This Week in Startups - Startup pitch competition! Jason invests $25K into one of three founders | E1942

Episode Date: May 2, 2024

This Week in Startups is brought to you by… Eppo. Experimentation is how generation-defining companies win. Accelerate your experimentation velocity with Eppo. Visit  https://www.geteppo.com/twist ...Eight Sleep. Good sleep is the ultimate game changer. Now you can add the Pod Cover to any mattress! Go to https://www.eightsleep.com/twist to check out the Pod Cover and get $200 off the pod plus free shipping! Mercury. Mercury is the fintech startups use for banking* and all their financial workflows. Paying bills, staying in control of company spend, and closing the books doesn't need to be so complex — that's why Mercury powers it all from the one thing every business needs: the bank account. Join 200K startups who use Mercury to operate at their best at http://mercury.com *Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust, Members FDIC. * Todays show: Jason and Presh kick off the Founder University pitch competition (00:00), then we hear from Peter on Props AI (10:17), Alan on 2ndHandGeek (21:15), and Alex on Zweelie (37:18). Finally, Jason awards a $25K investment (), and details how to apply! * Timestamps: (00:00) Jason kicks off the show! (1:16) Jason brings on Presh to introduce today's pitches! (9:17) Eppo. Accelerate your experimentation velocity with Eppo. Visit  https://www.geteppo.com/twist (10:17) Peter Kirkham pitches Props AI (19:45) Eight Sleep - Go to https://www.eightsleep.com/twist for $200 off the Pod plus free shipping (21:15) Alan Blakeborough Pitches 2ndHandGeek (36:16) Mercury - Join 200K startups who use Mercury to operate at their best at http://mercury.com (37:18) Alex Hanna pitches Zweelie (41:44) Jason picks the startup he will invest in! (43:26) Advice for founders and Q&A * Founder University: Cohort 8 begins May 9th! Apply here: ⁠https://www.founder.university⁠ * We are doing Founder Fridays! Go check out ⁠https://founderfridays.tech * Subscribe to This Week in Startups on Apple: https://rb.gy/v19fcp * Follow Peter: X: https://twitter.com/k11kirky LinkedIn: https://www.linkedin.com/in/peter-kirkham Props AI: www.getprops.ai * Follow Alan: LinkedIn: https://www.linkedin.com/in/f3zorroblake 2ndHandGeek: https://exchange.2ndhandgeek.com * Follow Alex: X: http://x.com/_alexhanna LinkedIn: https://www.linkedin.com/in/alex-hanna-founder Zweelie: http://zweelie.com * Follow Jason: X: https://twitter.com/Jason LinkedIn: https://www.linkedin.com/in/jasoncalacanis * Thank you to our partners: (9:17) Eppo. Accelerate your experimentation velocity with Eppo. Visit  https://www.geteppo.com/twist (19:45) Eight Sleep - Go to https://www.eightsleep.com/twist for $200 off the Pod plus free shipping (36:16) Mercury - Join 200K startups who use Mercury to operate at their best at ⁠http://mercury.com⁠ * Great 2023 interviews: Steve Huffman, Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland * Check out Jason’s suite of newsletters: https://substack.com/@calacanis * Follow TWiST: Substack: https://twistartups.substack.com Twitter: https://twitter.com/TWiStartups YouTube: https://www.youtube.com/thisweekin Instagram: https://www.instagram.com/thisweekinstartups TikTok: https://www.tiktok.com/@thisweekinstartups * Subscribe to the Founder University Podcast: https://www.founder.university/podcast

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Starting point is 00:00:00 And press candidly, how big can this business get? There's other tools like this out there. You know, we don't have to worry ourselves too much with that at this stage as seed stage investors. What we need to do is find a great founder, usually a great team with product traction, with clients that's demonstrated they can build something, understands the customer base, and find good teams and back them. This week in startups is brought to you by Epo. Experimentation is how generation defining companies win. Accelerate your experimentation velocity with Epo. Visit getepo.com slash twist.
Starting point is 00:00:38 Eight sleep. Good sleep is the ultimate game changer. Now you can add the pod cover to any mattress. Go to eightsleep.com slash twist to check out the pod cover and get $200 off the pod plus free shipping. And Mercury. 90% of startups fail. Just 10 out of every 100 make it. Mercury exists to close that gap.
Starting point is 00:01:05 Helping companies succeed with banking and credit cards engineered for the startup journey. Join over 100,000 companies banking with Mercury at Mercury.com. All right, everybody, welcome back to this week in startups. Today we're going to hear from three startups. I'm going to decide if I want to invest in them. With me is Presh Dinesh Kour. Mark, he's been with me since he was 18 or 19 years old and he dropped out of school to come work for me.
Starting point is 00:01:28 This is a true story. Yeah, Prash? This is true. It turned 20. But yeah. You turned 20. And then you broke your mom's heart and dropped out of school. Tell the story.
Starting point is 00:01:37 Yeah. Okay. Listen to the pod. This weekend startups. Thought you were smart. Didn't like school. Wanted to work for someone doing interesting things. And the first thing I did was, yeah, find interesting people on Twitter and different
Starting point is 00:01:51 podcast. And so, yeah, reached out. you and long story short, you let me help out at an event called Launch Scale. We let you volunteer or we paid you? You just said come out and I just tried to help. So you basically put yourself out there. You said, hey, I'll do some free work, see if I can impress this guy. Correct.
Starting point is 00:02:09 Yeah. A bit of a lesson there, isn't there? Yeah, just like trying to stand out, like, resume and stuff. Anything to, you know, beat the noise is how I saw it. Yeah. And, you know, what you did? You documented your trip on. social media with short videos. And I said, anybody who's this thoughtful and energetic,
Starting point is 00:02:27 I probably want on my team. So just for folks out there, if you're just sending a resume in through the front door, that's okay. That's like a six out of ten. If you've got a great, if you've got a good social media presence, your LinkedIn is tight, your social media is tight, you're going to get to a seven. But when you start doing things actively, you know, you add like 10 points. So all of a sudden you go from a six or seven, you know, if you just listen to what the guidance counselor says, if you start making videos, writing blog posts, doing social media about a topic you care deeply about, or around the subjects and the people you want to associate yourself with who you think are dope, intelligent, driven, smart, whatever criteria you're going for,
Starting point is 00:03:08 could be artistic, could be, you know, musical talent, could be filmmakers, could be actors, whatever, comedians. Once you do something like that, you go from like a six or seven to like a 16 or 17 out of 10. In other words, you're too good to ignore. And press you, we're in that category. So hopefully today we have three startups that are too good to ignore, ignore. They come out of our Founder University program.
Starting point is 00:03:34 Founder.com. University is the URL. I believe there's still time to accept some people, but I think we've accepted most people. In this program, we call it a pre-accelerator. This is what comes before TechStars, before Ycombinator, or before launch accelerator. You don't need to be incorporated.
