Browder: Top entrepreneurs demonstrate elite skill in childhood side projects
“Then I look for do they have a top one percent skill in something to achieve their business goals? And you see the best entrepreneurs, they've proved something in their childhood Maybe they were selling Minecraft servers like Adam Guild or John Andrew, the fou…”
Browder invested his entire Thiel Fellowship grant in fellow founders
“Yeah, I put all my Teal Fellowship money and I invested it in Adam Guild and other amazing entrepreneurs.”
Guild: Minecraft server made hundreds of thousands in profit by age 16
“Because by the time I was 16, it had reached millions of players, was generating hundreds of thousands of dollars in profit, then led me to drop out of high school halfway through 10th grade.”
COVID lockdowns reduced Owner to two people and four months of runway
“So we lost not only our product market fit overnight, but all the customers that we just spent two and a half years. Grinding like crazy to initially acquire and build relationships with. And as a bootstrapped company, that was our funding. And we had to get b…”
Owner reached $1M revenue and raised $10M within 10 months of pivoting
“Over those next 10 months. We went from no customers, no revenue, about to be no money, to then thousands of customers, over a million in revenue, over ten million dollars in venture raves from all these famous investors.”
Guild: Customer retention is at least 50% emotional rather than purely utilitarian
“I think most people would assume that the utilitarian part of sales, sales, sales is 90 plus percent of the equation of whether they continue to retain and use the product, but I would argue that it's at least 50% emotional, if not more, and 50% sales oriented…”
Startups should treat competitors as free R&D factories and shamelessly copy successes
“You can think of them as free research and development factories, where they're constantly running a bunch of experiments on the same group of customers, and when some of those experiments Work well. It makes a ton of sense to just shamelessly copy that approa…”
Guild: Serving local businesses requires an LTV-to-CAC ratio well over 3:1
“To summarize my thinking on how to make the Very brutally difficult economics work of serving local business owners and restaurant owners. It comes down to making sure that the LTV to CAC ends up being very favorable, well over three.”
Owner employs more than 20 former company founders
“We've got more than 20 founder types throughout the company with superpowers that have previously started companies.”
Guild skips technical skill assessments in executive interviews, relying entirely on references
“I, on the skill set dimensions, don't assess those in an interview. I assess those via references, which I do a huge amount of references on any key hire.”