June 20, 2014

See Through The Life Of A Young Entrepreneur - Life Vision

0:01 of 0:09 0 0:15 %uh cool 0:18 %uh 0:19 %uh 0:22 %uh 0:24 think 0:31 %uh cool 0:34 %uh 0:35 %uh 0:38 %uh 0:43 %uh 0:46 people 0:49 %uh 0:53 %uh 0:55 %uh 0:57 0 0:59 %uh 1:00 it 1:03 I'll 1:07 the group to the Internet has changed small start-ups to some of the most 1:10 influential companies in the world 1:12 I'll behind these companies a more often than not 1:15 young visionary entrepreneurs who grew up with the Internet 1:18 now seem best position to direct the future of the web well 1:22 who are these new entrepreneurs and what drives them well 1:27 well 1:32 a really great founder seems to be building a groundswell 1:37 even if there's nothing there and so he's 1:40 he in effect is a magician he created something from nothing 1:45 you're always kind of just on the edge your conference and 1:48 everything you're doing is basically something year just barely qualified for 1:52 or not qualify for 1:54 it's like jumping off a cliff having to filter should 1:57 I think in turner difficult 100 2:01 to redefine and your I'm I think 2:05 an entrepreneur is a person who dares to 2:08 have a dream that not that many people have and even more importantly dares to 2:13 che said put their money where their mouth is in that time in their career 2:17 and dares to take the risk of going out there to realize that vision 2:20 on for some the crazies people over me on the people who 2:23 have a dreamer idea this and keep them awake at night you know they get the 2:27 opportunity to hopefully solve that problem 2:28 or do something about it I it's the best in terms of neither solving our problems 2:32 or something some you staying in 2:33 making really change the world entrepreneurship at the moment it's 2:37 kinda like the new smoking 2:38 it's cool to be created its course be making something and I just love 2:42 backhanded 2:44 over the last couple years the cost of starting a web based startup has 2:48 decreased dramatically 2:49 I think over the last couple of years it's changed dramatically 2:53 a if you think back to the turn-of-the-century 2000 2:57 what you had was very large companies often creating web sites 3:01 like Yahoo II well these what big companies 3:06 pretty new kinds of products on the internet on 3:09 with the crash those whens way but you turn it didn't go away 3:12 and what actually happened was it need inevitably 3:15 a young innovative innovative final 3:19 look at the weapons that we can do this differently ten years ago if you want to 3:22 start a company 3:23 you gotta go like him or her to tell you what he should do a C corp or LLC 3:28 fear that a Google search don't free in like five minutes 3:31 you know when that time you interviewed on past the lawyer's secretary ten years 3:35 ago 3:35 its relations to on Spurs will look like ten years from now I'll 3:39 there before their managers may be all engineering and now they're 3:42 now the attack people hackers anybody now with the laptop in a wifi connection 3:46 can build and 3:48 today a lot of people will be able to start companies who never could have 3:51 before 3:52 this applies especially to younger people they're willing to put in the 3:56 long 3:57 unpaid hours and have nothing to lose 0 4:00 I'll as you get older you get sent you a reason that certain patterns and you 4:04 recognize and 4:05 behave a certain way but you know I think the young entrepreneur see things 4:09 differently 4:10 I'm in a way that i think is oftentimes refreshing therefore groundbreaking 4:14 when the great benefit to study million businesses that you have listed lose 4:17 you're not paying no if you are the M once you have four kids and a 4:21 you know and a something where you have to remortgage your house in order to 4:25 finance your company 4:26 I'm that's a lot too big a risk to take 4:29 then if you come straight out of university and you know all you can't 4:33 have to choose with 4:33 you know choose between his is either you take up a job or you start a crazy 4:37 company to do crazy things and learn 4:39 I've met kids out here who are you know still teenagers and starting companies 4:43 and you know all the way down to sixteen years old which is pretty 4:47 pretty crazy when you think about it younger people have been affected by 4:50 last 4:51 and their often times more idealistic and have better dreams big revisions 4:55 because they don't know 4:56 obvious a better or worse it doesn't really matter to me I could be fifty 5:00 fry care because removing a gentleman is really 5:03 what I think makes the Silicon Valley area so fascinating is that I know so 5:07 many people there could be many young keeping the old 5:09 they still take you seriously us to listen to you and that's why this is 5:14 culture 5:14 listening i think is so conducive to entrepreneurship why this this area so 5:18 valuable to people 5:19 drain Wong group in Vancouver Canada 5:23 that nineteen he raised 4.3 million dollars in funding for his company 5:28 keep reward network where you play games on your phone 5:31 thank you real rewards through keeps network do my parents 5:37 at one point thought that I was addicted to my computer and wanted to take it 5:41 away from me and i'm glad and I'm not doing that 5:43 but I spend that like almost eight to 10 hours a day my computer 5:48 and this was on the plane miles very addicted to 5:51 tennis Traxsource which is a first-person shooter game that was 5:55 extremely popular when I was young and still very much so is 5:57 and I spent hours and hours playing a game company to maintain my 6:01 top observer status I was the top like three servers 6:06 comment takes a lot of time maintain I'm spent a lot of time on Photoshop 6:11 I part myself how to design just because I'm figured it would be fun to learn how 6:15 to do that 6:16 and taught myself through forums and tutorials and all that fun stuff 6:20 is all about wine to create something out of nothing 6:24 studied and marketing and also been a minor in Political Science 6:29 I wanted study something that was groovy and related attack 6:32 there was in liberal arts so that I can learn about how people on the other side 6:35 it they were thinking 6:36 and I was very enlightening house able to learn a lot about 6:40 perspectives on political theory and when I things that help me do was 6:44 understand power structures and politics is inherently RAM power 6:47 and I can learn how to navigate those power structures 6:50 I can be successful in other