Chapters (Powered by ChapterMe) - 00:00 - Introduction 00:11 - A product so good people tell friends 00:53 - Easy to understand 01:13 - Exponential growth in market 02:00 - Real trends vs Fake trends 03:30 - Evangelical founder 04:04 - Ambitious vision 04:22 - Hard startup vs Easy Startup 05:34 - Confident and definite view of future (but flexible!) 06:10 - Huge if it works 06:30 - Team (non-obvious insights) 07:20 - - Optimists! 07:47 - - Idea generators 08:16 - - ‘We’ll figure it out’ 08:50 - - ‘I’ve got it’ 09:08 - - Action bias 09:34 - - The blessing or inexperience 10:16 - Momentum 11:04 - Competitive advantage 11:46 - Sensible business model 12:04 - Distribution strategy 12:20 - Traits of best founders - Frugality, focus, obsession, love 12:46 - Why startups win 13:13 - - One no vs One yes 14:06 - - Fast-changing markets 14:43 - - Platform shifts 15:46 - End
@@RR-et6zp No, it is not. Common sense gives you wishful conclusions. Analytical thinking gets you factual thinking. If your common sense is good, you should be able to get a high income and a wonderful girlfriend and an easy life by default.
Sam Altman honestly shared cores to succeed in competitive environment as well as personal adviosry. Steve Jobs also had such courage & expressed openly as mentor for all.
Wow. This guyyyy spoke everything into existence. I know there has been some drama at OpenAI lately, but the entire staff rallied around him. It tells me he is doing something right at the company.
I'm old - neither entrepreneur nor programmer - but like to dream about new businesses/coops. Everything he (and Musk (inspiring)) says makes sense and is liberating/encouraging.
I am thinking about a new type of restaurants : eating-spots, in eating-spots, food keeps changing, chefs also rotate, this is opposed to current restaurants, thanks to this rotation of food and chefs, eating-spots are way more powerful than restaurants, along with that, there is an app, people vote for the food that will be cooked in the next days, menu is influenced by the live input of the people via an app.
@@RR-et6zp 20/20 hindsight, yes it seems like common sense but then how come you aren't out there saying the same stuff without having listened to this? This guy is in the industry and has had the experience to know which common sense is sensical and which isn't.
I had to master frugality before my latest startup and now I got it! I was so comfortable until I pushed myself into an uncomfortable space (read: broke!!!) refusing work from anyone other than for my business, I learnt the value of a dollar, I know what things cost, and I think of how can I solve problems without spending a dime...and now I know I can win. If you are comfortable and starting a startup (have savings, rent paid for 3 months, etc.) you must figure out how to sacrifice that comfort for hunger because without that hunger you won't be BIG.
What a stunning speech by Sam Altman on Startups, He summed it up so well! 👏👏 No wonder Open AI has achieved enormous success in such a short period of time under his incredible leadership and of course the people/teams.
This is really great stuff! Had to keep pausing to digest, then rewind to re-ingest. Listening all over again this weekend to take notes. Thanks so much for sharing such rich knowledge with the world
7:10 All successful founders go through a transition from where you go from building a product to building a company, and building a company really is all about the team. 7:20 The whole world will be telling you why you will fail as a startup, so if you don't have that internal fire of belief - if you don't have people who say, we ARE going to do this, figure it out, and this problem must be solvable - if you don't have the SPIRIT of OPTIMISM on the team, it's very hard to succeed when the world continues to punch you in the face.
@@christopherarmstrong2710 Vast majority fail. Thats simple business stats... do you think there is some magic business energy that they needed in order to succeed? a hugh fail rate it part of modern businees and a just a few make it. The few make it look like everyone could succeed because we never learn the names of the failed ones.
This is very insightful. Some of the points you present are those things we tend to believe to be true until we face them. For instance; what makes a great team.
1. 80% of the work is making a product so great that people spontaneously share 2. It must be easy to explain and sound interesting because if it isn't, it means the need is not big enough or that your thinking is unclear 3. Look for a market with exponential growth (one that will grow every year) and ride the wave 4. Real trends that will happen are ones that early adopters obsessively use and rave about and fake trends are ones that aren't used enough 5. An evangelical founder who can talks to the press and infect the world 6. Have an ambitious vision but not too grandiose. Grow it organically as your startup grows 7. Be confident and definite in your vision but be flexible 8. You need optimists 9. You need idea generators but not too many (most of them will be bad) 10. Persevere with spirit that you can overcome 11. Be biased towards action (move fast) 12. Never lose momentum 13. A strong competitive advantage (long-term) 14.