Starting point is 00:03:49 You don't need to have your product finish. You don't need to have customers. You just need to be two or three co-founders. One of you is highly technical at least. And you have a great idea and you've been building and tinkering. It's a pre-accelerator. In other words, we don't invest on you in the way in, typically. We might do that once in a while.
Starting point is 00:04:10 We tend to invest in the companies during the 12-week program. It's a 12-week program. You pay 500 bucks. If you complete all 12 weeks by putting in a monthly, I'm sorry, a weekly report on Mondays, we give you the $500 back. So literally we hold your $500 to make sure you don't blow it off and then boom, we give it back.
Starting point is 00:04:28 We just finished our seventh cohort. Eight of one is starting. Prash and Kelly run the program. It is one of the great joys of my life to get to meet people in year zero. I've personally made it my mission to be the first investor on maybe 100 startups
Starting point is 00:04:45 cap tables in this fourth fund we're doing with deploying just over 50 million, I think, in our fourth fund. We're just closing it up now. And I'm really excited to be the first investor in a lot of these cap tables, not always. So, Prash, why don't you tell us about these three startups? Just give me one sentence in plain English. Don't even tell me the name of the company. Just describe the first one, what they do in plain English, the second one in plain English, and the third one in plain English, and why you brought me these three. Sure, thank. So first one is a SaaS tool. to analyze your LLM usage for AI tools.
Starting point is 00:05:23 Got it. It is a piece of software for businesses that helps manage their spend on large language models. So that's what it is. And then I'll ask you the second question. Why is that important to you? To you, Crush.
Starting point is 00:05:41 Why do you think that is important? Yeah. So obviously, a bunch of AI companies that'll be like the next wave of companies all using AI and large language model, sorry. And so they're expensive and founders, startups, but also, you know, big corporations will want to keep a tight eye on spend as, you know, company scale. Great. So the reason why it's important is because these services are expensive. You can start spending wildly. Your developers could be inefficient. You could forget you started up a job or something. and money is important.
Starting point is 00:06:18 What a great summary. Okay, let's keep going. Number two, tell me in plain English. No buzzwords. You put a couple buzzwords. You put SaaS in there. So give me even plain or English brush. It's important for investors to be able to talk to each other in plain English.
Starting point is 00:06:33 Okay, the second one is a marketplace for tabletop gamers to buy and sell their pieces. Yeah. Got it. So this is for tabletop games, sellers of Catan, Magic the Gathering. There's a bunch of these nerds, dorks, geeks, and really cool people who are closeted, geeks and dorks, who love playing these games. They spend thousands of dollars a year. It's collectible. You'll find it on eBay.
Starting point is 00:07:01 You'll find it in different places. But yeah, there are a bunch of them. So the reason this is important, I'll do that this is important, is because having a dedicated marketplace for them means 100% of the screen real estate community experience is tailored to their patterns. and it's a high margin, high velocity business. People are buying and trading these things, you know, very frequently. I would say probably monthly or quarterly or maybe even some people do it weekly. Okay. Who's our third one?
Starting point is 00:07:30 And then I'll say why I think it's important. I like that little back and forth here we're doing here. A little pickleball. Okay. All right. Cool. So third one, this is a software product. We call it a business in a box.
Starting point is 00:07:41 And so it is a suite of tools. that entrepreneurs, freelancers can use to operate their business. It's like operating system for founders, business in a box is still kind of buzzerty. So business in a box is buzzwordy. When you said, it's a collection of tools to help people manage their business. I understood that pretty well. And the only way to make that even better is it's a collection of tools for freelancers and small business owners to manage their business, including, I don't know if it has
Starting point is 00:08:13 this accounting, marketing, and timesheets. I don't know. I just made three things up. So that would make it even tighter. The reason that's important is a lot of these businesses are very unorganized and chaotic. And the software that you would sell to a small business is probably two industrial strength. You know, if you're going to use some giant accounting software, giant HR software, whatever it is, it's probably got 99 of the 100 features, or 97 of the 100 features are not going to be used.
Starting point is 00:08:45 So a simpler way and a broad collection of them means I don't have to hire, I don't have to buy 17 different solutions. I like that a lot. I think that's one of the trends. So we're going to meet them right now. And then at the end, I'll pick one of them to invest in. So there's a lot of stake here, folks. Let's have the first person present for but two minutes.
Starting point is 00:09:04 Yes, Prush? That's right, two minutes. And then I'll ask them two or three questions. And then we will zip, zip, zip through them because the audience is busy. but really it's important for us to understand how good they are at pitching their idea. Are you tired of slow A-B testing? Do you have trouble trusting your experiment results? We'll get ready to 10x your experiment velocity with Epo.
Starting point is 00:09:24 Epo's experimentation and feature management platform transforms uncertain launches into clear-cut experiments. Epo is going to centralize your experimentation workflows across your entire organization, including product, growth, and machine learning teams. This means better coordination and faster innovation. Their cloud-based system is all about empowerment, easily run experiments with powerful analysis tools, and it all integrates seamlessly with existing feature flags or Epo's SDK. If you didn't know, it stands for software development kit. Epo keeps you informed with automated updates and shared reports, and the best part about Epo is that it lets you go deeper into experiment results you can trust and understand root causes.
Starting point is 00:10:04 So here's your call to action. Experimentation is how generation-defining companies win. Accelerate your experimentation velocity with Epo. getepo.com slash twist. That's G-E-T-E-P-P-O. dot-com slash twist. Let's invite our first founder up. I'm really excited to meet these three companies.
Starting point is 00:10:22 All right. Peter from Prop. AI. Hey, Bresh. Hey, Jason. How are you doing? Good. How are you? I'm well. Let's get to it. Three, two, go.
Starting point is 00:10:34 Hi, I'm Peter. I'm the founder of Props, a platform to help monitor and monetize your LLM applications. Let me introduce you to one of our customers, Riley, who's got an AI startup that's going viral, but today they get their bill from OpenAI and it's thousands of dollars, giving them no actionable insight into how that cost is broken down. They don't know what their unit level economics are. They don't know how to price their product effectively, and to set up a more complex billing model like usage-based billing could be a lot of work.
