I hope Spenser is right about it never being too late. Starting my business at 52. I've been a consumer in this space for over 25 years and starting on my service totally unlocked the passion I always had for solving this problem and intertwined with passions from my childhood. To be frank I wouldn't have had the stones to do this 10 or 20 years ago. You have to be willing to stand on your own in a huge way.
Everybody has their unique journey and timeline. You have 52 years of knowledge and life experience that can't be learned as a 20- or 30-year-old. This is the perfect time for you to start. Good luck!
Just make sure the problem you are trying to solve is a widespread problem and not just a problem for you. It's also better to build a pain killer, not a vitamin.
@@brandonreed09no one is so unique that their problem won't relate to anyone else. Scratching your own itch is a great way to start, because the Internet allows you to reach others with the same problem.
3:00 importance of solving problem you care about 5:50 why it’s important to talk to customers and deeply understand them That was really good. No fluff, only value.
getting to MIT is no small feat and not replicable by 99% of the population. and having a MIT degree (and youth) is incredibly important as far as convincing people you are worth investing in
AMPL is still a shitty company, though, from a shareholder, investor's perspective. Lost -90.33 % in stock price. Operating Margin % at -31.83 which tells. ROA % of -19.78. However, the company paid $88M in 2023 as part of their stock compensation program... but not to the shareholders, but to the top executives (i.e., $14.6M to Thomas Hansen in 2022 alone; $7.86M to Christopher Harms in 2023). And they didn't even publish it until 2024... This company is likely a value trap. Stay away from it. Not worth a cent.
this guy clearly pointed out the blind spot for engineers to start a new company. always focus on your customers and the pain points because the more you talk to them, the broader and deeper you discover the pain points. then, you start building via agile method and let your customers try it out, give you feedback and have this rolling update and improvements
These videos are unbelievably good. Please continue with these interviews, extremely valuable to be able to hear from these leaders in their fields. Thank you EO team
Chapters (Powered by ChapterMe) - 00:00 - Coming Up 01:32 - Chapter 1: How I Quickly Pivoted from a 'Pretty Good' Idea To a $1.4B Idea 04:27 - Chapter 2: Lessons Learned from the Failure of My First Startup, Sonalight 08:19 - Chapter 3: How to Successfully Acquire Your First Customer and Monetize 12:00 - Chapter 4: How To Become the Market Leader (What You Need to Beat the Competition) 16:15 - Chapter 5: Advice from the Entrepreneur Who Built a $1.4B Company at Age 36 18:13 - Outro
The older I get the more I actually start to see and understand about standing on your own in that you can do it but you really have to make it not about money. My entire life has always been mostly survival mode and never something I could have the cojones to stomach even basic sales conversations as I valued getting money more than solving people's problems. I'm getting closer to getting out of debt and making a decent amount to not worry about bills soon and I know the moment I do I'll be mentally freed of outcomes that would allow me to do stuff like this.
Inspirational young leader with authenticity, commitment to solving problems, and willingness to accept the process. He appears to be very grounded despite his achievements. I will definitely be investing in the company.
We always hear the success stories. But never about the so many who sacrificed their friends, money, family, hobbies but who failed. Its for obvious reasons not so fun to listen/watch it, and those people are not often happy to share it ... But just a reminder in this start-up hype we live in.
Excellent. Really need info on those key inflection points. First prototypes. First customer. First five. First ten. First fifty. Hundred. Thousand. Million. And the nuances around them.
Very practical advice when he asks to consider where one is in their personal space. 10k hours practice, expert coaching, enthusiastic family support as per Harvard review, insightful.
Sacrifice is key. You have to be willing to sacrifice your time, your friends and much more to spend as much time doing it and working hard towards your goal.
I wish he would talk more about how they sustained themselves all that time when they had no sales and no income. Most people find jobs simply because there is no other way they could sustain themselves. If basic living expense were not an issue way more people would "follow their dreams", it is not just that they lack passion or determination.
As an entrepreneur and founder of a saas product this video makes me feel so much better. I feel like daily I wonder if I'm doing this right because I have to sacrifice so much.
Spencer Skates' journey with Amplitude is a testament to the power of pivoting based on deep customer insights. 🚀 Entrepreneurs should take note of the importance of adapting and evolving their products to meet real user needs, a strategy that can propel a startup from initial struggles to remarkable success.