When building a team, don't just hire smart people. Of course, it's important to hire smart people, but they should also the people who care for the product and company.
0:14: 🚀 The key to success with a startup is building a product that people spontaneously tell their friends about. 2:41: 📱 The iPhone became a central part of people's lives and signaled the rise of mobile apps. 5:41: 💡 Having a confident and definite view of the future, building a great team, and generating ideas are key to startup success 8:20: 💪 Key qualities for early startup team members: willingness to tackle challenges, bias towards action, adaptability, and the blessing of inexperience. 11:09: 💡 Startups need to have a long-term competitive advantage, a sensible business model, and a plan for growth and user acquisition. 13:52: 🚀 Startups have advantages in finding good ideas, making decisions in fast-changing markets, and capitalizing on platform shifts. Recap by Tammy AI
10:19 This is why I think the Rust language is actually more challenging for startups, because it allows for less "rule bending" to maybe squeeze out some short term velocity. Rust may give you a better product quicker, but you will have to pull through longer valleys where your product doesn't show progress, because you are deep in the code working on the next milestone.
@@distrologic2925 never mind I thought you were advocating for it. These days pretty much any language that doesn't come with scaffolding frameworks won't be adopted quickly. Rust sounds like java.
@@muhsinkhalif3621 No I don't think so.. there are enough people willing to invest into a better future. If we had a perfect language for every job already we wouldnt need to create new ones. I am very glad that I don't have to use C++ or Javascript for what I am doing. And with time Rust will be more usable for the browser aswell, as Webassembly is already supported by most browsers
The reality is that most successful people don't actually know the exact formula for their success, and it's not because they don't want to share the secret. It's primarily because they themselves are unsure of the precise path they took to succeed. They simply did what they believed would be beneficial to promote their product or achieve their goals. The problem arises when people attempt to replicate someone else's success, not realizing that the same strategies may not work for them due to various factors such as timing, location, language, and competency. As for startups like Y Combinator and others, their primary objective is to attract as many people as possible, as they are actively seeking to acquire more customers just like any other startup. Therefore, the employees of these startups will do their best to convince you to join them.
Loved the fact that there was no filler material. Everything was conscience and to the point. I have one disagreement. The first point said, make a product that people will talk to about their friends. How about startups/products that cater to businesses?
Agreed, but I suppose the business equivalent of that would be professionals talking about your solution in papers or at conferences, depending on what the product is.
A great video by the heavy lifter Sam. Though I do not write too many comments on videos, I couldn't resist myself from commenting on this to elaborate on some points. Here is my summarized model. An Innovative startup succeeds. Innovation=Invention X Commercialization --(1) Invention=Past Research X Maker's Ability --(2) Commercialization=( (Pain+Need)X(Frequency of need of use))XTeam's Sales Ability --(3) Team's Sale's Ability=[Listening Ability+Learning (Books/Articles) ability+ Number of Sales deckXStartup Months/20+ Helping Nature] --(4) Invention Score=(5-Number of years since Invention/20+ (Total papers)/10000) --(5) Commercialization=(basic needX10 + Mandatory needX8+Professional NeedX6+ Ambition NeedX4+ Occasional NeedX2+No NeedX.5)X(Number of life years of need) ---(6) Basic need:- Food, water, air, hygiene Mandatory Need:- Shelter, Health, Electricity, Money, clothing, phone, internet, transport, metals, insurance Ambition need: House, Car, Fashion, Jewelry, Art objects, collections, Professional Need: Office tools, Education(duh!)/Skills, productivity tools, email, data security, analytics Occasional need: Shopping, Holiday, Recreation, Entertainment, travel, hotel No Need: News, Television, Fridge talking to TV!, To add to "Real v/s Fake Trend" point could cover is the maturity time of a technology and clear distinction between the time of invention to innovation. From my reading and research, I have found out that most ideas takes about 20 years minimum and 42 years on average from invention to commercializable innovation. Take the case of Wellness industry, first HRV paper was published in 1961, and wellness has started booming just now. Doughman IRIS recognition in the year 1980, Indian Aadhar adopted it in 2010. Same with Ball pens, Commercial flights, renewable energy, face recognition, to emails, voice recognition. One way I look into any problem is if there has been strong research for decades. It means that people have been trying to solve this problem from ages and still there is a gap which needs to be filled. Often in Industry "first mover" do not succeed, "fast mover" succeeds(sometimes "first chasers" also succeeds!). This comment of mine will help you to understand why "timing" is considered to be one of the most important startup success/failure pointers. Secondly "product that people talk about to their friends", most of the time startup succeeds because the pain they try to solve is personal pain to either the founder or