Starting point is 00:11:00 They may assume that their cost is split evenly between all of their users, but this is rarely the case. Often, users will churn within the first, time of using the product, and the users that are actually paying them may be costing them more than their charge. The solution to this is the AI proxy, real-time cost and usage tracking, enabling effortless usage-based billing. We give per-user cost tracking in our dashboards. We integrate into Stripe to enable usage-based billing, and we provide observability across errors and latency. It's all available and only takes two lines of code to implement. We provide a free
Starting point is 00:11:39 self-hosted version, which is from our open source product, and we provide a cloud SaaS offering for $47 a month, and then 50 cent per billable user on the Stripe integration. So far, we've processed 80 million tokens, done 3,700 in revenue, and we've just crossed 100 users in the seven weeks since we launched on product hunt. We actually started before building the product by building our acquisition strategy, the AI Job Board, which is now the second largest AI-specific job board in the US, generating 15,000 unique users a month, and Props takes the native ad slot on that platform. We've built the proxy dashboard and continue to build our metrics, and we've just launched
Starting point is 00:12:17 usage-based billing into beta. My background is as a software engineer working companies like IBM and Amazon and taking leadership positions over engineering teams for the past five years. That's Propz AI. We help monitor and monetize LLM applications. All right. Peter Kirkham, you did a fantastic job presenting. Let me ask you a series of questions.
Starting point is 00:12:39 Is this your first startup? This is my first startup that I've got to the stage of incorporating. I've had a few different businesses in the past with Shopify stores. Okay, so you have projects in the past? Yes, projects. This would be the first startup. Fantastic. Number two, are you technical?
Starting point is 00:12:59 Do you write code? And are you writing the code for this startup? Yes. So I've written all of the code so far. We actually just brought on our first additional software engineer this week as well. Fantastic. Nice tight answers. I like it.
Starting point is 00:13:13 And how many co-founders are there in the startup? Defined as only over 10%. Okay. You're a solo founder. Okay. Who designed your deck, your website? Who did the design and the UX in the design? I'm very fortunate.
Starting point is 00:13:29 My wife is a senior product designer. Fantastic. I want to make some notes here, Prush. you as my associate in the firm, you're an associate, you've got to make investment decisions, you've got to say which ones
Starting point is 00:13:40 we should invest in. I want to point out some of the very strong things about this. The design is exceptional. This is world-class design. I think, or it's getting close to world-class design. And what I mean by that is,
Starting point is 00:13:53 shout out to your wife, this really does make a big difference at the early stages. At the later stages, anybody can pay a decent designer, you know, I would say for the design you have right now, low thousands of dollars and get this outcome.
Starting point is 00:14:11 Three, four, five thousand dollars with a designer, two or three revisions, you're going to get to this. Most startup founders don't do it. They just push design down the road. But design does say something about you, just like your haircut, your breath, dandruff, body odor, something in your teeth, being overweight, like I was for a long time.
Starting point is 00:14:33 and I'm going to tell it to you straight as I always do. People judge books by their cover. I hate to break the news to the audience, brush. But the don't judge a book by its cover is a classic saying because people do judge a book by their cover far too often. But when you judge a startup and judging it by its UX and design, there has a real rationale to it. And the rationale brush is what?
Starting point is 00:14:58 Why is really crisp, clean design, especially for a piece of business software like this, Why is that important in the marketplace, not with investors? Yeah. So it's going to come down to your customer and how they interact with the product. So you've got a good design. Customer wants to use a product. Then, you know, that's beneficial.
Starting point is 00:15:20 Presh, you've learned so much working with me over the years. And startups, you know, if your customer sees something that's really tight and beautiful, they can trust you. That's why banking software all looks very similar and clean. and perfect. That's why Uber and Airbnb feels similar and clean and solid and trustworthy. If Uber and Robin Hood and Airbnb and Mercury Bank or Wealthfront didn't feel as tight as they do, people wouldn't trust them as much. Okay. Also, you're a technical founder. Love that. You're a solo founder. Don't love that. And it's your first startup. But you get some projects.
Starting point is 00:16:03 so that kind of puts you in between, you know, having scar tissue and just having a little bit of experience on the product side. So overall, this is absolutely fantastic. Well done. I don't have any questions for you except if I put a gun to your head and said, you must pick one business, props and monitoring of LLM usage, or the AI job board, and I'll give you $100,000 to pursue it, which one would you pick? pros. Okay, great, awesome. Because I did see that job board and I want to make sure that you're not hedging your bets and you're thinking, sometimes founders do this, that, hey, that primary business I'm putting all my time into isn't working. You're doing that strictly as a cheap, quick way to provide a free service. People come for that free service and they stay for the tool. And most people say you come for the tool, you stay for the marketplace here. You're coming for a tool and getting free advertising for your tool. So absolutely fabulous job. Prest, do you have any questions? No questions. I like it. Okay. Well done. Peter. That's a really good presentation. We're off to a strong start here.
Starting point is 00:17:09 And Prash candidly, how big can this business get? There's other tools like this out there. You know, we don't have to worry ourselves too much with that at this stage as seed stage investors. What we need to do is find a great founder, usually a great team, with product traction, with clients that's demonstrated they can build something, understands the customer base, and find good teams and back them. So it does feel like we found something here. Now, I don't know how big this can get, but we do have a corollary. There are companies that we've seen that do this kind of monitoring for your other web hosting. So those will be competitors, but this is solely for LLMs. And I think this is unique enough that it could give you other options and say, hey, you're using chatchapT4. You might want to downgrade to 3.5. This is what you would have spent.
Starting point is 00:17:59 Or you could have used, you know, an open source product with hosting. for this price. So just being able to compare and contrast what you're spending and give you the other options and then have those other options have either a cost per click or an affiliate program attached to them. So if you do choose to use Claude, you know, a Gemini or, you know, some open source one, you would get a Vig. And then if it also had, you know, this list of people who are using this, man, there's so many ways to upsell them. So I think we can figure that out later. We know this can become low millions of dollars pretty quickly, and we know it could become, you know, 10 million dollars. And, you know, when we invest at the seed stage for low
Starting point is 00:18:41 single digits, you know, upwards to $8 million, typically that's what seed rounds are. You know, you can feel pretty comfortable taking a little bit of a bet and they'll figure it out later. Okay. Any questions for me about that sort of pressure? No. I also think it like makes sense as a third party tool to be doing this because you'll get like open AI or different model have like let's say their own analytics but they're going to prioritize, you know, usage of their product. Right. And they may push it to a more expensive one, right?
Starting point is 00:19:13 Yeah. Yeah. So I think it's interesting. Like as a separate party, if they're optimizing for you and you just pay for that product. Objectivity. It's great. Yeah. And if you could bid out the software, you know, you could have like for VIP clients, like big,
Starting point is 00:19:25 you know, people spending a million dollars a month, you just have some concierge. there, we says, hey, we bid your workout. We can save you 15%. If we do that, we want to take five points of the 15. You'll save 10. Are you interested in that service? Click here and you click there and you sign an agreement and then they go shop your jobs, so to speak. Elite performers have a secret and it helps them stand out in their field. You want to know what that secret is? I can tell you it's sleep, whether you're an athlete, an entrepreneur, or are you just a career-driven professional like the people who listen to this podcast, quality sleep is the fuel that powers your success. Well, how do you get deep, restful sleep? Very simple. You do what I do. Eight sleep. I got two
Starting point is 00:20:06 eight sleep mattresses. I never miss a night on my eight sleep and they're selling more than just mattresses right now. You can sleep like a champion with the eight sleep pod cover. That's right. You don't have to get rid of your existing mattress. You put the cover on. Slips right on top of your bed and instantly transforms your sleep game. We're talking about dual zone heating and cooling. So if you have a partner and you're both in the same bed. You know, one might sleep hot and one might sleep cold. I like it a little chilly-willy. And this smart temperature adjustment keeps you in your ideal zone for a deeper, uninterrupted rest. In other words, you set how you like it, but it adjusts the temperature to make you sleep more. This is really interesting science, folks. And this advanced sleep tracking will help you monitor your
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Starting point is 00:21:10 EightSleep.com slash twist for $200 off the pod plus free shipping. All right. Let's keep going. Start up number two. All right. Number two, we've got Alan from secondhand geek. Okay. Hey, sir.
