33:05Pitch Practice with Paul Buchheit and Sam Altman at Startup School SV 2016
From Y Combinator · Published Jul 22, 2017 · Watch on YouTube
TL;DR
This video involves two startup pitches at Y Combinator’s Startup School SV 2016: ShipperMax (a shipping marketplace for bulk commodities) and My Purple Folder (a unified healthcare records app). After each founder pitches, Sam Altman re-pitches the same business to demonstrate clear communication.
Key insights
- Investors assume the median startup is worth zero and ~95% of startups are bad investments; they are looking for the one exception.
- A pitch must make the investor think “this is the one I’m finally going to say yes to” — being a nice business is insufficient.
- Change in established industries often comes from competitive pressure: traders who adopt technology will defeat those who don’t.
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