Rereading @paulg essay Default Alive or Default Dead. If YC founders only followed the advice in this essay - I think their success rate would 2x. I wish all tech startup investors gave this advice: paulgraham.com/aord.html
Rereading PG essays reminds me how much easier it it to spot patterns of failure when you have worked with hundreds of startups instead of just one (your own).
Since joining YC as a partner 3 years ago I’ve seen over 600 companies participate in the program. Most VCs spend time trying to figure out which ones will become great...
... I try to figure out how they can all become great. Sometimes a smart team just needs to stay alive long enough to find their way to success.
Unfortunately the startup scene is a bit like high school. A bunch of people chasing after false goals/milestones and caring too much about what their peers are doing and how they are perceived in the short term.
Great founders tune out the startup scene and focus on their customers, their numbers, their health (mental@and physical) and their internal culture.
Common false milestones: funding rounds, head count, GMV (with negative margins), LTV (with minimal data), brand name VC firm, early stage valuations, nice office, speaking at conferences (unless you can access your users there), hiring execs/VPs...
FYI - I think hiring too quickly is one of the top 3 reasons why YC startups die. This is an unfortunate side effect of how effective YC demo day is at helping companies raise money.