Starting point is 00:21:22 Hello, sir. How are you? I am doing well. You're a military guy calling me, sir, there, or am I just on? Yes, I am a Mustang. I am a Mustang used to jump out of perfectly good airplanes and command M1 tanks in the desert. Oh, wow. So which branch is that? Army.
Starting point is 00:21:37 Army. All right. Well, thank you for your service. Thank you for your support. We enjoy all of our sister services that help us. Fantastic. You do any tours there? You get it to see any action?
Starting point is 00:21:48 Desert Storm. So, yes. So, great. Great. Yep, Kuwait specifically, actually. Wow. Okay, there you go. Well, that was good work.
Starting point is 00:21:58 Let's, and a decisive victory by our amazing personnel and capabilities. So, absolutely fantastic job on that one. And again, thank you for your service. We love military vets because they have the discipline to do really good. Now, they might not be rule breakers and rebels, so there is that. Well, I was a scout platoon leader, so I do. break quite a few rules. Well, I mean, sometimes you got a freestyle out there in the field, you know?
Starting point is 00:22:27 When I did my two imaginary tours in the CIA, people always ask me if I'm in the CIA. That's ridiculous. So, let's get to it. Show us your product. You got two minutes on the clock. Here we go. Three, two, go.
Starting point is 00:22:47 Welcome to secondhand geek, the first place to go to buy, sell, and trade your tabletop games. millions of tabletop gamers worldwide waste hours searching through dozens of websites, forums, and trade groups to find products and services to enjoy their hobby. Meet Henry. He wants a new 40K army for his next tournament and wants to sell his old army and get a new army and get it all painted. At secondhand geek, he can sell his old army, buy a new army, and then find a painter before the next tournament all on one site. Our marketplace charges a 5% fee for all products and services sold. Over the last 90 days, we have converted 194 people to our marketplace who have listed over $8,000 inventory and items.
Starting point is 00:23:27 We are using our dedicated Facebook groups, gaming stores, and Mannaverse Podcasts to go to market. Over the past 10 years, our dedicated Facebook groups have grown to over 16,000 members who have traded over $5 million annually with over 200,000 listings. The average gaming store purchases about $40, and eBay does about $300,000. 112 million transactions a year. So our Tam is about $12 billion. To earn $10 million, we are going to use our over 50 years of experience in the industry, our relationship and knowledge of gaming stores, and running local, regional, and national events along with our Manaverse podcast. For $100 million, we are going to consolidate the tabletop gamers and companies
Starting point is 00:24:11 from eBay's and the Etsies with better margins and targeted marketing results, utilizing things like YouTube, TikTok, and Twitch, and our Facebook trade group. Our leadership team has been there since the beginning of the tabletop gaming industry. We have owned stores, run events, hosted gaming conventions, and promoted the industry. It started with Dungeons and Dragons, and now with trading card games and miniatures. It has grown into a $25 billion a year industry. We are the perfect team to make this change. Thank you for seeing Second Angique.
Starting point is 00:24:40 All right. Well done. So when did this product launch, this marketplace? When did you launch it? I know you have the Facebook group of the podcast going for a while. November last year. Okay, great. So it's very nascent. You got six months of data. Yep. Well, tell me honestly, what have you learned about running a marketplace? What are the top lessons, two or three lessons you've learned so far, getting this product into the market?
Starting point is 00:25:01 You have to have a balance between both sides of the marketplace, both the products and services provided and the customers to consume the product that you have. Got it. And there seem to be stores that do this. Yeah, there's still a lot of stores out there that people go to? Roughly 45,000 stores in the U.S. that have a brick and mortar location. Yeah, and these are typically comic book stores that have this section? No, actually, there are five things in the industry. There's miniatures, trading card games, role-playing games, and board games. Sometimes a lot of the comic book shops are just stand-alone comic book shops. Got it. Okay. And so what are the lessons have you learned here in running the marketplace?
Starting point is 00:25:46 that having a lot of pictures and a lot of descriptions will push somebody to do a sale online versus going into a store to pick something up. Got it. Okay. So you learn supply and demand matter. Both sides matter. You've got to have buyers. You've got to have sellers.
Starting point is 00:26:05 Correct. The second thing you learned here is that the descriptions and the landing page really matter. Yes. Okay. How many listings have been added to the system to date in the six months you've been operating? writing? To date, we have $12,900 worth of listings. Okay, so you're giving me the dollars, which I always... 351 items. Okay. So, great. What happens with founders? And, you know, you are using the Jedi Mind trick, doesn't work on Sith Lord's. We invented it. So,
Starting point is 00:26:38 that's not going to work on a Jedi, fellow Jedi. So when you give me the number, the value of it, I immediately say, oh, there's somebody put a $10,000 thing, and there's this number. is going to be low hundreds, and I was right. So this seems to be your biggest challenge. What is your solution? If I asked you right now to come up with on the spot, how you get 10,000 items in this marketplace in the next 30 days, how do you do it? We have created an upload system with ShareTribe that allows gaming stores to upload their
Starting point is 00:27:09 entire inventory that they have in their store instead of going to Amazon or eBay and sell on our platform and only give up 5% instead of 15% of their margin. Okay. So number one, you're not going to win them by the margin necessarily. The margin isn't what matters. Finding a great buyer at the right price is what matters. When you talk to your customers, that's what they're going to care about most is like getting the best price. They're happy to pay 10, 15, 5, even 20 probably if you get them a buyer quickly. And so I think what you need to think about here is finding a way to have either offshore individuals who get paid a dollar or $2 an hour or software or both to make this marketplace have a dramatic number of listings, which will do extraordinary things for your SEO, because you have a long tail here. there's some, you know, character in some card game that somebody looks for, you know, that 10 people look for, and there's not that many pages of it.
