The Startup Ideas Podcast
"Y Combinator Is Overrated" - Inside the brain of this 20-Year-Old Who Built Multiple Viral Products
Mon, 30 Dec 2024
Join me as I chat with Avi Schiffmann, Founder and CEO of friend.com, as we discuss technical challenges in AI memory systems and broader startup philosophy. Avi emphasizes the importance of creating new categories rather than competing in existing ones, while advocating for personal growth and confidence as crucial elements of entrepreneurial success. The discussion covers both technical aspects of AI development and philosophical approaches to startup building.Episode Timestamps:• 00:00 - Introduction and discussion of memory systems• 02:04 - Advice for Founders, Competition, Critique of YC • 06:02 - Entrepreneurship vs Innovation• 15:52 - Thoughts on Raising VC Funding and Bootstrapping• 18:52 - Discussion on Confidence and Personal Growth• 27:58 - Work Life Balance Discussion• 31:18 - Startup Idea 1: Memory as a ServiceKey Points:• Discussion of memory systems for AI chatbots and the need for "memory as a service"• Exploration of startup philosophy and the importance of creating new categories• Emphasis on personal confidence as a key factor in startup success• Critique of conventional startup wisdom and YC methodology1) First, a HUGE opportunity in AI:Memory as a Service (MaaS) for AI chatbots • Current memory systems rely on RAG• No good solution exists yet• Companies would pay $$$ to solve this• Critical for AI relationship products2) On building in existing categories:The real advantage of startups?• Fresh slate in people's minds• Ability to define new categories• Instant category leadership3) MINDSHARE is the only true moat Example:• Claude is better than ChatGPT in quality• But ChatGPT owns mindshare• Google trends: ChatGPT = 100, Claude = ~0Lesson: Better product ≠ Winning product4) On raising VC:"The real way you raise is when it becomes about the deal, not what you're working on"• VCs invest in YOU, not your product• It's a social game• They care about who else is in• Focus on being good at "yapping"5) The REAL key to startup success:Personal confidence over YC adviceHow to build it:• Get out of tech bubble• Build real relationships• Have experiences• Travel• Live life"No one great ever thought they couldn't be great"6) On working style:"You don't need to be at your computer to be working"• Best ideas come in shower/walks• Live life, let ideas brew• Focus on right direction not working hard• Think through ideas in different places7) Final wisdom:"You have a short bubble of consciousness while alive. Don't waste it working on something you're not confidently proud about."Stop preparing.Start building.Be confident.Make art.Notable Quotes:"If you view your work as art, you have no competition and you have no fear of failure.""It's easier to create a new category than to try and win in an existing category because if you create your own category, you immediately crown yourself king."Want more free ideas? I collect the best ideas from the pod and give them to you for free in a database. Most of them cost $0 to start (my fav)Get access: https://www.gregisenberg.com/30startupideasLCA helps Fortune 500s and fast-growing startups build their future - from Warner Music to Fortnite to Dropbox. We turn 'what if' into reality with AI, apps, and next-gen products https://latecheckout.agency/BoringAds — ads agency that will build you profitable ad campaigns http://boringads.com/BoringMarketing — SEO agency and tools to get your organic customers http://boringmarketing.com/Startup Empire - a membership for builders who want to build cash-flowing businesses https://www.startupempire.coFIND ME ON SOCIALX/Twitter: https://twitter.com/gregisenbergInstagram: https://instagram.com/gregisenberg/LinkedIn: https://www.linkedin.com/in/gisenberg/FIND AVI ON SOCIALFriend: https://friend.comX/Twitter: https://x.com/AviSchiffmann
Full Episode
This is one of our more crazy Startup Ideas podcast episodes. It's with Avi Schiffman, the founder of friend.com. He was all over the news for raising a few million dollars and spending most of it on buying a domain. He's got some spicy takes.
you know, if you view your work as art, you have no competition and you have no fear of failure. Like, move fast and break things, I think, is the thing I hate the most. I mean, I think maybe it works for shitty software, but like, I think, let's say, in my situation, I'm trying to build hardware, you know, I only really get like one real first impression. Any business really does.
Yeah, you know, no one great ever thought they couldn't be great. You know, you really need to have instilled in yourself a deep-rooted self... You know, just, you know, you need to just believe you are the listener guide in a sense. And I think will take you further than anything you'll ever hear from someone else.
He also gives away a free startup idea in the AI space. It's highly technical. So many of you might not understand it. But for those of you who do, he gives a playbook on how to create this technical AI app that he thinks could make millions. You might not agree with everything Avi says, but it makes for a very interesting conversation and it probably will get your creative juices flowing.
We got Avi Schiffman on the pod, founder of friend.com, 22 years old, Harvard dropout. He makes a lot of noise on Twitter and places like that. So thanks for coming on, man.
For sure. Thanks, Greg. Yeah, it's cool to be on a podcast. I just talk about ideas, I guess. Big idea guy here, of course. I think I definitely have large tunnel vision. I think what I usually think about maybe more is... like why people are usually failing at their startups or why a lot of people's ideas don't work or like... Yeah, let's talk about that.
Yeah, I think that a lot of... I mean, there's like a very famous maxim, right? Where like most people's startups die from suicide rather than competition. And I, you know, I really believe... I mean, let's say in my situation, right? Like I've been building this AI pendant, okay? This AI wearable pendant.
For a while now, I started this company back when it's called Tab, right, in May of May of last year in 2023. And since then, there's been a gazillion, you know, large companies and random kids and idiots, everyone, all alike, all trying to build their own version of this. And
many more than half of the ones that I remember being started have all failed or, you know, you know, maybe I'm not going to be too harsh on them, although, you know, they're trying to copy me still. But, you know, they moved on to like other ideas.
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