title
How to Build a Product I - Michael Seibel, Steve Huffman, Emmett Shear - Stanford CS183F

description
In the first of four lectures on How to Build a Product, Michael Seibel, CEO of Y Combinator, interviews Steve Huffman and Emmett Shear on how they built their products as founder-CEO's of Reddit and Twitch, respectively.

detail
{'title': 'How to Build a Product I - Michael Seibel, Steve Huffman, Emmett Shear - Stanford CS183F', 'heatmap': [{'end': 145.935, 'start': 115.182, 'weight': 0.794}, {'end': 1457.054, 'start': 1420.996, 'weight': 1}, {'end': 1523.148, 'start': 1481.21, 'weight': 0.807}, {'end': 2170.559, 'start': 2135.663, 'weight': 0.716}], 'summary': "Insights on building great products from michael, steve, and emmett include key metrics like twitch hitting 30 billion minutes watched per month. the chapter emphasizes the value of emotional user engagement, the significance of launching quickly with a minimum remarkable product, hitmonk's success journey, challenges in product redesign, user-centric startup decisions, reddit's self-posts, and product market fit indicators.", 'chapters': [{'end': 145.935, 'segs': [{'end': 145.935, 'src': 'heatmap', 'start': 42.069, 'weight': 0, 'content': [{'end': 48.236, 'text': 'Can you guys introduce yourselves in a couple seconds? You just did, but I can do it again.', 'start': 42.069, 'duration': 6.167}, {'end': 50.798, 'text': "I'm Steve.", 'start': 50.197, 'duration': 0.601}, {'end': 52.258, 'text': "Yeah, I'm co-founder and CEO of Reddit.", 'start': 50.858, 'duration': 1.4}, {'end': 54.399, 'text': 'I study computer science.', 'start': 52.278, 'duration': 2.121}, {'end': 58.081, 'text': 'I graduated from UVA in 2005.', 'start': 55.92, 'duration': 2.161}, {'end': 61.223, 'text': 'I was at Reddit for five years.', 'start': 58.081, 'duration': 3.142}, {'end': 62.223, 'text': 'I left for five years.', 'start': 61.243, 'duration': 0.98}, {'end': 64.345, 'text': "I've been back for about a year and a half.", 'start': 62.904, 'duration': 1.441}, {'end': 67.566, 'text': 'My name is Emmett.', 'start': 67.126, 'duration': 0.44}, {'end': 72.869, 'text': 'I graduated from Yale Computer Science in 2005.', 'start': 68.047, 'duration': 4.822}, {'end': 74.01, 'text': 'I started my first company.', 'start': 72.869, 'duration': 1.141}, {'end': 81.01, 'text': 'Right out of college, we made a bad copy of Google Calendar before Google Calendar existed.', 'start': 76.269, 'duration': 4.741}, {'end': 83.231, 'text': 'And- Google Calendar copied you.', 'start': 81.751, 'duration': 1.48}, {'end': 84.251, 'text': "Yeah, that's right.", 'start': 83.251, 'duration': 1}, {'end': 92.273, 'text': 'And then we started Justin TV, which is the company that wound up turning into Twitch.', 'start': 85.712, 'duration': 6.561}, {'end': 99.83, 'text': "And so I've been doing, basically continuously employed working on that since 2006.", 'start': 93.534, 'duration': 6.296}, {'end': 106.515, 'text': 'And then can you just, each of you guys say whatever the KPI you guys track for the business and approximately what it is.', 'start': 99.83, 'duration': 6.685}, {'end': 112.2, 'text': 'Just to give folks a sense of why you guys might be experts at building great products.', 'start': 107.796, 'duration': 4.404}, {'end': 120.106, 'text': 'One of our more shareable ones is monthly active users and we hit 300 million last month.', 'start': 115.182, 'duration': 4.924}, {'end': 122.207, 'text': "Nice That's a good number.", 'start': 120.646, 'duration': 1.561}, {'end': 127.889, 'text': 'Our primary metric that we care about is a metric called minutes watched.', 'start': 124.167, 'duration': 3.722}, {'end': 131.33, 'text': "It's the number of minutes of video that are consumed every month on Twitch.", 'start': 128.109, 'duration': 3.221}, {'end': 139.273, 'text': 'And we just crossed 30 billion minutes this year for the first time, which is very exciting.', 'start': 132.05, 'duration': 7.223}, {'end': 140.493, 'text': 'No, per month.', 'start': 139.893, 'duration': 0.6}, {'end': 145.935, 'text': "So that's the main thing we look at rather than Unix.", 'start': 143.214, 'duration': 2.721}], 'summary': 'Reddit ceo and co-founder and twitch co-founder track 300 million monthly active users and 30 billion monthly minutes watched, respectively.', 'duration': 103.866, 'max_score': 42.069, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM42069.jpg'}], 'start': 11.833, 'title': 'Building great products', 'summary': 'Discusses insights on building great products from michael, steve, and emmett, with key metrics like monthly active users and minutes watched, and twitch hitting 30 billion minutes watched per month.', 'chapters': [{'end': 145.935, 'start': 11.833, 'title': 'Building great products', 'summary': 'Discusses insights from michael, steve, and emmett on building great products, including their backgrounds and key metrics like monthly active users and minutes watched, with twitch hitting 30 billion minutes watched per month.', 'duration': 134.102, 'highlights': ['Twitch hit 30 billion minutes watched per month, as their primary metric is minutes watched, showcasing their expertise in building great products.', 'Reddit hit 300 million monthly active users, demonstrating their success in engaging a large user base.', 'Emmett started Justin TV, which evolved into Twitch, and has been continuously employed in this venture since 2006, highlighting his experience and commitment to product development.', 'Steve co-founded and served as CEO of Reddit, being involved with the company for a total of six and a half years, showcasing his experience in building and leading successful products.', 'Steve graduated from UVA in 2005 with a degree in computer science, providing insight into his educational background relevant to product development.']}], 'duration': 134.102, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM11833.jpg', 'highlights': ['Twitch hit 30 billion minutes watched per month, showcasing their expertise in building great products.', 'Reddit hit 300 million monthly active users, demonstrating their success in engaging a large user base.', 'Emmett started Justin TV, which evolved into Twitch, highlighting his experience and commitment to product development.', 'Steve co-founded and served as CEO of Reddit, showcasing his experience in building and leading successful products.', 'Steve graduated from UVA in 2005 with a degree in computer science, providing insight into his educational background relevant to product development.']