Starting point is 00:28:15 So on a software basis, there's a very simple tool you could build, which is export your eBay listing and post it here. So a bulk editor to export, that could be a toolbar, whatever, you know, and you can probably build that very simply where the toolbar goes in and moves it over, or you do something even a little more sneaky. and this is where... I like sneaky. Well, it's a little bit gray hat, a little bit freestyle. You know, like when you and I were in the field, you know what I'm saying?
Starting point is 00:28:41 Yeah. You were on the front line. I was behind the scenes, you know, CIA stuff. You know, sometimes we've got to freestyle. Sometimes there's people who can do things for us, you know, and we can, you know, grease the wheels, so to speak.
Starting point is 00:28:53 You know what I'm saying. We don't talk about this stuff in public. You know, this is the job. So, imagine there was a third-party company in Manila that you could pay and you could say, hey, this person is the best seller on eBay. I want you to go to their eBay bank and take their 20 listings and move them over to ours. And then you, as the founder say, saw your great listings. We're building this startup.
Starting point is 00:29:23 And hey, we really love what you're doing. Took the liberty of showing you how much better our landing pages are by moving your inventory over here. if it's okay with you, I'd like to give you zero commission for your first 10 sales. And we have a team that will automatically move your inventory over here and you don't have to lift a finger.
Starting point is 00:29:43 We'll just camp out on your you know, who are cognizance, you know, how we do this, put up a bird, you know, we watch it. Snipe it. Fresh, this is stuff that's like, just don't ask questions, just enjoy the peace and prosperity that you get to live in the free world. It's stuff Alan and I do.
Starting point is 00:30:00 I'm sorry, Alan does it, I'm not involved. Anyway, now you just took the 10 best sellers and you took their 20 best items and you did them a solid. You did something really gracious from them. And you're a founder. They're a founder. You say, hey, I want to get you the best price.
Starting point is 00:30:16 We're really trying to own this specific category. I'll make it super easy for you. If you just give me your email address and phone number, stripe account, whatever, I'll put it into the account for you. But now you just hire somebody in Manila for $1 an hour, $2 an hour. And they do it overnight. And you just tell them, move these into here and then find the seller. And then you, as buyer, could then go buy something from them, put it into your house inventory.
Starting point is 00:30:43 So now you're selling it. So now that you're a buyer, you have their contact info. So this is like a really interesting thing. I had a friend who was trying to figure out how to sell a piece of, they were struggling. They were trying to sell a button that you. you could put on a table. It's very popular in Asia, but you press a button, and the server comes to you, when you press the button in the back room,
Starting point is 00:31:07 this is 25 years ago, in the back room, it puts a number there. Now, if you go to any Chinese restaurant, or you go to China, Hong Kong, every table has a bell on it. You ever been to Asia and seen these bells? No. Okay. So if you want your waiter, like, just press the button.
Starting point is 00:31:22 And then 17 happens. The person races to your table. This is before smartphones and ordering through, you know, ordering services and QR codes. and they couldn't figure out of I said it's very simple you go to the bar you talk to the manager you order a drink
Starting point is 00:31:36 chat up the bartender give them a nice tip so can I ask a question who's the manager here you know you wanted to leave my card and this little bell for them and it would be real solid for me
Starting point is 00:31:48 if you could do that this is a crazy idea but it really increases tips because people get better service and hey you're the bartender you understand how important that is if they can't find you if they can't find the waiter right
Starting point is 00:31:59 you probably can't find the waiter sometimes. You've already made the drinks and the ice is melting. So I just gave him that script. He went out and did it. But it worked. Now, why did it work? Because you bought a drink and you gave a tip. So for 30 or 40 bucks,
Starting point is 00:32:11 he would go into a restaurant bar or whatever, have a little snack. You had to eat anyway. And, you know, he had done reciprocity. He had done something nice for them, which then meant they wanted to reciprocate. It's a very powerful device. So anyway, you got to start thinking about acquisition.
Starting point is 00:32:25 You got to start thinking about really building up the inventory. I gave you a couple of strategies here. but you can't go to market without this being 10,000, 20,000. You've got to come up with a really great system. So it could be done with software, could be done with, you know, humans that are just going to be faster, to be totally honest, than, you know, getting the software out there and trying to explain to people how to use it. And, you know, pick a beachhead where you think it's over under service.
Starting point is 00:32:53 You mentioned so many of these things. Which one do you think you can crush eBay and other places on that's understabre? service, that's high velocity, high margin, whatever. Is it the figurines? Is it the card games? Warhammer Games Workshop. They are the number one seller at $312 million a year. I have a Facebook group over the last 10 years that has a lot of margin there.
Starting point is 00:33:16 So critically important, you own that category. Every item possible is in there. The top sellers are in there. And then you go find the buyers, which you seem to have done because of your Facebook groups, which is also a brilliant strategy. people are also hanging out on Discord. But, you know, the two other growth hacks are like having a podcast, having a Discord slash Facebook groups. And Facebook groups are brilliant at this.
Starting point is 00:33:36 So I just love everything about what you're doing. Great job. Thank you. I'm really interested in your business. So great job. Good start. Oh, by the way, let me ask a couple questions. You have a developer on staff or how are you doing it?
Starting point is 00:33:49 You have a full-time developer. You got a contract? How many co-founders you got? We have four altogether. Perfect. So four people own over 10% of the business each. Correct. something in that range? Okay, great.
Starting point is 00:33:59 20%? We keep 20% for an equity pool for employees for future growth. Oh, okay, so it's chopped up five ways. Got it. I love it. That's perfect. So we love having multiple co-founders. As you know, spent a little time in the field. I'm going to have a squad. Got to have my squad. You know, you're only as good as the weakest link in the chain. And, you know, you got to trust. They got your six, right? Yep. Absolutely. You're talking about. Yeah. You can translate this later, Prush. But you got a guy, whoever's got your six, important thing.
Starting point is 00:34:30 It's a west pointer. He's a great guy. Yep. Exactly. And you have his six, by the way. Absolutely. All the time.
Starting point is 00:34:37 This is, you know, if something happens, you know, they got to protect your back, you're going to protect there. So that's great. We love having multiple co-founders.
Starting point is 00:34:45 You have deep expertise and passion for the space. This is like normally as a business, you'd be like, why would you do this? What I love about your business is, you understand how much money is at stake. You understand the customer.
Starting point is 00:34:58 customer-based really well. And now you just got to understand how marketplaces work. We've invested in a couple. We have one that matched drivers of cars, passengers of cars, passengers of cars. It did well. We had one that did service providers with homeowners, thumbtack. We have one, Meowtow. Miao matches people who own cats and cat sitters.
Starting point is 00:35:21 We have another one called Gigster. It matches spaces where you could go rent a pool, a tennis court, or a location shoot by the hour for a photo shoot or a movie, they're crushing it with people who want to rent a pickleball court or who want to make a movie or a television commercial or social media influence stuff. We've got another one that takes diamonds from all different sources, puts them into a marketplace called Stone Algo. We love a good marketplace.
