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Livingston: I love working with my three partners. I m the only non-technical
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partner, and I hear them talking with the startups about technical stuff and it just blows my mind. They have such an understanding of it. We work really well together. We have fun. We ve never argued. Right from the start, Paul, Robert, Trevor, and I just always seemed to agree on most things. What was the biggest disagreement you ve had
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Livingston: Honestly, I don t think there has been one. The hardest thing is for
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me to keep the interview schedule running on time. Seriously, that s the biggest thing I can think of, because they re not as organized as I am when it comes to time. I think it s nice that the three of them had started a company before. And of course, all three of them are involved in other things, too, so it s not like Y Combinator is their entire life. We re doing Y Combinator because we want to, not because we need the money, which I think takes some of the pressure off and allows us to make good decisions. Have there been startups that surprised you
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Livingston: All the time. There are startups that you think are going to die, but
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the founders keep working and things get better and then suddenly investors are all over them, even though no one would talk to them 6 months before. But there are also people we fund who we think are hotshot hackers with this great idea, and their startup just doesn t take off.
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Jessica Livingston 453
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Have you gotten better at recognizing which founders are likely to succeed
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Livingston: I really hope so. That s the whole goal, right, for Y Combinator to get better at picking successful startups. But let me tell you, it s really hard to judge at the stage we are investing at. Ground zero. We have learned that determination matters a lot more than founders resumes or where they went to college. I d say that determination is the most important quality in a startup founder, because we ve seen so many of the startups hit difficult times, and some of them quit and some of them don t. It s hard to keep going. If they ve built something really cool before, that s usually a good sign that they can actually build and launch something.
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You ve watched over 100 startups now. How do you make a successful startup If you had to tell would-be startup founders in a few words, what s the secret
Livingston: Unfortunately, I don t think there s one answer. It depends on so
many things. Some are under your control and some aren t. But as I said before, determination is most important. You have to be able to endure all of the bad things that are going to happen to your company times when you think you are just dead, but you have to find the will to keep on going. Choose a cofounder that you have a good relationship with, where there s a lot of trust between you. One of the biggest reasons for failures in startups we ve funded are blowups between founders in the first 6 months. I see that and it s painful to watch. Unless you have revenues after 3 months or have a lot of personal savings, you ve got to be able to get more funding. So you have to have a good idea with a large addressable market. What are your plans for Y Combinator in the future
Livingston: We re always changing things, so it s hard to say what will happen in
the future. I definitely want to keep doing it. For me it s a dream job. We ve helped a lot of people start startups and I think they are happier and more fulfilled because of it. I want to keep having an impact like that. What started off as about 20 founders has now grown into an alumni network of more than 250 people. It s an amazing community. The founders all help each other out. They have the same problems and deal with the same investors and it s nice to have people to ask for advice. We ll keep trying new things. We re always experimenting and trying to come up with new ways to scale. Y Combinator feels like a startup in that sense.
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