}, {'end': 818.89, 'segs': [{'end': 238.304, 'src': 'embed', 'start': 211.439, 'weight': 3, 'content': [{'end': 217.581, 'text': 'the first piece of advice I would give is every company is really different and there are lots of different paths you can take.', 'start': 211.439, 'duration': 6.142}, {'end': 222.343, 'text': "And what works in one place very likely won't work in another.", 'start': 218.601, 'duration': 3.742}, {'end': 229.817, 'text': 'So at Reddit, I mean, the product is talking to users, right? That was built in.', 'start': 223.331, 'duration': 6.486}, {'end': 234.581, 'text': "In the early days, we didn't have comments and we didn't have communities.", 'start': 231.678, 'duration': 2.903}, {'end': 238.304, 'text': 'So actually, we got a lot of emails.', 'start': 234.881, 'duration': 3.423}], 'summary': 'At reddit, the early product focused on user communication, receiving numerous emails.', 'duration': 26.865, 'max_score': 211.439, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM211439.jpg'}, {'end': 300.866, 'src': 'embed', 'start': 258.457, 'weight': 0, 'content': [{'end': 264.72, 'text': 'At Hipmunk, Because as we were selling plane tickets and hotel reservations, it was completely different.', 'start': 258.457, 'duration': 6.263}, {'end': 268.624, 'text': "We didn't really have a good forum for connecting with our users.", 'start': 266.222, 'duration': 2.402}, {'end': 273.689, 'text': 'We used a product called Olark, which was basically this embedded JavaScript chat thing.', 'start': 269.044, 'duration': 4.645}, {'end': 276.191, 'text': 'And that was indispensable.', 'start': 274.41, 'duration': 1.781}, {'end': 278.013, 'text': 'We still use it.', 'start': 277.293, 'duration': 0.72}, {'end': 282.718, 'text': 'Users, if they got stuck, they could ask us for help.', 'start': 280.055, 'duration': 2.663}, {'end': 285.5, 'text': 'If they wanted to give us compliments or criticisms, they could do that.', 'start': 282.758, 'duration': 2.742}, {'end': 292.327, 'text': 'And we can often both over email at Reddit and over Olark at Hipmunk.', 'start': 286.421, 'duration': 5.906}, {'end': 299.026, 'text': 'Like emotional users, angry users often will become your most loyal users if you can flip them around.', 'start': 294.724, 'duration': 4.302}, {'end': 300.866, 'text': "There's like this absolute value of emotion.", 'start': 299.046, 'duration': 1.82}], 'summary': 'At hipmunk, olark chat helped connect with users, receive feedback, and resolve issues, contributing to building loyal users.', 'duration': 42.409, 'max_score': 258.457, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM258457.jpg'}, {'end': 445.562, 'src': 'embed', 'start': 390.554, 'weight': 4, 'content': [{'end': 397.983, 'text': 'And I found that getting people on, at least on Skype, or if not literally in person, changed my depth of understanding of who they were.', 'start': 390.554, 'duration': 7.429}, {'end': 405.745, 'text': 'The other thing I would say about it is that we focused down really hard on which of our users we cared about.', 'start': 399.741, 'duration': 6.004}, {'end': 411.169, 'text': 'And we decided it was the broadcasters, and we decided not only was it the broadcasters, it was the successful broadcasters.', 'start': 405.785, 'duration': 5.384}, {'end': 414.692, 'text': "We didn't want to talk to people who had two viewers, we wanted to talk to people who had 200 viewers.", 'start': 411.57, 'duration': 3.122}, {'end': 421.217, 'text': 'And so we went and talked to a bunch of broadcasters on the platform because we decided they were the important ones.', 'start': 415.893, 'duration': 5.324}, {'end': 424.458, 'text': 'The other thing we did that was, I think, really valuable is.', 'start': 421.877, 'duration': 2.581}, {'end': 429.86, 'text': "we decided it wasn't just people who are currently using our service, it was people who we wanted to use our service.", 'start': 424.458, 'duration': 5.402}, {'end': 435.762, 'text': 'And so we talked to a bunch of people who were streaming on other platforms rather than just already on Twitch.', 'start': 429.94, 'duration': 5.822}, {'end': 445.562, 'text': "Because the people who have chosen to not use your product, especially if they've deliberately looked at your product,", 'start': 436.262, 'duration': 9.3}], 'summary': 'Focused on successful broadcasters with 200 viewers, also targeted potential users streaming on other platforms.', 'duration': 55.008, 'max_score': 390.554, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM390554.jpg'}, {'end': 707.132, 'src': 'embed', 'start': 682.917, 'weight': 7, 'content': [{'end': 689.218, 'text': "You want to get to the point where you've built something that maybe at least one person in the world finds remarkably useful or remarkably good.", 'start': 682.917, 'duration': 6.301}, {'end': 695.847, 'text': "You don't know really if you've gotten there until you put it in front of someone, which is why you need to launch it so quickly.", 'start': 690.765, 'duration': 5.082}, {'end': 699.008, 'text': "But I think it's really important to remember.", 'start': 696.307, 'duration': 2.701}, {'end': 707.132, 'text': 'like Dropbox, for example, one of the big YC successes did not launch an immediate product because they were building a backup system.', 'start': 699.008, 'duration': 8.124}], 'summary': "Build something useful, launch quickly, exemplified by dropbox's delayed launch for a backup system.", 'duration': 24.215, 'max_score': 682.917, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM682917.jpg'}, {'end': 744.698, 'src': 'embed', 'start': 720.857, 'weight': 1, 'content': [{'end': 731.666, 'text': "The minimum remarkable product for Dropbox was a video basically saying look at this awesome thing we're going to build and getting people to sign up for a newsletter.", 'start': 720.857, 'duration': 10.809}, {'end': 738.292, 'text': 'And that worked because the visual idea of what Dropbox was going to do was super compelling.', 'start': 731.706, 'duration': 6.586}, {'end': 741.194, 'text': 'That would not have worked for Justin.TV.', 'start': 739.393, 'duration': 1.801}, {'end': 744.698, 'text': 'We really needed to get something out in front of customers immediately.', 'start': 741.915, 'duration': 2.783}], 'summary': "Dropbox's minimum remarkable product was a video that attracted sign-ups for a newsletter, while justin.tv needed to release a product to customers immediately.", 'duration': 23.841, 'max_score': 720.857, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM720857.jpg'}], 'start': 147.532, 'title': 'Talking to users for startup success', 'summary': 'Emphasizes the differing strategies employed at reddit and hipmunk, the value of emotional user engagement, the importance of in-person conversations, and the significance of launching quickly with a minimum remarkable product.', 'chapters': [{'end': 369.888, 'start': 147.532, 'title': 'Talking to users in early stage startups', 'summary': 'Highlights the importance of talking to users in early stage startups, emphasizing the differing strategies employed at reddit and hipmunk, the value of emotional user engagement, and the initial potential of building a product for oneself.', 'duration': 222.356, 'highlights': ['At Reddit, initial communication with users was primarily through emails, with the addition of the comment feature necessitating direct user interaction. In the early days of Reddit, communication with users was mainly through emails, and the addition of the comment feature compelled direct user interaction.', 'At Hipmunk, the use of Olark, an embedded JavaScript chat tool, facilitated direct engagement with users for assistance, feedback, and emotional support. Hipmunk utilized Olark, an embedded JavaScript chat tool, to engage directly with users for assistance, feedback, and emotional support.', 'Emotional users, when treated well, can become some of the most loyal supporters, showcasing the significant value of emotional user engagement. Treating emotional users well can lead to them becoming some of the most loyal supporters, demonstrating the substantial value of emotional user engagement.', 'Building a product for oneself initially can be highly effective, as demonstrated by the experience of Justin.TV, emphasizing the potential of personal need driving product development. The experience of Justin.TV highlights the potential of building a product for oneself, emphasizing the impact of personal need driving product development.']