Starting point is 00:35:51 We've got the playbook for your partners. One of the things we try to do is introduce you to people maybe who are one, two, three, four, five years ahead of you in deploying these marketplace strategies and who are non-competitive. And let's face it, it's not like there's going to be 20 of these startups coming to our accelerator next year. This is true. All right.
Starting point is 00:36:13 Good luck with it. Thank you, sir. Being a founder can be overwhelming. Don't I know it? You know, I get those phone calls on the weekend. Sometimes people are a little overwhelmed. They need to talk to J-Cal. They got my phone number.
Starting point is 00:36:24 I know the reason why. There's a hundred different things you're responsible. before. You've got to take care of your office space or remote workers, HR, software, raising money, product, customers, it never ends. And I know you just want to focus on your product and your customers. Well, fortunately, Mercury is here to help simplify your banking and finance operations. Complete any banking task in just a few clicks. Streamline your operations with real-time data from your bank account. And they've got an amazing interactive demo right on their website that lets you explore all the tools and how it works. With Mercury, you're going to
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Starting point is 00:37:18 Let's have our next founder. Man, two strong companies, pressure. You can make my life hard if I can only pick one of them. All right. Next up, Alex from Zuele. Let's keep this train moving. Hi, Jason. How are you?
Starting point is 00:37:30 I'm well. Three, two, go. Hi, I'm Alexandra, founder and CEO, Zwee. We help you run an awesome business by giving you all the tools you need in one place. Meet Emily. Emily's two-person consulting firm is bogged down by overpriced, complicated software with scattered data. Running a business takes many tools. Emily starts with one and the cost just adds up.
Starting point is 00:37:54 Connecting them together also costs more. Sweeney cross integrates tools like tasks, emails, presentations, CRM, and much more. We launched March 2024 and have six customers with over 4,000 in AR and five products and more on the way. We offer bundling with savings for three or more subscriptions. Products range from $15 to $100 a month and without fees for seats. So these customers end up saving an average of 50 to 80% based on computer. dependent or post-pricing. We target freelancers, small business owners, and startup founders using LinkedIn and word-of-mouth
Starting point is 00:38:44 for growth. To hit $10 million in AR, we need $4,167 SMBs at 200 MR. I'm a two-time technical founder with John, a marketing expert, and Hashi, a business consultant on my founding team. We are Zweely and we help you run an awesome business by giving you all the tools you need in one place. Great. Well done. Have you raised venture capital before? On my last one, yes.
Starting point is 00:39:10 Private equity, not PC. Oh, private equity got it. Have you had a successful exit defined as selling a company to another company and returning capital to the investors or equity in the next company? No, not on last one. Not yet. How many co-founders do you have? On this one, three.
Starting point is 00:39:29 Two other ones. Two other ones? How many of the three are technical and writing code for this product or otherwise? doing the UX design and yeah. I'm the only one. Like I'm doing, what are the two other people's expertise in the world? What are they exceptional?
Starting point is 00:39:48 One of them is business development and sales, and the other one is marketing, social media, marketing. Got it. Perfect growth. Okay. So you got a growth person, you got a salesperson, got a tech person. Nice trio.
Starting point is 00:40:03 Which customer, just tell me a description of the customer who's getting the most value, who's the most addicted, who's giving you the most great feedback out of these five or six customers. You got to describe them. Yeah, we have a, I had a customer about two weeks ago who just sent a referral video, like a recommendation, and he was like, he loves the customer support from me. Like, that's what number one does what you get.
Starting point is 00:40:27 Okay, that's what he loves. What does he love about the product and what is his business? Describe what he does for a business. So he's a sales director for a client. a company called Becoming Institute. They offer therapy to universities, colleges, and he's using CRM. He was using Excel spreadsheet,
Starting point is 00:40:46 and he's using CRM to keep track of all his leads. Got it. So you think your beachhead market is people who have service businesses, perhaps, who have customers who have to be managed, and then everything that's downstream of that. And the current collection of CRM, like, Salesforce is awesome. Everybody loves Salesforce.
Starting point is 00:41:03 There's a bunch of other contemporaries in that. space. Of course, it's HubSpot and other tools. But you think you can carve a niche because you will be cheaper and better. Am I correct? Yeah. Yes. Not necessarily cheaper, but all these other companies don't have that founder-led support, but also they're very bloated. That's what we're hearing. People just don't want all the bells and whistles. Got it. So you want to build a tighter collection of software modules that are easier to use. Exactly. So simplicity is really important here.
Starting point is 00:41:38 Zendesk was one of those companies that tried to simplify. All right. Well done, Alex. Thank you. That's all my questions for you. Press. We saw three great companies here. All three of them have their product in market.
Starting point is 00:41:50 All three of them have a couple of customers, kind of our sweet spot, if I'm being honest. Rank these three in order of how much money and the likelihood of the likelihood they could be 100x. So if we're investing in them in our accelerator, whatever, making some small bets and the bigger bets, let's assume we invest in them. Which one has the most likely chance to return
Starting point is 00:42:17 100 times our money, which is what our LPs are entrusting us to do is to find in every 25 or 50 companies, a company that will return 100x. That's the math of what we do. I think I'll pick props AI to return. Yeah. Okay, great.
Starting point is 00:42:33 And then who's second? Oh, second. I'll go with Zweely and third second ad geek. Okay. And I can only pick one of these companies to invest in.
Starting point is 00:42:45 That's the hard part here for me. And all three of them are worthy of investing. Oh, wait a second. I can do whatever I want. I can invest in all three if I want you. All right, Prash, you know what? Get these guys into paperwork.
Starting point is 00:43:02 I'll invest in all three. That's my decision. I feel like all three of these companies are worthy of investment. So let's get going. Let's figure out where in our program they want to go to. Let's get the diligence done. We've got to do diligence. All this is pending due diligence.
Starting point is 00:43:17 I'd like to place a bet on each one, small bet, because they're very early stage. And let's see if they can hit a series of milestones. Let's bring our three founders back for a second here. And I will let them ask me one tight question each, one tight question each about startups and being a founder. So take a moment to think it through. raise your hand when you've got your question locked and loaded. Okay, Alex, your question, keep concise. Yeah, you've had other companies before.
Starting point is 00:43:44 So how do you navigate shifts in strategy while staying true to your vision, considering all the constant changes that may occur daily? Okay. Mission, strategy, tactics. Okay. The mission for your firm is to help small businesses operate more efficiently, whatever it is to help your businesses become profitable. You have to figure out what that North Star mission is.
Starting point is 00:44:12 So let's just say we want to help small businesses grow faster and profitably. Well, that leaves any piece of software you can build or service you can create on the table. And that gives you permission with the mission with your team to say, hey, we're here to help people hit profitability and to help them run a more efficient business. that grows fast. So we're going to help you run your business more efficiently, grow faster, and grow profits specifically. So if you set that mission, well, then strategy becomes pretty easy because you just make a list of here are all the different products people told us they want.