areas and so that was a poli sci really 6:54 media I have started a a web design company 6:58 like every other WebLogic her hands up doing at some point 7:01 and there was a I call that the design consultancy and we basically these 7:05 charge people to make layouts and there was reeling me in my body like 7:10 hammering out conan sending it off to someone on a 7:13 I freelance web site to make it all work and then sending of that client and 7:18 charging a lot of money for 7:23 so spending time doing it wasn't work at all it was just me spending time have 7:27 fun 7:28 and having to pay a swelling realtor pay most of our college tuition from itself 7:32 I was great but other than that I really and think too much in 7:36 after skipping for grades in school and finish in college it only 7:39 18 he decided to move to San Francisco realize that if our 7:44 do something meaningful for the rest my life who have to be a city that was 7:47 larger 7:47 had more money in it that more people that I can relate to 7:51 and I knew that Silicon Valley was 7:54 the place to be right so I'm gonna go check it out and see with my own eyes 7:57 is it really nerd tell pia as they call it is it 8:00 is actually that's awesome and so I I am 8:04 you know food down and cold email just people cuz I figure you know what what's 8:07 the worst that could happen 8:08 you know these people and they say no it's great I was never going to email 8:11 them or what I was ever going to meet with them in the first place 8:14 of by emailing people in Silicon Valley 8:17 Prime Minister get meetings with some of the world's most respected venture 8:21 capitalists and entrepreneurs 8:23 he got a job that dick a popular social content website 8:28 didn't have to lay off forty percent of their staff and after only a year Brian 8:31 was fired 8:32 I had like two thousand dollars not my thing how Alberta go bankrupt 8:36 I'm friend like 1500 sachi to live in the city 8:40 and I am I remember 8:44 talking to some my friends and I made in the last few months and one 8:48 you know have got this idea he night that I know this BC 8:52 Adam I met with Adam for coffee animals like 8:56 now and school you know compatible usually never hear back from them ever 9:00 again 9:00 than Adam the next day called me and said he wanted to apartment many 9:05 I'm into an apartment was the time I well as a partner me 9:08 and I realize it was not very important meeting clearly because that was where 9:11 they're making the decision 9:13 and the week after that a term she and you know the 19-year-old sitting down 9:18 yet that many zeros are freaking out as was amazing years in your life 9:22 then I realize it was might take it has 9:26 very chance thing I got very lucky 9:29 of true ventures investment made brain able to start the company had dreamed 9:33 about 9:34 he was 19 years old at the time which makes him the youngest person to ever 9:38 receive funding by venture capital firm 9:40 beating founder of Facebook Mark Zuckerberg by one year 9:43 %uh next six months were very clear to me 9:46 beyond that I can scan anything but I didn't care send you that we have six 9:50 months 9:51 for last approved a lockout and so is a race against time 9:55 to make things happen and I was so determined that I would just sit down 9:58 meaning 9:58 I'm not mean this room until something happens and this is going to make this 10:02 world 10:02 a completely different well in next year's and you can help me change that 10:06 and people were there to be a part of his vision I and thank them more 10:10 a lot of very early supporters at believed in this crazy asian kid and his 10:14 random idea around Roma wines from virtual achievements like 10:19 you know the people who support me I think man and part of their lives even 10:22 to this day 10:24 I'll 10:33 being an internet entrepreneur is hard work the freedom of not having a bus 10:37 comes with strings attached 10:39 vacations disappear into the midst of long hours money problems and sleepless 10:43 nights 10:45 bootstrapping art building a business with little or no money 10:49 is the most common way to start a company today 10:52 es amor that worried about these got much fun as and 10:55 you expend 10 years trying to be the next eat up so much think about him 10:59 sitting at that time coding and they know they missed out on the best years 11:03 of their lives 11:05 you need to enjoy life as well when I was not for ads and you know I think so 11:08 now you know 11:09 it was go sleep late after a long and accounting II 11:12 you wake up late usually cuz you to sleep II 11:16 you think about it so that you are junk food you don't rush to say that well I 11:20 did just that while 11:21 and you guys work all the time its entire life it's it's always a roller 11:24 coaster ride 11:25 you know every time we hang out for large for their friends and souls like 11:29 closest to the where you are you a leg up you know you're hyper a cycle where 11:33 you live down the deaths you know because pretty much deserved it a lot of 11:37 other 11:37 other dinner meeting goes he knows a lot of people homer to hear you know where 11:42 receive the world talk the one tomorrow like to use 11:46 oh no I'm doing as a service to the Baker this is 11:49 the most manic-depressive way you could possibly live life 11:53 right you never having a good day you're having the best day ever 11:58 or you think you're about to die I know people who run the startup 12:02 who manage to you know balance things and do do other stuff in life as well 12:06 I'm not one of those people 12:09 Alexander young the CEO and cofounder SoundCloud 12:13 and audio platform that enables anybody to upload sounds fun to the WEF 12:18 some crowd is one of the fastest growing companies in the music world 12:22 the company's headquarters are in Berlin but because they're fast growth 12:25 they have opened an office in San Francisco Alexander splits his time 12:29 between Berlin 12:30 consider Condell Alexander grew up in Sweden 12:34 en route to the rails Institute of Technology in Stockholm where he studied 12:37 human computer interaction 12:43 I didn't have the typical like a enterpreneurs background of you know 12:46 opening up a lemonade stand then you know that selling magazines to the 12:50 neighborhood but 12:51 I realize in in hindsight that I was always doing these like intense project 12:56 I would come up with an idea and then 12:58 I would you know cut out everything else my world and only folks on that I 13:01 