his close acquaintance. I dedicated half of my life solving a healthcare problem because I lost both my parents due to healthcare inefficiencies. Startup is so hard, the whole world is waiting to tell you that you will fail and is waiting to say "didn't I say you so?", that you atleast want to be solving your problem. In that way you will know "it is of use to me". YC says "make something that people wants", I think the starting point to it is "make something that you desperately want". (just personal opinion though!). Add frequency of the need to it. For instance if you want to make it easy for the car buyers, people mostly buy a car once in every 7 years. Is it worth to dedicate 10 years of your life into something which people will use once in every 7 years? Thirdly "Hard v/s Easy" point mixed with "Big Vision". When you are telling everyone about your idea if no one has told you why this won't work and have given reasons for the probable failure and if no one has called you an idiot or stupid or looser based on your level of craziness then understand that you are solving an obvious problem which many are perhaps solving. A startup is perhaps a dedication of life's golden years. Unless the problem is big, it is impossible to stay focussed for 10+ years. As Mr. Khosla says "in the quest of choosing a safe business we often chose a problem whose outcome is inconsequential." Forth on the team front: "team that has people with idea, ready to execute, evangelical etc". One important trait is "Whether the team has a good maker or not". A good maker is one who can re-engineer a solution easily, always has a blueprint to solve a problem, can code crazily. From my experience, no one talks about his product or idea if he is not the maker. The passion and energy simply doesn't come out from the heart and the gut. Those who make, love to talk about it, are ready to take criticism but they want to go out and show the world that they made something exciting. If the main founder, the CEO is not part of the product engineering or building team(at least architecture, concept, blueprint, skin design wise), then that startup will not go distance. And the Sales-Ability of the team is important too. Fundamental principle is no one likes to be sold something. People wants to Buy or wants to be helped. Greatest sales persons are all helping in nature and are great listeners. They are innovators too. They innovate their sales, distribution channel all the time. They constantly talk to customers, get their feedback, tries to help them. They read a lot and write a lot. Just like product, a team in startup may also change over time. If the founder is solving a large problem and is a maker, he will figure out right people. It's like honey pot. Passionate founders attracts great people. So in summary to add to Sam's points, look for following trends to know if a startup will be successful or not. 1) Whether the pain is personal to the team 2) Frequency and depth of the need 3) Makers and helpers in the team. 4) If the domain Idea has a long history of research and density is still high 5) If there exists a bunch of crappy products in the domain which you hate to use
This is a great video, I learn alot watching your videos and it has been helpful to me.Building a steady income is quite difficult for newbies. Thanks to Mrs. Jane for improving my portfolio. keep up with the good videos
I think the most important thing is to choose a market that is growing or that is going to grow soon. I'm not so sure about the evangelical founder part. There are too many counter examples, and many people become more evangelical as they start succeeding.
He forgot to mention the part about promising an open source model, so that you get alot of support and contributors and then close it off under the guise of "safety" so that you can profit off of the fake promise you made all the while saving face. A true genius
I disagree with Valiok 98. Sam's key point regarding adoption was obsessive use by EARLY ADOPTERS, not full consumer adoption. Everyone I know working in technology went crazy with crypto and blockchain and they talk and obsess about it all day. They don't "use it" everyday because you need larger adoption to, say, pay with crypto, but this obsession indicator for me makes it clear that this is a real trend, albeit a "slower" one that, say, Uber. Uber took maybe 5 years to reach explosive adoption, Blockchain is a more fundamental layer of technology so it will take at least 20 to full adoption (2028 maybe), but will become as big as the internet (which took maybe 40 years from conception to full adoption).
2018 Sam Altman: This is how to be a successful startup. 2023 Sam Altman in front of Congress: We may have succeeded too much and we now need oversight.
Summary how to Sycceed with a Start up: 1. Have an ambitious vision 2. Assemble a great team 3. Never lose momentum 4. Have a competitive advantage 5. Have a sensible business model 6. Have a plan for growth 7. Have traits such as frugality, focus, obsession, and love 8. Look for ideas that sound bad but are good 9. Take advantage of fast-changing markets 10. Take advantage of big platform shifts 11. Make a product that sells itself by word of mouth with zero marketing dollars.
So Im new to startups. I dont really understand what a startup is but I have this idea that it is basically an idea you get and then have to make that idea into something valuable like make it bring in money for you. Like for example, starting my own clothing line and hustling it everyday until it becomes famous or very popular. Well thats what I have in mind about a startup. Not sure if thats correct.
