Erik Allebest

17 statements across 1 episodes · 4 bullish · 4 bearish · 1 people on the record · first statement Feb 7, 2024 by Erik Allebest · across every show →

On the record as a speaker too: Erik Allebest's record, appearances and statements → this page counts the times other people say the name.

Everything said about Erik Allebest, oldest first

Feb 7, 2024 negative
Disclosure
Allebest regrets selling equity to Chess.com's first investor
“Totally. Every day. Every day I think about it. I have so few regrets in life, but that is one.”
Erik Allebest Feb 7, 2024 ▶ 50:31 Erik Allebest: Scaling to $100M Revenue, 150M Members and 700 People, All with No Vc Funding | E1113 · 20VC with Harry Stebbings
Feb 7, 2024 negative
Assertion Not checkable as stated
Allebest: Tax prep for tiny global equity stakes exceeds equity value
“The moment you are an equity owner, you have a K one in 37 states and 12 countries and the tax bill alone for managing the equity, tiny equity stake you have can be worth more than the equity itself.”
Erik Allebest Feb 7, 2024 ▶ 1:01:24 Erik Allebest: Scaling to $100M Revenue, 150M Members and 700 People, All with No Vc Funding | E1113 · 20VC with Harry Stebbings
Feb 7, 2024
Assertion Not publicly verifiable
Allebest forced exiting investors to pool tens of millions for staff
“When our PokerStars investor, you know, the Sheinberg family, when they exited to GA, I said, I am going to block this transaction as hard as I can, unless We set aside a huge percentage comparatively of the sale. Everybody is going to pay. I think it was seve…”
Erik Allebest Feb 7, 2024 ▶ 1:03:32 Erik Allebest: Scaling to $100M Revenue, 150M Members and 700 People, All with No Vc Funding | E1113 · 20VC with Harry Stebbings
Feb 7, 2024
Assertion Not checkable as stated
Allebest was rejected from every graduate school he applied to in 2001
“I didn't get in anywhere because it was like right after the.com You know, bubble boost bubble burst in 2001. And I got rejected to every school”
Erik Allebest Feb 7, 2024 ▶ 5:43 Erik Allebest: Scaling to $100M Revenue, 150M Members and 700 People, All with No Vc Funding | E1113 · 20VC with Harry Stebbings
Feb 7, 2024
Assertion Not publicly verifiable
Allebest bought the Chess.com domain for $56,000 in a bankruptcy auction
“56,000 dollars.”
Erik Allebest Feb 7, 2024 ▶ 11:58 Erik Allebest: Scaling to $100M Revenue, 150M Members and 700 People, All with No Vc Funding | E1113 · 20VC with Harry Stebbings
Feb 7, 2024
Disclosure
Allebest set early salaries by asking candidates what they needed to live
“I would just say to them, Hey, how much money do you need to do this job? And if we can make that, we'll do it. And if not, I'll let you know, but really, what do you need to do this? Because I'm not going to make you an offer. Cause I don't know your life. I …”
Erik Allebest Feb 7, 2024 ▶ 58:34 Erik Allebest: Scaling to $100M Revenue, 150M Members and 700 People, All with No Vc Funding | E1113 · 20VC with Harry Stebbings
Feb 7, 2024 bullish
Insight
Allebest: Geographic hiring constraints shrink talent pools and inflate compensation
“First of all, talent is all over the world. And if you are geographically confined on talent, you have a smaller hiring pool and you are now competing in ways, you know, that are hard. It's hard to compete against these massive dangled comp packages in certain…”
Erik Allebest Feb 7, 2024 ▶ 53:14 Erik Allebest: Scaling to $100M Revenue, 150M Members and 700 People, All with No Vc Funding | E1113 · 20VC with Harry Stebbings
Feb 7, 2024
Insight
Allebest: Directness requires building relationship credit through positive interactions
“It's not an either, or it's not like be nice and then don't be direct. It's like you can be both. And I think a lot of it has to do with like the number of deposits and withdrawals you make in any relationship. And so it's like your bank account. So you need t…”
Erik Allebest Feb 7, 2024 ▶ 8:09 Erik Allebest: Scaling to $100M Revenue, 150M Members and 700 People, All with No Vc Funding | E1113 · 20VC with Harry Stebbings
Feb 7, 2024 negative
Opinion
Allebest: Investor returns are disproportionate to value created by workers
