59:06Michael Seibel - Building Product
From Y Combinator · Published Jul 22, 2019 · Watch on YouTube
TL;DR
Michael Seibel shares that his startups Justin TV and Twitch survived only because of a strong technical team, low burn rate (living on $500/month), and ego tied to the startup as their only life achievement. He argues founders must first define the problem in one sentence, identify the customer, analyze problem frequency and intensity, and charge early to validate demand.
Key insights
- If you cannot state the problem you are solving in two sentences (ideally one), you do not know the problem.
- It is critical to know whether you have experienced the problem yourself; solving a problem for someone you’ve never met is risky.
- Define the problem narrowly first – you cannot solve it for everyone initially.
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