Very well put, but in hindsight, is VR really a fake trend? I would like to discuss whether you can only distinguish between real and fake trends in hindsight because there is so much noise.
Chapters (Powered by ChapterMe) -
00:00 - Introduction
00:11 - A product so good people tell friends
00:53 - Easy to understand
01:13 - Exponential growth in market
02:00 - Real trends vs Fake trends
03:30 - Evangelical founder
04:04 - Ambitious vision
04:22 - Hard startup vs Easy Startup
05:34 - Confident and definite view of future (but flexible!)
06:10 - Huge if it works
06:30 - Team (non-obvious insights)
07:20 - - Optimists!
07:47 - - Idea generators
08:16 - - ‘We’ll figure it out’
08:50 - - ‘I’ve got it’
09:08 - - Action bias
09:34 - - The blessing or inexperience
10:16 - Momentum
11:04 - Competitive advantage
11:46 - Sensible business model
12:04 - Distribution strategy
12:20 - Traits of best founders - Frugality, focus, obsession, love
12:46 - Why startups win
13:13 - - One no vs One yes
14:06 - - Fast-changing markets
14:43 - - Platform shifts
15:46 - End
its common sense
@@RR-et6zp You’d be surprised how uncommon “common” sense is.
@@RR-et6zp Karen's and specialy American Karen's doesn't have "common sense"
@@RR-et6zp No, it is not. Common sense gives you wishful conclusions. Analytical thinking gets you factual thinking. If your common sense is good, you should be able to get a high income and a wonderful girlfriend and an easy life by default.
@@shaggyfeng9110 its common sense
His entire speech is so dense, like he intuitivly think and speak this efficient. Probably for a lot programming and time being a CEO
Bot
Yeah exactly. It’s like doing 1000x iterations/decisions per day
It is so crazy that basically every point he is talking about applies to himself in OpenAI now. Congrats Mr. Altman :)
I literally came to type that. It's so relevant over time.
I wonder how he answers (answered) those questions for Worldcoin
How is it crazy lol it's literally the same person
@@adamfattal9602 I did not mean LITERALLY crazy but rather impressive and admirable. You could infer this by the rest of my comment lol
@@rickr937 Yeah Ik what you mean was just doing some youtube comment trolling lol. I wouldn't call it impressive, but certainly is admirable.
Sam Altman honestly shared cores to succeed in competitive environment as well as personal adviosry. Steve Jobs also had such courage & expressed openly as mentor for all.
Bot
Wow.
This guyyyy spoke everything into existence.
I know there has been some drama at OpenAI lately, but the entire staff rallied around him. It tells me he is doing something right at the company.
Now that he is at OpenAI, this visionary speech is proving prophetic. He has delivered everything he mentioned in this speech.
I'm critical about almost everyone. But sam altman is one of the few you just listen and learn. Sam is impressive. Such good knowledge comes from him.
Yeah Paul Graham chose the right guy
Of course he founded Open AI wih elon musk
I'm old - neither entrepreneur nor programmer - but like to dream about new businesses/coops. Everything he (and Musk (inspiring)) says makes sense and is liberating/encouraging.
@@adamlee9347 pg really loves this guy lol.
I am thinking about a new type of restaurants : eating-spots,
in eating-spots, food keeps changing, chefs also rotate,
this is opposed to current restaurants,
thanks to this rotation of food and chefs, eating-spots are way more powerful than restaurants,
along with that, there is an app,
people vote for the food that will be cooked in the next days,
menu is influenced by the live input of the people via an app.
This lecture was like a crux of years of hard work. Incredible!
I saw Jesus too!
This is what it is.
its common sense
You can’t learn this stuff from a lecture
@@RR-et6zp 20/20 hindsight, yes it seems like common sense but then how come you aren't out there saying the same stuff without having listened to this? This guy is in the industry and has had the experience to know which common sense is sensical and which isn't.
I had to master frugality before my latest startup and now I got it! I was so comfortable until I pushed myself into an uncomfortable space (read: broke!!!) refusing work from anyone other than for my business, I learnt the value of a dollar, I know what things cost, and I think of how can I solve problems without spending a dime...and now I know I can win. If you are comfortable and starting a startup (have savings, rent paid for 3 months, etc.) you must figure out how to sacrifice that comfort for hunger because without that hunger you won't be BIG.
I had to restart this video and start taking notes! I didn’t plan to stumble across absolute gold
I have come to realize this man has so much wisdom and strength. He’s given me a lot to digest about the future.
