[Music] even if you’ve never started a business
even if you’ve never started a business
even if you’ve never started a business you probably know some of the main
you probably know some of the main
you probably know some of the main ingredients for success you need an idea
ingredients for success you need an idea
ingredients for success you need an idea that solves a problem or offers the
that solves a problem or offers the
that solves a problem or offers the benefit you need a solid team behind the
benefit you need a solid team behind the
benefit you need a solid team behind the idea you need great execution and of
idea you need great execution and of
idea you need great execution and of course you need capital but the fact is
course you need capital but the fact is
course you need capital but the fact is most businesses fail even though they
most businesses fail even though they
most businesses fail even though they have all of these key ingredients and
have all of these key ingredients and
have all of these key ingredients and the big question is why there’s
the big question is why there’s
the big question is why there’s something mysterious about what it takes
something mysterious about what it takes
something mysterious about what it takes for business to succeed and there’s a
for business to succeed and there’s a
for business to succeed and there’s a notion that a large part of it is random
notion that a large part of it is random
notion that a large part of it is random dependent on external factors that are
dependent on external factors that are
dependent on external factors that are outside your control but my experiences
outside your control but my experiences
outside your control but my experiences have shown me otherwise success isn’t
have shown me otherwise success isn’t
have shown me otherwise success isn’t just about building a business and then
just about building a business and then
just about building a business and then rolling the dice nor do you have to be
rolling the dice nor do you have to be
rolling the dice nor do you have to be at the complete mercy of good timing or
at the complete mercy of good timing or
at the complete mercy of good timing or having the right market conditions my in
having the right market conditions my in
having the right market conditions my in fact I think you can actually overcome
fact I think you can actually overcome
fact I think you can actually overcome these external factors and minimize
these external factors and minimize
these external factors and minimize their influence now I’ve been starting
their influence now I’ve been starting
their influence now I’ve been starting businesses since I was a little kid some
businesses since I was a little kid some
businesses since I was a little kid some of them never took off a number of them
of them never took off a number of them
of them never took off a number of them generated a decent middle-class income
generated a decent middle-class income
generated a decent middle-class income and if you made millions but if there’s
and if you made millions but if there’s
and if you made millions but if there’s a common thread across most of these
a common thread across most of these
a common thread across most of these businesses it’s that they try to tackle
businesses it’s that they try to tackle
businesses it’s that they try to tackle problems with solutions that have never
problems with solutions that have never
problems with solutions that have never been tried before but when you’re the
been tried before but when you’re the
been tried before but when you’re the first to do something there’s also a
first to do something there’s also a
first to do something there’s also a pretty good chance would be the first to
pretty good chance would be the first to
pretty good chance would be the first to fail unfortunately the reality is that
fail unfortunately the reality is that
fail unfortunately the reality is that business can be very risky but it
business can be very risky but it
business can be very risky but it doesn’t have to be by applying a few
doesn’t have to be by applying a few
doesn’t have to be by applying a few powerful and basic principles you can
powerful and basic principles you can
powerful and basic principles you can set a path to success and overcome some
set a path to success and overcome some
set a path to success and overcome some of these boundaries I hope to share some
of these boundaries I hope to share some
of these boundaries I hope to share some of these experiences I hope to share
of these experiences I hope to share
of these experiences I hope to share some of these lessons that I’ve learned
some of these lessons that I’ve learned
some of these lessons that I’ve learned as an entrepreneur back when I was a
as an entrepreneur back when I was a
as an entrepreneur back when I was a college student I came up with an
college student I came up with an
college student I came up with an exciting idea something totally new and
exciting idea something totally new and
exciting idea something totally new and revolutionary that I thought would
revolutionary that I thought would
revolutionary that I thought would change the world and as I explained what
change the world and as I explained what
change the world and as I explained what I what this idea did there’s a good
