YC
Ron Conway at Startup School SV 2014
@ Y Combinator
10/15/14
Takeaways
YC
Y Combinator Cast
10/15/14
@ Y Combinator
Ron Conway advises that if he wants to invest in you, you should definitely take his money.
YC
Y Combinator Cast
10/15/14
@ Y Combinator
Ron Conway believes that entrepreneurs are born with certain traits that make them successful, such as a strong work ethic, ambition, aggression, and toughness.
YC
Y Combinator Cast
10/15/14
@ Y Combinator
Starting a company is incredibly challenging, and many people don't realize how hard it is until they experience it themselves.
YC
Y Combinator Cast
10/15/14
@ Y Combinator
While some management skills can be learned, having the drive and determination to succeed is an inherent trait that cannot be taught.
YC
Y Combinator Cast
10/15/14
@ Y Combinator
To succeed as an entrepreneur, you must be willing to work around the clock and prioritize your company above all else, similar to a vocation.
YC
Y Combinator Cast
10/15/14
@ Y Combinator
Successful entrepreneurs are deeply committed to their work, often to the point where they communicate to their partners that the company comes first.
YC
Y Combinator Cast
10/15/14
@ Y Combinator
Having a strong commitment to your startup can lead to infectious passion, allowing you to inspire others to share your vision.
YC
Y Combinator Cast
10/15/14
@ Y Combinator
Effective communication is essential for entrepreneurs to excite others about their ideas and recruit a management team.
YC
Y Combinator Cast
10/15/14
@ Y Combinator
The first step for a startup is to have an infectious idea and often requires finding a co-founder to share the journey.
YC
Y Combinator Cast
10/15/14
@ Y Combinator
Ron Conway has invested in over 750 companies during his 20 years of angel investing, evaluating thousands of startups in the process.
RC
Ron Conway
10/15/14
@ Y Combinator
I believe the startup industry belongs to young people, and it's essential to have team members in their 20s who are good at identifying opportunities.
RC
Ron Conway
10/15/14
@ Y Combinator
The venture business requires different skills for picking ideas and giving advice, which peak at different ages.
RC
Ron Conway
10/15/14
@ Y Combinator
The most significant startup ideas often come from personal experiences that lead to an 'aha' moment, regardless of whether the founder is in school or not.
RC
Ron Conway
10/15/14
@ Y Combinator
All the biggest companies are founded by individuals who had a personal need, which led them to create a solution that others also wanted.
RC
Ron Conway
10/15/14
@ Y Combinator
It's crucial to understand the story behind a startup's founding, as a compelling and personal narrative can significantly influence investor interest.
RC
Ron Conway
10/15/14
@ Y Combinator
Co-founders typically collaborate to develop ideas together, sharing excitement and inspiration, which is vital for a successful partnership. If you're applying to Y Combinator, it's better to have a co-founder because single founders are disproportionately unlikely to get accepted.
RC
Ron Conway
10/15/14
@ Y Combinator
Persistence and conviction about your idea are crucial, as many ideas that initially seem bad can end up being huge successes.
RC
Ron Conway
10/15/14
@ Y Combinator
Investors focus on the traits of individuals rather than the ideas themselves, as predicting success or failure is extremely difficult.
RC
Ron Conway
10/15/14
@ Y Combinator
Successful founders, like Ben Silverman and Larry Page, exhibit a rifle focus on their product, often to the point of being perceived as rude or arrogant.
RC
Ron Conway
10/15/14
@ Y Combinator
The 2008 mortgage crisis in New York contributed to the rise of Airbnb, as many people needed to rent out rooms to avoid foreclosure.
RC
Ron Conway
10/15/14
@ Y Combinator
Investing in the internet was a strategic choice in 1994, as it was a growing field with significant potential, and that focus has continued to guide investments.
RC
Ron Conway
10/15/14
@ Y Combinator
I invest because I love meeting great founders and helping them succeed, not just for the money. I find it incredibly satisfying to give advice to founders like Mark Zuckerberg and Larry Page in their early years and then watch their companies take off, knowing I contributed to their success.
RC
Ron Conway
10/15/14
@ Y Combinator
Money, fame, and notoriety are just byproducts of working hard and being passionate about creating something amazing.
RC
Ron Conway
10/15/14
@ Y Combinator
The best founders are not in it for the money; they focus on making a great product, and their company's success is a byproduct of that dedication.
RC
Ron Conway
10/15/14
@ Y Combinator
Having been a founder myself helps me as an investor because I understand the challenges and can identify kindred spirits among entrepreneurs.
RC
Ron Conway
10/15/14
@ Y Combinator
If a founder doesn't care about the product, that's a warning sign. I've learned over the years that successful founders are deeply focused on their product.
RC
Ron Conway
10/15/14
@ Y Combinator
Young founders often make the mistake of not admitting when their product isn't gaining traction. It's crucial to recognize when an idea isn't working and pivot accordingly.
RC
Ron Conway
10/15/14
@ Y Combinator
Being honest with yourself about your product's performance is vital. Your team often knows the truth before you do, and addressing issues together can boost morale.
RC
Ron Conway
10/15/14
@ Y Combinator
When laying off employees due to financial constraints, it can actually improve morale among remaining staff, as they see the founder is committed to the company's survival.