It is certainly a very strong conviction in dedicating your whole life towards building something that you would sacrifice your personal life for. At the end of it, if you can say to yourself that I'd do it all over again knowing what I went through, then you have made the right choice.
Similar story to Slack. So I guess the pro tip is: start a business so bad that it forces you to build an internal tool that is so good that the tool will become the new business.
I'm doing SaaS for small companies, I have no idea how to talk with customers, even thought about it make me halt. With no talking, I can;t iterate across products, so I have stuck with more and more features, it's obvious for me that you need to talk about it and try to sell it, companies can do without it. So, I'm just stuck, and there's no help from my networks of programmers like me, and no cofounders skilled with sales. I'm pretty sure that product worth my efforts, but currently MVP and no sales. Zero sales...
Don't focus on product dumping or features, focus on understanding how your product can solve XYZ problem for your ideal customer personas. Learn their industries, what they're focused on, and the challenges & painpoints that they experience and are trying to solve. Sales is hard, but all it is at the end of the day is just conversations trying to uncover pain.
Building the right thing is the toughest part for me. Having continuous ideas but getting stuck in analysis is very frustrating. Side note, his software is software that uses itself to sell itself.
Thanks for the program, My wish is that these smart entrepreneurs will come to the insight that to maximize growth, sales and profits and more competition won’t solve any of our civilization problems. We have tried that for hundreds of years. It won’t make the world better for all. It is completely other things that will create a better world for all such as share everything with everyone so that nobody goes without. And of course we can’t overcrowd our planet, we are probably more than 4 billion too many already. And we cannot continue to spray poisons on our food and try to solve fundamental human disagreements with deadly military fire power and so on. Guys like him could make a big difference with his intelligence and enthusiasm.
I like this guy, we think alike in terms of placing emphasis on sculpting your life and building up that personal infrastructure that enables you to do things like 'build a business'.
I started a great business, but my cofounder quit working and refused to sell his equity. Started threatening to sue my future ventures on the basis of his "ideas" being taken (???). I don't get it. I'm hardworking but I've just not had any luck. Why am I going through this...
I think all entrepreneurs, regardless if you're an engineer or an artist, should take a few business classes. A lot of his early mistakes are taught in business 101 :)
How do you even test a digital analytics product? Do you simulate a whole business or just send free version of your products to various companies for trials? I believe there are DA insider knowledge and skills passed down from early adopters to those who happen to be working with them.
I also have a dream to build a software that will yield billions. I don't have IT background but I'm learning to code and hire co-founder and we will build something amazing. Amen❤
This is a good example of how your direction can become emergent once you embark upon a path. What I don't quite get in this example is that surely it should be relatively obvious that the quality of the voice app is causing high churn, I mean just using it yourself should give you some idea how useable it is and if you'd keep using it.
One question I’d like to ask him as this is a question I have for most of these types of founders as Iam one myself at SHARK SPORTS INVESTMENT CLUB …..but how do you go about discussing with engineers 🧑🏼💻 about how to create this model without them stealing your idea. You guys always gloss over that which is a VERY PARAMOUNT part of the story 😅
@@videoshamza bro this is totally irrelevant to my question. For the simple fact the idea is the foundation. You run the risk of ppl who may actually work harder than you or even are more resourceful than you. So my question to him stands as is….
@ssic_network a founder with his own unique idea must be devoted to making it a reality. Startups are not easy so if a founder has a great idea but thinks someone could work harder than Me and commercialise it, perhaps the founder is just an idea guy. Great founders are able to do 'whatever it takes' to turn their idea into a reality. In some (v few) circumstances idea could be a patent and that's different. Great founders also prioritise speed over other things. Sometimes the idea can be copied and still the large market size can absorb multiple players. Hope this helps
I hope Spenser is right about it never being too late. Starting my business at 52. I've been a consumer in this space for over 25 years and starting on my service totally unlocked the passion I always had for solving this problem and intertwined with passions from my childhood. To be frank I wouldn't have had the stones to do this 10 or 20 years ago. You have to be willing to stand on your own in a huge way.