here so I think that I was I was very enterpreneurs real 13:04 in terms of doing projects and like creating things but 13:08 it wasn't like in a business sense but 13:11 I definitely always had the tendency to 13:14 go you know over the top but for projects that I was doing no matter if 13:18 it was 13:19 and installation with interactive shoes that made noises or ping pong table 13:22 that's you can make music with 13:24 or whatever it might be so a 13:27 I had them a strong drive to 13:31 create things an but it wasn't I didn't think of it as such I V 13:36 and business quality or anything like that 13:40 Alexander Meigs co founder hurtful force in college 13:43 bonded for being the only ones Mac computers 13:47 they both had a background music and familiar with problem collaborating with 13:50 other musicians 13:52 they decided to create some crowds so that problem in the beginning we were 13:55 really excited but I think it was 13:57 we were more excited about it because I've like because we wanted this product 14:02 and we were like oh this has to exist cuz then we can do this we can do that 14:05 I think we were so obsessed with what it would do for us that we didn't 14:09 necessarily see the full potential 14:11 how big of an impact we could actually have on on the web and to the world 14:15 outside 14:17 after graduation in 2007 he and Eric decides to move away from Stockholm 14:21 to be able to focus totally on the building at the company's 14:25 the travel around Europe looking for the best place for a texter 14:29 we went on a trip to London Barcelona 14:32 Vienna and Berlin Berlin was the last stop 14:36 and and the idea was so just fill out the city a little bit and see if it was 14:41 somewhere where we wanted to move on 14:42 we were in Berlin and we left like it they think can be made if they felt like 14:47 okay this is the place 14:48 so many I creative people here to get texan 14:51 so actually that same evening revert back to stock on 14:55 we were like you know what screw it for moving to Berlin next week 14:59 so I took one week from that our apartments back to big suitcase and then 15:03 moved on to berlin 15:04 and you know the next week we set up our office at a local cafe there 15:08 and yeah it turned out to be even better than we thought so what's that you know 15:13 a lot of people talk about bootstrap startups but that was like to be a 15:17 dictionary of bootstrap 15:19 like any we literally we move over with the rucksack its and that was it 15:22 where Nick in a cafe events than our next office was a conference room all 15:28 the friends 15:28 startup I think we lived there for a couple of days 15:31 let me kick the South I'm we found our 15:35 our own office which was this almost like an old abandoned after 15:40 where we pull the cable outside the window to get internet in their 15:44 we had 5 good chairs in stock on 15:47 I'm we've gotten from another entrepreneur for free 15:50 so those we decided to bring down from stock on to berlin so I think we had a 15:55 friend who took 15:56 okay with his car something and then if we were rolling them around for lettin 16:00 the music scene in berlin is fantastic so 16:04 on the weekends we would be out like clubbing well this fantastic Berlin 16:08 clubs like 16:09 from Friday until like Sunday evening and then you know back 16:13 on Monday just like coding you know the whole week through 16:16 I think that went on for like half a year or something 16:19 just like no break whatsoever in October 2008 16:23 some crowd launch the product after being in private beta for more than a 16:27 year 16:27 when we decided to open open the site for the public 16:32 on we thought well we're in Berlin so the right way to do that is at a club 16:36 and so we actually we threw a launch party at a club that our friends have 16:41 a call picnic and we actually launched at twelve o'clock at night 16:45 at the club's Lake have had I'm so on a chief architect was 16:49 is sitting upstairs in a in a in a small room with the left foot deploying the 16:53 site 16:54 and we were like Eric an hour behind the DJ decks late lunching with 16:57 I on the dance floor add a we were just like 17:01 ok it's gonna crash it's gonna crash but its it survived it survived the whole 17:05 night and then 17:06 and that the morning after I was a bit tired but first thing you know I woke up 17:10 for it just like 17:11 the is a site online was online and start saying it had signed up throughout 17:15 the night 17:15 and of from their own was 0 for 9 and I'm 17:19 and full-on Alexander due attention to his company in a creative way 17:23 involved a leather jacket and spray paint every time I was doing it to work 17:28 at a conference had made short have some 17:30 some spoiled and that walkway could turn around slept at four with six minutes 17:35 his jacket the backup and but it's good like that was 17:39 picture that jacket all over the web like people were talking about it does 17:42 it look pretty cool 17:43 and I know so many investors that remember that def get so that was 17:47 actually a good thing for us to 17:49 you know and to get that this is a C you know 17:52 Tanzania startups everyday actually remember ours 17:55 on so the jacket you know was as a spray paint and achieve its name jacket 18:00 I was probably an hour a pretty good pretty good fifty euro 18:03 marketing at marketing stunt SoundCloud now has more than 10 million users 18:10 and sixty million dollars in funding to use include such high-profile musicians 18:14 as Reanna 18:16 and came in 0 18:18 you know what's everybody in the company about it I I had this thing right said 18:21 that the bay that 18:22 York signs up I'm gonna take the day off and then we're done 18:26 that and have been was probably about six months ago 18:30 the six months ago when %ah you signed up and 18:33 in preparation for the new york new album start posting these like really 18:38 awesome 18:38 like little sound bites which was talking about new album and 18:42 and i was just made my day and I X is so then I was like 18:46 okay have to take the day off and ten minutes later I realized only thing I 18:50 wanted to do on my day off for us to work something I just went back to the 18:53 computer next end up working that day anyway 18:55 good 18:57 do turn an idea into reality 19:04 entrepreneurs often need to meet additional costs that's where the 19:08 investors entered the picture 19:09 they give entrepreneurs funding in exchange for a part of the company 