}, {'end': 818.89, 'start': 371.828, 'title': 'Talking to users for product improvement', 'summary': 'Discusses the importance of speaking directly to users, emphasizing the value of in-person conversations, focusing on the needs of successful broadcasters, and the significance of launching quickly with a minimum remarkable product.', 'duration': 447.062, 'highlights': ['The importance of in-person conversations with users The speaker found in-person conversations with users on Skype or in person changed the depth of understanding of who they were and provided valuable insights.', "Focusing on successful broadcasters' needs The company focused on talking to successful broadcasters with around 200 viewers rather than those with fewer viewers, recognizing the importance of the needs of these specific users.", 'Learning from users not currently using the service The company also spoke to people streaming on other platforms, recognizing the value of gaining insights from users who chose not to use their product, as they had coherent opinions on why they chose other platforms.', 'Importance of launching quickly with a minimum remarkable product The chapter emphasizes the significance of launching quickly with a product that is actually good and remarkably useful, highlighting the need to put the product in front of users to gather feedback and iterate.', "Example of a minimum remarkable product The chapter provides the example of Dropbox, which launched with a compelling video to showcase the product's potential, emphasizing the importance of tailoring the launch approach based on the nature of the product being developed."]}], 'duration': 671.358, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM147532.jpg', 'highlights': ['Treating emotional users well can lead to them becoming some of the most loyal supporters, demonstrating the substantial value of emotional user engagement.', 'The experience of Justin.TV highlights the potential of building a product for oneself, emphasizing the impact of personal need driving product development.', 'Hipmunk utilized Olark, an embedded JavaScript chat tool, to engage directly with users for assistance, feedback, and emotional support.', 'At Reddit, initial communication with users was primarily through emails, with the addition of the comment feature necessitating direct user interaction.', 'The speaker found in-person conversations with users on Skype or in person changed the depth of understanding of who they were and provided valuable insights.', 'The company focused on talking to successful broadcasters with around 200 viewers rather than those with fewer viewers, recognizing the importance of the needs of these specific users.', 'The company also spoke to people streaming on other platforms, recognizing the value of gaining insights from users who chose not to use their product, as they had coherent opinions on why they chose other platforms.', 'The chapter emphasizes the significance of launching quickly with a product that is actually good and remarkably useful, highlighting the need to put the product in front of users to gather feedback and iterate.', "The chapter provides the example of Dropbox, which launched with a compelling video to showcase the product's potential, emphasizing the importance of tailoring the launch approach based on the nature of the product being developed."]}, {'end': 1173.921, 'segs': [{'end': 884.02, 'src': 'embed', 'start': 819.931, 'weight': 0, 'content': [{'end': 825.519, 'text': 'But we got something that at least was compelling to at least one person onto the Internet that was compelling to us.', 'start': 819.931, 'duration': 5.588}, {'end': 831.447, 'text': "And that was a critical step for us, because before we did that, we basically weren't learning anything.", 'start': 826.22, 'duration': 5.227}, {'end': 843.956, 'text': 'At Hitmonk, We again started in June 2010, and I had given my co-founder basically this ultimatum of what our MVP was.', 'start': 833.45, 'duration': 10.506}, {'end': 848.058, 'text': 'We have to have legit data, because we could scrape anybody.', 'start': 844.716, 'duration': 3.342}, {'end': 855.001, 'text': 'We needed legit data, real data, and when a customer buys a flight, we get revenue.', 'start': 848.298, 'duration': 6.703}, {'end': 858.623, 'text': 'And I was like, if we can do that in three months, we will continue with this business.', 'start': 855.701, 'duration': 2.922}, {'end': 861.064, 'text': "And if we can't launch that in three months, we're calling it.", 'start': 858.763, 'duration': 2.301}, {'end': 867.362, 'text': 'And that for me, MVP, that was that minimum useful thing.', 'start': 863.058, 'duration': 4.304}, {'end': 870.406, 'text': 'If we had a customer who was giving us money, that meant we did something right.', 'start': 867.503, 'duration': 2.903}, {'end': 874.79, 'text': 'And unfortunately, we actually achieved that in three months, so I worked on it for five years.', 'start': 871.206, 'duration': 3.584}, {'end': 884.02, 'text': "But I think it's good sometimes to set yourself deadlines and specific milestones to keep you focused and keep you pointed in the right direction.", 'start': 876.832, 'duration': 7.188}], 'summary': 'Hitmonk started in june 2010 with a three-month deadline to achieve revenue, which was met, leading to five years of work.', 'duration': 64.089, 'max_score': 819.931, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM819931.jpg'}, {'end': 1025.294, 'src': 'embed', 'start': 993.978, 'weight': 3, 'content': [{'end': 995.598, 'text': "And eventually your intuition's gonna fail you.", 'start': 993.978, 'duration': 1.62}, {'end': 1000.02, 'text': "So I would think very carefully about what's the minimum viable data.", 'start': 996.058, 'duration': 3.962}, {'end': 1003.602, 'text': "You don't even have to look at it, just log it somewhere so it's there when you need it.", 'start': 1000.2, 'duration': 3.402}, {'end': 1011.97, 'text': 'To reinforce that point, having historical baselines for important user actions, you will thank yourself later.', 'start': 1004.807, 'duration': 7.163}, {'end': 1020.853, 'text': "Every time I've ever been like, right, how many people are using that feature? And we don't know, and we can't find out.", 'start': 1012.55, 'duration': 8.303}, {'end': 1025.294, 'text': "And now, even if we find out how much it is now, we don't know if that's up a lot or down a lot.", 'start': 1020.953, 'duration': 4.341}], 'summary': 'Capture minimum viable data for historical baselines to make informed decisions.', 'duration': 31.316, 'max_score': 993.978, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM993978.jpg'}, {'end': 1095.776, 'src': 'embed', 'start': 1072.138, 'weight': 5, 'content': [{'end': 1080.304, 'text': "even though I do think it's good software was pick your top five to seven most important user actions, whatever those are, and just log those.", 'start': 1072.138, 'duration': 8.166}, {'end': 1083.546, 'text': "Like you don't need to log everything, you really don't.", 'start': 1081.084, 'duration': 2.462}, {'end': 1087.289, 'text': "Most of the things people can do with your product aren't important.", 'start': 1084.247, 'duration': 3.042}, {'end': 1090.992, 'text': "There's maybe five things people can do like for Reddit, right?", 'start': 1087.95, 'duration': 3.042}, {'end': 1095.776, 'text': "It might be like vote on something, comment on something, submit a story, load a page I don't know.", 'start': 1091.012, 'duration': 4.764}], 'summary': 'Log top 5-7 important user actions, not everything. 