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so uh do you guys only got the night but I think three what do you think so far good Americans it’s great it’s a lot of fun and definitely some talented folks miss Chadwick move for a little bit with Ty it’s really interesting startups and definitely seems like a very enthusiastic group of geeks if you’re really quite alright so and what have you been this trip is a celestion aren’t just the last month ago we have the last stop SS joke its heart is our next stop tomorrow last stop on the trip so the group has been to Singapore k out here and then Jakarta before that I was actually Japan and China percuma so I saw the last month an angel I saw the video we danced entire so okay so what’s your impression of selfies ages startup scene how does a company so last class in 2010 right amarian ysidro jumping around in Korea Japan and so what’s your impression either silent it’s on a plane I just and come to Singapore fairly frequently about once or twice a year East Asia he’s twice a year oh it’s still developing with deaf where there’s a lot of talent going on here I think some of the stats and last at Penn illustrate the growth that’s happening probably still some payment issues to figure out the next couple years but that’s problematic they do a matter of time probably the biggest issues I think which are not unusual than to support from other international is just having experienced dufner’s for mentorship and having access to capital and angel investors so it looks like that’s still developing but definitely our folks active now in the region when they’re having in the last the last five to ten years are we better than pcs you are you know it’s I don’t know that we’re really concerned about who’s better you know in each country and geography and culture has its own merits and it got me see the sentence and if it reduces any country’s equitation as well I’m looking for the negative here as much as i love singapore sometimes there’s a little too much rule following their government does make a lot of fans another your great stuff available but there’s also a little less risk taking in that culture haven’t been to Indonesia debts of character say too much about that I guess if you look a little bit more gently in Japan and UK and Singapore probably very formal structures and societies and hunters there are little less risk for it I some aromatic familiarity Japan is my wife’s from there we’ve been investing there for years if you look at Japan compared to Germany you think there would be a lot more friendship going on a lot more you have our startups but there aren’t so I think the Japan is a really big opportunity in a lot of ways and they’re having successful both exits and very successful reverse in their country back back then and stopping in particular been almost one more active global in startups in the last few years so there’s lots of different experiences from all over the world it’s really been cut an amazing opportunity in the last three four years probably has a host of 40 countries invested in over 35 of them and I think you know something stasia generally speaking is exciting because it’s developing so I mean it’s it’s certainly not perfect it’s not a mature market you know not in the same sense that maybe the US or Japan or new cares

but that’s probably why it’s more exciting because i think the pace of change and the rate of adoption is probably more interesting the market that’s a little bit already flushed out completely sure Lisa been investing what do you need to move this stinking I mean to be taking more risks who knew how you have you know who take more risks I you know I hesitate to make any judgments on an entire society on each I think there’s a lot variation within the culture I might suggest that it feels like Kyle it’s a little bit more intuitive and creative and I would have guessed donuts from Buddhist culture from other things but I’m kind of optimistic about that except that that really is you know reality and not just my perception I think that gives time for a little more flexibility in the way they approach problems and let it come up with ideas so that’s actually a plus but that doesn’t have to do anything your visit though yeah I I spent three days so it’s hard to say I have a seat blah well what do you say that Japan is not so risky because they have to be a lot of money in big companies yeah I do have a pretty long history of going back 15 20 years you know and none that I spent a ton of time living there is usually for visits but relative to opportunity I mean it’s the number two or three online economy in the world and not of entrepreneurship that’s going on there is relatively small which is why they intentionally pretty exciting there’s a lot of opportunity if you’re a smart modular in Japan there’s not too many people competing for that really big market whereas if you look at so place a China everybody’s competing for China including lots of Chinese it’s a very complicated place to do business if you’re not checking since that’s my impression so as much as that’s a really exciting market too there’s a lot of people working on it and it’s not simple it’s probably overpriced China where I would say Japan’s kind of the opposite i think japan’s probably under priced and lots of opportunity relative to size of entrepreneurial market here is just started getting it to China or you just don’t notice we’ve been investing slowly in China over the last two years I guess we have four or five investments they’re not well a few more now but we just hired someone in Beijing Ramos you actually have to leave this morning which you can with the group so I think how do you need a seeker on