19:13 do venture capital firms and angel investors 19:16 are attracted to start its because their potential to grow rapidly 19:20 for unlimited investment bell 19:26 well I think angels tend to be fun individuals that the people who 19:30 probably had successful businesses themselves in the past 19:33 and now they're looking to invest some other on capitol in Sioux 19:37 early-stage companies and the UC doing it partly to 19:40 I get a return to yet make some more money but partly also because they enjoy 19:43 doing it they they see it as a great way I have 19:45 mentoring and working with young people in early-stage companies 19:49 I a venture capitalist is someone is really doing that as the job so 19:54 you know we've typically raise money from bigger funds like pension funds 19:58 I like governments and we doing its to basically return money to our 20:02 shareholders 20:03 if I'm if I'm loaning money to someone 20:07 now I kinda want them to succeed but mostly I just want to pay me back 20:12 in the case of making an investment in a business 20:15 I want them to succeed really big 20:19 process for venture capital is either we find you 20:22 or you find us and generally when we're looking for you 20:26 that's a good thing when you come to find us it's more of a 20:29 shot in the dark 50/50 first and second time is 20:33 you start a company is it's very difficult to get busy moms 20:37 you have to know some angel it's also very good education to have some angels 20:42 ago who can then take you to the VC's because if you just for show school you 20:46 don't know the season you don't even know what the seamy 20:49 you maybe you think it's forever you give your pitch 20:53 when you meet all these investors in on visit the 20:57 yeah venture capitalist their offices down 21:00 are in II you have you get maybe a half hour 45 minute pitch 21:04 and you talked about if investors in 21:08 after a series more meetings then decide 21:11 mister resist about a million dollars and 21:16 the feeling and so we finished raising was feeling of fear 21:20 where any investors buy into this and 21:23 we actually military's the money disguise the founder and CEO 21:29 now the company that creates software to help small businesses 21:33 better track and manage their finances jessica has been building businesses and 21:38 she was 12 years old 21:39 she finished high school when she was fifteen and that twenty 21:42 she had raised over a million dollars for her own startup 21:47 I was pretty bored in school us young size is always tryna 21:50 find a way to make more money on my own so as doing stupid stuff like lemonade 21:55 stands for 21:56 going anywhere houses try to with their leaves are you anything I make my own 22:00 money 22:01 I got my first computer on I was and third or fourth grade 22:05 anesthetic programming when I was 22:08 think thirteen-years-old and ice really 22:11 wanna make my own game my own web sites and so pick up some books on local 22:16 bookstore 22:17 and to that my spare time I'm on slot for dinner so she told me 22:21 why not take your programming skills & make a business out of that that's why I 22:26 first started thinking about putting my own company 22:28 when I was working on my first company while I was 13 I had 22:35 least a few hundred customers and all the more pain 22:38 recurring revenue every single month I was 22:42 selling stuff on ebay and I was sign my programming services 22:47 I need some money like I did make big money but 22:50 enough I was making like 22:53 high five digits her just going to Berkeley 22:59 where she studied computer science there she met her cofounder and the sioux 23:03 that first you're just doing homework with each other for that after you 23:07 do your homework without why don't we do other fun things or not their homework 23:11 so 23:11 said restoring sort of ideas and and just programming project ideas and 23:16 started pulling stuff in our spare time 23:18 and then that ultimately lead weights us running a 23:21 for real company together in college 23:24 just go in and he started to build what was to become and narrow 23:27 she and her team live together in a small apartment in Silicon Valley 23:31 I thought I was so much fun to live in them in an apartment with 23:34 like a father and with early team because 23:37 you just you're literally 23:41 eating and sleeping and breathing or start up twenty for southern 23:44 you that and it was just of US in a small tiny room 23:48 the living room at our computers there you just wake up a lot about in 23:53 builder start-up and then when cooked meals and then just go back to 23:56 working and it was was a lot of fun 23:59 the first version and they're hours really bad it was just 24:03 like a thunder and I going to hackathon 24:06 and we had a intend to build a project and 24:09 percent it to I'm about a hundred people 24:13 and you don't really care about poor quality or anything just 24:17 program all weekend long to told 24:20 in a row launched in 2009 she and her team needs more money to buy the product 24:26 she initially set out to raise five hundred thousand dollars for the company 24:29 receive so much interest she eventually had to turn investor's away 24:34 I want while really well and I think you want well because we 24:38 took her time to build our products and and we didn't just launched it when we 24:42 fell 24:43 ready but knew we were ready because we 24:46 double date with doesn't serve I've personally solemn sign up 24:51 new which common problems they had sewing that 24:54 it was ready for the public and then people started 24:58 offering tax on it all rolled and 25:01 and then it was feeling optimism and excitement 25:04 and and finally one had all the money 25:08 decided to spend it really slowly something to spend over an eye on random 25:12 stuff 25:13 you're really cautious about it because I had never seen that much money in my 25:17 life 25:18 and although it's not that much for a company was a lot for 25:22 Randy and I I think about the business 25:26 almost all the time I try not to think that on Saturday 25:29 but every other day I think if you're not thinking about your startup 25:33 and your not saying a good enough job 25:37 if her if you're the founder at least because 25:41 you're gonna come up with your best ideas in the most random moments while 25:44 you're driving your car thinking in the shower just walking or 25:47 and and so I think 25:50 yes I think that all the time lifestyle is 25:54 this hectic you have