I what this idea did there’s a good
I what this idea did there’s a good chance it may sound familiar to you my
chance it may sound familiar to you my
chance it may sound familiar to you my plan was to create the first online
plan was to create the first online
plan was to create the first online marketplace for sharing rides
marketplace for sharing rides
marketplace for sharing rides it featured route matching technology
it featured route matching technology
it featured route matching technology online payments and a feedback rating
online payments and a feedback rating
online payments and a feedback rating system
system
system they’re already bulletin boards online
they’re already bulletin boards online
they’re already bulletin boards online for sharing rides but I created
for sharing rides but I created
for sharing rides but I created something that offered more efficiency
something that offered more efficiency
something that offered more efficiency and scalability the idea made perfect
and scalability the idea made perfect
and scalability the idea made perfect sense and I was confident that it would
sense and I was confident that it would
sense and I was confident that it would succeed so I formed a company put
succeed so I formed a company put
succeed so I formed a company put together a business plan developed the
together a business plan developed the
together a business plan developed the software raised some capital and
software raised some capital and
software raised some capital and launched the company
launched the company
launched the company not long after launching we were
not long after launching we were
not long after launching we were featured in technology blogs like sienna
featured in technology blogs like sienna
featured in technology blogs like sienna and life hacker appeared in Time
and life hacker appeared in Time
and life hacker appeared in Time magazine and attracted the attention of
magazine and attracted the attention of
magazine and attracted the attention of major companies like Facebook and Zipcar
major companies like Facebook and Zipcar
major companies like Facebook and Zipcar so how well did we do
so how well did we do
so how well did we do did we make thousands of dollars did we
did we make thousands of dollars did we
did we make thousands of dollars did we make millions of dollars well it wasn’t
make millions of dollars well it wasn’t
make millions of dollars well it wasn’t uber and it wasn’t lyft it was called
uber and it wasn’t lyft it was called
uber and it wasn’t lyft it was called ride stir and truth be told it failed
ride stir and truth be told it failed
ride stir and truth be told it failed but why the software worked well it was
but why the software worked well it was
but why the software worked well it was user friendly and a promise to connect
user friendly and a promise to connect
user friendly and a promise to connect drivers and to save travelers money
drivers and to save travelers money
drivers and to save travelers money unfortunately other factors stood in the
unfortunately other factors stood in the
unfortunately other factors stood in the way right store launched pre iPhone and
way right store launched pre iPhone and
way right store launched pre iPhone and Android so there was no way to connect
Android so there was no way to connect
Android so there was no way to connect travelers when they were out and about
travelers when they were out and about
travelers when they were out and about away from their computers instead we
away from their computers instead we
away from their computers instead we relied on text messages but this was
relied on text messages but this was
relied on text messages but this was more of a hack than a solution because
more of a hack than a solution because
more of a hack than a solution because people still had to go back to their
people still had to go back to their
people still had to go back to their computers to confirm and complete
computers to confirm and complete
computers to confirm and complete payments so one problem we faced one
payments so one problem we faced one
payments so one problem we faced one external factor that was in our way was
external factor that was in our way was
external factor that was in our way was lack of technological infrastructure but
lack of technological infrastructure but
lack of technological infrastructure but another huge problem was that we had to
another huge problem was that we had to
another huge problem was that we had to fundamentally change human behavior so
fundamentally change human behavior so
fundamentally change human behavior so the when ride store was launched people
the when ride store was launched people
the when ride store was launched people weren’t accustomed to arranging
weren’t accustomed to arranging
weren’t accustomed to arranging in-person transactions with strangers
in-person transactions with strangers
in-person transactions with strangers through the internet you know feedback
through the internet you know feedback
through the internet you know feedback ratings worked on sites like eBay for
ratings worked on sites like eBay for
ratings worked on sites like eBay for buying things from strangers but not for
buying things from strangers but not for
