NBC owned women.com and women.net from the takeover of iVillage.
A domain broker - Benjamin Padnos - won the domains at auction at SEDO for $1m in 2010, but the CEO of NBC - Jeff Zucker - blocked the domain name sale personally.
Padnos wound up suing NBC and SEDO and settling, taking the domain names(1).
Then he sold them to Susan in 2012 who purchased them with "some of the money she’d earned [at facebook]" (2)(3)
I have a ton of respect for the commitment on that transaction.
2012 was actually a relatively GOOD time to buy TLD's, compared to today's even-more-insane-than-insane-market.
And given that the WHOIS for Women.com is literally registered to her name / email I hope that she's still as fired up about landing that whale as she should be!
(1) http://techcrunch.com/2010/06/04/nbc-done-lawsuit/
(2) http://dotweekly.com/company-domain-movers-riot-games-amex/
Network: Being an entrepreneur is a lonely path. There are few people who truly understand what you’re going through and even if your friends (or parents) are well meaning, they still don’t get it. YC is the ultimate network and you will be surrounding by people who do get it."
These two points from her essay reveal more about the true nature of YC than perhaps the author intended.
In theory, when you join YC, you and your cofounders give Paul & Co. a sizable chunk of equity in your budding startup in exchange for advice dispensed over dinner--advice and dinners which, given the valuations of certain YC-backed startups and the percentage of equity surrendered, cannot possibly, no matter how enlightening the advice or delicious the dinners, be worth the price paid in shares.
Why then are so many founders eager to make what on the surface seems like a terrible deal? Because what they actually get in exchange for their equity is not mere mentoring, but the access to top VCs like Andreeson Horowitz and Sequoia. Those VCs can in turn, using their money and media connections, hype-up your startup and work to get you bought out/acquihired.
We like to pretend that the startup game is a meritocracy and not all like the cronyism that goes on in corporate boardrooms where CEOs doubling as board members vote on each other's lavish compensation packages, but it is not difficult to recall examples that suggest it is all too similar.
Take Loopt. It was a dying product with a dwindling userbase that while novel in concept for 2004, was clearly too early to market and soon found itself in a market awash with location-aware competitors like Foursqaure and Gowalla. But because Loopt had gone through YC and took investment from board members of Sequoia, strings were pulled to get Greendot to acquire Loopt and reward Sam with a life-changing exit and provide him and his investors with a justification for branding Loopt a success. From there, he went on to succeed PG as YC's president, and using that platform, he's written--without any hint of irony--polemics decrying the lack of innovation[1] and calling for startups to work on "breakthrough technologies"[2] despite having as his major accomplishment a failed feature phone version of Grindr.[3]
I'm happy for Susan and hope her startup is successful, but her experiences has only reinforced my view that success in the Valley startup game is much more about luck and connections than skill and execution. She was suspiciously vague about her financial situation, but one can infer from the essay (buying the domain, flying back and forth, hiring a "full stack" dev), that it's probably much better than most mothers of two, married or otherwise. The requirement that you "move to the bay area"[4] (which she technically violated) all but ensures mothers who aren't rich won't apply, which completely negates her message of "I'm a mom and I did it and so can you!"
[1] http://blog.samaltman.com/what-happened-to-innovation-1
[2] http://blog.samaltman.com/new-rfs-breakthrough-technologies
This is true of almost any club (the Free Masons, your local BPOE, Boy Scouts, etc.). You join, you get to know people, those people help you with your interests, and in return you help them with their interests. It isn't particularly difficult to see why this success might backfire and reduce/limit actual innovation, because it creates a powerful echo chamber – in part by design, to achieve specific goals, and in part by accident, because the people accepted by the club tend to meet predefined expectations.
The problem is, as I see it, that escaping that kind of feedback loop is very difficult, once an organization is in it, because the momentum making the loop bigger is difficult to redirect into an energy to make the loop different. Harvard could announce that it will no longer accept children from powerful/wealthy families, Davos could release a statement that this year it will be hosted in conjunction with the Communist International, and YC could relocate to Uganda for a season – but that's not what these organizations do, so after a point, they aren't able to innovate outside of very specific boundaries.