This is superb! I'm building a new start-up here in Nigeria and I just learned a whole lot on where to go now.
Thank you Sam Altman in particular, and YCombinator in general
for the effort you are putting into this MOOC. THIS IS GOLD
♥ ♥
its common sense
A real value bomb.
Lucidly explained and will surely act like wake up call for the hard days.
Thanks YC and Thanks Sam.
Wow. This one video is better than 50 books. (And a lot easier to digest.)
Wow. Thats the fifth time that has been commented
Best video I’ve seen so far on the mindset needed for a successful startup.
A true visionary. The principles he mentions are timeless
One of the best startup talks ever.
And 4 years after, OpenAI's success is enough result to prove why these ideas work!
its common sense
@@RR-et6zp where is your successful startup.
@@shreyasbhatt7112 programming it. Life is a zero sum game. It is common sense
@@shreyasbhatt7112 Also want to state that it's not because we know something that we do it
What a stunning speech by Sam Altman on Startups, He summed it up so well! 👏👏
No wonder Open AI has achieved enormous success in such a short period of time under his incredible leadership and of course the people/teams.
This is really great stuff! Had to keep pausing to digest, then rewind to re-ingest. Listening all over again this weekend to take notes. Thanks so much for sharing such rich knowledge with the world
You are not supposed to eat him!
Bahi apne khubasurati ka raaz to batao
My favourite UA-cam channel and the best UA-cam channel of all all the time thank you Sam alt man
7:10 All successful founders go through a transition from where you go from building a product to building a company, and building a company really is all about the team.
7:20 The whole world will be telling you why you will fail as a startup, so if you don't have that internal fire of belief - if you don't have people who say, we ARE going to do this, figure it out, and this problem must be solvable - if you don't have the SPIRIT of OPTIMISM on the team, it's very hard to succeed when the world continues to punch you in the face.
Nearby all Startups have that "we are going to do this" hype train and 95% fail anyways.
@@lowruna That’s a nihilistic attitude. Why start anything at all in that case?
@@christopherarmstrong2710 Vast majority fail. Thats simple business stats... do you think there is some magic business energy that they needed in order to succeed? a hugh fail rate it part of modern businees and a just a few make it. The few make it look like everyone could succeed because we never learn the names of the failed ones.
@@christopherarmstrong2710 There's a fine line between being brain washed and being optimistic.
@@acruzp How is being "brainwashed" even relevant to this conversation?
Sam's been lifting some weights!
Or playing with his swords
Tell me bout it!!!! Nice!!
No lie there he is looking jacked
hes like Dinesh in s06
@@nykidls playing with weighted swords lol
Wow. This is extremely high quality, so many new and good ideas!
He is really a straightforward person just like Chatgpt
This is very insightful. Some of the points you present are those things we tend to believe to be true until we face them. For instance; what makes a great team.
Great to see him in OpenAI! One of the best lecture in YC history.
Not-so-OpenAI.
Great punch line: Build what is cool; remarkable and easy to describe!
1. 80% of the work is making a product so great that people spontaneously share
2. It must be easy to explain and sound interesting because if it isn't, it means the need is not big enough or that your thinking is unclear
3. Look for a market with exponential growth (one that will grow every year) and ride the wave
4. Real trends that will happen are ones that early adopters obsessively use and rave about and fake trends are ones that aren't used enough
5. An evangelical founder who can talks to the press and infect the world
6. Have an ambitious vision but not too grandiose. Grow it organically as your startup grows
7. Be confident and definite in your vision but be flexible
8. You need optimists
9. You need idea generators but not too many (most of them will be bad)
10. Persevere with spirit that you can overcome
11. Be biased towards action (move fast)
12. Never lose momentum
13. A strong competitive advantage (long-term)
14.
I bet this guy will be really successful one day.
Great summary and love the mental models Sam used here. Valuable themes to think about for any content creator or startup founder.
its common sense
your name is cringe
4 years after altman is now a hero congrats of his revolutionary idea chatgpt
Incredible insights packed into such a concise presentation. All the more impressive in light of recent events with OpenAI. Colour me inspired.
When building a team, don't just hire smart people. Of course, it's important to hire smart people, but they should also the people who care for the product and company.
Yep.
0:14: 🚀 The key to success with a startup is building a product that people spontaneously tell their friends about.
2:41: 📱 The iPhone became a central part of people's lives and signaled the rise of mobile apps.