Everybody has their unique journey and timeline. You have 52 years of knowledge and life experience that can't be learned as a 20- or 30-year-old. This is the perfect time for you to start. Good luck!
Let's go! About to start mine too... It's scary but we all have to start somewhere... Let's go!
good on you mate. 👍
Just make sure the problem you are trying to solve is a widespread problem and not just a problem for you. It's also better to build a pain killer, not a vitamin.
@@brandonreed09no one is so unique that their problem won't relate to anyone else. Scratching your own itch is a great way to start, because the Internet allows you to reach others with the same problem.
3:00 importance of solving problem you care about
5:50 why it’s important to talk to customers and deeply understand them
That was really good. No fluff, only value.
getting to MIT is no small feat and not replicable by 99% of the population. and having a MIT degree (and youth) is incredibly important as far as convincing people you are worth investing in
no cap
Not necessary, one counter example is Palmer Luckey
@@proudpineapple lame
No cap
@@proudpineappleyour 💯 percent right. MIT not important
Spenser's pivot from Sonalight to Amplitude is a classic example of how agility can redefine success.
no
AMPL is still a shitty company, though, from a shareholder, investor's perspective. Lost -90.33 % in stock price. Operating Margin % at -31.83 which tells. ROA % of -19.78. However, the company paid $88M in 2023 as part of their stock compensation program... but not to the shareholders, but to the top executives (i.e., $14.6M to Thomas Hansen in 2022 alone; $7.86M to Christopher Harms in 2023). And they didn't even publish it until 2024... This company is likely a value trap. Stay away from it. Not worth a cent.
What you said literally means nothing. '...can redefine success?' That is a meaningless statement.
Amplitude for baseball teams
He is so so realistic with his advice. Motivated me so much. And he is so humble. Gives credits to other people.
Instantly won me over. Love how candid and honest he is
Thanks!
EEEEE… EEEEE.E. EEEEEENDiiiiiiAAAAAHHHHHH
this guy clearly pointed out the blind spot for engineers to start a new company. always focus on your customers and the pain points because the more you talk to them, the broader and deeper you discover the pain points. then, you start building via agile method and let your customers try it out, give you feedback and have this rolling update and improvements
These videos are unbelievably good. Please continue with these interviews, extremely valuable to be able to hear from these leaders in their fields. Thank you EO team
Chapters (Powered by ChapterMe) -
00:00 - Coming Up
01:32 - Chapter 1: How I Quickly Pivoted from a 'Pretty Good' Idea To a $1.4B Idea
04:27 - Chapter 2: Lessons Learned from the Failure of My First Startup, Sonalight
08:19 - Chapter 3: How to Successfully Acquire Your First Customer and Monetize
12:00 - Chapter 4: How To Become the Market Leader (What You Need to Beat the Competition)
16:15 - Chapter 5: Advice from the Entrepreneur Who Built a $1.4B Company at Age 36
18:13 - Outro
Thanks
Focus, dedication, life commitment 👏🏼👏🏼
And MIT
The older I get the more I actually start to see and understand about standing on your own in that you can do it but you really have to make it not about money. My entire life has always been mostly survival mode and never something I could have the cojones to stomach even basic sales conversations as I valued getting money more than solving people's problems. I'm getting closer to getting out of debt and making a decent amount to not worry about bills soon and I know the moment I do I'll be mentally freed of outcomes that would allow me to do stuff like this.
Inspirational young leader with authenticity, commitment to solving problems, and willingness to accept the process. He appears to be very grounded despite his achievements. I will definitely be investing in the company.
Humble and true entrepreneurship
We always hear the success stories. But never about the so many who sacrificed their friends, money, family, hobbies but who failed.
Its for obvious reasons not so fun to listen/watch it, and those people are not often happy to share it ... But just a reminder in this start-up hype we live in.
Do you have any source for these stories?
@AmanGusainGhost read again
Excellent. Really need info on those key inflection points. First prototypes. First customer. First five. First ten. First fifty. Hundred. Thousand. Million. And the nuances around them.
Very practical advice when he asks to consider where one is in their personal space.
10k hours practice, expert coaching, enthusiastic family support as per Harvard review, insightful.
This was quit a knowledge interview. The way he explained his journey to start the company was impressive.
