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Michael Seibel

09/06/18

@ Y Combinator

The founding team at Justin.tv was extremely technical, which allowed us to tackle any technical challenge without intimidation.

MS

Michael Seibel

09/06/18

@ Y Combinator

We lived frugally in a two-bedroom apartment, which gave us the freedom to make mistakes without financial pressure.

MS

Michael Seibel

09/06/18

@ Y Combinator

Our startup's success was tied to our ego; failing meant failing at life, which motivated us to persevere.

MS

Michael Seibel

09/06/18

@ Y Combinator

At Justin.tv, we initially aimed to solve the problem of entertainment by broadcasting live TV shows, but we realized no one was watching.

MS

Michael Seibel

09/06/18

@ Y Combinator

When we pivoted to an open platform, we focused on enabling anyone to broadcast live, which clarified our problem-solving approach.

MS

Michael Seibel

09/06/18

@ Y Combinator

Founders often struggle to clearly articulate the problem they are solving; if you can't state it in one sentence, you don't truly understand it.

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Michael Seibel

09/06/18

@ Y Combinator

It's crucial to define the problem narrowly; for example, instead of just helping people find babysitters, focus on a specific need like infant care.

MS

Michael Seibel

09/06/18

@ Y Combinator

Understanding who your customer is essential; many founders mistakenly believe everyone is their customer, which can lead to confusion.

MS

Michael Seibel

09/06/18

@ Y Combinator

The frequency and intensity of the problem matter; if it's infrequent and low intensity, attracting customers will be challenging.

MS

Michael Seibel

09/06/18

@ Y Combinator

Many founders think they need to offer their product for free to gain users, but it's often better to charge a price to gauge real interest.

MS

Michael Seibel

09/06/18

@ Y Combinator

It's important to ensure your MVP actually solves the problem you intend to address; otherwise, you risk drifting away from your original goal. Building a Minimum Viable Product (MVP) in two weeks is much easier when you stay focused on solving the specific problem for your target customer.

MS

Michael Seibel

09/06/18

@ Y Combinator

You must give your product to customers who resemble your target audience; this is a crucial step in testing your product.

MS

Michael Seibel

09/06/18

@ Y Combinator

Many people mistakenly view their product as a piece of art, but if users don't find it useful, then it's not worth building.

MS

Michael Seibel

09/06/18

@ Y Combinator

The startup world is unforgiving to those who want to be artists; successful products must be appreciated by many, not just one.

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Michael Seibel

09/06/18

@ Y Combinator

You should always check if every feature of your product solves the primary problem; the truth can be painful, but it's essential for success.

MS

Michael Seibel

09/06/18

@ Y Combinator

Founders often confuse the instinct to pursue difficult customers first; instead, focus on the most desperate customers who need your product.

MS

Michael Seibel

09/06/18

@ Y Combinator

When selling to companies, look for those that are desperate for a solution; if they aren't, it's likely you're targeting the wrong customers.

MS

Michael Seibel

09/06/18

@ Y Combinator

Avoid seeking product feedback from friends or investors, as they often don't face the problems your product aims to solve.

MS

Michael Seibel

09/06/18

@ Y Combinator

Identify bad customers who exploit your product without providing value; these customers can mislead you and waste your resources.

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Michael Seibel

09/06/18

@ Y Combinator

Discounting your product can be detrimental; instead, structure discounts based on value and urgency to encourage sales.

MS

Michael Seibel

09/06/18

@ Y Combinator

Setting up metrics early in your company is crucial; it helps you understand product usage and inspires new ideas.

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Michael Seibel

09/06/18

@ Y Combinator

Using Google Analytics alone is insufficient; you need an events-based metrics product like Mixpanel to track user actions effectively.

MS

Michael Seibel

09/06/18

@ Y Combinator

Incorporate measurement into your product specifications from the start; it’s essential for understanding user engagement.

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Michael Seibel

09/06/18

@ Y Combinator

A poor product development cycle leads to wasted time and resources; ensure clear communication and documentation to avoid confusion.

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Michael Seibel

09/06/18

@ Y Combinator

If your product development revolves around arguments and long cycles, you're doing it wrong; focus on efficiency and clarity.

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Michael Seibel

09/06/18

@ Y Combinator

Track a key performance indicator (KPI) that reflects your company's success; for most, this should be revenue or user engagement.

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Michael Seibel

09/06/18

@ Y Combinator

CEOs should not focus on shooting down ideas; instead, they should encourage brainstorming and participation from the entire team.

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Michael Seibel

09/06/18

@ Y Combinator

In our company, we categorize brainstormed ideas into 'easy', 'medium', and 'hard' to prioritize development effectively.

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Michael Seibel

09/06/18

@ Y Combinator

Understanding how to build ideas is a skill that develops over time, and easy ideas are built much faster than hard ones.

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Michael Seibel

09/06/18

@ Y Combinator

Most hard ideas can be simplified into easier concepts by identifying and removing unnecessary complexities.

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Michael Seibel

09/06/18

@ Y Combinator

It's crucial to educate the team on what constitutes 'easy', 'medium', and 'hard' tasks to create an objective standard for evaluating ideas.

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Michael Seibel

09/06/18

@ Y Combinator

We prioritize hard tasks that will impact key performance indicators (KPIs) the most before moving on to easier tasks.

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Michael Seibel

09/06/18

@ Y Combinator

The process of writing specifications for features is essential to ensure everyone understands what is being built.

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Michael Seibel

09/06/18

@ Y Combinator

Having a consistent development cycle helps maintain team morale and ensures that progress is made regularly.

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Michael Seibel

09/06/18

@ Y Combinator

Building a new product often requires more than two months to determine if it meets customer needs; patience is essential.

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Michael Seibel

09/06/18

@ Y Combinator

A pivot should be a rare occurrence, typically involving a change in customer or problem, while iteration involves changing the solution.

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Michael Seibel

09/06/18

@ Y Combinator

Identifying a problem that others haven't solved is the true genius in product development, not just creating a solution.

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Michael Seibel

09/06/18

@ Y Combinator

Real innovation comes from iterating on a product based on user feedback, rather than trying to create a perfect product from the start.

MS

Michael Seibel

09/06/18

@ Y Combinator

The key to success is to engage with users and build what they want, which fosters loyalty and growth.

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Michael Seibel

09/06/18

@ Y Combinator

If you're not seeing user engagement, focus on getting people to use your product quickly, regardless of labels like beta or MVP.

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Michael Seibel

09/06/18

@ Y Combinator

Creating a process to build and iterate on multiple ideas quickly is more effective than waiting for the perfect solution.

Michael Seibel - Building Product

Takeaways