5 key actions for reddit.', 'duration': 23.638, 'max_score': 1072.138, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM1072138.jpg'}, {'end': 1183.083, 'src': 'embed', 'start': 1154.595, 'weight': 7, 'content': [{'end': 1157.176, 'text': "And you'll be super annoyed if your data's only in the third party service.", 'start': 1154.595, 'duration': 2.581}, {'end': 1158.637, 'text': 'So collect logs or whatever.', 'start': 1157.616, 'duration': 1.021}, {'end': 1167.94, 'text': "But just in the beginning, you don't have time to mess around with building So just use Mixpanel or use Google Analytics or use whatever, anything.", 'start': 1158.737, 'duration': 9.203}, {'end': 1171.14, 'text': "They're all better than what you need right now.", 'start': 1168.66, 'duration': 2.48}, {'end': 1173.301, 'text': "Later on, you'll need something more complicated.", 'start': 1171.901, 'duration': 1.4}, {'end': 1173.921, 'text': "You don't need it today.", 'start': 1173.321, 'duration': 0.6}, {'end': 1183.083, 'text': 'So one of the challenges that happens usually after a company, in the early stages,', 'start': 1176.361, 'duration': 6.722}], 'summary': 'In the beginning, use mixpanel or google analytics for data collection, as they are better than what is needed initially.', 'duration': 28.488, 'max_score': 1154.595, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM1154595.jpg'}], 'start': 819.931, 'title': "Hitmonk's success journey", 'summary': "Highlights hitmonk's critical step of launching a minimum viable product (mvp) with legit data and achieving customer revenue within three months, leading to five years of successful operation. it also discusses the importance of early-stage startups incorporating analytics and tracking into product development, emphasizing the impact of data debt, the significance of logging important user actions, and the recommendation to use third-party analytics services like mixpanel or google analytics.", 'chapters': [{'end': 884.02, 'start': 819.931, 'title': "Hitmonk's journey to success", 'summary': "Highlights hitmonk's critical step of launching a minimum viable product (mvp) with legit data and achieving customer revenue within three months, leading to five years of successful operation.", 'duration': 64.089, 'highlights': ['Launching a minimum viable product (MVP) with legit data and achieving customer revenue within three months', 'Setting deadlines and specific milestones to stay focused and pointed in the right direction', 'Realizing the importance of having compelling content on the internet to drive learning and progress']}, {'end': 1173.921, 'start': 886.09, 'title': 'Startup analytics best practices', 'summary': 'Discusses the importance of early-stage startups incorporating analytics and tracking into product development, emphasizing the impact of data debt, the significance of logging important user actions, and the recommendation to use third-party analytics services like mixpanel or google analytics.', 'duration': 287.831, 'highlights': ['The chapter emphasizes the impact of data debt, cautioning that lack of historical data and intuition reliance can eventually fail startups, and recommends thinking carefully about the minimum viable data to log for future use. Importance of data debt, caution about relying on intuition, recommendation to carefully consider minimum viable data', 'It underscores the significance of logging important user actions, suggesting the logging of the top five to seven most important user actions to gain valuable insights into customer behavior and the performance of the product. Importance of logging important user actions, recommendation to log top five to seven important user actions for insights', 'The chapter recommends using third-party analytics services like Mixpanel or Google Analytics in the early stages of a startup, emphasizing their superiority over building a custom system and the potential need for more complex solutions later on. Recommendation to use third-party analytics services, emphasis on their superiority over custom systems, acknowledgment of potential need for complex solutions later']}], 'duration': 353.99, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM819931.jpg', 'highlights': ['Launching a minimum viable product (MVP) with legit data and achieving customer revenue within three months', 'Setting deadlines and specific milestones to stay focused and pointed in the right direction', 'Realizing the importance of having compelling content on the internet to drive learning and progress', 'The chapter emphasizes the impact of data debt, cautioning that lack of historical data and intuition reliance can eventually fail startups, and recommends thinking carefully about the minimum viable data to log for future use', 'Importance of data debt, caution about relying on intuition, recommendation to carefully consider minimum viable data', 'It underscores the significance of logging important user actions, suggesting the logging of the top five to seven most important user actions to gain valuable insights into customer behavior and the performance of the product', 'Importance of logging important user actions, recommendation to log top five to seven important user actions for insights', 'The chapter recommends using third-party analytics services like Mixpanel or Google Analytics in the early stages of a startup, emphasizing their superiority over building a custom system and the potential need for more complex solutions later on', 'Recommendation to use third-party analytics services, emphasis on their superiority over custom systems, acknowledgment of potential need for complex solutions later']}, {'end': 2070.451, 'segs': [{'end': 1369.348, 'src': 'embed', 'start': 1343.909, 'weight': 0, 'content': [{'end': 1349.032, 'text': 'from the first version that had basically been a cloned version of the Justin TV app to a completely new version.', 'start': 1343.909, 'duration': 5.123}, {'end': 1350.873, 'text': "It's basically the version you can use today.", 'start': 1349.052, 'duration': 1.821}, {'end': 1357.597, 'text': 'And that increased engagement by like 35, 40% per customer when we launched it.', 'start': 1351.734, 'duration': 5.863}, {'end': 1358.237, 'text': "It's huge.", 'start': 1357.617, 'duration': 0.62}, {'end': 1361.753, 'text': 'Changes that make that big of an impact are actually really rare.', 'start': 1359.488, 'duration': 2.265}, {'end': 1362.835, 'text': 'Usually data errors.', 'start': 1361.773, 'duration': 1.062}, {'end': 1364.077, 'text': 'Yeah Yeah.', 'start': 1363.095, 'duration': 0.982}, {'end': 1365.64, 'text': "Yeah, they're usually data errors.", 'start': 1364.558, 'duration': 1.082}, {'end': 1366.622, 'text': "And in this case it wasn't.", 'start': 1365.761, 'duration': 0.861}, {'end': 1369.348, 'text': 'In this case it actually was a huge increase in usage.', 'start': 1366.642, 'duration': 2.706}], 'summary': 'Transition to new app version increased engagement by 35-40% per customer, a rare impactful change.', 'duration': 25.439, 'max_score': 1343.909, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM1343909.jpg'}, {'end': 1466.344, 'src': 'heatmap', 'start': 1409.788, 'weight': 1, 'content': [{'end': 1412.75, 