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Jessica Livingston

10/25/13

@ Y Combinator

I've seen a lot of patterns in the startup ecosystem after funding 467 startups over the years.

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Jessica Livingston

10/25/13

@ Y Combinator

Your best weapon against startup challenges is determination, which consists of resilience and drive.

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Jessica Livingston

10/25/13

@ Y Combinator

Resilience prevents you from being pushed backwards, while drive propels you forward in your startup journey.

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Jessica Livingston

10/25/13

@ Y Combinator

Rejection is a common experience in startups; even famous companies faced significant rejection early on.

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Jessica Livingston

10/25/13

@ Y Combinator

External validation often favors conservative choices, making it hard to pursue unconventional startup ideas.

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Jessica Livingston

10/25/13

@ Y Combinator

New ideas often seem crazy at first, but if you execute well, people will eventually recognize their value.

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Jessica Livingston

10/25/13

@ Y Combinator

Eric Migicovsky faced rejection from over 30 investors for his hardware startup, Pebble, before successfully crowdfunding it on Kickstarter.

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Jessica Livingston

10/25/13

@ Y Combinator

When we started Y Combinator, many thought we were crazy, but we focused on helping a few founders and expanded from there.

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Jessica Livingston

10/25/13

@ Y Combinator

In a startup, you will face a variety of problems, some specific like lawsuits, and others vague like low site traffic.

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Jessica Livingston

10/25/13

@ Y Combinator

Sometimes, you have to take unconventional steps to solve problems in your startup, like working in the industry you're targeting.

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Jessica Livingston

10/25/13

@ Y Combinator

The founders of Stripe, Patrick and John Collison, started as young programmers without knowledge of banking deals, yet they succeeded in payment processing.

JL

Jessica Livingston

10/25/13

@ Y Combinator

To gain attention from large companies, start with a phone call to present your arguments without distractions related to your youth.

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Jessica Livingston

10/25/13

@ Y Combinator

The founders of Latron impressed an investor with their prototype for a door lock that could be controlled via iPhone, leading to a significant order.

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Jessica Livingston

10/25/13

@ Y Combinator

When faced with a $220,000 order for commercial locks, the Latron founders creatively sourced broken locks from local locksmiths and scrapyards to fulfill the order.

JL

Jessica Livingston

10/25/13

@ Y Combinator

After being rejected by Kickstarter, the Latron founders built their own crowdfunding platform in under a week and sold nearly $2 million worth of their product.

JL

Jessica Livingston

10/25/13

@ Y Combinator

The Justin.tv founders faced a critical situation when their video system went down, and they had to find a way to contact their missing team member quickly.

JL

Jessica Livingston

10/25/13

@ Y Combinator

To resolve a critical system failure, Michael Seel used a pizza delivery as a means to communicate with Kyle, who was unreachable by phone.

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Jessica Livingston

10/25/13

@ Y Combinator

Founder relationships are crucial to a startup's success; founder breakups can severely impact productivity and morale.

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Jessica Livingston

10/25/13

@ Y Combinator

Be cautious when choosing a co-founder; ensure you know them well and have worked together before starting a venture.

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Jessica Livingston

10/25/13

@ Y Combinator

If you notice red flags in your co-founder relationship, address them immediately instead of hoping they will resolve on their own.

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Jessica Livingston

10/25/13

@ Y Combinator

Investor relationships often follow a herd mentality; gaining initial traction can help attract more investors.

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Jessica Livingston

10/25/13

@ Y Combinator

Fundraising can be a slow and demoralizing process, especially when trying to convince the first few investors to back your idea.

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Jessica Livingston

10/25/13

@ Y Combinator

Distractions from fundraising can harm your startup; focus on building your product and engaging with users instead.

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Jessica Livingston

10/25/13

@ Y Combinator

During Y Combinator, founders should prioritize writing code, talking to users, and exercising, avoiding distractions like networking or hiring interns.

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Jessica Livingston

10/25/13

@ Y Combinator

Talking to corporate development people can be a distraction; they may express interest but often do not lead to meaningful partnerships. Meetings with corporate development teams can be a distraction for founders, as they often lead to the false hope of acquisition instead of focusing on building their startup.

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Jessica Livingston

10/25/13

@ Y Combinator

Most founders don't start their companies just to get hired by a larger organization; they aim to create something impactful and should avoid getting sidetracked by acquisition talks.

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Jessica Livingston

10/25/13

@ Y Combinator

The biggest cause of startup failure is not creating something that people want, which often leads to founders losing momentum and focus on their original vision.

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Jessica Livingston

10/25/13

@ Y Combinator

To create a product that people want, founders must engage with users and be willing to pivot their ideas significantly based on feedback.

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Jessica Livingston

10/25/13

@ Y Combinator

Airbnb's evolution from renting airbeds to entire homes illustrates the necessity of adapting your startup's approach to meet market demand.

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Jessica Livingston

10/25/13

@ Y Combinator

The founders of OrderAhead had to refine their idea multiple times before finding success, demonstrating that persistence and adaptability are crucial in startups.

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Jessica Livingston

10/25/13

@ Y Combinator

Startups often experience dramatic ups and downs, akin to a roller coaster, and founders should be prepared for the emotional challenges that come with it.

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Jessica Livingston

10/25/13

@ Y Combinator

Founders should not be immobilized by setbacks; instead, they should keep moving forward and remain aware that circumstances can change rapidly in the startup world.

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Jessica Livingston

10/25/13

@ Y Combinator

Startups are challenging, and founders must develop resilience to withstand public scrutiny and criticism while navigating their entrepreneurial journey.

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Jessica Livingston

10/25/13

@ Y Combinator

Understanding the difficulties of startups early on can help founders better prepare for the challenges they will face as they encounter various obstacles.

Jessica Livingston at Startup School 2012

Takeaways