“Look at the people who invest in there in the finance industry and look at the, where the value flows versus where the work is being done. And it's just disproportionate.”
Erik Allebest Feb 7, 2024 ▶ 1:00:11 Erik Allebest: Scaling to $100M Revenue, 150M Members and 700 People, All with No Vc Funding | E1113 · 20VC with Harry Stebbings
Feb 7, 2024 bullish
Insight
Allebest: Remote work removes performative behavior and drives employee loyalty
“They don't feel trapped in the office. They don't feel like they have to show up early to do FaceTime. They don't feel like they have to be the last one to leave. They don't have to pretend like they're busy. It's so life enabling to them that they're grateful…”
Erik Allebest Feb 7, 2024 ▶ 54:39 Erik Allebest: Scaling to $100M Revenue, 150M Members and 700 People, All with No Vc Funding | E1113 · 20VC with Harry Stebbings
Feb 7, 2024
Assertion Not checkable as stated
Allebest personally hired the first 300 to 400 Chess.com employees
“I probably hired the first. 300 to 400 people myself who worked at the company.”
Erik Allebest Feb 7, 2024 ▶ 58:27 Erik Allebest: Scaling to $100M Revenue, 150M Members and 700 People, All with No Vc Funding | E1113 · 20VC with Harry Stebbings
Feb 7, 2024 negative
Opinion
Allebest: Silicon Valley wrongly believed the chess market was capped at $10M
“Well, I mean, now knowing what I know, I mean, chess is a much bigger market. I don't think I did anything wrong. I think everybody was wrong. I think consensus, including from me, was that chess was too small, and so why would you invest in a business that yo…”
Erik Allebest Feb 7, 2024 ▶ 18:51 Erik Allebest: Scaling to $100M Revenue, 150M Members and 700 People, All with No Vc Funding | E1113 · 20VC with Harry Stebbings
Feb 7, 2024 bullish
Prediction Not checkable as stated
Allebest: Chess will remain the preeminent strategy game as media proliferates
“People go back to the classics and for a little bit of just like safety. I mean, my kids listen to music from generations past because there's something that's like just classic about that. And I think that chess will be the fallback Of the greatest strategy g…”
Erik Allebest Feb 7, 2024 ▶ 1:22:27 Erik Allebest: Scaling to $100M Revenue, 150M Members and 700 People, All with No Vc Funding | E1113 · 20VC with Harry Stebbings
Feb 7, 2024 positive
Assertion Supported
Allebest: Global remote market access has dramatically raised Serbian tech wages
“What's been great is to see globalizing, like people wages have gone up because someone who used to in Serbia work for nine dollars an hour. Now they have a global marketplace to work so that their wages have gone up a ton.”
Erik Allebest Feb 7, 2024 ▶ 59:10 Erik Allebest: Scaling to $100M Revenue, 150M Members and 700 People, All with No Vc Funding | E1113 · 20VC with Harry Stebbings
Feb 7, 2024
Insight
Allebest: Exact-match domains were essential for web startups, unlike today
“Ridiculously large role, especially at the beginning and the beginning sets the tone for later. Now, I mean, in today's world, if we hadn't done it, if you, would you have to start on chess.com? Probably not, but given the time that we started and how it worke…”
Erik Allebest Feb 7, 2024 ▶ 12:22 Erik Allebest: Scaling to $100M Revenue, 150M Members and 700 People, All with No Vc Funding | E1113 · 20VC with Harry Stebbings
Feb 7, 2024
Assertion Not checkable as stated
Allebest's pre-Chess.com e-commerce site reached $2M in annual revenue
“We were doing Between one and two million dollars a year in, I think a little over two million a year in revenue and was making good money.”
Erik Allebest Feb 7, 2024 ▶ 11:42 Erik Allebest: Scaling to $100M Revenue, 150M Members and 700 People, All with No Vc Funding | E1113 · 20VC with Harry Stebbings
Feb 7, 2024
Assertion Not checkable as stated
Allebest became a millionaire at age 28 selling his second business
“When I sold the second business, and I had a seven-figure Bank statement.”
Erik Allebest Feb 7, 2024 ▶ 1:19:00 Erik Allebest: Scaling to $100M Revenue, 150M Members and 700 People, All with No Vc Funding | E1113 · 20VC with Harry Stebbings
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