Starting point is 00:44:49 And we did customer interviews with a dozen people. And this is what those dozen people told us was important to them. And then we did second meetings with those 12 people. It doesn't have to be a ton of customer interviews who used our product. And man, four of them said, you know, CRM was really important, but sequencing tools and prospecting and finding the next lead were like they're really acute problems. So we built a software and, uh, human service that allowed us to help them get more leads and tell them, these are the 10 people they should go after next,
Starting point is 00:45:21 whatever it is. Um, and then you can just move things up and down the strategy poll and just watch engagement and do that. Now, tactics, they're going to change frequent. So mission doesn't change. If you change the mission, it's like, well, are we shutting the company down? Or we permission from our investors, you know, to pivot to, to pivot, to changing the entire mission of the company. Second piece strategy, well, that's just something that would change quarterly, maybe every couple of quarters. Tactics could change weekly.
Starting point is 00:45:50 Hey, you know, we're going to try this week knocking on doors and physically going to storefronts. Next week, we're going to try inviting people to a webinar. The week after, we're going to try cold calling. The week after, we're going to do email sequences. So you say, okay, this month, we're going to try four different sales strategies. We're going to push as hard as we can on each, and then we'll figure out which one works, and then that moves into a strategy. So you try different tactics and move to your strategy. So just keep that framework that I talk about often.
Starting point is 00:46:17 MST, MST, mission strategy tactics. And, you know, your team can change the tactics anytime they want. You can empower them just say, hey, listen, you can try all kinds of different tactics you want. Just don't do anything unethical, moral, et cetera. Leave that to guys. and you know, CIA, you know, doing stuff. We have some gray areas we can work, operate in that you can't. And then strategy, well, you know, we have to have a thought out meeting about that
Starting point is 00:46:43 because that's a quarterly, you know, making a big plan. And mission, you're not touching that, obviously, you know, rank and file and touching the mission. Okay, great job. Thank you. Peter, you got a question? You don't have to. Yeah.
Starting point is 00:46:55 Keep you tight. At the early stage of a company when we're talking to customers every day and building real relationships at our stage, we're onboarding everyone personally at the moment and having regular conversations with them. When you also mentioned pivots, how do you balance supporting those early adopters and those initial customers that you build really deep relationships with with new opportunities that arise to serve a wider audience of customers? Yeah, you're going to have to figure out who your ideal customer profile is.
Starting point is 00:47:29 Great question. You'll figure that out over time. Typically, customers will fall into buckets, right? And so we did that with startups. There are startups at the early stage like yours that come to Founder University, and they're trying to figure out if there's a business here and how to get customers, they may or may not be incorporated. We have the accelerator.
Starting point is 00:47:46 You all are kind of accelerator, moving into the accelerator phase. Hey, I got five. I got 10. I got 10, you know, 10, you know, 3K a month, 10K a month in revenue. I need to accelerate this. I need to get a proper seed round of a million to $3 million done. And then there's like growth after that. So bucketing your customers and then understanding those personas, and this is, you know, stuff that's been going on in sales for a long time, and then figuring out what, you know, why they use your product and what the sales pitch is to them.
Starting point is 00:48:13 So, you know, for you guys in Founder University, like, you want to get to know our team. You might want help on growth. You might want help with strategy, figuring out how the businesses work, asking hard questions, getting some knowledge. you know, when you move into the next phase, you know, and you're like a seed stage company from this pre-seed stage to C-stage, you might be asking us, hey, can I, how do I, how do I double my revenue every month? And how do I find a great sales manager or first salesperson? You've got a different set of needs that are more operational. And then you might have scaling needs from us. You might have fundraising needs from us. So we can craft products, Founder University, launch accelerator,
Starting point is 00:48:52 or direct investing or our syndicate for each of those early stage moments. So you'll do the same. There might be somebody who's a startup with two people using your product and you're going to grow with them. They're not going to be hard to service. They're going to only have like a small number of jobs running. Who knows? And there might be Series A people who are already been spending a million, spending a million dollars a year for the last two years. They might take longer to make a decision, but they might make a bigger decision. They might want more white glove service. And then there's giant companies that might be a three to six month sale cycle. So you have to pick and learn about each of those different customer segments, right? And then decide which one you're
Starting point is 00:49:31 going to focus on in which order. Perfect example. Uber went after Lincoln Town Cars, the highest and highest margin elite service. BC's CEO showing up the airport with the person at, you know, baggage claim with their name, and they, you know, they walk up and they get out of business class, and they hand the person in their bag, and they get back on their phone and pound out some messages, got the earpiece in. And, you know, they're not going after like the family, you know, on a budget Spirit Airlines and coach, you know, looking to get a minivan and save money and, you know, that kind of thing, right? And they want to add three extra people, even though it can only fit five. It was critically important for Uber to do that because those customers were profitable
Starting point is 00:50:11 from day one, massively profitable. UberX customers, modestly profitable. Uber pool or lifeline and those kind of things, not profitable. So you have to make that decision who you're going to go after first. The big customers might take a long time and you don't have the time to do that. The small customers might not ring the register enough. And so maybe it's, you know, you know, who is the porridge is too hot, too cold, just right? Goldilocks. Goldilocks. You got to find your Goldilocks customers. Boom. Okay. Last question. Alan. With all the experience that you guys have with marketplaces, what you think is either the best piece of software or partnership to have in trying to create a scalable marketplace.
Starting point is 00:50:58 I think you got to really, and there's a group of people who say, you got to have the customers and then the supply, you know, the supply side takes care of itself. The truth is, in talking to Travis, in long times about this, you got to have a certain amount of supply. And in your case, it's a long tail of supply. So I'd really work on supply. Once you get some supply cranking, you can fake demand. How do you fake demand?
Starting point is 00:51:21 You got 20 important customers putting stuff on there. You create 20 accounts with your friends, your team, whatever, and you buy one item or two items from them each month. Now they're like, oh, wow, people are buying our stuff. Then you take it. You resell it on your own platform, whatever. And you just get them used to, oh, my God, they got a booking. They got a sale, right? And the way Uber did this famously was they went to some mid-sized cab companies when they opened in LA, my understanding.
Starting point is 00:51:45 And they said, hey, we'll pay you for 10 drivers on the road, 24 hours a day, this amount of money. all you got to do is put these phones in your cabs. Can we buy that from you now? We'll pay you up front. And the catcombers like, yeah, dummy. We'll take a guaranteed payment. And they just bought out the 10 cars, boom. And they had venture money to do that, so it was no big deal.