'text': 'You should just fix them each one at a time individually.', 'start': 1409.788, 'duration': 2.962}, {'end': 1415.172, 'text': "If you have eight things that are wrong with your product, that's awesome.", 'start': 1413.03, 'duration': 2.142}, {'end': 1417.093, 'text': 'You have this huge great list of things.', 'start': 1415.192, 'duration': 1.901}, {'end': 1418.814, 'text': 'Just fix them one at a time.', 'start': 1418.034, 'duration': 0.78}, {'end': 1420.275, 'text': 'Fix everything one at a time.', 'start': 1419.415, 'duration': 0.86}, {'end': 1425.939, 'text': "Crank them out quickly, you'll get there way faster one change at a time than you will in a big rewrite.", 'start': 1420.996, 'duration': 4.943}, {'end': 1431.98, 'text': 'A bigger rate for a really early stage startup is almost equivalent to pivoting the company.', 'start': 1428.618, 'duration': 3.362}, {'end': 1433.861, 'text': 'And I just would generally advise against it.', 'start': 1432.12, 'duration': 1.741}, {'end': 1437.663, 'text': "It's this weird sort of programmer product procrastination.", 'start': 1434.101, 'duration': 3.562}, {'end': 1441.646, 'text': "If I don't know what to do, therefore I'm going to invent this big project to work on.", 'start': 1438.524, 'duration': 3.122}, {'end': 1445.708, 'text': "We don't need to use that library.", 'start': 1444.868, 'duration': 0.84}, {'end': 1446.448, 'text': "I'm going to build it myself.", 'start': 1445.728, 'duration': 0.72}, {'end': 1447.909, 'text': 'Very common.', 'start': 1447.449, 'duration': 0.46}, {'end': 1449.27, 'text': 'Use the damn library.', 'start': 1448.61, 'duration': 0.66}, {'end': 1457.054, 'text': "So I'd like to talk a little bit about decision making.", 'start': 1452.208, 'duration': 4.846}, {'end': 1466.344, 'text': 'So, maybe after you talk to your users, but before you decide what to build, usually there has to be some type of consensus building process,', 'start': 1457.955, 'duration': 8.389}], 'summary': 'Fix issues one at a time to avoid procrastination and achieve faster progress; prioritize consensus building in decision making.', 'duration': 56.556, 'max_score': 1409.788, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM1409788.jpg'}, {'end': 1523.148, 'src': 'heatmap', 'start': 1452.208, 'weight': 2, 'content': [{'end': 1457.054, 'text': "So I'd like to talk a little bit about decision making.", 'start': 1452.208, 'duration': 4.846}, {'end': 1466.344, 'text': 'So, maybe after you talk to your users, but before you decide what to build, usually there has to be some type of consensus building process,', 'start': 1457.955, 'duration': 8.389}, {'end': 1469.507, 'text': 'either functional or dysfunctional, between the co-founders.', 'start': 1466.344, 'duration': 3.163}, {'end': 1475.844, 'text': 'What are some tips or tricks on how to come to a consensus?', 'start': 1471.479, 'duration': 4.365}, {'end': 1480.549, 'text': 'And then, maybe more importantly, how do you deal with the contrarian?', 'start': 1476.385, 'duration': 4.164}, {'end': 1486.456, 'text': "How do you deal with having to make a decision where you know there's going to be a disagreement??", 'start': 1481.21, 'duration': 5.246}, {'end': 1489.174, 'text': 'Well, I think the first thing you said is actually super important.', 'start': 1487.193, 'duration': 1.981}, {'end': 1490.295, 'text': "It's something I want to reinforce.", 'start': 1489.194, 'duration': 1.101}, {'end': 1494.737, 'text': 'You talk to your users first, and then you have the ideas about the product.', 'start': 1491.195, 'duration': 3.542}, {'end': 1496.819, 'text': 'Almost everyone does it in the opposite order.', 'start': 1495.358, 'duration': 1.461}, {'end': 1498.48, 'text': "It's called product validation.", 'start': 1497.299, 'duration': 1.181}, {'end': 1505.824, 'text': "If you find yourself thinking, I'm going to go talk to my users to validate my product idea, you've gone horribly off the rails.", 'start': 1499, 'duration': 6.824}, {'end': 1507.405, 'text': 'You do it in the other order.', 'start': 1506.504, 'duration': 0.901}, {'end': 1509.726, 'text': "You don't talk to users to validate your product ideas.", 'start': 1507.825, 'duration': 1.901}, {'end': 1512.108, 'text': 'You talk to your users to have your product ideas.', 'start': 1509.986, 'duration': 2.122}, {'end': 1523.148, 'text': 'And so I just have a rule in general for people who want to have a voice in product design is that they better talk to the users and look at the data too.', 'start': 1513.27, 'duration': 9.878}], 'summary': 'Consensus-building between co-founders is crucial for decision-making; prioritize user feedback for product ideas and validation.', 'duration': 46.272, 'max_score': 1452.208, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM1452208.jpg'}], 'start': 1176.361, 'title': 'Challenges in product redesign and user-centric startup decisions', 'summary': 'Discusses challenges in redesigning products based on customer feedback, emphasizing iterative improvements and highlighting a mobile app redesign that led to a 35-40% increase in customer engagement. it also covers the importance of user-centric product development, decision-making processes, consensus building, and data-driven decision-making in startup culture.', 'chapters': [{'end': 1425.939, 'start': 1176.361, 'title': 'Challenges of redesigning products', 'summary': 'Discusses the common challenge faced by companies in redesigning their products based on customer feedback, emphasizing the need for iterative improvements over complete overhauls and highlighting the success of a mobile app redesign that led to a 35-40% increase in customer engagement.', 'duration': 249.578, 'highlights': ['The challenge of redesigning products based on customer feedback and the common mistake of opting for complete overhauls instead of iterative improvements.', 'The success of a mobile app redesign that led to a 35-40% increase in customer engagement, highlighting the impact of effective redesigns.', 'The importance of addressing product flaws individually rather than opting for a big rewrite, emphasizing the efficiency of fixing each flaw one at a time to achieve quicker results.', 'The need for discipline and iterative improvements in product redesign, stressing the difficulty and importance of incremental changes over complete overhauls.']}, {'end': 2070.451, 'start': 1428.618, 'title': 'Startup decision making and user-centric product development', 'summary': 'Discusses the importance of user-centric product development, decision-making processes, and the balance between having conviction and being open to being wrong in startup culture, emphasizing the significance of consensus building and the need for data-driven decision-making.', 'duration': 641.833, 'highlights': ['The importance of talking to users first before deciding what to build and the significance of product validation. Emphasizes the importance of talking to users first before deciding what to build, highlighting the concept of product validation and the value of user-centric product development.', 'The necessity of consensus building between co-founders and the role of data and user feedback in decision making. Discusses the importance of consensus building between co-founders and the crucial role of data and user feedback in decision making, emphasizing the significance of data-driven decision-making processes.', 'The role of the CEO in making final decisions to avoid slow decision-making processes in startups. Emphasizes the role of the CEO in making final decisions to avoid slow decision-making processes in startups, highlighting the significance of having a clear decision-making authority for efficient operations.', 'The importance of balancing high ego and high humility in decision making and the necessity of regularly analyzing numerical data for product design. Discusses the importance of balancing high ego and high humility in decision making and emphasizes the necessity of regularly analyzing numerical data for effective product design and decision making.']