the ground in Beijing well probably it was a little bit more sense of what’s going on but China’s just a lot different than most other geographies you know one of the defendants behalf of being itself in values we have really strong and very long relationships with a lot of platform companies in the valley so i probably spent close to 15 20 years with a lot of folks who’ve been in and around Microsoft Yahoo Google Facebook Twitter YouTube and Twitter etc um my partner Christine worked at Google on YouTube for about seven years so we know a lot of the people at those platform companies some of them are mentors some of our investors so keep therefore not in international geographies like it’s still probably the case in two thirds of the world maybe more Google’s the Puffin search facebook and twitter platform for social android apple of platforms for mobile youtube for videos so it gives us an opportunity to have an advantage in international markets the cousin of a lot of those little platform in China it’s very different it’s 10 Seth I do colleagues we don’t have those connections here yet we’re still building those relationships so that takes time a few other differences maybe Korea and Russia but not automatic external that’s actually perfect segue to my mystic questions so the Silicon Valley has a lot of different kinds of lessons you know like these startup quite different principles are all this stuff right some of those are good some of those I guess what what’s for duration like what can’t be applied in Asia you know I always wanted to do is just for Asian for us to hear what you can you write a mix them well someone on the spit on my mind lately is just I think there’s a tendency to copy stuff look sexy and you know instagram do that

exit for approximately billion dollars pinterest currently valued at three billion tumblr bought four billion i don’t necessarily think fast growth social media platforms with no modernization are a great strategy outside the US because first of all their hard and you need to have a lot of financing to kind of survive long enough to get acquired if that’s going to be your planet or the large enough sort of my balls to monetize on advertising but you’re just not as much as a history of those type of acquisitions outside US people a lot of folks and you copy the social media stuff cause people use it and it’s fun and it looks cool but doesn’t monitor it very well and so that’s not a good recipe it’s not great much to give us a really poor recipe for startups outside the US there’s a less there’s less access to capital and there’s less likelihood of acquisition so i think has to be a lot more realistic focus on revenue in the very near term for a lot of businesses outside the US just because you can have less access to capital you need to sort prepare for your own path to sustainability without without necessarily Fighting’s so that’s one big lesson granting a lot about focusing on unsexy startups and solve real problems and get to modernization early and there’s just lots and lots of those businesses to be done internationally so that’s why you know something like bill that I think focuses on the construction market in you know thailand indonesia just seems like a really great you know fundamental I don’t know whether the business will work whether it will grow but the fundamentals for that look a lot more solid you know that’s something that’s based on triode monetize these are social media behavior can weigh about the opposite what could learn from religion is about you writing and mighty coming up here above all we do have big heads sometimes of our houses so yes you know not I mean it just has many people visiting Asia particular Southeast Asia to learn myself I had a lot of initial like our peaches well they make up your feathers let’s I think there’s a lot of great examples of gamification amount of modernization that came out of Korea China fairly early that a lot of people the u.s. does not pay attention to right away so those examples were not immediately followed as quickly as a it could be in general I think international startups are more aware of localization and regional issues whereas the US as much as us tends to be a great culture and country for entrepreneurship sometimes Global Entrepreneurship we’re pretty lazy about localizing into other languages and cultures a lot of us businesses have been knocked off in other markets will not i mean we complain about comcast a bunch late cuz i can do it if you’re like complaining about something yeah thats the reason those businesses were knocked off in Germany and other languages and cultures with us to go south printers are just lazy about going after non-english speaking markets I’m dealing cedar Canada and Australia the UK’s at other options and I think that you know for a long time the English taking part in the u.s. of such a big percentage of the overall market it may have made sense to focus on growing us marketed you know twenty percent per year and then trying to go after the rest of the world which might not have been twenty to thirty percent relative to opportunity but now if I kills a lot different in a thing you know the global gdp available for business that can be global is probably you know three or five exercise so I think that necessitates people thinking about one global much sooner and a b-17 how they’re going to go after so I think that for mostly I’m friends I’m talking to in Southeast Asia they do have a money country the region the world sort of game plan or at least thinking about us we must be the u.s. really pay attention that self so just designing about the valleys kind of out of touch is that what you guys you guys enough what ten to fifty percent under of your setups are prominently about thirty percent of our companies in probably twenty percent Cavill waited so we haven’t have doubled down as much internationally the work of the third third of our companies are probably outside the US in some form or another

