time to do growth, becau…”
Matt Lerner May 31, 2024 ▶ 48:16 Matt Lerner: How to Hire Growth Leaders and Teams and Why in a World of AI | E1159 · 20VC with Harry Stebbings
Jun 14, 2024 bullish
Insight
Lee: Hiring junior PMs is an arbitrage opportunity for early startups
“And I think a lot of times like junior folks are oftentimes the cheapest, but also like from a pure salary perspective, but also can be a huge force multiplier and just a large arbitrage opportunity.”
Janie Lee Jun 14, 2024 ▶ 44:23 Janie Lee: Three Core Skills that Make the Best PMs | E1165 · 20VC with Harry Stebbings
Oct 21, 2024 negative
Insight
Hamid: Valuing early-stage startups on revenue multiples is a mistake
“Yeah, I think it's really a mistake to look at revenue multiples at like half a million.”
Mamoon Hamid Oct 21, 2024 ▶ 46:05 Mamoon Hamid: AI - Where Value Accrues, Startups vs Incumbents & Scaling Laws | E1217 · 20VC with Harry Stebbings
Oct 30, 2024 negative
Insight
Saarinen: Early-stage founders buy via word-of-mouth, not paid ads
“Our first group of customers for startups, like small startups, early stage startups, those people don't even look at ads. Like they, I don't think they pick products because they see ads like out, out there somewhere. They pick products because they hear abou…”
Karri Saarinen Oct 30, 2024 ▶ 16:12 Karri Saarinen: How to Grow Capital Efficiently in a World of BS Growth | E1221 · 20VC with Harry Stebbings
Jan 17, 2025 negative
Insight
Hiring a great VP of Sales to sell a bad product is a curse
“I think that if you start as a small company and you have a, an amazing VP of sales, you know, they can sell anything, even if your product is really crappy. That's a curse. It's not something positive”
Eran Zinman Jan 17, 2025 ▶ 26:00 Eran Zinman, Co-Founder & Co-CEO @Monday.com: Going Upmarket, International and Multi-Product |E1247 · 20VC with Harry Stebbings
Nov 7, 2025
Insight
Early-Stage Startups Should Take Negative-Margin Deals for Referenceable Logos
“Early stage company, look, we do, you'll do negative margin deals, right? Like we're going to do this deal, but we're going to lose money on the deal. But we need the referenceable account, and we'll make up for it later.”
Chad Peets Nov 7, 2025 ▶ 59:18 20Sales: Why You Need a CRO Pre-Product | Why Remote Sales Teams Do Not Work | How Snowflake Built a Sales Machine with Chad Peets
Aug 12, 2026 neutral
Insight
Tech compensation features three tiers including seven-figure superstar AI packages
“Now we're seeing three bands of compensation. We're seeing the regular human beings, then we're seeing the AI guys, and then we're seeing the one to five superstars that we're talking about, right? That I have to that I have to find a seven figure package for …”
Jason Lemkin Aug 12, 2026 ▶ 46:57 Canva Slashes Growth | Talent Exodus at Google | Revolut's $50B CEO Package | Musk's $55B Terrafab
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