The Ledger
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Saarinen: Business success is a founder's only true protection against investor control
“The only real protection you can have as a startup founder in your business is to be successful. If you're not successful, there's a lot of ways investors can exert their control.”
Saarinen Would Choose to Invest in Brian Chesky Over Brian Armstrong
“If I really had to choose, I would really choose Brian Chesky, because I think he's really this I don't know, power of nature that he can drive through anything. I think Brian Armstrong is as well. But I think like if you put Brian Chesky to do something, like…”
Saarinen: Maximizing startup valuation is dangerous and leads to demotivating down rounds
“So I'm not trying to aim, like get the highest valuation possible. I think it's dangerous and what we've seen in the past couple of years that it can lead to down rounds and those are really annoying or unmotivating to people.”
Karri Saarinen explicitly rejects the 'always be raising' mantra for founders
“I mean, I would say like absolutely not to be always raising.”
Saarinen Gives Prospective VCs Google Doc Homework to Evaluate Their Thinking
“I make a, Separate Google doc for each investor and say like, Hey, here's a memo. And here's a cool week at the end of the memo. There's some questions for you that I would like you to think about, and then they should write them down and then we should talk a…”
Saarinen: Profitability gives startup founders maximum leverage over VC investors
“Being profitable, gets you the highest leverage you can have in terms of when it comes to talking to investors, because it gives you the leverage of not needing them. That's his point in the essay too. And so that's always the highest leverage if you can walk …”
Saarinen Says Linear Would Default to Rejecting a $3 Billion Acquisition
“So I think the answer today would be by default would be no, but if there would be some reason that we could see that, oh, this is really exciting and we could actually do this thing better or something with some other organization, it could be like interestin…”
Saarinen Prefers 10% Startup Dilution Over the Industry Standard 20%
“I've never been happy with the 20% dilution. I would rather see it at like 10% or less than that.”
Linear Spent Almost Nothing on Marketing and Had No Sales for Years
“We almost spent no money in marketing. We didn't even have sales for the first three years”
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…”
Linear Spent Only $30,000 on Advertising Prior to Its Series B
“So by the time of Sirius B, we only had spent like 30,000 dollars in advertising and 30,000, I think went to, I think to your podcast at some point, and then it went to another podcast. So we basically did two podcast sponsorships with that money and nothing e…”
Saarinen: Founders should avoid creating a board at the seed stage
“I think like you shouldn't have a board at seed, and I think probably you can raise a price round. I don't think you need to. You can do a safe round at seed at a series A.”
Linear Founders Negotiated a Three-to-One Board Seat Majority Over VCs
“We negotiated to have three seats from the beginning and the VC can have one. And so we can like retain the control of the board”
Saarinen criticizes VCs who rely on generic playbooks and benchmarking
“What I don't like is, is overly benchmarking or following like playbooks from other companies. I feel that's, it's almost like it's templating the business. Like you are Not really thinking about our unique challenges. You are applying this template from somew…”
Saarinen: VCs push founders to hire executive roles prematurely
“VCs? Tend to push you to hire more leadership people, but then it's not always the right time, or it's also tough to find the right person to like, at least for me, I'm again, looking for a fit in that leadership role. So I think there's way too much push on l…”
Saarinen: Founders must do roles themselves rather than rush early hires
“If it's your first 10 people, or even, like, first 15, 20 people, It's much more important in the early stages. Every role you hire, it affects the, it impacts the culture a lot. It potentially sets the standard for the whole function. So if you hire your firs…”
Saarinen: Remote work fails when treated as a perk rather than core culture
“Not thinking that it is a way of operating and just thinking that it's something like you can keep flipping back and forth. Like you have to build the whole company around being a remote culture and not just decide one day that, okay, today we're remote and th…”
Saarinen Calls Competitor Feature Comparison Charts a Dishonest SaaS Practice
“The last thing is, is I really hate those comparison pages companies do. Like if we never done those, because I don't, I feel like it's not honest to do this pages. Like they're never objective, like linear versus X tool and the X tool is obviously making it. …”
Coinbase Exchange Was Built by a Single Engineer in Six Months
“There was like, for example, Coinbase exchange, which is the trading platform they have that initially was built by one guy. Like he was in a room and then he was building it for maybe six months, but he was built by one guy. And then when it went live, it, It…”
Saarinen: Airbnb and Coinbase had no sales teams during his tenure
“Airbnb and Coinbase, they weren't very like go to market driven companies. They're not sales cult. Like you didn't have sales people in the company”
Linear Chose Sequoia for Series A to Minimize Founder Equity Dilution
“One of the reasons we did the series A with them is that we could push the dilution lower because they already have ownership.”
Karri Saarinen limits initial fundraising outreach to around five targeted investors
“Usually when I start the process, it can be only like five people that I want to talk to, and they can be a little bit different kinds.”
Saarinen: Distinguish between upstream and downstream roles when setting hiring standards
“I like to think there's more like upstream roles and downstream roles, like how much Those people might be affecting, like if they're more upstream, they affect everything downstream. So obviously like leaders or some like, for example, product people that are…”
Saarinen: A CEO can never master the role as companies constantly change
“It comes down to the CEO role that I feel like you can be insecure all the time because it never, that role is never the same. You can never be, I think that you can never be the best at it. The company is always changing. The team's changing. The, I don't kno…”
Saarinen: Linear resisted early investor pressure to hire sales staff
“The investors are saying, you should bring your sales in, like, this is the time to bring the sales in, and for us founders, we're like, no, we don't want, like, I don't think it's right right now, and I think we had to go through that bane of, we re started r…”
Saarinen: Employee desire to use enterprise software matters more than feature lists
“And to me, I think the enterprise tools or collaboration tools and enterprise that the most important thing is do people actually want to use this tool? And if they don't want to use this tool, like if they do want to use it, they will use it more. All of the …”