Entrepreneurship is like one of those carnival games where you throw darts or something.Middle class kids can afford one throw. Most miss. A few hit the target and get a small prize. A very few hit the center bullseye and get a bigger prize. Rags to riches! The American Dream lives on.Rich kids can afford many throws. If they want to, they can try over and over and over again until they hit something and feel good about themselves. Some keep going until they hit the center bullseye, then they give speeches or write blog posts about "meritocracy" and the salutary effects of hard work.Poor kids aren't visiting the carnival. They're the ones working it.

When I first started meeting founders, I wanted to help with anything and everything. Unfortunately, that's neither realistic or possible. For example, I have many responsibilities at my day job that must come first. Over time, I have honed in my pitch to be explicit about how I can and can't help. See the notes above about ways to be helpful, and find your own unique combination of value to bring to the table.

My contract typically looks like this: We agree to meet ~X hours per quarter/half/year Multiply by Y contracting rate Y ⨉ X = some dollar amount Z Divide Z by the startup's latest price per share to arrive at a number of advisor shares to grant

Be founder-friendly! It's a big deal and a lot of paperwork to get a smaller check or advisor on the cap table (unless they already have a lot of operational infrastructure in place) – this usually means being relaxed about the commitment paperwork or helping out pro-bono for the first few hours while they work through the logistics.

Finding founders you work well with can be a numbers game; you won't be sure what you like doing until you've met a handful of founders, done several advisory meetings, and poked at different types of problems. It's okay to dip your toe and warm up to the process before committing a lot of time and energy to this. I started slow, and have been steadily sharpening my own intuition about what kinds of products and founders get me excited, and where I can add unique value

So instead of having to like go to an insurance company, you can go into DIMO and like type in your VIN number, and all of that is passed to them. It’s a much more seamless type of interaction that people are used to with digital services.

The lifecycle for a user at DIMO is you connect your car, we start building a digital twin of that car, and we actually pull a lot of data about from the existing marketplace about the VIN number, and we allow users to take ownership of that data. And then the whole business side of it and the developer platform that we’re kind of like re-launching in the next quarter is built on top of that. So there’s all different ways that can be expressed, but that’s kinda the high-level pitch for it.

And there’s a digital glovebox for the vehicle as well that’s going to be much more incorporated into the apps and services on top of DIMO eventually, so you’ll be able to get data back from your insurance company like, ‘here’s your registration card; here’s your policy details,’ and all of that can be organized inside of your DIMO app.

one of the bets we have with DIMO and something we think is gonna be true into the future is that it’s really not going to scale until there’s more infrastructure to support like regular operations of autonomous vehicles, and it’s a big “chicken and egg” problem. Because you can’t build a massive amount of infrastructure before you have the cars that can use it.

you’re going to have to break these trips into chunks that you can do fully autonomously

Users rely on drug dealers for ecstasy and most other psychedelics, or in elite cases, they employ chemists. One prolific drug dealer in San Francisco who serves a slice of the tech world is known as “Costco” because users can buy bulk at a discount, according to people familiar with the business. “Cuddle puddles,” which feature groups of people embracing and showing platonic affection, have become standard fare.

Efficiency initiatives are all about doing the same (or more) with less.  And while sometimes that can be done purely through technology, humans often bear the brunt of efficiency initiatives.

When Zuckerberg says the organization is getting “flatter,” he means that more non-management workers will have to take on types of work—coordinating, synthesizing, communicating, and affective tasks—that managers used to do. For many, that means a significant intensification of a style of work that is not for everyone.

becoming more efficient and productive seems to hold positive moral value. It goes into the plus column on the balance sheet of your character. But this moral quality of efficiency acts to turn us each into a certain kind of person. Not just a certain kind of worker, but a certain kind of voter, parent, partner, mentor, and citizen.

Social theorist Kathi Weeks argues that the responsibilities we feel toward work—and I’ll add our responsibility specifically to efficiency and productivity—have “more to do with the socially mediating role of work than its strictly productive function.” In other words, the stories we tell about work and our relationships to it are actively creating our “social, political, and familial” stories and relationships, too.

A Year of Efficiency is bound to make shareholders happy. But what does it do to the humans who create the value those shareholders add to their portfolios? A Year of Efficiency might mean you can fit in more social media posts, more podcast episodes, more emails, or even more products or services. But how do you feel at the end? How has your relationship with yourself changed? How has your relationship with others changed?  Who do you become when efficiency is your guiding principle?

It’s worth questioning the moral quality we assign to efficiency and productivity in our society is healthy, or even useful. And it’s worth asking whether efficiency and productivity are really the modes through which we want to relate to our partners, children, friends, and communities.

While I certainly won’t deny the satisfaction of learning how to do a task faster, I do think it’s worth interrogating the way efficiency comes to shape our lives.

Of course, you shouldn’t discriminate, but when we say belonging, it has to be more than just inclusion. It has to actually be the proactive manifestation of meeting people, creating connections in friendships. And Jony Ive said, “Well, you need to reframe it. It’s not just about belonging, it’s about human connection and belonging.”And that was, I think, a really big unlock. The next thing Jony Ive said is he created this book for me, a book of his ideas, and the book was called “Beyond Where and When,” and he basically said that Airbnb should shift from beyond where and when to who and what?Who are you and what do you want in your life? And that was a part of the inspiration behind Airbnb categories, that we wanted people to come to Airbnb without a destination in mind and that we could categorize properties not just by location but by what makes them unique, and that really influenced Airbnb categories and some of the stuff we’re doing now.

organic startup ideas usually don't seem like startup ideas at first. We know now that Facebook was very successful, but put yourself back in 2004. Putting undergraduates' profiles online wouldn't have seemed like much of a startup idea. And in fact, it wasn't initially a startup idea. When Mark spoke at a YC dinner this winter he said he wasn't trying to start a company when he wrote the first version of Facebook. It was just a project. So was the Apple I when Woz first started working on it. He didn't think he was starting a company. If these guys had thought they were starting companies, they might have been tempted to do something more "serious," and that would have been a mistake.