}], 'duration': 894.09, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM1176361.jpg', 'highlights': ['The success of a mobile app redesign that led to a 35-40% increase in customer engagement, highlighting the impact of effective redesigns.', 'The importance of addressing product flaws individually rather than opting for a big rewrite, emphasizing the efficiency of fixing each flaw one at a time to achieve quicker results.', 'The necessity of consensus building between co-founders and the role of data and user feedback in decision making, emphasizing the significance of data-driven decision-making processes.', 'The importance of talking to users first before deciding what to build and the significance of product validation, highlighting the concept of product validation and the value of user-centric product development.']}, {'end': 2416.634, 'segs': [{'end': 2170.559, 'src': 'heatmap', 'start': 2135.663, 'weight': 0.716, 'content': [{'end': 2140.024, 'text': 'And users started doing this curious thing where they would.', 'start': 2135.663, 'duration': 4.361}, {'end': 2141.684, 'text': 'so on any post you could go.', 'start': 2140.024, 'duration': 1.66}, {'end': 2145.045, 'text': 'you could click on the link or you could click on the comments page to go to the comments for that page.', 'start': 2141.684, 'duration': 3.361}, {'end': 2150.086, 'text': "Our IDs for posts are just a counter that's in the URL.", 'start': 2147.005, 'duration': 3.081}, {'end': 2156.647, 'text': "So users would submit the URL that would represent the comment page for the URL they're submitting right?", 'start': 2150.566, 'duration': 6.081}, {'end': 2157.748, 'text': "So they'll just increment.", 'start': 2156.667, 'duration': 1.081}, {'end': 2160.208, 'text': "they'll take the newest post and increment by one and submit that URL.", 'start': 2157.748, 'duration': 2.46}, {'end': 2163.289, 'text': 'So that you had a post that would link to its own comments page.', 'start': 2161.048, 'duration': 2.241}, {'end': 2167.557, 'text': 'And it was really cool, so we called those self posts.', 'start': 2164.554, 'duration': 3.003}, {'end': 2170.559, 'text': 'And users were doing this, and I remember watching them doing it and thinking this is really cool.', 'start': 2167.957, 'duration': 2.602}], 'summary': 'Users created self-posts by incrementing post urls to link to their own comments page.', 'duration': 34.896, 'max_score': 2135.663, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM2135663.jpg'}, {'end': 2216.188, 'src': 'embed', 'start': 2184.53, 'weight': 0, 'content': [{'end': 2189.935, 'text': "the way we made this work is when you're submitting a link, you would just type in the URL area self.", 'start': 2184.53, 'duration': 5.405}, {'end': 2193.375, 'text': 'And it would automatically do that little circular thing for you.', 'start': 2190.711, 'duration': 2.664}, {'end': 2195.478, 'text': 'And that was the beginning of self-posts on Reddit.', 'start': 2194.056, 'duration': 1.422}, {'end': 2198.884, 'text': 'Self-posts are now 60% of our content.', 'start': 2196.961, 'duration': 1.923}, {'end': 2201.788, 'text': "I don't know, a few million a day.", 'start': 2200.907, 'duration': 0.881}, {'end': 2209.104, 'text': "And we would have, Never built that feature if we hadn't been watching our users.", 'start': 2204.072, 'duration': 5.032}, {'end': 2216.188, 'text': "I don't think, I mean, I'm explaining it now, but if I explain that feature without it existing, I don't know if it would make a ton of sense.", 'start': 2210.745, 'duration': 5.443}], 'summary': "Reddit's self-post feature, based on user feedback, now comprises 60% of the platform's content, with millions submitted daily.", 'duration': 31.658, 'max_score': 2184.53, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM2184530.jpg'}, {'end': 2342.361, 'src': 'embed', 'start': 2318.527, 'weight': 1, 'content': [{'end': 2324.994, 'text': "if you're uploading content to Facebook, you would never press a button on that to show more ads to your friends.", 'start': 2318.527, 'duration': 6.467}, {'end': 2329.338, 'text': 'But because we were cutting them in on the revenue, they were actually heavily incentivized to hit this button.', 'start': 2325.894, 'duration': 3.444}, {'end': 2336.76, 'text': 'And we basically got this paid workforce of people placing advertising in the downtime of the stream.', 'start': 2330.418, 'duration': 6.342}, {'end': 2338.78, 'text': "And I'm really proud of that clever solution.", 'start': 2337.56, 'duration': 1.22}, {'end': 2342.361, 'text': 'And I think it points at something that I think is a really important principle of product design in general,', 'start': 2338.8, 'duration': 3.561}], 'summary': 'Facebook users were incentivized to place ads, leading to a paid workforce for ad placement.', 'duration': 23.834, 'max_score': 2318.527, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM2318527.jpg'}], 'start': 2071.092, 'title': "Reddit's self-posts and user engagement", 'summary': 'Explores the rise of self-posts on reddit, constituting 60% of the content with millions posted daily, and successful product innovation leading to increased user engagement and revenue.', 'chapters': [{'end': 2228.379, 'start': 2071.092, 'title': 'The power of self-posts on reddit', 'summary': "Discusses the development of self-posts on reddit, emphasizing how it became 60% of the site's content and a few million are posted daily, demonstrating the significance of observing user behavior in product development.", 'duration': 157.287, 'highlights': ["The introduction of self-posts on Reddit became 60% of the site's content, with a few million posts daily, showcasing its substantial impact on the platform's user-generated content.", 'Observing user behavior led to the development of self-posts, demonstrating the importance of understanding user interactions in shaping product features and content.', 'The initial skepticism and misunderstanding of self-posts by users highlights the need for careful observation and user feedback in product development, as it can lead to groundbreaking features despite initial resistance.', 'The feature of self-posts on Reddit was born out of user behavior and intuition, emphasizing the power of observing user actions and building product features based on their interactions and needs.']