buying things from strangers but not for getting in the car with strangers so the
getting in the car with strangers so the
getting in the car with strangers so the social economy wasn’t there the
social economy wasn’t there the
social economy wasn’t there the technology wasn’t there and it just
technology wasn’t there and it just
technology wasn’t there and it just really wasn’t the right time so as we
really wasn’t the right time so as we
really wasn’t the right time so as we were continuing to struggle with a lot
were continuing to struggle with a lot
were continuing to struggle with a lot of these external factors a guy by the
of these external factors a guy by the
of these external factors a guy by the name of Logan Greene gave me a call he
name of Logan Greene gave me a call he
name of Logan Greene gave me a call he had just created an app on Facebook
had just created an app on Facebook
had just created an app on Facebook called Zimride for sharing rides and
called Zimride for sharing rides and
called Zimride for sharing rides and wanted to see if there was a knob
wanted to see if there was a knob
wanted to see if there was a knob to collaborate you know his his app at
to collaborate you know his his app at
to collaborate you know his his app at the time was pretty primitive so I
the time was pretty primitive so I
the time was pretty primitive so I dismissed the opportunity thinking that
dismissed the opportunity thinking that
dismissed the opportunity thinking that you know I there really wasn’t you know
you know I there really wasn’t you know
you know I there really wasn’t you know a need to partner with him and around
a need to partner with him and around
a need to partner with him and around the same time one of my side businesses
the same time one of my side businesses
the same time one of my side businesses started to take off and so I actually
started to take off and so I actually
started to take off and so I actually moved on from ride store because it had
moved on from ride store because it had
moved on from ride store because it had started to stagnate chalking it up to
started to stagnate chalking it up to
started to stagnate chalking it up to just being too early in the market now
just being too early in the market now
just being too early in the market now Logan green on the other hand over the
Logan green on the other hand over the
Logan green on the other hand over the next few months he continued to improve
next few months he continued to improve
next few months he continued to improve his software branched out from Facebook
his software branched out from Facebook
his software branched out from Facebook to college campuses and by leveraging
to college campuses and by leveraging
to college campuses and by leveraging existing communities of trust he had
existing communities of trust he had
existing communities of trust he had found a way to keep his community afloat
found a way to keep his community afloat
found a way to keep his community afloat as the sharing economy evolved and
as the sharing economy evolved and
as the sharing economy evolved and smartphones came to the scene today
smartphones came to the scene today
smartphones came to the scene today Logan green is best known as the
Logan green is best known as the
Logan green is best known as the co-founder and CEO of lyft a
co-founder and CEO of lyft a
co-founder and CEO of lyft a multi-billion dollar company could ride
multi-billion dollar company could ride
multi-billion dollar company could ride ster had become an uber or lyft
ster had become an uber or lyft
ster had become an uber or lyft it’s much easier on my self-esteem to
it’s much easier on my self-esteem to
it’s much easier on my self-esteem to say that I was just too early the
say that I was just too early the
say that I was just too early the technology wasn’t there people weren’t
technology wasn’t there people weren’t
technology wasn’t there people weren’t ready but being honest with myself
ready but being honest with myself
ready but being honest with myself the real reason rights were failed was
the real reason rights were failed was
the real reason rights were failed was that I failed to acknowledge and adapt
that I failed to acknowledge and adapt
that I failed to acknowledge and adapt to external factors I thought I could
to external factors I thought I could
to external factors I thought I could overcome people’s you know objections
overcome people’s you know objections
overcome people’s you know objections about safety and risk rather than
about safety and risk rather than
about safety and risk rather than fundamentally changing my business model
fundamentally changing my business model
fundamentally changing my business model one thing was certain it was a hard
one thing was certain it was a hard
one thing was certain it was a hard lesson learned but I was never again
lesson learned but I was never again
lesson learned but I was never again going to sabotage a business by failing
going to sabotage a business by failing
going to sabotage a business by failing to respect external realities instead I
to respect external realities instead I
to respect external realities instead I was going to listen acknowledge and
was going to listen acknowledge and
was going to listen acknowledge and adapt my business model now I’d like to
