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some background from @FarzaTV
"he's kind wild.
he ipo'd his company applovin to the stock market. sold another company to amazon. and now is working on thirdweb + founders inc.
also. we have a lot of backstory.
this is the guy who taught me at least 50% of what i know about building + creating things. he's also a long-time buddy, mentor, and was the first person to ever invest $25,000 in me and give me a shot."
today we're talking about 'climbing everest'
because that is the challenge of the startup
when he was 15/16/17 he got into ecommerce
he was really into taking apart computers and cars
he wondered why people didn't make nicer PC cases
he found forums with case modders putting lights, windows
everything was really expensive
he bought 20 of a few parts, sold them to finance his own PC rig
found a local store, got a discount
started selling them on forums
he did it again over and over
it grew fast
he built a store, using PHP3
it wasn't even called ecommerce in 2001
his brother was at UCLA, helped him out
they'd put in some software, 'growth hacking'
he noticed what people wanted and found ways to source them cheaper
he sold the things that he personally valued
lesson 0 - the debugger / problem solver mindset
your first try will never work
he was always learning - about reviews, building in public
there will be other people out there who resonate with it
eventually he moved on from case mod to Live RSVP
in 2007
here he is on ABC news talking about how hard it was to raise VC money
Live RSVP was like eventbrite. give promoters a tool to market their events
it was a great idea with bad execution
he found friends in tech, one look for a job
software was hitting a 2nd wave and the internet was scaling
he made the classic mistake of loving his idea too much
customers told them their pain points but they loved the idea too much
they could've launched in month 1 but waited until month 12
this is why he says get the f*ck off localhost (gtfol)
he tried to make the code perfect. they were trying to tell customers why their product was amazing. he was building for himself and his own thoughts.
when he got to applovin, he met adam and saw great execution
it's an easy way to put 3rd party ads in your mobile app
he met adam and john. they were working on big consumer app ideas
it was aligned with his goal to build something that would be used by a random person on a thai bus
it started as something more like pinterest. style page.
they build the product but there was no fit between the team and the product. they weren't passionate. they did it for 9 months and stopped
they spent the next few years building mobile experiences. then they built applovin, which showed you what your friends are playing
it kinda worked. but they realized that they could make a product out of the data sharing mechanism.
the original idea came out when they were struggling to find new games. they wanted to see what their friends were playing. so they scratched their own itch.
back then there was a lot of scale but little monetization
they were building on Android 1.6 - early days
they saw a void where they could own it
10k a day in revenue very quickly
games were getting a lot of use but they were hard to monetize
the team was focused on making money for developers quickly
it was an ad network, a two sided marketplace
adam was the best person he's ever worked with when it came to execution. very fast.
john also was like that. he had built the first ad servers. worked at vm ware.
furqan was given the space to operate the way he needed to
those were the best people in terms of execution, it's no wonder they were able to build a successful company and IPO
after applovin, he went to bebo. he didn't work on an ad network
he didn't think he was useful there anymore
then he met @shaanVP. the only role they had was android engineer. he was previously CTO at applovin, so it was a big change.
he told shaan that he'll do whatever was needed
bebo - the idea was to try many things. they created 1 a year for 5 years. launched 6-8.
one of the highlights was called blab
they had a bitmoji chat app. bebo messenger got to 1m users. then they scrapped it.
it was like google hangouts livestream. you needed 2 people to start a stream. got up to 10m users
ESPN, tony robbins, martin shkreli were on it
moderation, DDOS attacks, livestream crashing - it wasn't working
they had to figure out a version of it. option 1 was paid b2b saas. option 2 was mobile (like houseclub, periscope).
b2b saas wasn't obvious at the time. there were only a few.
they started with early adopters. early adopters will be your sherpa up the mountain.
get to base camp - get your early adopters
you don't need a mentor. you need a sherpa. most likely it's a user or customer that has the pain point.
talk to users, ask if it is solving their needs.
set a goal that is non trivial. you can get 10 friends. but they don't really count. you need to be stretched
another mental model - two miracles
a lot of people have a plan. i'll build this thing, then a miracle will happen and then I will move on to another project (the thing I actually want to do)
go straight to the thing you want to do instead of performing two miracles.
another example - i'm going to get great a cinematography, then make a youtube channel.
don't pre plan stuff. just do the thing you want to do directly. don't wander around it.
it happened with buildspace recently - he knew he needed a physical school
the first time they met with alec, they showed the AR menu app
furqan had seen farza's blog post. he'd seen a bit about what he'd done. he remembered thinking it was cool
it was a deep learning model for league of legends
the AR menu was a cool idea and he wanted to be around that energy
farza went to a @ycombinator meetup and a YC partner said it was a terrible idea
furqan told him to come back with changes in a week.
they went door to door to SF restaurants and only 1 was slightly interested. it was an arabic restaurant. it had a rat.
farza had a weekly newsletter for 3-4 years. this is one of those newsletters. he pitched an idea for zip homeschool to 300 people on the list. he asked for $10k.
they used to meet at Phil's on market street. he was at twitch and bored. so he was meeting founders.
he invested $25k into farza and met with him each week to help him. he asked him if he had energy + passion. energy is about grinding and working hard.
he had belief that farza would work hard on it
farza learned that people will trust you more if you can show progression and learning
build trust by doing and iterating each week.
furqan gave a lot of advice to young farza
like the first time they were getting users and farza hated ads. furqan told him he needed to get over it
farza's livestreaming doubled his viewer count every week while he was in @ycombinator
one good advice- you need to measure your progress.
what are you working on now?
@fdotinc is built for people like @FarzaTV
Furqan wants to be part of thousands of companies in emerging technologies
he likes being in the -1 to 0 stage. someone thinking about ideas about the future. he started angel investing, but got bored. he is more excited about being involved with founders deeply
they have a studio where they hire founding members. engineers, designers, to help build companies.
they have an accelerate program: take people, give money, get the product launched
he talked to many founders and asked what they needed. the answer was a community and people who have dealt with the same problems.
he realized he could build a venture business around this idea. being in person was key.
he bought 5 desks. leased a big space.
they quickly expanded. within 2-3 months there were founders everywhere
Farza raised $10m during that time
it was hard to do this at the time - during COVID when physical space was contrarian
the MVP was a discord server with a weekly call on Fridays. he would give away 1 ETH a week
it then evolved. furqan tries to do things that make sense to him. if he gets positive feedback then he doubles down.
do people care? do they love it? do they need it?
furqan is also building thirdweb, an SDK for web3 development
@thirdweb
he used this tweet format to see if there was any usefulness
even after this, 10-20 people DM'd him, he got on calls with them. asked them their needs. he kept doing it until he got confidence that he can put 2-3 years into
2 weeks straight where he demo'd the same thing
it was a connect to wallet button demo.
6 weeks later, he got 300 new web3 products created
he talked to people all day, fixed the crappy product all night
he got the evidence he needed to double down
they built real conviction. it wasn't just for hype.
at some point furqan made an NFT from farza - 300 people minted it
question for furqan - how would you validate your idea?
what should the audience do for the next 22 days?
run as many build/launch/measure/learn loops as possible
find as many people as aggressively as possible
find people on calls
22 days is not a lot of time. do 5 loops. 4 days per loop.
hand to hand combat - every signup, talk to them.
how did you expand past the first 10?
furqan uses twitter. they know him so it's a cheatcode. ask them if they like it. ask them if they know anyone else who might want it.
go post on reddit, product hunt, random discord servers. it never ends.