to be working long hours have to be 25:58 on enjoying 26:01 I'll 26:07 so are they doing this is it about walking away with millions of dollars 26:11 of course the ultimate goal having satisfied users and good product 26:18 well I was supposed to be unemployed 26:22 I was supposed to have no money and Here I am unable to 26:26 need to sleep live under roof have an office and 26:29 it's already amazing for me so 26:32 I could live on sustenance right 26:35 and I could care less think a lot of people jumps out at them 26:39 you know how wealthy some tech on Spurs debt you look at bill gates are Larry 26:43 and Sergey or Larry elsinore colour 26:44 you Steve Jobs Mark Zuckerberg do you think oh it's all about the money 26:48 I'll by if you ask that it's really not you know if you talk to those guys i 26:51 dont 26:51 Paris right it's make money it turns out if you think about how to make money 26:56 you might make money but it's not really a good indicator 26:59 so I think the primary motivation really is is the best I first ran change the 27:03 world 27:04 I think it's always very different a and I think it's sometimes very personal to 27:08 you what drives amor me think we are certain entrepreneurs 27:10 I'm your really want it change the world 27:15 others just realize this is an incredible way to 27:18 to to do a lot of wealth I and and others are really special about the 27:23 products they were really not even thinking about 27:25 you know the business itself I think too many attorneys are in it for the wrong 27:29 reasons I think they're in it for the money 27:31 for the same for the glory and 27:34 a lot of them were gonna say they're not in it for any of that but 27:38 but they're just being themselves 27:41 the first time entrepreneurs when they 27:45 just get funded a they 27:49 at first a really thrilled that they've got funded and then 27:52 the wave the money is on their shoulders and they say 27:56 oh well we've we've really got do this and we gotta make sure it works because 28:00 we 28:01 have now raise money from somebody else from other people 28:05 I think a lot of entrepreneurs are spending 28:09 their twenties working all the time because the there's the there's Futaba 28:12 reasons one 28:13 a lot of them see you know the opportunity for fame 28:17 and success I and but more than that I think you know the the best ones really 28:21 just 28:22 have these great ideas and I realize that they can do something 28:25 right now its cheap cheap to do it and they can just come out here 28:29 do something and potentially really alter the way that the world 28:32 works not building software to build a business and make a ton of money 28:36 get rich off at the arc over is the CEO and cofounder of growth 28:43 real time group chat service for teens she started her first company in 2007 28:49 she cofounded the social network site house 28:52 which year later are selected as one of the most influential women in web 28:56 by Fast Company well 29:01 so I first became interested in programming and started doing a little 29:05 bit more with computers 29:07 and when I was about 15 and 29:10 it was had 20 at the time to make your own web pages 29:14 and everyone wanted to have their own home page 29:17 so II gotten these free Angel Fire do. cities 29:21 home page doesn't start learning HTML I wasn't quite sure that that's 29:26 what I wanted to do for a job I think it was kinda always something I thought was 29:31 really fun 29:32 by I actually wanted to you be 29:35 a graphic designer when I was younger as my mother was a graphic design 29:39 and I think it's easy as a kid disorder just want to do your parents to you 29:43 and I was looking for jobs I was thought that would be so cool to love what I was 29:47 doing 29:47 she graduated from college in 2006 29:51 decided to move to San Francisco after graduating from college I really wanted 29:56 to move someplace warm 29:57 as I grew up in Minnesota which is very cold and I got a job at a startup 30:04 and yet in San Jose and 30:07 I work for startups for a little while and then I realized that I wanted to do 30:12 my own I wanted to work on my own projects kazakhs 30:14 that's why I got into programming was I wanted to work on you know 30:18 making my own fun things leonie new laptop but couldn't afford 30:22 she came up with unique way to generate enough money to buy a new one 30:26 when she saw ad space on a computer to several companies 30:30 by laser etching their logos on the surface of the computer 30:33 in so I said you know 30:36 like by a space in advertising on this laptop and 30:39 any like a corny web page for it was like a few by 30:43 hey if I had on my laptop also out of it all these like San Francisco cafes in 30:47 things and 30:48 I don't actually think anybody would pay any attention to this like Steve 30:51 website is that it kinda just like a joke and under the frustration I didn't 30:55 have any money 30:55 and people ended up actually buying ads on it and 30:59 paying for the skewl ads and it was fun it was a lotta work 31:03 to get people to buy the ads but I end up getting enough money to buy the 31:06 laptop 31:07 and at steady made a video of it in the me the whole thing seven production 31:10 trying to really get like the most value for the people that actually take my 31:13 dad's 31:14 felt a little bad as I want them to get something good out of it but it was a 31:17 really interesting experience in probably like 31:19 really good lesson in like marketing answer to following through on a project 31:23 to 31:24 the is for stardom began as a hobby 31:28 which is started playing around with sending messages and media to her 31:31 friends 31:31 she got to her friends involved and they turn into a social network 31:36 this I got a lot of attention and at some point invitations to use the 31:40 service 31:40 were being sold on D-day my for start-up was actually pounds 31:45 I and it's sort of a funny story because 31:49 most people go through several big failed startups are like little failed 31:54 start-ups that no one's 31:55 ever heard of before they end up making a product that's very popular and 31:58 passes fairly popular for like a first start-up 32:02 it's not really the traditional way that startups are felt like most the time to 32:06 have some small 32:08 other start-ups that don't work out so well but 32:11 I was lucky enough to work with Kevin Rose on pounds his fairly well known and 32:15 updating of publicity for 32:17 certify for start-up you for start-up