but we’re definitely unusual in that regard most people Nevada lady stick to the three-mile radius or the California or maybe just a little bit in New York and Boston maybe Seattle in LA but you know there’s a lot of minute accentual they tend to be lazy focus on the things that have worked for them and this has been very nearby and there is a huge concentration of great on curves and great businesses in you know the San Francisco Bay Area but more more than any person or change are you looking to get you know even warm what’s that what’s that deal percentage for you to in terms of global 250 startups in Silicon dr. 50 and and how many not Asian I mean we’re limited in how fast we can grow base of people in capital and we’re still free will sort of ourselves in many ways how much money first my lord snazzy yes he actually it’s stuff that last night Oh David here he’s all right I think that right now would probably in six or seven countries with feet on the ground we’re probably paying attention to 15 to 20 maybe 30 major metros around the world so it’s not too much especially think that we get to you know people into on your head shows and eyes on 50 metros I don’t know if you can get two people in 15 eyebrows and eyes on more than a hundred metros but still there’s probably easily unlike your adventures around the world with 10 million people more than we be worth investing in at least you know a couple of a nine dollars a year and probably more we get some success there but that’s me being a little ambitious figure out how we get through the next six to 12 months before i started planning on the world domination plan ok i kinda want to shift away from the global major kind of talk okay so i spent most of the morning watching videos of you first time in 15 years really so and if you talked and talked a lot about being crazy and that being crazy is very important people should be crazy follow bottom so what kind of Christmas are you talking about and how can I be crazy should i do not take if anything i say to literally get a better guess I think there’s a interesting combination of paranoia and sanity which works well for entrepreneurs combined with an ability to beat and take people with you perhaps over the cliff but I think you need to be ambitious and you’re thinking sometimes concurrence of the potential downside consequences you also can be sort of eternally paranoid that people might be trying to kill you because they possibly are so I think that combination of schizophrenia is helpful is that what I think we can train that because there’s a lot of folks that I’ve worked with the paypal real social misfits but we’re great on forever site I think there’s some kind of correlation going on there that they just they’re not always greeted following the accepted cultural norms so they can take shortcuts we’re gonna Sarah called a psychopathic but there it sucks he was a founder Yammer was my former boss Kershaw redesign he was known for writing extremely first emails and also like you would hand him something to look at it would just mark it up on the spot like very first copy that i put together different developer bring a valid through write down that wasn’t that bad i see her put on my shirt i think the lesson I took away from that was he was at as concerned with making me feel good or acceptable social behavior and he just got back to the chase and that might offend a lot of people better probably helped himself problems a lot faster than normal so guys I sit there I’m thinking about oh how do I put smiley faces this

available person feel okay and like we like make sure I put this stuff up top or something in pieces like immigrant boot doesn’t care whether that person is crying because they read that you got hodgkinson so I think they’re an end on a flip side like I remember like talking him sometimes and he was always paranoid as hell about everything cart associations ebay Russian fraudsters attorney generals and he was perfect they were all trying to kill us so it like wasn’t irrational here oh so there’s got this boat being directed the point to kind of trying to stay alive while being aware of all the shipment swinging ball around you I’m getting good point with this conversation but I wonder because in Asia really super funny Lisa and also their hands like if you’re following the rules you have no advantages because most people follow us right so if you try to find a competitive edge against somebody else and you’re all following rules it’s gonna be hard right because you’re you’re trying to go down the same path right here’s the lines and fifty 1500 out of trying to follow that same path to get an advantage dress like the rule breakers like all let’s go over here and they might need over a cliff but a nice ebay also find a basmati pepper leg so and you might be interested but I’m sure ship i think is about finding shortcuts that don’t kill you or get you in jail lovers or dispatchers to people who are willing to take those shortcuts now they may die but they may find a quicker path to Hawaii too and what about fuses that’s something that we need you know most people are not going to die from doing startups but put a downer but yes we’ve had three deaths in the portfolio bless year now so investing a lot of companies people do die yeah we die these days at least for a lot of people the risks aren’t as great although in more formal cultures I think you do so face the risk of shame probably