The answer to that, of course, is create new organizations with different boundaries/priorities, but Christ, that reeks of effort.
In certain ecosystems fire is a necessary component of ecological vitality. It is destructive in the short term but leads to a more robust and diverse ecosystem in the long term. Coming back to your points we have reached a certain kind of equilibrium in the startup ecosystem where the incumbents through network effects have become entrenched and are now actively detrimental to diversity and innovation. I don't know what the equivalent of fire would be in the startup and technology ecosystem.
Point #2: You need to expand your view of meritocracy beyond just product/code. Expanding who you know, how much they like/admire you, and how much they want to work with you is part of meritocracy. Imagine it as a multiplier to product merit and,as a founder, you NEED to imagine it as part of your job. In a failure scenario, it absolutely helps turn a zero into a one. But it also helps you hire, sell products, raise money, get press, do bizdev deals, sell companies, etc.
All sorts of other nits I could pick with your comment. Strawmen (really? Does anyone go into YC thinking advice at dinners is the primary value they offer?) and ad hominem attacks (what does Sam's previous company have to do with the merits of his "polemics"?).
Some stats to challenge the "rich white dudes raining gold on each other" theory:
52% of founding teams in the Valley have 1st generation immigrants on them. Just shy of half of the top-ranked venture companies (in case you think all of these immigrant-heavy startups are floundering while rich white guys are winning). Does anyone believe that a meaningful percentage of this group is rich and white? The same study also found that immigrants were key members of the product or management teams in more than 75% of those companies.
This is why I also include skin color, culture, gender, and how rich my parents are in my definition of merit. This allows me to honestly believe that all my success is based on merit.
Because nothing says, "merit", like being connected to a small group of very wealthy, very insular people who have the ability to magically bestow success on whoever they please.
This is a lot like the original definition of meritocracy. A very negative one.[1] If merit is determined solely by the people already in places of power like A16Z on the arbitrary measure of "how much they like/admire you" then it is exactly like and by definition Cronyism.[2] I'm not making a value judgement, but if it quacks like a duck...
[1]http://en.wikipedia.org/wiki/Meritocracy#Early_definitions [2]http://en.wikipedia.org/wiki/Cronyism#Concept
Why are you counting these as part of meritocracy, rather than deviations from it?
(If they're sufficiently small deviations, you could still call the overall ecosystem a meritocracy. But then you have a meritocracy with deviations, and enshrining the deviations as part of meritocracy seems like a mistake.)
(I could also see an argument that "meritocracy plus it matters how likeable you are" would be preferable in many ways to just pure meritocracy. But "meritocracy plus it matters who you know" seems like a bad direction to go in.)
These things may very well be critical to success, but that's not what the term 'meritocracy' actually means as it is commonly used and understood.
"I hired hitwomen to slay all of my competitor's developers. We are now on top because of our company's longstanding culture of meritocracy."
Edit: Meritocracy is not synonymous with success. In the way you are going, all successful startups become meritocracies by virtue of being successful.
This article looks at only founding teams which get the vast majority of equity. The study found that while less than 1 percent of venture-capital-backed company founders were African American and 12 percent were Asian, 83 percent had a racial composition that was entirely Caucasian.[1] The study mentioned was done by CB Insight from 2010.[2]
This lack of diversity in the founders that receive VC funding may not be that surprising given the lack of diversity of the investors making those choices.[3] And it's not too hard to find other sources that say there is a lack of diversity at the top.[4]
[1] http://elitedaily.com/money/venture-capitalists-still-overwh...
[2]http://www.cbinsights.com/blog/data-race-gender-silicon-vall...
[3] http://blogs.wsj.com/venturecapital/2014/05/14/swisher-wadhw...
[4] http://www.npr.org/blogs/alltechconsidered/2014/02/06/272646...
