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Schachter: Yes, but it would not be polite to talk about it. There were several
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cases of people wanting to get equity in advance of other people, or weird deals.
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Livingston: As a new startup founder who has never done a deal or negotiated,
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Schachter: In general, I found VCs to be significantly politer than the folks I
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worked with. The worst they did was not call me back. I d never hear from them again. Brad Feld does a nice blog talking about how the VC process works. He says they never call you back to say no they don t want to close the door in case they want to open it again, but they don t want to actually give you a response. Very few VCs actually said, Sorry, we re not interested.
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Livingston: How did the process of starting your own company and then selling
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Schachter: It pushes you far. You learn a lot. I did a round of funding, I was
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writing code, I was hiring people, chief architect designer, negotiator, you name it. I did all of it, for the most part. When Albert got up to speed and was working full-time, he did a great deal of work there as well.
Livingston: What surprised you most about having your own startup Schachter: It s a combination of sudden freedom to run things as you please
and crushing responsibility in which you know you have to do certain things in a certain way at a certain time. That eradicates all of that freedom. You become a robot on rails. You know what you have to do and you are working in a certain direction. Maybe other people are different, but I think that every step was sort of the inevitable, inexorable progress due to the previous steps in the path. It s not like I had no choice, but everything I did was the only choice because it was the only thing that made sense at the time. It s not that long ago, but no regrets, that was the path to take. Everything that had to be done was done.
Founders at Work
Livingston: What is your favorite bit of advice you d give to a technical person
who wanted to start a startup
Schachter: Reduce. Do as little as possible to get what you have to get done.
Do less of it; get it done. If you ve got two things that you want to put together, take away until they go together. Don t add another thing. Because you can understand it better, you can analyze it more cleanly. The UI will be easier. Doing less is so important. People often wind up adding features, adding stuff. Making it bigger is the typical way you engineer out of a problem, right It s the traditional, I apologize for the long letter. I didn t have time to make it shorter.
Mark Fletcher
Founder, ONElist, Bloglines
Mark Fletcher was a senior software engineer for Sun Microsystems when he started ONElist, a free Internet email list service, in 1997. He ran ONElist as a side project until he received venture funding a year later. Yahoo acquired ONElist (later renamed eGroups) in June 2000. In 2003, Fletcher created Bloglines, a web-based news aggregation service. He originally wrote the program to manage his own bookmark list, but once he launched it publicly, Bloglines was fast on its way to becoming the most popular news aggregator on the Internet. It was acquired by Ask Jeeves in February, 2005. Fletcher s startups typify many of the Web 2.0 aspects that we value today: building inexpensive web-based companies that grow fast. ONElist got to one million users before it took outside investment, and Bloglines took only $200,000 of investment before its acquisition.
Livingston: Take me back to how you got started with Bloglines. Fletcher: I had started ONElist, it became eGroups, we sold it to Yahoo, and then I left at the acquisition in September of 2000. I decided I needed to take time off I hadn t had a vacation since eighth grade, between work and school. So I traveled around a lot, got really bored, and realized I had been around computers all my life, that is really what I like doing, so why am I depriving myself of the fun of working on startups It really came down to solving a need of mine. I had started another company an anti-spam company called Trustic, and that wasn t going very far. But as I was starting that, I was doing this other thing on the side, which became Bloglines. I had a bookmark list of about 100 sites that I went to every day just to see if there was new stuff. Things like Slashdot, CNN, my friends blogs. It was taking a long time; I figured there had to be a better solution to
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