}, {'end': 2416.634, 'start': 2228.379, 'title': 'Product innovation and user engagement', 'summary': 'Discusses a successful product innovation where users were given control to run advertising on their streams, resulting in a significant increase in user engagement and revenue generation, addressing both user and viewer preferences effectively.', 'duration': 188.255, 'highlights': ['Users were given the ability to hit a button to run ads on their own channel, resulting in a significant increase in revenue and user satisfaction. By giving streamers the control to run ads on their own channel, it led to a substantial increase in revenue generation and user satisfaction, as evidenced by the frequent use of the button.', 'The product innovation resulted in a paid workforce of people placing advertising in the downtime of the stream, contributing to revenue generation and user engagement. The innovation led to the creation of a paid workforce of individuals placing ads during the downtime of the stream, contributing to increased revenue and user engagement.', 'The solution of giving users control over advertising placement successfully addressed the conflicting desires of users and viewers, resulting in a clever and effective product solution. The solution of giving users control over advertising placement effectively resolved the conflicting desires of users and viewers, leading to a clever and effective product solution that satisfied both parties.']}], 'duration': 345.542, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM2071092.jpg', 'highlights': ["The introduction of self-posts on Reddit became 60% of the site's content, with a few million posts daily, showcasing its substantial impact on the platform's user-generated content.", 'Users were given the ability to hit a button to run ads on their own channel, resulting in a significant increase in revenue and user satisfaction.', 'Observing user behavior led to the development of self-posts, demonstrating the importance of understanding user interactions in shaping product features and content.', 'The product innovation resulted in a paid workforce of people placing advertising in the downtime of the stream, contributing to revenue generation and user engagement.']}, {'end': 2842.607, 'segs': [{'end': 2533.531, 'src': 'embed', 'start': 2433.222, 'weight': 4, 'content': [{'end': 2442.266, 'text': 'Just to repeat the question, how did you know when you had product market fit? So at Reddit, this is the nice scenario, we were growing.', 'start': 2433.222, 'duration': 9.044}, {'end': 2452.185, 'text': 'Despite not knowing anything about our business, knowing little about our users, not really knowing how to run a business,', 'start': 2443.359, 'duration': 8.826}, {'end': 2456.927, 'text': 'not having a ton of product sense, being down a lot, we were growing.', 'start': 2452.185, 'duration': 4.742}, {'end': 2459.989, 'text': "So that's the nice scenario, that's a good one.", 'start': 2457.508, 'duration': 2.481}, {'end': 2463.372, 'text': 'At Hipmunk, our natural state was zero users.', 'start': 2460.79, 'duration': 2.582}, {'end': 2466.901, 'text': "I'm not sure we ever got product market fit.", 'start': 2465.14, 'duration': 1.761}, {'end': 2474.663, 'text': 'The users who came to Hitmonk liked it, but we had to fight for every single one of them.', 'start': 2468.781, 'duration': 5.882}, {'end': 2481.545, 'text': "It's possible to do that, but we were again, I think that entire company, we were swimming upstream.", 'start': 2476.284, 'duration': 5.261}, {'end': 2486.707, 'text': 'And I remember the day we kind of realized that.', 'start': 2483.806, 'duration': 2.901}, {'end': 2492.832, 'text': 'We ran the survey of like, why do you use Hitmonk? And we put a lot of effort into the product.', 'start': 2486.767, 'duration': 6.065}, {'end': 2494.253, 'text': 'We thought it was a really good product.', 'start': 2492.852, 'duration': 1.401}, {'end': 2498.895, 'text': 'Legitimately, you could find a flight a lot faster on us than our competitors.', 'start': 2494.333, 'duration': 4.562}, {'end': 2500.816, 'text': "35% of people said it's because of the logo.", 'start': 2498.915, 'duration': 1.901}, {'end': 2505.898, 'text': "And like 50% of people said because we had lower prices, which we didn't.", 'start': 2502.836, 'duration': 3.062}, {'end': 2514.301, 'text': "So, I mean, it's like, we made it.", 'start': 2507.818, 'duration': 6.483}, {'end': 2516.662, 'text': 'The company ran for five years and ended up selling.', 'start': 2514.321, 'duration': 2.341}, {'end': 2517.683, 'text': "It's just fine.", 'start': 2516.682, 'duration': 1.001}, {'end': 2520.72, 'text': 'Yeah, I think we were really fighting that one.', 'start': 2518.979, 'duration': 1.741}, {'end': 2524.523, 'text': 'I think this is a huge misconception, by the way.', 'start': 2521.501, 'duration': 3.022}, {'end': 2527.806, 'text': "Most of the companies that apply to YC don't have product market fit.", 'start': 2525.184, 'duration': 2.622}, {'end': 2530.908, 'text': "Most of the companies on demo day don't have product market fit.", 'start': 2528.407, 'duration': 2.501}, {'end': 2533.531, 'text': 'Most companies die before product market fit.', 'start': 2531.349, 'duration': 2.182}], 'summary': 'Challenges in achieving product market fit for reddit and hipmunk, with hipmunk struggling to gain users despite a good product, ending up selling after running for five years.', 'duration': 100.309, 'max_score': 2433.222, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM2433222.jpg'}, {'end': 2588.618, 'src': 'embed', 'start': 2555.574, 'weight': 0, 'content': [{'end': 2557.756, 'text': "It's really obvious when you've hit product market fit.", 'start': 2555.574, 'duration': 2.182}, {'end': 2559.337, 'text': 'So your product is bad.', 'start': 2558.076, 'duration': 1.261}, {'end': 2562.039, 'text': 'You could point at seven things that are broken about it.', 'start': 2560.078, 'duration': 1.961}, {'end': 2567.224, 'text': 'And you have all these features you know you need to build.', 'start': 2564.061, 'duration': 3.163}, {'end': 2570.93, 'text': "And weirdly, it's growing really fast anyways.", 'start': 2568.109, 'duration': 2.821}, {'end': 2574.051, 'text': "It's really obvious in your product market fit, your product is growing like crazy.", 'start': 2571.21, 'duration': 2.841}, {'end': 2581.573, 'text': "And you don't get to fix any things that are broken or bad about your product because you're spending all of your time fixing it as it scales.", 'start': 2574.591, 'duration': 6.982}, {'end': 2588.618, 'text': 'And you are, so the metaphor I use for startups is kind of Sisyphean.', 'start': 2583.354, 'duration': 5.264}], 'summary': 'Product market fit evident in rapid growth despite product flaws and constant fixing.', 'duration': 33.044, 'max_score': 2555.574, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM2555574.jpg'}, {'end': 2685.225, 'src': 'embed', 'start': 2656.18, 'weight': 1, 'content': [{'end': 2660.584, 'text': "don't have a lot of management overhead, don't have a lot of bills until they reach product market fit?", 'start': 2656.18, 'duration': 4.404}, {'end': 2667.969, 'text': 'One of the typical mistakes is confusing an angel round or a couple million dollars in the bank for product market fit.', 'start': 2661.765, 'duration': 6.204}, {'end': 2671.212, 'text': "It's extremely common.", 'start': 2669.591, 'duration': 1.621}, {'end': 2685.225, 'text': 'All right, other questions? How do you recognize your first group of users? How do you recognize your first groups of users? Reddit was easy.', 'start': 2671.232, 'duration': 13.993}], 'summary': 'Avoid mistaking angel round for product market fit. recognize first users - reddit found it easy.', 'duration': 29.045, 'max_score': 2656.18, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM2656180.jpg'}, {'end': 2787.418, 'src': 'embed', 'start': 2756.903, 'weight': 2, 'content': [{'end': 