Thought some of the readers might found these two reports about California interesting to look at.
Just wanted to share a recent episode of EconTalk podcast by Russell Roberts. This one was with NYU Professor Gary Marcus on artificial intelligence and big data. I found it quite refreshing in its sensible skepticism towards “AI is evil” paranoia that was picked up by the media recently.
“How Google Works” by Eric Schmidt, despite being quite self-congratulatory and maybe even prone to confirmation bias, is full of inspirational ideas and bids of practical wisdom to learn from. I took a few (ok, quite a few) notes on smart creatives, decision making, hiring, innovation, strategy, career, management and even managing email.
On smart creatives:
“And who, exactly, is this smart creative? A smart creative has deep technical knowledge in how to use the tools of her trade and plenty of hands-on experience. In our industry, that means she is most likely a computer scientist, or at least understands the tenets and structure of the systems behind the magic you see on your screens every day. But in other industries she may be a doctor, designer, scientist, filmmaker, engineer, chef, or mathematician. She is an expert in doing. She doesn’t just design concepts, she builds prototypes. She is analytically smart. She is comfortable with data and can use it to make decisions. She also understands its fallacies and is wary of endless analysis. Let data decide, she believes, but don’t let it take over.
She is business smart. She sees a direct line from technical expertise to product excellence to business success, and understands the value of all three. She is competitive smart. Her stock-in-trade starts with innovation, but it also includes a lot of work. She is driven to be great, and that doesn’t happen 9-to-5. She is user smart. No matter the industry, she understands her “get it right the next time around. She is self-directed creative. She doesn’t wait to be told what to do and sometimes ignores direction if she doesn’t agree with it. She takes action based on her own initiative, which is considerable.
She is open creative. She freely collaborates, and judges ideas and analyses on their merits and not their provenance. If she were into needlepoint, she would sew a pillow that said, “If I give you a penny, then you’re a penny richer and I’m a penny poorer, but if I give you an idea, then you will have a new idea but I’ll have it too.” Then she would figure out a way to make the pillow fly around the room and shoot lasers.
She is thorough creative. She is always on and can recite the details, not because she studies and memorizes, but because she knows them. They are her details. She is communicative creative. She is funny and expresses herself with flair and even charisma, either one-to-one or one-to-many.”
“Hippopotamuses are among the deadliest animals, faster than you think and capable of crushing (or biting in half) any enemy in their path. Hippos are dangerous in companies too, where they take the form of the Highest-Paid Person’s Opinion. When it comes to the quality of decision-making, pay level is intrinsically irrelevant and experience is valuable only if it is used to frame a winning argument. Unfortunately, in most companies experience is the winning argument. We call these places “tenurocracies,” because power derives from tenure, not merit. It reminds us of our favorite quote from Jim Barksdale, erstwhile CEO of Netscape: “If we have data, let’s look at data. If all we have are opinions, let’s go with mine.”
When you stop listening to the hippos, you start creating a meritocracy, which our colleague Shona Brown concisely describes as a place where “it is the quality of the idea that matters, not who suggests it.” Sounds easy, but of course it isn’t. Creating a meritocracy requires equal participation by both the hippo, who could rule the day by fiat, and the brave smart creative, who risks getting trampled as she stands up for quality and merit.”
On technical insights as a driver of innovation:
“Bet on technical insights, not market research. Product leaders create product plans, but those product plans often (usually!) lack the most important component: What is the technical insight upon which those new features, products, or platforms will be built? A technical insight is a new way of applying technology or design that either drives down the cost or increases the functions and usability of the product by a significant factor. The result is something that is better than the competition in a fundamental way. The improvement is often obvious; it doesn’t take a lot of marketing for customers to figure out that this product is different from everything else.
For example, at that time Google was experimenting in applying some of our expertise from online advertising to other advertising markets, including print, radio, and TV. These were clever efforts, supported by smart people, but they lacked that fundamental technical insight that would shift the cost-performance curve non-incrementally and provide significant differentiation. All three ultimately failed. And when we look back at other Google products that didn’t make it (iGoogle, Desktop, Notebook, Sidewiki, Knol, Health, even the popular Reader), they all either lacked underlying technical insights from the outset, or the insights upon which they were based became dated as the Internet evolved.”
Free, open to everyone and highly educational Stanford class “How to Start a Startup” has just ended. But all the materials, including talks by star speakers, such as Paul Graham, Peter Thiel, Ben Horowitz, Sam Altman, Brian Chesky and others are going to be available online. For quick reference, here is the complete collection of all course materials:
|9/23/14||Sam Altman, President, Y Combinator
Dustin Moskovitz, Cofounder, Facebook, Cofounder, Asana, Cofounder, Good Ventures
|Welcome, and Ideas, Products, Teams and Execution Part I
Why to Start a Startup
|9/25/14||Sam Altman, President, Y Combinator||Ideas, Products, Teams and Execution Part II|
|9/30/14||Paul Graham, Founder, Y Combinator||Before the Startup|
|10/2/14||Adora Cheung, Founder, Homejoy||Building Product, Talking to Users, and Growing|
|10/7/14||Peter Thiel, Founder, Paypal, Founder, Palantir, and Founder, Founders Fund||Competition is For Losers|
There was a mention in the “The Hard Thing About Hard Things” of “Good Product Manager – Bad Product Manager” document written by Ben Horowitz himself during his tenure as Opsware CEO. So I’ve decided to look it up. In my experience as a brand manager in consumer goods companies, characteristics and behaviors that make a good PM in tech are very consistent with those that make a good brand manager in CPG or even a general manager in general.
Here is the full version found on khoslaventures.com worth looking at:
If you want to quickly ballpark the # of years it will approximately take for an investment to double, then just divide 72 by the annual growth rate. For example, if your investment grows 7% a year, it will take slightly more than 10 years for it to double (72/7). But if it grows 36% a year, it will only take about two years to double (72/36).
You can read more about this “Rule of 72” on Wikipedia. Now, you now you can come across as a math genius without much effort 😉
There are a lot of different approaches to measure happiness levels in a given country and, of course, they are all imperfect. These two recent studies seem interesting though: According to the latest Gallup, these are the happiest countries:
% Thriving in 3+ Elements of Well-being
- Panama 61
- Costa Rica 44
- Denmark 40
- Austria 39
- Brazil 39
- Uruguay 37
- El Salvador 37
- Sweden 36
- Guatemala 34
- Canada 34
- Costa Rica
One of the “hottest” FinTech startups Wealthfront also offers a career advice. Some time ago they have published a “Silicon Valley Career Guide” and recently blogged about “107 Career Launching Companies“. Both worth a read if it is of interest to you. Posting both here for your convenience.
“The Introverted Face” Quartz article exposes a number of interesting biases people have in regards to judging people’s competency, extroversion and trustworthiness purely based on their faces:
This an article to forward to all those who share a simplistic philosophies of “Build It and They Will Come” or “Money does not matter, only great product and getting a lot of users matter”.
“This Startup Had Over 5 Million Users And A Great Product. Then It Folded.” on Fast Company:
Consider Springpad, a startup founded in 2008 and once considered an Evernote rival. That wasn’t enough. The company failed to develop a monetization strategy–and despite their best efforts (and rumored acquisitions by Amazon and Google), things just didn’t turn around in time.
“We built a heck of a product. But we didn’t build the business.”
“We ran out of money, that’s basically the end of the story. It was a timing problem.”