adapt my business model now I’d like to
adapt my business model now I’d like to fast forward seven years for startups
fast forward seven years for startups
fast forward seven years for startups and two successful exits and share how
and two successful exits and share how
and two successful exits and share how I’ve applied the lessons I learned with
I’ve applied the lessons I learned with
I’ve applied the lessons I learned with ride ster to my latest startup my good
ride ster to my latest startup my good
ride ster to my latest startup my good friend ohad and I recently got together
friend ohad and I recently got together
friend ohad and I recently got together around an exciting business idea a thin
around an exciting business idea a thin
around an exciting business idea a thin layer of technology that tucks into your
layer of technology that tucks into your
layer of technology that tucks into your bed to track your sleep gently wake you
bed to track your sleep gently wake you
bed to track your sleep gently wake you up with a vibrating smart alarm and the
up with a vibrating smart alarm and the
up with a vibrating smart alarm and the feature we were most excited about is it
feature we were most excited about is it
feature we were most excited about is it turned the entire bed into a remote
turned the entire bed into a remote
turned the entire bed into a remote control allowing you to tap or swipe
control allowing you to tap or swipe
control allowing you to tap or swipe anywhere on your bed to control smart
anywhere on your bed to control smart
anywhere on your bed to control smart devices turn a tea
devices turn a tea
devices turn a tea control lights and so forth we were
control lights and so forth we were
control lights and so forth we were thrilled with the idea we called it’s
thrilled with the idea we called it’s
thrilled with the idea we called it’s Libra and over the next few months we
Libra and over the next few months we
Libra and over the next few months we developed a prototype then we applied to
developed a prototype then we applied to
developed a prototype then we applied to a startup accelerator now just a few
a startup accelerator now just a few
a startup accelerator now just a few days into the accelerator program we
days into the accelerator program we
days into the accelerator program we realized we had a problem people were
realized we had a problem people were
realized we had a problem people were excited about tracking sleep they liked
excited about tracking sleep they liked
excited about tracking sleep they liked the idea of a vibrating smart alarm but
the idea of a vibrating smart alarm but
the idea of a vibrating smart alarm but they just didn’t see the point of a
they just didn’t see the point of a
they just didn’t see the point of a gesture activated bed a lot of people
gesture activated bed a lot of people
gesture activated bed a lot of people actually told us they thought it was
actually told us they thought it was
actually told us they thought it was kind of lazy so what were we to do you
kind of lazy so what were we to do you
kind of lazy so what were we to do you know we were already a few weeks into
know we were already a few weeks into
know we were already a few weeks into the accelerator program and one thing
the accelerator program and one thing
the accelerator program and one thing I’ve learned from my past lessons was
I’ve learned from my past lessons was
I’ve learned from my past lessons was that I had to find out a solution fast
that I had to find out a solution fast
that I had to find out a solution fast so we went back to the drawing board and
so we went back to the drawing board and
so we went back to the drawing board and we looked at the feature that was
we looked at the feature that was
we looked at the feature that was actually innovative the gesture
actually innovative the gesture
actually innovative the gesture technology and we thought beyond the bed
technology and we thought beyond the bed
technology and we thought beyond the bed where people didn’t see the point and
where people didn’t see the point and
where people didn’t see the point and instead we imagined what if we could add
instead we imagined what if we could add
instead we imagined what if we could add gesture technology everywhere allowing
gesture technology everywhere allowing
gesture technology everywhere allowing people to put this where they want back
people to put this where they want back
people to put this where they want back to the drawing board we came up with a
to the drawing board we came up with a
to the drawing board we came up with a new concept
new concept
new concept naki a small Wi-Fi enabled device that
naki a small Wi-Fi enabled device that
naki a small Wi-Fi enabled device that instantly transforms walls tables doors
instantly transforms walls tables doors
instantly transforms walls tables doors countertops and more into powerful and
countertops and more into powerful and
countertops and more into powerful and highly accessible remote controls with
highly accessible remote controls with
highly accessible remote controls with naki discreetly mounted to a surface I
naki discreetly mounted to a surface I
naki discreetly mounted to a surface I could you could tap anywhere on the