Ehhh, that's the textbook definition of cronyism, the opposite of meritocracy.
Second, there is a tendency to think for "meritocracy" as a very cold, dead thing. This kind of thinking is like applying an engineering mentality to human culture, society and personal interactions. The result is often a bureaucratic version of meritocracy, like a college application. These are not without their own biases, problems and everything else. They also strip nuance out of the process. This is a serious problem when you're looking for novelty, creativity, black swans, etc.
In any case, imagine Andy Warhol in the 80s with his stable of artists, models, musicians and Warhol Superstars. He supported them in various ways. This paved their access to audiences, money, collaborators, publishers, patrons, etc. etc. Was Andy Warhol running a cronyism ring or was he a prominent figure in a community of artists? Was the Velvet Underground's success a product of cronyism?
There's merit to the concept of cronyism in, for example, the government of a country. But, it's actually just a subcategory within a wider context of human interaction, important human interaction.
I think your definitions of meritocracy and/or cronyism just aren't rich enough to capture what's going on here.
If Leonard Cohen had a show where he introduced new artists he liked (personally and musically), I would pay attention. Leonard Cohen has whatever right to my attention as a listener that I choose to give him. Same for producers, collaborators, record labels, concert organizers and anyone else who values his opinion, or even his favor.
Communities are complex.
Next, you are also massively undervaluing Susan's work. Did you read that she kept failing for 2 years and still kept at it? If you were already rich, would you go through that kind of hustle as opposed to enjoying your margarita on a private island? Did you also read that she was pregnant while making her attempt and with 3-year baby in hand? Do you have any idea how is it like to be pregnant and working on something as taxing as startup while also taking care of 3-year old? If you don't I humbly suggest to ask this to your mom.
Next, Loopt was innovative in its time but unfortunately way too easily and quickly copiable. Being still able to sell that is actually a business success and tells you something about Sam's ability to win over investors and break a way against odds.
[1] http://www.amazon.com/The-Launch-Pad-Inside-Combinator-ebook...
Again, 7% is an enormous chunk of a company, and for a firm like Dropbox, such a stake runs easily into the millions. YC on its face has always been a terrible deal, except it isn't, because YC is the first step in a sequence that ends with you getting bought by Facebook or Google regardless of whether you actually deserve it, and that's why people sign up--not to hear advice from Sam Altman.
And I wasn't devaluing Susan's work at all. My point was that for other women with similar ambition and talent but without similar financial independence, YC would be a non-starter.
It is not "we like", is it just a rule of the game - to pretend that it is about meritocracy, to wear a hoodie.
>decrying the lack of innovation
being formally pro-innovation is just a rule like the "meritocracy" rule.
The game is a well-oiled money making machine and like any such machine it is very risk-averse, and with any innovation (or, God forbid, "breakthrough technology") being a risk, it is thus in particular innovation-averse.
If you were made rich by some (recent) lucky coincidence, then you can also do whatever you want.
Great message, a bit hidden. Unveiled by hacker news, thank you!
Building relationships is a core part of business development, if a business lacks appropriate connections then it's something they should work on either by building bizdev skills internally or hiring. In the same way that if someones a tech founder with no marketing skills, they have to learn it or hire for it. You're not going to win just by having the best technical product, you have to have the best business.
Similarly luck isn't automatic, if you work to put yourself in positions where you have the opportunity to be lucky you're much more likely to have that luck. One of the big advantages of being in startup hub like SF is you're moving somewhere where your far more likely to have valuable serendipitous meetings than anywhere else.
I do not recommend this approach and in fact, it’s 100% against YC. You are required to move and you should. It’s exhausting and it takes your focus off of the most important things: talking to users, shipping code, and exercising. Nowhere in that list is commuting."
If you had to do it all again, would you move and leave your children behind? That seems like an impossible choice to make, and the tone of your story makes it sound like it all worked out well for you. Would you really not recommend the approach you took to someone in a similar situation?
If I did it again, and budget permitting, I probably would split time — weekends in Chicago, Monday through Thurs or Friday in Mountain View.
