Why to Start a Startup in a Bad Economy: http://paulgraham.com/badeconomy.html
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About a month after I wrote that essay, we funded a company called Airbed and Breakfast. And one of the reasons they started to grow during the winter was that, during the recession, hosts needed the money to pay their rent.
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Airbnb raised their first round after YC at the worst possible time: March 2009, the month the market bottomed. They raised at a pre-money valuation of $2.4 million. It didn't matter. They did fine, because they had made something people wanted.
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There’s a very good reason behind it. People with more experience are more likely to succeed or be less wrong. Research suggests the average age of a successful startup founder is 45. https://hbr.org/2018/07/research-the-average-age-of-a-successful-startup-founder-is-45 …
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Let see if they IPO at the worst possible time as well
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Amazing... didn’t know it was literally 3/09
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And that’s all that matters all the time.
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They served as inspiration for me as a first time founder 7 years ago - perseverance, talking to customers, scaling slow, etc. but they are the ultimate transition story of startup to big dumb company. Customer service is gross, simply don't care about their users anymore
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My monthly burn rate is super low, but what do I do if I sell a premium priced product that helps with travel? Reframe to a different angle?
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I did read your recent article and it has taught me to put more out there during this time. I am a researcher and I am beginning to see that cancelled conferences is a blessing in disguise. Time to do more work and put more out there.
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