Sacrifice is key. You have to be willing to sacrifice your time, your friends and much more to spend as much time doing it and working hard towards your goal.
It's more than that. I know Spenser since very little, he is a prodigy and genius on a whole other level.
And go to MIT
@successartistry3023 he isn't just normal MIT, but the #1 battle code winner at MIT coding competition ...Next level genius.
I wish he would talk more about how they sustained themselves all that time when they had no sales and no income. Most people find jobs simply because there is no other way they could sustain themselves. If basic living expense were not an issue way more people would "follow their dreams", it is not just that they lack passion or determination.
Agree
He has two PhD parents , that helps lol
That’s why Sweden beats amurca when it comes to entrepreneurs per capital
One day I’ll be invited as a guest to this show.
This is so important because loads of people never see the dark side of building a business or doing anything great
Thank you for all of these interviews 😍
Thanks @EO @ Spenser, your advice really resonated with me!
09:27 my fav part
As an entrepreneur and founder of a saas product this video makes me feel so much better. I feel like daily I wonder if I'm doing this right because I have to sacrifice so much.
Love his ambition, I got a lot to learn. What pain or problem are you solving? I am curious.
This is inspiring. I'm studying to become a software engineer as well. Right now learning code through python, C, C+ etc. God is great.
So touching & inspiring ❤
Spencer Skates' journey with Amplitude is a testament to the power of pivoting based on deep customer insights. 🚀 Entrepreneurs should take note of the importance of adapting and evolving their products to meet real user needs, a strategy that can propel a startup from initial struggles to remarkable success.
One of the Best stuff i have heared, seen and thinking in 2024
It is certainly a very strong conviction in dedicating your whole life towards building something that you would sacrifice your personal life for. At the end of it, if you can say to yourself that I'd do it all over again knowing what I went through, then you have made the right choice.
One of my goals is to be featured on this channel at some point.
All the best :)
Solid content. The market will tell you what is good about your product and what needs improvement.
Similar story to Slack. So I guess the pro tip is: start a business so bad that it forces you to build an internal tool that is so good that the tool will become the new business.
Hahahaha. And Discord as well.
Moral of the story. If you don't fail, you won't succeed.
Jezzz.
I’m inspired! What a great video.
didn't know Magnus Carlsen was into software, we're cooked💀
This is the validated knowledge from the lean startup book
Everything he said is so spot on
Nothing seems possible until the first step is taken. Let's go for what we all have been dreaming of. ❤❤❤
I'm doing SaaS for small companies, I have no idea how to talk with customers, even thought about it make me halt. With no talking, I can;t iterate across products, so I have stuck with more and more features, it's obvious for me that you need to talk about it and try to sell it, companies can do without it. So, I'm just stuck, and there's no help from my networks of programmers like me, and no cofounders skilled with sales. I'm pretty sure that product worth my efforts, but currently MVP and no sales. Zero sales...
Don't focus on product dumping or features, focus on understanding how your product can solve XYZ problem for your ideal customer personas.
Learn their industries, what they're focused on, and the challenges & painpoints that they experience and are trying to solve.
Sales is hard, but all it is at the end of the day is just conversations trying to uncover pain.
Silicon Valley once apprised what can still be a price is the mere fact good neighborhoods make great brands.
Building the right thing is the toughest part for me. Having continuous ideas but getting stuck in analysis is very frustrating. Side note, his software is software that uses itself to sell itself.
This is really encouraging
Happy I found this channel
Such super-complex, algorithm-heavy projects are only reserved for those super smarts, those who have been the top STEM students since K.
My dad’s been in business for 79 years . He calls it minding my own business. He said in 79 years he never lost a dime.
Probably never gained one either
Nice talk buddy. Thank you for the advice.
Cool vid. Thank you for uploading.
Cheerz.
He looks really passionate about his work
Nice video keep uploading this kinda of video
Very inspirational!! 👏👏
A wonderful insight! Tnx 4 sharing.
Awesome testimonial!
