Everything We Teach at YCombinator in 10 Minutes
AI Summary
How to Start a Technical Startup
- Co-Founders:
- 2 to 4 co-founders, at least 50% engineering.
- Each should have financial stability for at least 1 year, living frugally.
- Everyone must quit their jobs.
- Idea Development:
- Start brainstorming with the team;. One member typically has the initial idea.
- Focus on solving personal problems known to the founders.
- Address daily and weekly problems for better success in the market.
- Market Research:
- Conduct an hour of research to evaluate market potential.
- Use competitor products for insights.
- Incorporation:
- Incorporate in the US for fundraising; a simple process costing around $250.
- Minimum Viable Product (MVP):
- Launch quickly, ideally within two months.
- Get early user feedback; avoid endless iteration before release.
- Growth Strategies:
- Experiment with ads, focus on reference customers in B2B.
- Ensure product usage is linked to sharing for virality.
- Public Relations (PR):
- Handle PR internally instead of hiring firms; focus on building relationships with reporters.
- Treat PR like business development; require genuine news and follow up.
- Fundraising Tactics:
- Raise funds by not appearing desperate; keep expenses minimal.
- Schedule investor meetings tightly to create urgency and buzz.
- Focus on growth metrics during fundraising discussions.
- Operational Efficiency:
- Control spending; review monthly expenses thoroughly.
- Make strategic decisions to extend runway, like reducing salaries and costs.
- Hiring:
Hire individuals who are smarter than you; increase team talent.
Be transparent about compensation (stock options and salary).
Hire slowly; focus on quality over quantity in the early stages.
- Team Dynamics:
- Minimal initial team (e.g., Founders only) can drive significant success (e.g., Social Cam and Instagram).