is 32:20 really really exciting I everything sort of seems like everything's a big deal 32:25 and everything matters and you get t-shirts and stickers and like so 32:28 exciting 32:29 have your savior and start-up 32:33 a year later the company was struggling due to lack of revenue the team decided 32:37 to sell pounds to a software company called six apart 32:40 two weeks later the sake i sat down 32:44 well 32:47 how did it feel to sell the company I 32:52 was interesting like it's gonna be saying is you like I someone wants to 32:54 buy my company 32:55 exciting but this seems kinda sad cuz you reserve the independence in the 33:00 freedom to work on the project and 33:02 they ended up shutting down the site which I wasn't super happy pappa 33:07 its so that wasn't that wasn't a great experience 33:10 when things go wrong like it can you can 33:14 blaming people 10 and absurd having a lot of fighting 33:20 when things are 901 have regressive wanna know anybody thinks LA startups 33:25 are all 33:25 you know rainbows and sunshine I'm because it's a lot of hard work I mean 33:29 if you are a must in such 33:30 work a 9-5 job have a hobby aside his hobbies wow is the rate was in sunshine 33:35 is on the north side of the work gotta I think there's 33:38 part iv: our generation my generation where 33:42 you need to be perfect good at everything and probably not too you are 33:47 as you will fail 33:48 you will mess up you will do things wrong i mean even house like this I got 33:53 shut down 33:53 like acquired and shut down because we ran our money i think thats 33:57 and that's kinda a failure a but you need to be able to say like okay that's 34:02 okay 34:03 and and move on from that like something may not work out the way you expect and 34:07 and I think that's hard for a lot of people to 34:10 to know that they're gonna do something wrong I'll 34:19 failure is a part of startup culture in the news we only hear about the 34:23 successful companies 34:24 but what about all the others ninety percent of all starts with failed 34:28 you can't have everyone be a success just not a terrible situation 34:32 so most startups told you fail but the good news is that when the startups to 34:36 fail 34:37 it's a great lesson oftentimes for entrepreneurs and usually see a lot of 34:40 them come back and try again 34:42 what's really important is to make sure that I'm not really putting my whole 34:45 identity in the startup and I realize that it's just you know this might feel 34:49 in our experience about six out of 10 34:53 the investments we make fail and we lose all our money 34:57 and a and maybe two out of 10 35:02 a for a long and maybe we make our money back 35:05 or maybe two times our money so it's really one or two 35:10 those 10 investments that make it a huge success that make 35:16 the make venture capital worth pursuing 35:19 and and those are the one or two that makers many many times our money 35:24 yeah fairies totally accepted here it's actually I even 35:28 very few failed in your profile 35:32 people value a lot but you failed in the 35:35 and and it's totally okay yeah 35:38 its fit I feel everyday something you guys to do really well 35:42 their guys who have crashed another company for and the guys who haven't 35:46 crossed another company yet 35:48 this is the company that they need to crash I made 35:51 at thirty million dollars when I was 17 35:54 I lost or by the time I was twenty and Max parents really made me realize that 36:00 in life the may 6 important thing is the people around you 36:03 and its it's easy to forget and get caught up in the hype 36:07 you only get one life gotta live it don't forget 36:11 actually enjoy it and Fenway is an English serial entrepreneur 36:15 he grew up in England really fascinated with building businesses 36:19 he started a computer consultancy at age 15 36:23 at 17 he had raised forty million dollars 36:26 making him one of the first dot-com millionaires by twenty 36:29 get lost it all I was 36:32 always very different school I'm severely dyslexic I was told that 36:37 nine years old I've never read all rights because I was 36:40 pretty useless I still have trouble spelling business 36:44 on now is what I could even possibly have spell I'm 36:48 pots I was very lucky in one of the reasons why 36:51 I got ins computers and technology was actions governor laptop 36:55 at nine years old help your mind sexy a and that was one 36:58 I was on fast at I think it's an or UK 37:02 to be given laptop education my first semi 37:05 proper business was at 12 years old and I bought some chickens 37:10 and on I so their eggs 37:13 and I had a a proper cacheris Houston 37:16 after the fee check you know the self ice the Xbox 37:20 got very good margins that twelve-years-old after that my check and 37:24 business I sent my says computer consultants in my 15th birthday 37:28 charging ten pounds an hour and 37:31 that's really how I sat in a top business I think about time I was the 37:35 youngest 37:36 company on at Companies Act and the country 37:39 and that wasn't a few years later I raised 37:42 25 million pounds to doing was back then the fast e-commerce said 37:47 at 21 after the dot-com crash in 2000 37:51 Benz company went bankrupt 37:53 the when I failed I found in spectacular fashion sigh I'll issue when 37:59 I lost twenty million pounds and 38:03 I lost my car go I love my house 38:06 everything I can even buy cheap ticket the same die I was in the watch list 38:10 but even after this experience he decided to continue building businesses 38:14 in 2003 he started rainmakers 38:17 and innovation in venture company say also I found it 38:21 did take me a while to get back on my feet and after losing everything and it 38:25 was very hard 38:26 our time in my life and I end up doing every at CTV Sharon 38:32 and traveling the wild I'm but on 38:35 now is such a deep pass me that it to it took about 18 months to years to get 38:41 start my own business again but never any second as business leave me I'm 38:45 I'm always think your business so even after I sailed 38:49 I was thing you my days in the businesses I kitty 38:52 sometimes I I wish I could to clock 38:56 my mind a bit more often but every second of every day 39:00 is consumed by gonna make blood slightly better says been a 39:04 you know very long and challenging at time I've had some 39:08 great successes during that time and some great ideas or say I just and fair 39:12 that the ferry is so much anymore 39:14 I'll 39:23 well even though