Most startups end up doing something different than they planned. The way the successful ones find something that works is by trying things that don't. So the worst thing you can do in a startup is to have a rigid, pre-ordained plan and then start spending a lot of money to implement it. Better to operate cheaply and give your ideas time to evolve.

Successful startups are almost never started by one person. Usually they begin with a conversation in which someone mentions that something would be a good idea for a company, and his friend says, "Yeah, that is a good idea, let's try it." If you're missing that second person who says "let's try it," the startup never happens. And that is another area where undergrads have an edge. They're surrounded by people willing to say that.

Look for the people who keep starting projects, and finish at least some of them. That's what we look for. Above all else, above academic credentials and even the idea you apply with, we look for people who build things.

You need a certain activation energy to start a startup. So an employer who's fairly pleasant to work for can lull you into staying indefinitely, even if it would be a net win for you to leave.

Most people look at a company like Apple and think, how could I ever make such a thing? Apple is an institution, and I'm just a person. But every institution was at one point just a handful of people in a room deciding to start something. Institutions are made up, and made up by people no different from you.

What goes wrong with young founders is that they build stuff that looks like class projects. It was only recently that we figured this out ourselves. We noticed a lot of similarities between the startups that seemed to be falling behind, but we couldn't figure out how to put it into words. Then finally we realized what it was: they were building class projects.

Class projects will inevitably solve fake problems. For one thing, real problems are rare and valuable. If a professor wanted to have students solve real problems, he'd face the same paradox as someone trying to give an example of whatever "paradigm" might succeed the Standard Model of physics. There may well be something that does, but if you could think of an example you'd be entitled to the Nobel Prize. Similarly, good new problems are not to be had for the asking.

real startups tend to discover the problem they're solving by a process of evolution. Someone has an idea for something; they build it; and in doing so (and probably only by doing so) they realize the problem they should be solving is another one.

Professors will tend to judge you by the distance between the starting point and where you are now. If someone has achieved a lot, they should get a good grade. But customers will judge you from the other direction: the distance remaining between where you are now and the features they need. The market doesn't give a shit how hard you worked. Users just want your software to do what they need, and you get a zero otherwise. That is one of the most distinctive differences between school and the real world: there is no reward for putting in a good effort. In fact, the whole concept of a "good effort" is a fake idea adults invented to encourage kids. It is not found in nature.

unfortunately when you graduate they don't give you a list of all the lies they told you during your education. You have to get them beaten out of you by contact with the real world.

really what work experience refers to is not some specific expertise, but the elimination of certain habits left over from childhood.

One of the defining qualities of kids is that they flake. When you're a kid and you face some hard test, you can cry and say "I can't" and they won't make you do it. Of course, no one can make you do anything in the grownup world either. What they do instead is fire you. And when motivated by that you find you can do a lot more than you realized. So one of the things employers expect from someone with "work experience" is the elimination of the flake reflex—the ability to get things done, with no excuses.

Fundamentally the equation is a brutal one: you have to spend most of your waking hours doing stuff someone else wants, or starve. There are a few places where the work is so interesting that this is concealed, because what other people want done happens to coincide with what you want to work on.

So the most important advantage 24 year old founders have over 20 year old founders is that they know what they're trying to avoid. To the average undergrad the idea of getting rich translates into buying Ferraris, or being admired. To someone who has learned from experience about the relationship between money and work, it translates to something way more important: it means you get to opt out of the brutal equation that governs the lives of 99.9% of people. Getting rich means you can stop treading water.

You don't get money just for working, but for doing things other people want. Someone who's figured that out will automatically focus more on the user. And that cures the other half of the class-project syndrome. After you've been working for a while, you yourself tend to measure what you've done the same way the market does.

the most important skill for a startup founder isn't a programming technique. It's a knack for understanding users and figuring out how to give them what they want. I know I repeat this, but that's because it's so important. And it's a skill you can learn, though perhaps habit might be a better word. Get into the habit of thinking of software as having users. What do those users want? What would make them say wow?

I think when you're starting a company, it's really useful to ask the question, why now? And this is like, pretty cliche for startup stuff, so if you've heard of it already, apologies, but I do think it's a really useful framework. And that question of why now? Can be societal. Maybe there's some new cultural trend, perhaps it's regulatory. Some law has been passed or appealed. I like the technological version. And for us we saw drones in 2012 and WebGL as few technologies that were happening where because these technologies were happening, new possibilities were suddenly there.

But we're like, why would you do anything in photo editing if you're not on the phone? And so we felt like we were kind of building the wrong place and then eventually sort of shifted our attention to design, which I had been a design internet flipboard and that helped kind of help me realize what would be possible there.

And I would just say don't just go for an idea because it's kind of working. Go for an idea that you really care about because even if it doesn't work, you'll still learn from it and you'll still have one.

those most likely to become entrepreneurs are well-rounded. A 2005 study from Edward Lazear suggests that the self-employed tend to be generalists, not specialists.

If a fairly good hacker is worth $80,000 a year at a big company, then a smart hacker working very hard without any corporate bullshit to slow him down should be able to do work worth about $3 million a year.