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  1. Hustlers Wanted

    January 10, 2011 by Matt Mireles

    SpeakerText needs help. Seriously.

    The amount of non-technical work and stuff we need to do to make SpeakerText succeed has grown beyond my capacity. In fact, it’s hurting productivity, and not just for me. Tyler still acting as company bookkeeper, and Swanson spends a lot of time sending emails and doing lots of urgent but non-strategic non-technical work.

    Funny thing is, while we’ve talked about hiring non-technical folks eventually, we never saw it as a priority. In fact, the whole idea of hiring a non-engineer felt wasteful, a luxury that we couldn’t really afford.

    Last week, this changed. For the last month or so, I’ve been meeting each Thursday with a guy named Marc Randolph. He is the original Founder/CEO of NetFlix, which was seed-funded by his buddy Reed Hasting (who took over as CEO after his departure in 2003). Marc gives me advice on matters both big and small. A helpful dude, he is.

    Anywho, Swanson joined me for this last meeting, which mostly covered big picture stuff. But then we started bitching about feeling overwhelmed with minutiae. “Hire someone!” Marc suggested.

    Swanson’s brow furrowed. “Wait, hold on a sec,” he said. “You’re saying we should actually hire a non-technical person…right now? Like, is that OK?”

    “Yeah, totally,” Marc nodded.

    Swanson paused, a quizzical look passing over his face. “Before we hire engineers??”

    It will be like adding another engineer to the team, but better,” Marc explained. “You and Tyler will actually be more productive, and that productivity increase will happen right away. There’ll be no learning curve like there will be for a new engineering hire.”

    Swanson’s face lit up. He looked like a kid on Christmas morning. “So, hold on a sec here. You’re saying we can hire this person? We can pay them money to this job and that’s not some crazy luxury expense?”

    “Yeah, totally. You should have done it already,” Marc nodded.

    When we left the meeting, Swanson was giddy. “OMG, if I didn’t have to do all this bullshit work, I’d so much more productive!”

    We talked about it over lunch. This is a person we need. And in talking about it with other startup founders, it sounds like this is a person that a lot of startups need.

    When it comes to hiring, I tend to think a lot about what’s in it not just for us, but for the other person, for the dude (or dudette) we want to hire. And so I thought about it: What value could possibly come from someone with a lot of talent doing by the bitchwork that we really don’t want to do?

    As it turns out, a lot.

    For one, we’re a hot, fast growing startup. There’s value in just being there at the ground floor when things are taking off. We just closed a seed round with some top tier investors (announcement coming soon) and in that kind of environment, it’s inevitable that you see things, you see & become part of the process––and that means you learn stuff about how companies are actually built.

    Honestly, I wish I had a job like this after graduation. I would have learned so much, saved myself so much headache and so many “school of hard knocks” lessons.

    The reality is, we need people who can do more than just bitchwork. I’d expect the random admin stuff to amount to 30% the job, give or take. The rest of the job is going to involve actually talking with customers (30%) and figuring out how to acquire new ones (30%). Think customer support and brand building.

    God knows we need help when it comes to customer support. And inherent in customer support is customer development, i.e. figuring out what customers really want, need and will pay for. That’s how you build a company, really.

    And finally, there’s that last 10%, the really fun part that only really happens when you’re in an early stage company: plotting world domination. In big companies, this kind of thing the exclusive domain of upper management. No fresh grad is going to be talking grand strategy with the CEO of Google. But when you’re sitting next to the founders 12 hours a day 6 days a week, you’re naturally part of the conversation. And believe me, world domination is something we think––and talk––about a lot.

    Basically, it’s the perfect gig if you’re web savvy, hungry and you want to break into the startup world but don’t know where to start.

    ***
    SpeakerText is hiring people to work out of our new San Francisco headquarters. Backed by some of the top investors in Silicon Valley, we’re a fast growing tech company with paying customers and a real business model.

    The Job: Hustler (Entry-Level)

    Designed for recent graduates with lots of raw talent and ambition, the entry-level hustler position requires strong people skills, extreme web savvy, detail orientation and a scrappy JFDI attitude.

