Watch the full Y Combinator talk on YouTube from Aug 29, 2018 here: https://youtu.be/0lJKucu6HJc
- Build a product so good, people spontaneously tell their friends about it.
- Build a product that is easy to explain in a few words.
- Identify a market that is going to grow every year.
- A real trend is one where the early adopters use it obsessively.
- At least one evangelical founder, usually the CEO. Sell, recruit, talk to press, and have infectious enthusiasm.
- Ambitious vision, one that grows over time.
- Easier to start a hard startup than an easy one, at least at YC.
- A confident and definite view of the future.
- A vision that may have a small chance of success, but will be huge if it works.
- The team.
- Optimists, especially in the face of the world saying it won't work.
- Idea generators (people).
- A "we'll figure it out" mentality. Even if not qualified on paper.
- An "I've got it" mentality. Ownership.
- Action bias. People that will act, even when uncertain.
- Being naive is good, since you challenge the default assumptions.
- Momentum (your only job as a founder). Especially in the first two years, never take your foot off the gas.
- Competitive advantage. What is the monopoly effect?
- Sensibile business model. Know how you'll make money.
- Distribution strategy. How are you going to grow, and get users?
- Frugality, focus, obsession, and love.
- In a big company, one "no" can kill your idea. For a startup, you only need one "yes".
- Fast-changing markets. Speed helps startups here, and gives them a competitive advantage vs. a big company.
- Platform shifts. Whenever a big platform shift happens, startups seem to come in clusters. Take advantage of these shifts.