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Jared Friedman - Y Combinator, Advice to High Schoolers, Evaluating and Iterating Startups

Episode #2 of the Andover Launchpad Guest Speaker Series featuring Jared Friedman. Jared Friedman is Managing Director, Software and Group Partner at YC. He was co-founder of Scribd, which was funded by Y Combinator in 2006 and grew to be one of the top 100 sites on the web. Jared previously worked at a pioneering AI company and studied computer science at Harvard. Andover Launchpad is a startup incubator at Phillips Academy Andover. The incubator's mission is to foster and spread entrepreneurship at the high school level. Timestamps: (0:25) You frequently emphasize that founders should not start building their products until they have evaluated their idea. Similarly, at Launchpad, the first couple months of our incubator are focused solely on validation. However, this concept of validating an idea before jumping into it is quite new and foreign to high schoolers. Can you please talk about the importance of validation? Do you have any examples of YC companies that validated their ideas well or poorly? (1:56) We always say entrepreneurs fall in love with the problem, not the solution. Can you please elaborate on SISPs, or a Solution In Search of a Problem? What are a couple examples of SISPs, and how do you help founders re-focus on the problem? (5:11) In reason four of “Bad reasons to reject startup ideas,” you mention that the ideal situation is to enter a space with existing competitors where you’ve noticed something that they have all missed. How do you develop a key insight, and what are some examples of key insights you’ve seen? (8:49) In your list of mistakes that founders make, the first one is believing you need an amazing idea. You talk about how you need a “good enough” idea combined with great execution. As high schoolers, what do you think is the best way to become better executors? (9:27) 💼 Elise pitches Seed: A financial literacy app for high schoolers. (13:17) 💼 Ethan pitches Explorex: An AI tool that helps students streamline the research process. (19:41) 💼 Nikki pitches Six Degrees: A novel networking app for high schoolers. (25:39) As recipe #1 for generating startup ideas states, “Start with something you’re especially good at.” What are some examples of unfair advantages high schoolers might have? (28:00) At Y Combinator what's your process for taking someone who has an idea into someone who can actually start a company? + YC Headquarters Tour! (30:44) How many iterations does it usually take before you find a successful business idea and for your personal startup how many iterations did it take you? (32:42) How do you make sure that startup ideas that address finite problems or contemporary problems are sustainable in the long term? (34:53) How does YC differentiate between what makes an AI startup doable and practical, and while evaluating those ideas, what's your process? (37:00) How do you determine exits in your companies? What is your process? (40:42) Closing and thanks