so many companies fail 39:26 entrepreneurs continue to start new businesses in hopes that they're so be 39:30 that one in 10 company that succeeds 39:32 what does it take to build a successful started 39:38 successful startups need a lot of things many a great idea they need a great team 39:43 need to be there at the right time they need the right level of funding 39:46 having and they need a little like there's a lotta lock in 39:50 in the successive all the businesses that have succeeded 39:54 there were 25 search engines funded before Google 39:59 was fun there were there were 40:03 there was Friendster and a 40:06 LinkedIn and MySpace and 40:12 about 50 others before Facebook became the big winner in that 40:16 care in that area a there's a little bit have 40:20 a like that just happens where somebody gets it just right 40:25 now that could be skill that they figured out what 40:29 the user really really wants and 40:33 and that's the thing that makes those big businesses but 40:36 so it is just you're at the right place at the right time 40:39 and you like I think with any 40:43 company there's this a lot of work involves you can have a great idea and 40:47 it worked really hard 40:48 to be really smart but on want the one thing it's out of your control is 40:53 time absolutely like team super important 40:56 I'll yeah big market 41:00 a yeah have 41:03 I mean it's magic its totally magic it's like all that stuff 41:07 and and nine times out and they fail and then like the one time that 41:10 it does work it happens in a totally unexpected way with the trip look at 41:14 Twitter 41:14 right like how big was microblog when Twitter start like a facebook have it 41:18 was social networking 41:19 star those work huge interesting markets but that's what you hear from all this 41:22 is like that's 41:23 that's the really that's what we look for in the those investors like well 41:27 really big investments than its ok US recovery 41:30 often feels like it's a series america you have to have 41:33 wind really good thing happened right after the other 41:37 on so it really does 41:40 I feel like a lot but at the same time if you really 41:43 work hard and and trial things early experimental 41:47 you can create your own luck you can make these here happen rose young and 41:50 still no transfer your 41:51 was a just II I think it was 41:55 I understand this is like catch-all word to define 41:58 you any independent small business person I guess that's what I thought 42:02 it sounded make sound pretentious to me 42:12 I don't I i mean i i can pinpoint where where it all came from 42:17 but I just always had the impression that 42:20 I was going to invent things 42:26 Zack line is a 27-year-old entrepreneur is the cofounder venue 42:31 a popular video-sharing site visited by fifty million people each month 42:35 he started his career working on a website called College Humor 42:40 to his friends from college started to post 42:43 silly pictures themselves on the Internet in 1999 pretty soon 42:47 the site was getting thousands of visitors a week and Zack doing that 42:50 while he was still in college 42:51 I never thought about playing college 42:54 II I I love college I think begets 42:58 you know weekly say I thought it was some the best times my life it's just 43:02 it's really nice intersection of innocence 43:05 and and independence and is 43:08 lovely and I when school North Carolina where I love and 43:12 I I'd give anything to it have for more user 43:16 after graduation in 2004 43:19 key industry partners move the company to New York 43:25 we're having a hard time being taken seriously by anyone in the industry 43:28 because we weren't same Cisco New York and I think all this just sorta 43:33 were attracted to the romance movie move new york city so 43:37 we decided to move there instead the four friends rent an apartment together 43:42 and ran the website have their spare bedroom for the first three or four 43:46 months is just the four of us 43:47 and so we sort of like got outta bed you know walked twenty yards over to 43:52 our into our office and just sort of like you worked until we are tired 43:57 and then you know we put on clothes and go get dinner 44:00 and so I can remember it was a big shock we got our first employee 44:04 we had like start like wearing clothes to work and having 44:07 normal business hours in 2005 44:11 The New Yorker published an article name funny boys about college humor and the 44:15 guys behind it 44:16 it certainly made clear that this wasn't a fluke 44:19 that we were very earnest business people very earnest entrepreneurs who 44:24 thought very carefully about the things that we're me 44:28 within a few months in the article being published 44:30 they had a book deal and a movie in the works our office 44:34 grew I think until may be up until like 10 or 12 people it stayed in our 44:38 apartment 44:39 and then a when we could afford it we got the 44:42 next floor above our apartment so we would take an elevator 44:46 up the building to our office and 44:50 I don't remember exactly what the count was but I think we had something like 44:55 30 people before we had our first person about 30 and 44:58 we we had to hire that person is needed an accountant and 45:02 you know that was like youngest the coun- confinement 45:06 video started as a side project by sacking one of the cofounders a coach 45:10 you 45:10 take a blood work after-hours the bits I 45:14 began experimenting with uploading short videos for their friends 45:17 then used after my proudest work 45:21 it's it's certainly the thing that I spent the most time designing 45:24 I actually haven't had really desire to 45:28 to design something similar okay I just 45:32 I remember it being and number having 45:35 in office and and 45:39 being having a door and just for shutting myself of 45:42 for six months why sort oven just 45:45 in a raid on this constantly we were very sophisticated making web sites and 45:49 we didn't we didn't make have any best practices we didn't know 45:52 you know how we should be building a website collectively 45:55 J can i still considered it very much a 45:59 a very personal project 46:05 and in so he gave me a lot of space 46:09 to in time to just make something I was really proud of 46:12 I remember writing letters to my friends and family saying 46:15 I'm sorry you don't know me anymore that's where things I dislike 46:18 I'd so div but all of my relationships go 46:22 because nothing was as important as this i