Hoffman: 22 of Facebook's first 25 employees left within four years
Auren Hoffman · Roundtable #5 with Jack Altman, Auren Hoffman, Jason Lemkin, Harry Stebbings | E1077 · 20VC with Harry Stebbings · Nov 3, 2023 · at 42:20
SafeGraph CEO Auren Hoffman references Facebook's early employee retention statistics during a discussion on startup talent retention.
0:00 / 0:05exact quote · 5.7s
▶ Watch the full episode on YouTube → 720p mp4 · rendered on demand · StarZero watermark
“I think 22 out of the first 25 people at Facebook left after, within the first three or four years.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Auren Hoffman
Hoffman: Founders who exited 10 years ago lack modern tactical execution skills
“Almost everything in running a company has changed over the last seven years. So if you sold your company 10 years ago, you don't know anything about how customer success works, how new types of sales works, how product led growth works, how even like all the …”
Hoffman: Most successful startup founders have low emotional intelligence
“Well, most good founders have low EQ.”
Hoffman: Founder CEOs are paid 5x less than external CEO hires
“Founder CEOs are very undercompensated. Like the go forward comp for a founder CEO today, once you, let's say you're there for over four years, your go forward comp is probably five X lower than if they hired an outside CEO.”
Hoffman: Any time a CEO spends outside of work hurts the business
“I would say really any time a CEO is not spending on their company, it's bad for the business. But that's true. If you're dating, it's true. If you're being a spouse, if you're parenting kids, if you're working out, You're spending time with friends. If you're…”
Hoffman: LPs will cease re-upping with non-performing VC fund managers
“Well, I do think there were a lot of VCs with subpar returns that were still raising their third, fourth, fifth, sixth, seventh funds. That is very unlikely going to happen in the future. So I think you're the, sorry, VCs that were doing that from LPs. And so …”
Hoffman: Venture capital firms will increasingly specialize team roles
“You're going to start to see different firms start splitting the stack a bit, and they're going to have certain people who are going to be good... You're going to start to see that much more so with investing, where if you're going to have a team anyway, and i…”