5:41: 💡 Having a confident and definite view of the future, building a great team, and generating ideas are key to startup success
8:20: 💪 Key qualities for early startup team members: willingness to tackle challenges, bias towards action, adaptability, and the blessing of inexperience.
11:09: 💡 Startups need to have a long-term competitive advantage, a sensible business model, and a plan for growth and user acquisition.
13:52: 🚀 Startups have advantages in finding good ideas, making decisions in fast-changing markets, and capitalizing on platform shifts.
Recap by Tammy AI
0:00 Start as a non-profit organization to get as much free funding as possible
@@silumantomcat Where did he say that?
14:28 Incorporate blackjack and hookers into your product.
15:02 Forget your original product and just keep the blackjack and hookers.
This is one of the most useful video available on UA-cam for startups ❤
Aged like a fine wine. Came back after ChatGPT went live!
The thing he said about momentum is very true, I personally am finding it hard to put momentum back...
Why is Sam Altman so jacked here? Smart, fit and wise. Deadly combo.
This will have an influx of new people in no time
Everyone wil be watching Altman's videos now🎉
So much knowledge destilled to a just one nice cup of tea 🍵. Blows my mind !
10:19 This is why I think the Rust language is actually more challenging for startups, because it allows for less "rule bending" to maybe squeeze out some short term velocity. Rust may give you a better product quicker, but you will have to pull through longer valleys where your product doesn't show progress, because you are deep in the code working on the next milestone.
Good luck getting people who program in that language 😅
@@muhsinkhalif3621 someone has to start. why would I want to use an outdated language that makes my job harder?
@@distrologic2925 never mind I thought you were advocating for it. These days pretty much any language that doesn't come with scaffolding frameworks won't be adopted quickly. Rust sounds like java.
@@muhsinkhalif3621 No I don't think so.. there are enough people willing to invest into a better future. If we had a perfect language for every job already we wouldnt need to create new ones. I am very glad that I don't have to use C++ or Javascript for what I am doing. And with time Rust will be more usable for the browser aswell, as Webassembly is already supported by most browsers
Great, thank you. Wistful to put everything on test the next winter. Congratulations for the hard work Sam (bigger and better).
its common sense
every year i came here and watch this. Thanks for this great lecture.
It’s so clear why Sam is so successful. Absolutely not surprised at all by his recent success with AI.
Yeah, his company's success is wild!
its common sense
He has great clarity about his vision
Thank you, Sam. Very helpful. A gut check to ensure we are aligned with asymmetric risk versus reward.
I’ve got it!
The reality is that most successful people don't actually know the exact formula for their success, and it's not because they don't want to share the secret. It's primarily because they themselves are unsure of the precise path they took to succeed. They simply did what they believed would be beneficial to promote their product or achieve their goals. The problem arises when people attempt to replicate someone else's success, not realizing that the same strategies may not work for them due to various factors such as timing, location, language, and competency.
As for startups like Y Combinator and others, their primary objective is to attract as many people as possible, as they are actively seeking to acquire more customers just like any other startup. Therefore, the employees of these startups will do their best to convince you to join them.
Essential Handbook for beginners ❤
Loved the fact that there was no filler material. Everything was conscience and to the point. I have one disagreement. The first point said, make a product that people will talk to about their friends. How about startups/products that cater to businesses?
Agreed, but I suppose the business equivalent of that would be professionals talking about your solution in papers or at conferences, depending on what the product is.
@@AMildCaseOfCovid you nailed it
Wow, I'm so glad I came across this, so helpful and well articulated!
So not only should one have a great product, but foresight is also important
Watching this after the drama of the last weekend is quite funny.
A great video by the heavy lifter Sam. Though I do not write too many comments on videos, I couldn't resist myself from commenting on this to elaborate on some points. Here is my summarized model. An Innovative startup succeeds.