could you could tap anywhere on the
could you could tap anywhere on the surface in specific patterns to control
surface in specific patterns to control
surface in specific patterns to control lights locks coffee machines all kinds
lights locks coffee machines all kinds
lights locks coffee machines all kinds of connected devices in a simple and
of connected devices in a simple and
of connected devices in a simple and highly accessible way we were thrilled
highly accessible way we were thrilled
highly accessible way we were thrilled with the idea but the more important
with the idea but the more important
with the idea but the more important question was what would other people
question was what would other people
question was what would other people think given how little time we had in
think given how little time we had in
think given how little time we had in the accelerator we had to find out fast
the accelerator we had to find out fast
the accelerator we had to find out fast so we went to a hardware store bought a
so we went to a hardware store bought a
so we went to a hardware store bought a towel holder with a nice brushed metal
towel holder with a nice brushed metal
towel holder with a nice brushed metal base ripped it off slapped on our logo
base ripped it off slapped on our logo
base ripped it off slapped on our logo took some pretty pictures put them on a
took some pretty pictures put them on a
took some pretty pictures put them on a basic website and allowed people to
basic website and allowed people to
basic website and allowed people to place pre-orders with their credit cards
place pre-orders with their credit cards
place pre-orders with their credit cards letting them know that we wouldn’t
letting them know that we wouldn’t
letting them know that we wouldn’t actually charge the cards until the
actually charge the cards until the
actually charge the cards until the product was ready to ship in just under
product was ready to ship in just under
product was ready to ship in just under a month we generated over $50,000 giving
a month we generated over $50,000 giving
a month we generated over $50,000 giving us a way to quickly capture consumer
us a way to quickly capture consumer
us a way to quickly capture consumer sentiments about the product and
sentiments about the product and
sentiments about the product and determine with a high level of
determine with a high level of
determine with a high level of confidence that it fit the market this
confidence that it fit the market this
confidence that it fit the market this allowed us to raise capital develop a
allowed us to raise capital develop a
allowed us to raise capital develop a production ready prototype
production ready prototype
production ready prototype and you know move forward with full
and you know move forward with full
and you know move forward with full confidence that we had a viable business
confidence that we had a viable business
confidence that we had a viable business just a few months ago we took naki to
just a few months ago we took naki to
just a few months ago we took naki to Kickstarter setting a goal to raise
Kickstarter setting a goal to raise
Kickstarter setting a goal to raise $35,000 we hit that goal in one hour and
$35,000 we hit that goal in one hour and
$35,000 we hit that goal in one hour and by the time the campaign was over we had
by the time the campaign was over we had
by the time the campaign was over we had raised well over a million dollars
raised well over a million dollars
raised well over a million dollars becoming the most funded Texas
becoming the most funded Texas
becoming the most funded Texas technology company and kickstart our
technology company and kickstart our
technology company and kickstart our history and the sales are still coming
history and the sales are still coming
history and the sales are still coming in you know had we stayed with had I
in you know had we stayed with had I
in you know had we stayed with had I stuck with sleep bruh I would have been
stuck with sleep bruh I would have been
stuck with sleep bruh I would have been on a collision course with Consumer
on a collision course with Consumer
on a collision course with Consumer Sentiment allowing external factors to
Sentiment allowing external factors to
Sentiment allowing external factors to block my path to success instead of
block my path to success instead of
block my path to success instead of forcing it to work we took a step back
forcing it to work we took a step back
forcing it to work we took a step back listen to the feedback and adapt it in
listen to the feedback and adapt it in
listen to the feedback and adapt it in doing so we acknowledge the external
doing so we acknowledge the external
doing so we acknowledge the external realities and changed from within this
realities and changed from within this
realities and changed from within this allowed us to take over our destiny and
allowed us to take over our destiny and
allowed us to take over our destiny and open up a path to success this is a
open up a path to success this is a
open up a path to success this is a lesson all of us can apply to our lives
lesson all of us can apply to our lives
lesson all of us can apply to our lives thank you
you
you [Music]
”
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