Jay Samit Quotes
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Every time a twenty-something CEO turns down a multibillion-dollar offer for a company that has little or no revenues, it hits a raw nerve in me. Unlike most professionals, I am not shocked by the seemingly bizarre behavior of those founders who pursue their vision beyond all rational thought or monetary reward.
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I'd been on the Internet since the 1970s when it was just for nerds. I started saying, 'Who would benefit from this?' I started imagining a world where young people could have their own email address, back in the days of family AOL accounts.
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Design is how you make your first impression with your consumers. Make sure it is a lasting one.
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Many first-time founders fail to understand the difference between the potential of the Total Addressable Market (TAM) and the very finite subsection they can hope to capture. No company ever captures the entire market they pioneer. Innovation doesn't happen in a vacuum, and others will jump in from the moment you've identified the potential.
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Every new startup business creates new opportunities. It doesn't matter whether you have a new app for college students or a home medical device for senior citizens; there are other multibillion noncompetitive corporations that are spending millions of dollars trying to market their goods and services to your same audience.
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Microsoft first entered the living room with Ultimate TV way back in 2000 - a year before Apple's first iPod was announced. Ultimate TV offered consumers a DVR and supporting online services, including 14 days of programming and the ability to record 35 hours of programming. Microsoft's reach was then thwarted when Echostar acquired DIRECTV.
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Whether by design or circumstance, every startup will eventually get disrupted.
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By maintaining an active feedback system at every stage of a startup, founders can reduce their burn rate, increase their virality coefficient, and retain key hires.
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In my experience, there are only two valid reasons to take a company public: access to growth capital and investor fatigue.
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From the very first inkling of a concept, founders need to gather a target group of five to ten potential users to begin the feedback loop. We all think we know how the market will react to new ideas, but actual users live with the pros and cons of the existing market conditions every day. They are the market experts.
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Onboarding starts with satisfying the most basic of Maslow's psychological needs: belonging. New hires shouldn't arrive to an empty cube and be forced to forage through corridors searching for a computer and the bare necessities of office life. A new hire isn't a surprise visitor from out of town. Plan for their arrival.
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Building a great team is the lifeblood of any startup, and finding great talent is one of the hardest and costliest tasks any CEO will ever face.
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The Industrial Revolution was about making physical things. Many of the manufactured goods that were once tangible objects have now been reduced to bits and bytes of data.
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Social media and personalization are providing both brand advertisers and end-users with hyper-targeted choices and opportunities for double-digit growth.
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As good and as smart as you may be, no one knows everything. I truly wish I was as smart as I thought I was when I started my first company.
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The greatest challenge to most innovation centers around the world is many nations' punitive attitudes towards failure. In most of the world, if your first business fails, no one will work with you again. But, trial and error is the genesis of innovation.
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Your innovation can create new winners and losers; or at the very least, make existing companies look fresh and innovative by partnering with you. Everyone wants to align with market makers.
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No first-time entrepreneur has the business network of contacts needed to succeed. An incubator should be well integrated into the local business community and have a steady source of contacts and introductions.
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In an era of endless innovation and constant disruption, what is any company really worth? How does a startup determine its valuation?
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Entrepreneurs always begin the journey believing that they have the next big idea. They dream of the fame and fortune that awaits them if only they had the funding to pursue it. But the reality is that as the product is built and shared with customers, flaws in their concept are discovered that - if not overcome - will kill the business.
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As counterintuitive as it sounds, 'speed to fail' should be every entrepreneur's motto. Success isn't born wholly-formed like Venus from a clamshell; it's developed through relentless trial and error.
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With less and less television being watched live, consumers are enjoying the freedom to record at home or in the cloud, watch locally or on the go, and binge watch entire series that they never had the time to enjoy.
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Creating the right advisory board for your startup can be the single most important step you take in building a new business.
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As a serial investor who has raised hundreds of millions of dollars for startups, I know that the business plans coming out of incubators tend to be vetted and more thoroughly validated. The incubator's input into your business plan will make you look far more polished and experienced - even if you have never run a business before.