I was very surprised when I heard that only about half of an entering YC class had revenue on day one. I thought that would be substantially higher.
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A thing which took me more than ten years to appreciate: founder/product/market fit is a *lot* better than any two of those.
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"Why is this market attractive?" is often pretty obvious. "Why is this market what you're devoting 10 years of your life/career to?" is less so. A compelling answer to that materially derisks "Are they going to quit in 4 months when it feels like they're still so far away?"
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Many founders were good students in school. Somewhat surprisingly given that, most pitches lack concrete detail or evidence for claims. Equally surprisingly: the number of founders who think the investor wants a Wikipedia article. (They do, but: from the future.)
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What's the big problem in the industry? Where is the industry almost inevitably going? Why aren't we there yet? What stumbling blocks are going to slow progress? How do you plan to overcome them and be the firm written about in the Wikipedia article?
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End of conversation
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