Thanks for this ❤
Amazing and so inspirational
Very insightful
There’s gonna be a lot of “NOs”, then the first “YES”🎉
So cool to see a nerd turned into business man
Thanks for the program, My wish is that these smart entrepreneurs will come to the insight that to maximize growth, sales and profits and more competition won’t solve any of our civilization problems. We have tried that for hundreds of years. It won’t make the world better for all. It is completely other things that will create a better world for all such as share everything with everyone so that nobody goes without. And of course we can’t overcrowd our planet, we are probably more than 4 billion too many already. And we cannot continue to spray poisons on our food and try to solve fundamental human disagreements with deadly military fire power and so on. Guys like him could make a big difference with his intelligence and enthusiasm.
gold video!
Well spoken Bro
The first sentences resume everyone's life about the sculpuring and stuff 😮😂😂
how do I get the coaching?
I am willing to sacrifice everything to be successful 😂 in Tech. I want this trade off.
I like this guy, we think alike in terms of placing emphasis on sculpting your life and building up that personal infrastructure that enables you to do things like 'build a business'.
Where is Curtis @?
sounds like a great product.
Does any one know what is the name of the study about the elements of worldclass performance he mentioned in the end?
lol, that super smash poster in the background
Where did get the money to do all of that? Especially develop a product for years without even seeing the first dollar?
He received Investments from investors
YC
Funny it was listed at 50$, not the stock is 5$ . So if you would buy amplitude stock of 100.000 5 years ago, now you'd have 10k . Great success!
I started a great business, but my cofounder quit working and refused to sell his equity. Started threatening to sue my future ventures on the basis of his "ideas" being taken (???). I don't get it. I'm hardworking but I've just not had any luck. Why am I going through this...
Seek a lawyer , there might be a way out of this
Lawyer up, not even up for debate.
A life commitment 🎉
Lmao that 1000$/month story made my day I'll definelly remember that
great.. thanks for sharing.👍👍
What does Ampletude do exactly?
Crazy stuff 🔥
Great content
his stock price and long term stock trend aint lookin so hot
Great video
So as with many modern companies, a lack of CRM was the cause for many of the issues with both products, right?
Hell yeah! I love this guy!
This company went highest 8 Billion$ market value after 1 month of market listing
I asked my 4 year old to start a billion dollar business so she can buy me a house. She's said yes! 😮
Lol his face is literally the fusion of Magnus Carlsen and Hikaru Nakamura XD
I think all entrepreneurs, regardless if you're an engineer or an artist, should take a few business classes. A lot of his early mistakes are taught in business 101 :)
How do you even test a digital analytics product? Do you simulate a whole business or just send free version of your products to various companies for trials? I believe there are DA insider knowledge and skills passed down from early adopters to those who happen to be working with them.
Wow I did not know Carlos Alcaraz built Amplitude
I also have a dream to build a software that will yield billions. I don't have IT background but I'm learning to code and hire co-founder and we will build something amazing. Amen❤
inspiring 😊
This is a good example of how your direction can become emergent once you embark upon a path. What I don't quite get in this example is that surely it should be relatively obvious that the quality of the voice app is causing high churn, I mean just using it yourself should give you some idea how useable it is and if you'd keep using it.
This is amazing
Oh Lord. We got another one. Can't wait for the future news report that reveals the truth behind this guy.
Those 20 friends are probably pretty pissed now
Is another analytics company the way to have the biggest impact?
How can I meet you?
why not wavelength or frequency?
One question I’d like to ask him as this is a question I have for most of these types of founders as Iam one myself at SHARK SPORTS INVESTMENT CLUB …..but how do you go about discussing with engineers 🧑🏼💻 about how to create this model without them stealing your idea. You guys always gloss over that which is a VERY PARAMOUNT part of the story 😅
Idea is one thing. Implementing is a whole different ball game. It takes a lot of grit, resilience and a bit of luck to get it off the ground
@@videoshamza bro this is totally irrelevant to my question. For the simple fact the idea is the foundation. You run the risk of ppl who may actually work harder than you or even are more resourceful than you. So my question to him stands as is….
@ssic_network a founder with his own unique idea must be devoted to making it a reality. Startups are not easy so if a founder has a great idea but thinks someone could work harder than Me and commercialise it, perhaps the founder is just an idea guy. Great founders are able to do 'whatever it takes' to turn their idea into a reality. In some (v few) circumstances idea could be a patent and that's different. Great founders also prioritise speed over other things. Sometimes the idea can be copied and still the large market size can absorb multiple players. Hope this helps