What was interesting was how shocked family members and friends were that we'd work something out like this. If it had been a military deployment, though, no one would have batted an eye.
However, as a man, I think it is deemed more common / acceptable to travel on business. My project manager is former military and now contracts with FEMA, deploying weeks to months at a time, leaving wife and two kids behind.
One day a week to seize an opportunity is rational and part of biz dev in this case. There are women who deploy in the military leaving children to be raised by relatives (I know a few). It is not always the preferable option, but certainly something women are capable of if the circumstances require.
Also, with technology, a lot can be done in that commute time ("rolling calls" are typical in LA traffic) - not to mention the value of "think time" and "alone time" for someone who is probably "on" 24-7.
It seems that Susan has a great background for YC. Her work experience (Facebook - hello) and the fact she applied with a cofounder (just heard on #StartupSchool that half of applicants don't have one) signifies "archetype" to me, albeit the female, mom version. Sounds like a perfect cultural fit.
This was the easiest investment ever.
That Jordan guy judging from his behavior even with his reply on Reddit seems like a youngster that wants to make easy bucks and doesn't care about the future.
If I was you I'd make a legal case and go full on him.
Mothers sometimes have complications during birth. This can cause considerable physical difficulty in the following months. Here's some advice about recovery after c-section. http://www.nhs.uk/Conditions/Caesarean-section/Pages/Recover...
This post was written by a female parent. We call those "mothers". If it had been written by a male parent it would have used the word "father".
There is currently a gender imbalance and so posts from people who are not male have some interest.
But yeah, of course a mom can do YC! (If she's rich and has a very, very supportive partner.)
And yeah, I do remember that tweet from Sam she highlighted. And the thing I tweeted back to him, unacknowledged, still stands: daycare in SoMa is almost impossible to find, in some cases has a two-and-a-half year waiting list. Gee, I wonder why about half the women in tech leave mid-career.
* yes, that's the going rate in LA for two children, possibly more if one is a newborn, and/or if you pay your nanny on the books instead of off.
Save tasks that need complete focus for when your child is napping or sleeping at night. Do the stuff you can easily break from and start up again while your child needs (some but not undivided) attention like being strapped into a highchair for meals/coloring, watching a movie, or playing with toys/ipad/whatever else you allow.
One great advantage we have as parents is being able to quickly recharge by enjoying time teaching/playing/snuggling with our little ones.
That said, to have children as an entrepreneur, a support system of some kind is critical.
My story of applying, getting in, and being a white man in Y Combinator.
My story of applying, getting in, and being a Java 9to5 developer in Y Combinator.
I think it really is that simple.
You already have 2 instances of 'I' in a single sentence (not counting the one in quotes). So on average you're ahead of her already.
There are 48 instances of "I", 19 of "my", and 6 of "me". So on average 90% of sentences have one instance.
I found it distracting and it struck me as lazy writing. Apparently, though, you can't criticize writing style on HN submissions.
eg, how many instances of "team"?
cmd+f=(team)=1
_______________
Here’s my story:
I left my role at Facebook 2 years ago to build women.com. With wide eyes and beginners confidence, I struck out on my own. I crafted my vision, wore a hoodie, and tried to raise a seed round on a dream and a deck. After 3 months of fund raising, I received term sheets (pre-product and pre-tech <>team<>), but success was fleeting. My partner and I hit the skids, split up, and ended our partnership.
However, this was my dream and a couple of speed bumps weren’t going to crush it. I decided to bootstrap and get a working MVP into the hands of users.
--------------------------
Although this contextual snippet may also explain a bit more regarding both observations. The word 'team' only appears within a parenthetical--and even then only within a vignette of previuous failure.
perhaps, even if nothing but for PR purposes, this type of presentation may be improved by being more even handed going forward?.
This just seems like a leadership coaching pont. If she were in another similar/leadership role (non CEO) it would still be relevant.
[1] http://www.nytimes.com/roomfordebate/2012/08/27/are-modern-p...