Innovation=Invention X Commercialization --(1)
Invention=Past Research X Maker's Ability --(2)
Commercialization=( (Pain+Need)X(Frequency of need of use))XTeam's Sales Ability --(3)
Team's Sale's Ability=[Listening Ability+Learning (Books/Articles) ability+ Number of Sales deckXStartup Months/20+ Helping Nature] --(4)
Invention Score=(5-Number of years since Invention/20+ (Total papers)/10000) --(5)
Commercialization=(basic needX10 + Mandatory needX8+Professional NeedX6+ Ambition NeedX4+ Occasional NeedX2+No NeedX.5)X(Number of life years of need) ---(6)
Basic need:- Food, water, air, hygiene
Mandatory Need:- Shelter, Health, Electricity, Money, clothing, phone, internet, transport, metals, insurance
Ambition need: House, Car, Fashion, Jewelry, Art objects, collections,
Professional Need: Office tools, Education(duh!)/Skills, productivity tools, email, data security, analytics
Occasional need: Shopping, Holiday, Recreation, Entertainment, travel, hotel
No Need: News, Television, Fridge talking to TV!,
To add to "Real v/s Fake Trend" point could cover is the maturity time of a technology and clear distinction between the time of invention to innovation. From my reading and research, I have found out that most ideas takes about 20 years minimum and 42 years on average from invention to commercializable innovation. Take the case of Wellness industry, first HRV paper was published in 1961, and wellness has started booming just now. Doughman IRIS recognition in the year 1980, Indian Aadhar adopted it in 2010. Same with Ball pens, Commercial flights, renewable energy, face recognition, to emails, voice recognition. One way I look into any problem is if there has been strong research for decades. It means that people have been trying to solve this problem from ages and still there is a gap which needs to be filled. Often in Industry "first mover" do not succeed, "fast mover" succeeds(sometimes "first chasers" also succeeds!). This comment of mine will help you to understand why "timing" is considered to be one of the most important startup success/failure pointers.
Secondly "product that people talk about to their friends", most of the time startup succeeds because the pain they try to solve is personal pain to either the founder or his close acquaintance. I dedicated half of my life solving a healthcare problem because I lost both my parents due to healthcare inefficiencies. Startup is so hard, the whole world is waiting to tell you that you will fail and is waiting to say "didn't I say you so?", that you atleast want to be solving your problem. In that way you will know "it is of use to me". YC says "make something that people wants", I think the starting point to it is "make something that you desperately want". (just personal opinion though!). Add frequency of the need to it. For instance if you want to make it easy for the car buyers, people mostly buy a car once in every 7 years. Is it worth to dedicate 10 years of your life into something which people will use once in every 7 years?
Thirdly "Hard v/s Easy" point mixed with "Big Vision". When you are telling everyone about your idea if no one has told you why this won't work and have given reasons for the probable failure and if no one has called you an idiot or stupid or looser based on your level of craziness then understand that you are solving an obvious problem which many are perhaps solving. A startup is perhaps a dedication of life's golden years. Unless the problem is big, it is impossible to stay focussed for 10+ years. As Mr. Khosla says "in the quest of choosing a safe business we often chose a problem whose outcome is inconsequential."
Forth on the team front: "team that has people with idea, ready to execute, evangelical etc". One important trait is "Whether the team has a good maker or not". A good maker is one who can re-engineer a solution easily, always has a blueprint to solve a problem, can code crazily. From my experience, no one talks about his product or idea if he is not the maker. The passion and energy simply doesn't come out from the heart and the gut. Those who make, love to talk about it, are ready to take criticism but they want to go out and show the world that they made something exciting. If the main founder, the CEO is not part of the product engineering or building team(at least architecture, concept, blueprint, skin design wise), then that startup will not go distance.
And the Sales-Ability of the team is important too. Fundamental principle is no one likes to be sold something. People wants to Buy or wants to be helped. Greatest sales persons are all helping in nature and are great listeners. They are innovators too. They innovate their sales, distribution channel all the time. They constantly talk to customers, get their feedback, tries to help them. They read a lot and write a lot.
Just like product, a team in startup may also change over time. If the founder is solving a large problem and is a maker, he will figure out right people. It's like honey pot. Passionate founders attracts great people.
So in summary to add to Sam's points, look for following trends to know if a startup will be successful or not.
1) Whether the pain is personal to the team
2) Frequency and depth of the need
3) Makers and helpers in the team.
4) If the domain Idea has a long history of research and density is still high
5) If there exists a bunch of crappy products in the domain which you hate to use
Thanks 😊
1. Advertise your startup as a non-profit
2. Make it into a profit
Dude got fired and hired again and youtube decides to show this video to me out of no where.
Same here
UA-cam AI money-generating algorithm kicks in... soon this video will have a few million hits.
if nothing else sam is a great case study in how much your appearance changes when you start or stop working out
loads of stuff are coming from Zero to One book by Peter Thiel.. which is AMAZING!! keep it up
It such a coincidence that I am seeing this video for the first time on the news of Sam’s ousting from OpenAI.
You are a tech guy and a good trainer..
You delivered your talk in the first sentence.
Im a trainer too and I do the same
its common sense
Insane to listen to this now. Given all that's happened with OpenAI and their achievements. It's like a prophecy fulfilled.