Starting point is 00:52:06 There's equivalence here for you. Okay. Where I explained it earlier, right? So I think it's really about getting the great supply. Then, you know, you could always buy ads. So you could buy Google ads. You could buy, you know, make YouTube videos of what's for sale and then Amplify. those. You could do content marketing and say, hey, here are the five coolest items on the
Starting point is 00:52:28 marketplace this week. We think these ones are really good value and have a great price. We think these ones, maybe you want to put an offer in for 10% less. So you can juice the marketplace, but it all starts with, in your case, a decent amount of supply that people can peruse, right? Do that make sense? Yep. Nope. Perfect sense. But I'm happy to be on the adventure with you and put you in touch with some of these great marketplace founders who might be able to give you some tips. And, you know, I really think when you got to set like an unrealistic, you know, I want 10,000 items in this marketplace by May 1st.
Starting point is 00:53:01 And then you get to May 1st or I'm sorry, June 1st. Yep. And then on June 1st, you say, your team, hey, listen, we got to 7,000. We didn't get to 10, we got to 7. Now I want to get to 25 based on our lessons here. And this is just, you know, unrealistic. Sometimes, you know, when you were in the shit, and bleep that out in Kuwait, sometimes somebody gave you an order that, you know, two guys in the squad were like,
Starting point is 00:53:21 that's not possible. And your job is the leader to say, yeah, okay, on the surface, perhaps not. Let's get creative, right? Give me some ideas here, folks. No, it's not an option. We got to take a shot at this. The odds are long. There's a certain amount of risk involved here.
Starting point is 00:53:38 Let's get creative. Let's figure out if we can figure it out, right? And so I always like to set those unrealistic goals. I told my team, I want 100 first person. I want 100 meetings, introductory meetings per week. I got so, how much pushback did I get pressure? A lot, yeah. How many did we do last week?
Starting point is 00:53:57 60, 50? 60, yeah, 60. Okay, so we're almost there. We get 60. When I tell LPs, we're doing, we're on pace to do 3,000 meetings a year and put them in our database, people are like, whoa, that's a lot of meetings. And I say, yeah, and, you know, the denominator is 20,000 applications. and so I keep pushing and pushing,
Starting point is 00:54:16 and we're going to hit 100 meetings in the next couple of weeks. I think we have three more researchers coming on board. So if two of them click and do a good job, we'll hit my goal of 100. Now, I set that goal a year ago, but here we are, and mission accomplished. And so it's going to be great to be in business with all of you.
Starting point is 00:54:35 I hope we can work all these details out. If you are a founder and you're listening, we are passionate about helping founders like Peter, like Alex, like Alan, we're passionate about rolling up our sleeves at launch at Founder. at University, at the launch accelerator. And this week in startups, of course, we want to help you succeed. Most startups fail.
Starting point is 00:54:55 We know this going in. We don't mind. We're okay with failure. We just want to work really hard alongside driven people who are accountable and set really great goals. If that's you, apply. If you want a bunch of money, you want a handout, you don't have any skill, please go to apply.Ycombinator.com, apply somewhere else.
Starting point is 00:55:15 Apply, go to techstarres.com slash apply. If you're hardcore like Bresh and I are and the founders start today, and you really want to win and you want to work hard and you're willing to work 60, 70 hours a week, if you're checking your email and pushing code on the weekends and at 1 a.m., you're waking up getting out of bed to write that extra email and hire that extra person, and you want to win.
Starting point is 00:55:35 If you're part of the 1% of founders, that really pushes hard, and we invest in 1 out of 200, so it's really 50 bits. one in 200 we invest in, you can apply at launch.co slash apply, launch.co slash apply. That is our global application. Correct, Prush. That's the one place we send people to. You can go to founder.com to learn more about the program.
Starting point is 00:55:58 You can go to launch.com to learn more about our firm. We also have a syndicate, the syndicate.com, 11,000 members. Over 4,000 of them have made an investment in a startup so far. On average, they invest these high net worth individuals, $7,000 each. On average, they put in 500 to 750K into startups. So we offer our startups if they're hitting certain goals and there's a quality company to syndicate, to the syndicate after our fund has made their investment decision. It's two separate entities. So we really
Starting point is 00:56:28 work hard for our founders. And you'll see them many times on this weekend startups. We love what we do. We're looking for passionate, hardworking people with skills. If that's you, you know what to do. We'll see you all next time. I'm on this week's startups. Bye-bye. Okay, everybody, I want to tell you about founder Fridays. What are founder Fridays? This is an opportunity for you, if you're a founder, to get together with a half dozen, a dozen other founders on a Friday, the first Friday of every month. Why is this important? Well, if you meet with other founders, you can talk about the things that are working at your startup and the things you're struggling with, everything else in between. And then you can trade notes
Starting point is 00:57:08 and you can make friends. It's really hard to be a founder. isn't it? You're alone all the time. You've got to solve all these problems. And other founders are having the same experience you're having. It's isolating. It can be scary. It can be thrilling. And people don't understand what you're going through. If you go to a dinner party and there's one founder and seven other people, you feel like a mutant. You feel like somebody who doesn't belong there. Nobody understands why you're doing your startup, why you're taking this risk, the problems you're facing, right? They're NPCs. This is a non-NPC event. Every first Friday of the month, we do founder Fridays. We're doing them now in 71 different cities. And if this sounds appealing to you,
Starting point is 00:57:47 well, you're a founder and you want to hang out with maybe seven other founders around a roundtable. You can have breakfast, you can have lunch, you could have dinner, you could have coffee, you can co-work, dinner, however you want to do it. And it's free. We've been doing this for a couple of months now. We've had 71 meetups around the world and 929 founders have joined. I want you to join and I want you to come to the next one. It's Friday, May 3rd. Now, if your city's not on the list, what are you going to do? You're going to apply to run your city with two or three other founders. Again, four founders by founders. From the number one podcast for founders this week in startups comes founder Fridays.com. Go to founder Fridays.com to sign up and you're going to meet
Starting point is 00:58:28 all these great founders and we give like a little prompt. And this founder Friday taking place on May third, we want you to bring two things with you, your most significant challenge and one thing you wish you'd learned earlier. We're going to go around the table, and each person is going to do that, and then you'll get feedback from your peers. It's incredible. It's magical. And we don't want this to get big. We want to keep it small. So if you plan on going and you're interested and sounds appealing to you, just go to FounderF Fridays. Tech, T-E-C-H, right? Great domain name. Founderf Fridays.com. And please take pictures and then share those pictures on Twitter. at Mention Us, at TWA startups, at Jason. And it doesn't matter. You can be in San Francisco,
Starting point is 00:59:12 New York, Chicago, L.A., Paris, Tokyo, Dubai. These things are happening all over the world. Again, 71 cities. Let's get it to 100 cities. We've got over 900 members. Let's get it past 1,000. Go ahead and sign up, and you'll be in touch with my team, and we'll see you there. Once again, founderf Fridays.Tech.

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