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Y Combinator’s Paul Graham: We’re Looking For People Like Us

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Re: Y Combinator’s Paul Graham: We’re Looking For People Like Us

#71

Post by nostrademons »

geebee wrote: post #42
tlb wrote: post #16

Earlier quoted context omitted.

The Google founders were more than simply good. They were determined to be #1. Most people aren't.

They are now, but were they at the start? I remember a PG essay where the google guys were held up as an example of how even those developers with amazing potential can still be hesitant at the beginning, unsure of whether they want to or even can run a company. I think this is the quote I remember...: from http://paulgraham.com/notnot.html "There's nothing wrong with being unsure. If you're a hacker thinking about s…

They initially tried to sell the company for < $1M because it was "taking time away from their graduate studies". It was only because nobody would buy that they became a multi-billion-$ company.

Re: Y Combinator’s Paul Graham: We’re Looking For People Like Us

#72

Post by jdp23 »

paul wrote: post #68
kemiller wrote: post #14

This is probably the single most discouraging thing I've ever read about startups, but at least it's honest. Entitlement? "Naughtiness"? I think after Google, the idea got out there that it's possible to succeed by just being good . Technically and morally. This sounds like a return to status quo. Not saying he's wrong. He's almost certainly right, it's just depressing.

Following all the rules does not make you a good person. In fact, rule following and obedience to authority is what enables large scale evil. See http://en.wikipedia.org/wiki/Milgram_experiment for a famous demonstration.

Great point. Although the YC universe has plenty of obedience-to-authority elements as well -- think of how many times people on HN invoke "the rules" to shut down discussions about the TSA.

Re: Y Combinator’s Paul Graham: We’re Looking For People Like Us

#74

Post by fleitz »

"The total value of YC companies is now around $3 billion — YC has invested a total of around $5 million."

Damn, that's a good return, if you assume all positions were held and an 8% stake taken then that should yield $240 million, or an ROI (CAGR) of 116% since 2005. (This assumes the 5 million was all invested in 2005).

Anyone have a good metric to factor dilution from future rounds?

Re: Y Combinator’s Paul Graham: We’re Looking For People Like Us

#75

Post by pg »

fleitz wrote: post #74

"The total value of YC companies is now around $3 billion — YC has invested a total of around $5 million." Damn, that's a good return, if you assume all positions were held and an 8% stake taken then that should yield $240 million, or an ROI (CAGR) of 116% since 2005. (This assumes the 5 million was all invested in 2005). Anyone have a good metric to factor dilution from future rounds?

We assume (probably conservatively) that we'll end up with 2% after dilution.

Re: Y Combinator’s Paul Graham: We’re Looking For People Like Us

#76

Post by 6ren »

kemiller wrote: post #14

This is probably the single most discouraging thing I've ever read about startups, but at least it's honest. Entitlement? "Naughtiness"? I think after Google, the idea got out there that it's possible to succeed by just being good . Technically and morally. This sounds like a return to status quo. Not saying he's wrong. He's almost certainly right, it's just depressing.

Google got their first investment before they existed - they couldn't cash the cheque because the company it was made out to, Google, didn't exist at the time.

Re: Y Combinator’s Paul Graham: We’re Looking For People Like Us

#77

Post by pg »

kemiller wrote: post #14

This is probably the single most discouraging thing I've ever read about startups, but at least it's honest. Entitlement? "Naughtiness"? I think after Google, the idea got out there that it's possible to succeed by just being good . Technically and morally. This sounds like a return to status quo. Not saying he's wrong. He's almost certainly right, it's just depressing.

You may find it helps clarify matters to read the article Charlie is referring to:

http://www.paulgraham.com/founders.html

and also this:

http://www.paulgraham.com/good.html

Combined, the message is: focus on the high bits of good. If someone establishes a clinic in a poor country and saves people's lives, I'm not going to hold it against them if they do it with supplies that fell off a truck.

Re: Y Combinator’s Paul Graham: We’re Looking For People Like Us

#78

Post by thomasgerbe »

btilly wrote: post #52
rubashov wrote: post #35

Earlier quoted context omitted.

Birkenstocks are never OK.

I use my footwear as a test. If you don't like me simply because I'm wearing comfortable sandals, then I wouldn't have liked you either and I've saved us both a spot of trouble.

He didn't say he didn't like him. He just doesn't like a facet of his fashion. I don't like Crocs or Uggs. I don't think people look good while wearing them. But that doesn't mean I don't like them.

Re: Y Combinator’s Paul Graham: We’re Looking For People Like Us

#80

Post by andrewcooke »

paul wrote: post #68
kemiller wrote: post #14

This is probably the single most discouraging thing I've ever read about startups, but at least it's honest. Entitlement? "Naughtiness"? I think after Google, the idea got out there that it's possible to succeed by just being good . Technically and morally. This sounds like a return to status quo. Not saying he's wrong. He's almost certainly right, it's just depressing.

Following all the rules does not make you a good person. In fact, rule following and obedience to authority is what enables large scale evil. See http://en.wikipedia.org/wiki/Milgram_experiment for a famous demonstration.

On the other hand, Hitler, Stalin, Mao, etc, broke a few rules too. So I am not sure that championing rule breaking is going to help improve society.

More likely, what's actually needed is a balance. And, interestingly, the kind of person that makes a good entrepreneur is probably on the psycopathic side of normal. A very nice article in the Guardian made this point at the weekend - http://www.guardian.co.uk/books/2011/may/21/jon-ronson-how-t...

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