member 46:25 breaking up broke up with a girlfriend is that ok I had no time 46:29 a or interests really is room or oven interesting at this 46:32 nothing was exciting to me is this thing 46:35 knowing that there were tens of thousands people that were like 46:39 using the service in love with it waiting to see what we can do next 46:43 in 2006 I A C 46:46 a big internet company acquired both College Humor 46:49 and Daniel after being a side project for time in 2007 46:54 second Jacob got the go-ahead from my a/c the Mio became a full-time 46:59 fully funded starred web site's user base was growing steadily 47:03 in 2008 sec decided to leave the company 47:08 nothing what it was is that something there something like there's the 47:10 entrepreneurial spirit that sorta been sucked 47:13 out at the company because we are now owned by such a a massive company that 47:16 was making a lot of decisions for us 47:18 and I felt myself being squeezed into this role as just a designer 47:23 night in I didn't really I learned design because that was the 47:27 that was like the the easiest way to make myself 47:31 myself useful to the process a building those companies 47:36 but I I wanted to learn so much more and I had money 47:40 for the first time in my life and I never ever wanted to work on internet 47:44 just for the sake of working on internet there's lots of things I want to do 47:47 so I left to do them inside I 47:50 you know buying some words in building cabins with my friends here 47:54 something that I want to spend time doing its when I looked 47:58 Zack now spends most of his time living in the woods 48:01 without electricity unreachable by phone i've lived in this cabin by me for 48:07 for a year for about half a year I spend 48:10 3-4 days the week down in New York because I still 48:14 and involved in Internet and then another 3-4 48:18 days we can hear and I'm usually is usually an O 48:22 eight to 10 people with me just the sort of make a 48:26 over the place that we all can can spend time doing whatever you want to do 48:31 I came this place and I think 48:35 well primarily save I love the outdoors I've always wanted a place like this but 48:40 I keep coming back because this 48:44 it's like in this place that I'm I feel most creative recently 48:47 my 9 tire career has just been spent online 48:52 pushing pixels around and there is something very novel 48:56 in throwing for mean to you to build with wood and stone 49:01 with my friends in to rate with these materials to make physical things that 49:05 we can use that we can be inside a 49:07 to see other people look at them i just i cant recreate 49:12 that's that sensitive pleasure I'll 49:15 working on mine I I can't explain it I don't think it's permanent it's just 49:20 right now this is where most inspired 49:24 of 49:28 most interesting place to be is place that 49:31 like that allows you to become very singularly focused 49:35 and when you're that way I think that your 49:38 you really at your peak and I think that's when you're you're most 49:41 comfortable with yourself 49:42 I think that's when you're most attractive to you to 49:46 other people that you're you're bound to be interested in and use or to become 49:49 magnetized 49:50 just you find other people who who also driven 49:54 to maker to think the same things and it puts you in a really creative place 49:59 where there's no fear 50:00 where people are are just really happy about the things are making together 50:06 and its in this space that I that I think you 50:10 you achieve great things creatively the No 50:18 well 50:21 cool 50:27 %uh 50:29 cool 50:35 cool success is one you make 50:38 I mean I know something that most successful and 50:42 as I know QMI unhappy say I think for me being 50:46 successful entrepreneurs face having a while and 50:49 life balance I'm yeah I want to be very successful but at the same time I still 50:54 wanna 50:55 life don't be in direct about anything don't take a job to go somewhere else 50:59 join me in so valuing to start up gobi its ok now I am going to stop 51:04 and only one stop you because once you get out here oMG it's a whole new world 51:07 of possibilities 51:09 welllll 51:15 way 51:17 well 51:18 cool 51:20 so many people have the wrong idea that they have to follow some kind of path 51:25 do your MBP bill year 51:28 no national product type: and Padgett have an initial 51:32 doesn't matter everybody start a company in a different way your FB were 51:35 following other guys path in your not being sure on 51:38 dinner the most comforting comforting thing to me 51:41 again or just the fact that all these people that 51:45 you know magazine covers slick they started out 51:48 just like you you know in their twenties experience 51:52 and up there figure things out so that I think 51:56 she give comfort 51:58 its us can teach entrepreneurship 52:01 you are the harder think it's a 52:04 if you are you're gonna your love doing it that's 52:08 crew are tensions that %uh 52:12 the 52:17 %uh way 52:24 %uh 52:26 well 52:30 on long is your passion for something 52:34 some fundamental core idea I think that that you should just 52:38 hone in on that and really do everything you can to explore that 52:41 0 follow your heart fall thing that really matters to you 52:47 if you do that you will be come a big success 52:50 on 52:54 way 52:59 %uh 53:01 %uh of 53:06 there's never ever been a better time to do it than today 53:09 um and you know you're only young once he just 53:13 your life is too short to give it up you got the opportunity to do something like 53:17 this 53:17 you let yourself go to the world you want your children to 53:21 up to take as far as you can well 53:28 well 53:29 well 53:32 well 53:36 %uh 53:37 way 53:40 when I that's a year away until after college for 53:44 prepare yourself you not honor quality classes even about 53:48 entrepreneurship but just to do it while you're sitting in class 53:52 as and not give any excuses for billion company because 53:56 no matter what important to come up with excuses 53:59 the hardest thing is just a star 54:04 %uh of 54:08 the mud 54:15 0 54:16 %uh 54:17 %uh 54:20 %uh 54:21 %uh 54:23 %uh 54:26 %uh 54:27 %uh 54:29 %uh 54:37 %uh 54:42 %uh 54:44 %uh 54:46 %uh 54:51 %uh 54:54 %uh 54:57 %uh 55:01 %uh 55:06 %uh 55:08 %uh 55:14 %uh 55:15 0 55:18 cut do 55:28 with for 55:33 do 55:39 0 55:41 do 55:47 0 55:51 %uh %uh 55:54 double 55:56 0 56:01 duo 56:05 do with for 56:10 do 56:17 for

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