FOMO

“We think it can be a lot bigger than it is now. And so, for this one, we're not gonna be ownership focused. We're just gonna, we're gonna put a check in.”

“We gave non-founders a percentage of the company that usually founders get.”

“But we're soon gonna launch globally access to equities and perpetuals non-US obviously.”

“I think that initial round was really core to the success of FOMO.”

“And this is actually one of the biggest, largest competitive advantages for our company is in the on-chain and crypto industry specifically, the users are very passionate about using the products.”

“And when we put out our web app, for example, we did it a week prior and we gave early access. The web app probably became twice as good just in that week. Because we were able to get early feedback from people who are actually passionate. And these people are…”

“We haven't integrated prediction markets yet, and I'm not sure exactly where it fits in on our roadmap. I think it's very interesting there. I think our first version of the product would be built on something like a poly market in Calci.”

“We have 50, 60,000 daily active users.”

“So for the series B, that was all inbound, but the series A, we actually did run a process because we were like, we should raise money here.”

“I remember Peter Fenton was actually on his phone most of it. And I was like, kind of bummed out because I was like, damn, he's not interested. He's focusing on other things. He's doing emails. And I remember as soon as we finished the pitch, the first thing h…”

“I think it was close, but not exactly the highest.”

“So currently FOMO is extremely horizontal. We don't have meetings, one-on-ones. We don't really have any hierarchy. Everyone is kind of self-reporting.”

“We're at 17 total.”

“We built this product in three weeks, and this product is basically what entire other apps, their entire product is. You know, we built our web app in one month.”

“Yeah, so we have an internal AI policy to make sure that we're only using enterprise account, that there's not sensitive things being uploaded, etc. I think that's really important. And then within those guidelines, most of our engineers are using cloud code a…”

“But, yeah, so hopefully they get cheaper with time, energy gets cheaper, compute gets cheaper, and then these things get cheaper, but at the current state, absolutely. I think 20% is definitely within reason.”

“So I'm not trying to get LeBron James to trade on FOMO. I want these native creators.”

“This guy, Iceman, who turned, he turned 10 K to two and a half million dollars overnight in one night on FOMO.”

“There's another guy, Remus, he turned, I think it was 300 dollars into one and a half million in a month.”

“So we actually have this all in-house. We have these creator managers, they're fully in-house, and we manage a group of 30 to 40 creators.”

“The price is five hundred fifty million. Post money.”

“Our team is scaling. I mean, we're making money. We have much more money in the bank than we ever raised.”

“Our plan is to kind of verticalize all of our infrastructure and own as much of it as we can in house.”

“But you need to be very intentional about the social graph. And I think that's something that is very momentum based. And as soon as you start losing momentum there, people stop using the app and then the whole thing could kind of unravel.”

“Ribbit Capital. We spoke with them, yeah. I really like Mickey and the team. They're great.”

“I think at FOMO, there's no, we don't put numbers to it. There's no nine, nine, six.”

“The psychological element is, you know, sometimes it's easier to do a pilot and cure your FOMO, your fear of missing out. Make yourself feel better that you're doing something. Those are bound to fail because nobody's earnestly trying to engage with this trans…”

“One of the traps of our industry is you can only fundraise when things are very expensive because that's when everyone's on FOMO.”

“Because, you know, half of them are, of the investors are just, oh, this is a hot deal. I need to chase it. And they don't really fundamentally believe in the problem or you”

“And, you know, the reality is it's FOMO more than anything else out there with the major VC firms, in my opinion.”

“Not having FOMO is the single most important financial skill. I think it's so important that you cannot ever imagine accumulating significant wealth over your lifetime if you are susceptible to FOMO.”

“And the knee jerk reaction for almost every salesperson out there, this happened like in our analysis, 75% of salespeople we studied would immediately go out to dialing up the FOMO, like to go back to doing that.”

“Not having FOMO is the single most important financial skill. I think it's so important that you cannot ever imagine accumulating significant wealth over your lifetime if you are susceptible to FOMO. Like if there's literally one thing, like one trait that you…”

“For sure, the FOMO is gone, like, it's way worse, and I think everything's just going to, like, the rounds are smaller the rounds take longer, there's just, like, less appetite for risk”

“What his data showed is if a customer is indecisive, throwing FOMO into the mix makes it worse. So they are less likely to close the deal if you throw that in.”

“I think that the best thing an investor can have is lack of FOMO. I think FOMO is the most dangerous thing an investor.”

“People love to take signal, follow others into deals because others did deals. It is very hard to resist. And I would say young analyst associates partners in Silicon Valley are filled with FOMO and follow too many others rather than doing their own work.”

“Just not having as much stuff to do wound up making students feel less FOMO, less anxious, less time famished.”

“The biggest thing I tell people is compress the process. You can, you know, I think one thing we can all agree on, you should spend most of your time not fundraising, and so do whatever you can to take that process, and when you start it, finish it as fast as …”

“The problem is there's this momentum thing that happens among investors, as Friedberg said, where the FOMO kicks in, and some of the smartest people become some of the dumbest fucking people.”

“A partner and I bought a Shopify app called FOMO. It was doing 14 K a month at the time we bought it. You know, we bought it. We paid less than 400.”

“We bought 85% of the business. We bought it and then we were basically like, we're going to buy this and pay you in monthly chunks for the next 20 months. And so every like month for 20 months, we use the revenue that we were making from FOMO to make our payme…”

“Now it does about 95 grand a month.”

“We just got a Chase credit card, 12 months, zero percent APR interest, and I think we put, like, 70 or 80 G's On that card. And then like month 10 of the of the accrual, we paid that off in full. So again, paid no interest and essentially did like a 80,000 dol…”

“5055 hundred. Yeah, there's a few hundred that are on a lifetime deal, so I don't know if you want to count those.”

“It's just below a hundred. Our best month we did one 54. That was with the lifetime deal. Our best recurring only revenue month was like one 11.”

“Yes, so the revenue at FOMO is, has been flat for a while, but our team was 12 people full-time at this time last year.”

“Proof, like copy pasted our entire terms of service word for word.”

“Some of the other things they've done are like made advertised promotional videos with our customers in it, and then put tens of thousands on Facebook ads to promoting these videos. And if you watch the video, it's talking about proof, but in the video is our …”

“FOMO is a part of life as an investor, and I think more so a part of life in early stage than in later stage.”

“It's something we constantly have to check ourselves against. I think it's a natural human inclination. I think it's a really dangerous one, and it's something which we are aware of and trying to correct for all the time.”