have enough black mark on her this is a career if you fail to start up in the UK and I can actually have very significant consequences for you but in most places I don’t think as long as you’re not psychologically affected by failing of startup you can wear a lot from failing so I think that we shouldn’t worship every year but shouldn’t be afraid of it what do you do when you do feel alright like you know like it here like if society’s down on me that oh my gosh what do i do Beckett’s money yeah I don’t get too much in this like five failures out of binary event it’s no big amount of money it is but like there’s lots of little points that don’t work and your awareness of how the product the marketing of financing your leadership of lack thereof all those things have you know not explicit success in failure moments they have kind of reason of success until you’re closer than just for the things that are going on I think you just need to be not afraid of negative feedback and take that continuous basis to improve your behavior routines this is sort of boring top video all right away Oh what about time I saw slide any showed a few months ago features users and money and in the mail yet nirvana it was discussion platforms yeah there’s our platform so what’s what’s what’s the secret how do i get to that email and your monitor um when we’re back into the middle like the point of us remember that slide was that those three things the reason we talk about platforms and well how i have mice platforms is i give you access and features can be access to users may be that you have some modernisation the users hard that i was probably the most relevant because i think it’s not impossible to build product there’s still lots of this there but engineering and design in other parts of that if you’re not an idiot you should be able to build some kind of functional use products and hopefully find some customers but i think the major issue for a lot of companies once they get past me to the first 16 18 months of growing pains is figuring out a military scalable business and the companies that I imparted that we’ve had six

they’re usually have had success because they jumped on somebody else’s platform that help them grow dramatically fast so paypal ebay youtube with myspace Facebook kind of you know built its own way a little bit of a sense that they were operating in a platform which was initially us colleges and universities so awareness of what the platform of users you are kind of getting out of how that can help your business and things really important than we tend overlook that lot so the puffins that i was mentioning before google and search facebook and twitter at social entering apple of mobile youtube video those six platforms are mostly global billion user platforms are born and i don’t think we pay attention to them enough in terms of advanced techniques for user of acquisitions so there’s a lot of people who spend a ton of time learning programming various tax great various disciplines you know five to ten years maybe in school or on their own learning about this one programming similarly you have a lot of people who spend a lot of time learning about to spend design whether that’s digital or other be wax I don’t need people spend anywhere near that amount of time understanding online internet marketing probably because the disciplines are just so new and they change so fast it’s hard to have an academic approach a lot of that stuff but it’s astonishing to me how much time people spend on engineering design and how little they spend on bargaining and it’s not the traditional marketing it’s very analytically driven in cases it’s tied closely to product but there’s just lots and lots and lots of learning for us as a society and individual entrepreneurs in their own rights to figure that stuff out and it matters a lot like relatives are the things that actually have impact on your startup you’re probably at eighty percent of your competency in engineering you’re probably at fifty percent of your connivance aeon design which are probably not even twenty percent of your competency on marketing and that’s the most important thing in many cases when I say that as an engineer start not necessarily only about if you wanted minutes and i’m going to open up to the comment or question what is your biggest mistake and know what do you learn from it someone else is unplayable so does so many states to choose from I mean why I mean I feel very lucky I actually don’t need to dwell on things and I have made mistakes probably not starting a start-up early enough my first start affection he was kind of a park of about seven years just took a long time two years solo four years of the map in between two 20 other people a year and a half post-acquisition you know it was kind of a lame story wasn’t really amazing company it wasn’t the amazing exit I said a lot of time on it I think the experiences that I have the person oh six of seven years could have been compressed into maybe one two three years I don’t well not too much what I think the opportunity for a lot of people doing startups these days is a quick path to failure and you can restart you know hopefully within a free to three months to two year period so pressing the lessons of failure in with short period of time is probably something I wish I had been able to do rather than players yes this one had any you take away and go under Greek we don’t need anything to do with like to as a final table is everybody before we go to questions it’s not really my grand wisdom yes from the surfboard find a customer solve their problem makes it money grabs something that matters to you selfish

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