2765.543, 'text': 'And there are startups building things for a third party group of users where you should arrive at which customers are your customers?', 'start': 2756.903, 'duration': 8.64}, {'end': 2767.304, 'text': 'through an analytic mode right?', 'start': 2765.543, 'duration': 1.761}, {'end': 2769.066, 'text': 'Through thinking about the problem.', 'start': 2767.324, 'duration': 1.742}, {'end': 2773.529, 'text': 'So Twitch was an analytic startup, because I was a huge fan of watching game streaming.', 'start': 2769.086, 'duration': 4.443}, {'end': 2776.731, 'text': "But actually, I wasn't much of a streamer.", 'start': 2774.389, 'duration': 2.342}, {'end': 2777.652, 'text': "I've never been much of a streamer.", 'start': 2776.751, 'duration': 0.901}, {'end': 2787.418, 'text': 'And I basically dug in on Justin.TV and realized that 80% of the minutes watched were coming from our top 200 streamers.', 'start': 2778.332, 'duration': 9.086}], 'summary': 'Startups should identify their target customers through analytics and problem-solving; twitch found 80% of viewers watched top 200 streamers.', 'duration': 30.515, 'max_score': 2756.903, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM2756903.jpg'}], 'start': 2417.095, 'title': 'Product market fit', 'summary': "Discusses challenges and indicators of achieving product market fit, citing examples from reddit and hitmonk, and emphasizing the significance of user commitment and feedback, such as hitmonk's discovery that 35% of users chose them because of the logo and 50% due to perceived lower prices. it also underscores the need for startups to accurately identify their target users and customers through personal experience or analytical methods.", 'chapters': [{'end': 2514.301, 'start': 2417.095, 'title': 'Product market fit challenges', 'summary': "Discusses the challenges of achieving product market fit, with examples from reddit and hitmonk, and the significance of user commitment and feedback in determining fit, such as hitmonk's discovery that 35% of users chose them because of the logo and 50% due to perceived lower prices.", 'duration': 97.206, 'highlights': ['At Hitmonk, 35% of users said they chose the product because of the logo, and 50% said it was due to perceived lower prices, despite the company having to fight for every user.', 'Reddit experienced growth despite minimal knowledge about the business, users, and product sense, indicating a positive scenario for achieving product market fit.', "Hitmonk's natural state was zero users, and the company struggled to achieve product market fit, encountering challenges in attracting users and realizing the need to swim upstream."]}, {'end': 2842.607, 'start': 2514.321, 'title': 'Understanding product market fit', 'summary': 'Highlights the concept of product market fit, explaining its significance and indicators, emphasizing the need for startups to accurately identify their target users and customers through personal experience or analytical methods.', 'duration': 328.286, 'highlights': ['Product market fit is when your product is growing rapidly despite its flaws, and your focus shifts from fixing issues to scaling and keeping up with demand. Product market fit is evident when a product is growing rapidly despite its flaws, leading to a shift in focus from fixing issues to scaling and meeting demand.', 'Startups should accurately identify their target users and customers, either through personal experience or analytical methods, to avoid building products for the wrong audience. Startups should accurately identify their target users and customers, either through personal experience or analytical methods, to avoid building products for the wrong audience.', 'The speaker emphasizes the need for startups to differentiate between building products for themselves or a third-party group of users, and to use intuition or data accordingly. The speaker emphasizes the need for startups to differentiate between building products for themselves or a third-party group of users, and to use intuition or data accordingly.', 'It is common for startups to mistake an angel round or having funds in the bank for product market fit, leading to financial and operational challenges. Startups often mistake an angel round or having funds in the bank for product market fit, leading to financial and operational challenges.', 'The chapter highlights the challenges YC companies face in staying small and lean until they achieve product market fit, with a common mistake being the confusion between funding and product market fit. The chapter highlights the challenges YC companies face in staying small and lean until they achieve product market fit, with a common mistake being the confusion between funding and product market fit.']}], 'duration': 425.512, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/6IFR3WYSBFM/pics/6IFR3WYSBFM2417095.jpg', 'highlights': ['Product market fit is when your product is growing rapidly despite its flaws, and your focus shifts from fixing issues to scaling and keeping up with demand.', 'Startups should accurately identify their target users and customers, either through personal experience or analytical methods, to avoid building products for the wrong audience.', 'The speaker emphasizes the need for startups to differentiate between building products for themselves or a third-party group of users, and to use intuition or data accordingly.', 'It is common for startups to mistake an angel round or having funds in the bank for product market fit, leading to financial and operational challenges.', 'The chapter highlights the challenges YC companies face in staying small and lean until they achieve product market fit, with a common mistake being the confusion between funding and product market fit.', 'Reddit experienced growth despite minimal knowledge about the business, users, and product sense, indicating a positive scenario for achieving product market fit.', 'At Hitmonk, 35% of users said they chose the product because of the logo, and 50% said it was due to perceived lower prices, despite the company having to fight for every user.', "Hitmonk's natural state was zero users, and the company struggled to achieve product market fit, encountering challenges in attracting users and realizing the need to swim upstream."]}], 'highlights': ['Twitch hit 30 billion minutes watched per month, showcasing their expertise in building great products.', 'Reddit hit 300 million monthly active users, demonstrating their success in engaging a large user base.', 'Emmett started Justin TV, which evolved into Twitch, highlighting his experience and commitment to product development.', 'Steve co-founded and served as CEO of Reddit, showcasing his experience in building and leading successful products.', 'The success of a mobile app redesign that led to a 35-40% increase in customer engagement, highlighting the impact of effective redesigns.', "The introduction of self-posts on Reddit became 60% of the site's content, with a few million posts daily, showcasing its substantial impact on the platform's user-generated content.", 'Product market fit is when your product is growing rapidly despite its flaws, and your focus shifts from fixing issues to scaling and keeping up with demand.', 'Startups should accurately identify their target users and customers, either through personal experience or analytical methods, to avoid building products for the wrong audience.']}