Bravo, Mr. Altman😊
This never gets old
This is the guy that does what he says!!!...we are all Witnesses
This is a great video, I learn alot watching your videos and it has been helpful to me.Building a steady income is quite difficult for newbies. Thanks to Mrs. Jane for improving my portfolio. keep up with the good videos
Wow I' m iust shock someone mentioned expert Mrs Jane thought I'm the only one trading with her
She helped me recover what I lost trying to trade my self.
She's really amazing with her skills..she changed my 0.5btc to 2.1btc
I still wonder how she gets her analysis, I got profit of $28, 609 with a capital of $4000 in 16 days of trading with her
I'm from Canada 🇨🇦 I and two other of my friends tried her immediately we testified, her performing wonders
Sam altman be hitting the gym!
I'm a founder and this sounds precisely like me. This gives me further conviction. Let's do this for the world Metifest. They will need us
This was so encouraging and also inspiring. Thank you Sam!
its common sense
@@RR-et6zpit’s common sense applied by someone who practices what he preaches. That’s a bit rarer.
Buffest I've ever seen Sam!
It's insane
I think the most important thing is to choose a market that is growing or that is going to grow soon. I'm not so sure about the evangelical founder part. There are too many counter examples, and many people become more evangelical as they start succeeding.
It's funny to see this vid recommended now, lol
Great work. Amazing to see all the hard work gone into OpenAI.
The beginning minute
this guy is going to be something in 2023
Thank you Sam!
Easy to say when you are in the right place at the right time
He forgot to mention the part about promising an open source model, so that you get alot of support and contributors and then close it off under the guise of "safety" so that you can profit off of the fake promise you made all the while saving face. A true genius
💡: Make engaging product (new system). Hit esy niche. Scale and expand.
Using the VR example, what about Blockchains? Fake or Real?
as a trend i would say -fake, because there is literally little to no consumer adoption. As a technology - real
I disagree with Valiok 98. Sam's key point regarding adoption was obsessive use by EARLY ADOPTERS, not full consumer adoption. Everyone I know working in technology went crazy with crypto and blockchain and they talk and obsess about it all day. They don't "use it" everyday because you need larger adoption to, say, pay with crypto, but this obsession indicator for me makes it clear that this is a real trend, albeit a "slower" one that, say, Uber. Uber took maybe 5 years to reach explosive adoption, Blockchain is a more fundamental layer of technology so it will take at least 20 to full adoption (2028 maybe), but will become as big as the internet (which took maybe 40 years from conception to full adoption).
This guy is gonna make it someday
Sam always present the best idea. thank you
2018 Sam Altman: This is how to be a successful startup.
2023 Sam Altman in front of Congress: We may have succeeded too much and we now need oversight.
Clear
Elegant
To the point
Can’t get better then this
Summary how to Sycceed with a Start up:
1. Have an ambitious vision
2. Assemble a great team
3. Never lose momentum
4. Have a competitive advantage
5. Have a sensible business model
6. Have a plan for growth
7. Have traits such as frugality, focus, obsession, and love
8. Look for ideas that sound bad but are good 9. Take advantage of fast-changing markets
10. Take advantage of big platform shifts
11. Make a product that sells itself by word of mouth with zero marketing dollars.
You missed the biggest point: Make a product that sells itself by word of mouth with zero marketing dollars.
@@Triple_J.1 thank you I will add it
So Im new to startups. I dont really understand what a startup is but I have this idea that it is basically an idea you get and then have to make that idea into something valuable like make it bring in money for you. Like for example, starting my own clothing line and hustling it everyday until it becomes famous or very popular. Well thats what I have in mind about a startup. Not sure if thats correct.
In my experience momentum and proximity are two of the most important laws of start up success.
Man who are ahead of time
Most impactful startup video I've seen!
I actually can’t believe that this is free. I feel like I’ve seen something I’m not supposed to see.
Thanks
Very well put, but in hindsight, is VR really a fake trend? I would like to discuss whether you can only distinguish between real and fake trends in hindsight because there is so much noise.
Boom! Sammy's been hitting the gym
How to succeed with a startup : get majority shares if you don't want to be ousted by the board overnight 😂
What are your thoughts on the potential for blockchain technology in the healthcare e-commerce supply chain?
This is pure gold. Thanks a lot!
This guy looks smart. Hope he starts a successful startup someday.
Do you not know about OpenAI ???
Best structured checklists for startups 👍👍
Sensible and highly distilled.
UA-cams algorithm recommending this today is the ultimate proof that AI has developed a conscious "Schadenfreude"