SI
Everything We Teach at YCombinator in 10 Minutes
@ Startup Istanbul
06/02/24
Takeaways
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Michael Seibel
06/02/24
@ Startup Istanbul
To start a technical startup, you need at least two to four co-founders, with at least 50% of them being engineers, and everyone should have a year's worth of living expenses saved up, which means living frugally, not in luxury.
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Michael Seibel
06/02/24
@ Startup Istanbul
It's better to brainstorm startup ideas with your teammates early on, as one member usually has the kernel of an idea that can develop into the company, and discussing it helps everyone feel ownership.
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Michael Seibel
06/02/24
@ Startup Istanbul
Focus on solving daily and weekly problems rather than monthly or yearly ones, as they tend to be more successful in the market.
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Michael Seibel
06/02/24
@ Startup Istanbul
Conduct thorough market research to determine if there are billions of dollars being made in your market, and analyze your competitors' products to inform your strategy.
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Michael Seibel
06/02/24
@ Startup Istanbul
Incorporating in the US is a straightforward process for $250, which allows you to raise money from American investors.
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Michael Seibel
06/02/24
@ Startup Istanbul
The most common mistake companies make is not launching their MVP (Minimum Viable Product) quickly enough; you should aim to launch within two months.
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Michael Seibel
06/02/24
@ Startup Istanbul
For Silicon Valley investors, growth is the primary metric for determining whether to invest, more so than team or past experience.
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Michael Seibel
06/02/24
@ Startup Istanbul
If you're in B2B, focus on reference customers who can provide excellent service and spread the word about your company.
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Michael Seibel
06/02/24
@ Startup Istanbul
To achieve virality, your product must inherently encourage sharing from day one, rather than treating sharing as an afterthought.
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Michael Seibel
06/02/24
@ Startup Istanbul
Most early-stage PR can be handled by the founders themselves; spending on PR firms is often unnecessary and can waste significant resources.
MS
Michael Seibel
06/02/24
@ Startup Istanbul
If you don't need money, investors will be more eager to give it to you, so structure your company to minimize initial expenses.
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Michael Seibel
06/02/24
@ Startup Istanbul
Speed is crucial in fundraising; schedule investor meetings closely together to create buzz and leverage interest from multiple investors.
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Michael Seibel
06/02/24
@ Startup Istanbul
Having growth solves many problems; the more you grow, the more investors will seek you out.
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Michael Seibel
06/02/24
@ Startup Istanbul
When hiring, aim to increase the average talent level with each new hire, and ensure your first employees are smarter and more risk-averse than you.
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Michael Seibel
06/02/24
@ Startup Istanbul
Be transparent with new hires about stock options and salary, as your first employees are crucial for building loyalty and trust.
MS
Michael Seibel
06/02/24
@ Startup Istanbul
Hiring should be a slow process; it's possible to achieve significant growth with a small founding team, as demonstrated by successful startups.