    On a day-to-day basis, you’ll spend most of your time either in front of a computer or on the phone alongside to the CEO and the engineering team, participating in the early growth phase of a hot technology company a la The Social Network. Here’s a rough breakdown of how you can expect to spend your time:

    -30% Talking with existing customers
    -30% Figuring out how to acquire new customers
    -30% Random office tasks
    -10% Plotting world domination

    Hustling isn’t a job, it’s a state of mind. Whether you want to start your own company one day (which we encourage) or not, being part of Team SpeakerText means embracing the JFDI spirit. We will empower you to get things done, and won’t always give you a ton of direction as to how. You will be held accountable for the results and rewarded accordingly.

    Compensation includes a living wage, healthcare, and stock options.

    You will learn the following within 18 months:

    -How to think strategically about making money on the internet
    -How to talk to customers
    -Basics of entrepreneurial finance, including the venture capital process
    -How to run an online marketing campaign, including how to use MailChimp & the Twitters

    CEO’s note: If you’re non-technical and want to break into the world of startups and entrepreneurship, this is the perfect job. In fact, this is the job I wish I had when I first graduated from college, knew I wanted to start something but hadn’t the faintest clue about where to begin.

    The Company: SpeakerText

    SpeakerText is an online video transcription service powered by semi-automated assembly line software that combines artificial intelligence with crowdsourced labor. Crazy as it sounds, the humans are teaching the machines to become smarter and slowly working themselves out of a job.

    The upside of all this technology is that SpeakerText not only makes video accessible and searchable, but it also enables sundry applications like this one that lets you share video quotes that link back to that exact moment inside the video.

    Company culture is something we care a lot about. We hire really smart, really hardcore people who like to have fun (e.x. our CEO is a Columbia grad who dropped out of college twice to work on an ambulance in East LA, then fight forest fires in Alaska).

    If interested:
    1) Visit http://speakertext.com and check out what we do.
    2) Email thehustler@speakertext.com with links to your online resume & web presence, include a brief, non-generic spiel about why you think this might be the gig for you.

    SpeakerText is an equal-opportunity, work-hard, party-hard employer.

    Follow me on Twitter.


  2. The Importance of Lawyers

    December 17, 2010 by Matt Mireles

    ATTENTION: SpeakerText is hiring web developers and ML hackers. If scaling a semi-automated, virtual assembly line that combines AI with crowdsourced labor sounds like your idea of a good time, click here.

    ***

    People who say that lawyers are a commodity good don’t know what the hell they’re talking about. Lawyers are not a commodity. There’s no need to overpay, but do not skimp. Lawyers are expensive, and it’s tempting to go cheap when you’re small and broke. I get it. I’ve been there. But your legal docs are the hardest things to change, and sometimes, they’re unchangeable.

    If you’re outside of Silicon Valley, make absofuckinglutely sure that you’re using a startup law firm with a Silicon Valley presence. Your cousin Andy’s friend who went to Harvard Law will not do the trick. The really smart lawyer your bud Jim knew at Goldman Sachs will not do the trick.

    If you’re in tech, you need a startup lawyer. Period. And not’s because it’s rocket science, but because it involves nuance and long term issues that don’t apply to the rest of the normal business world, which is to say: there’s a chance you’ll raise venture capital and/or sell your company.

    True Story…

    I started the company that became SpeakerText in October 2008, just a couple weeks after the apocalypse Lehman collapse. I was still working on an ambulance at the time, paying the bills by being a paramedic in NYC. In December, I got my first lucky* break.

    It was 4am. I was working 10w, tour 1 –– the Upper East Side overnight. Around 0300, we got the call for a cardiac arrest. Old lady. Cancer patient. When we got there, the family spoke with an aura of acceptance. “She’s dead,” said her son. But they didn’t have the Do Not Resuscitate order on hand. Fuck, I thought. We have to work her.

    I hate working dead people.

    I tried to get the medical control doc to let us pronounce. He got pissed, said ‘no dice.’ And so we did the whole CPR rigamarole. I felt bad for the family. Let the woman rest in peace, I thought. What a shame.

    And so we performed the obligatory medical theater. Sometime around 345am, I pronounced.

    Of course, it was my job to do the paperwork, and so I started talking to the son. He was a nice guy, in his 50s or so. Amidst checking the boxes and transcribing her medical history, I asked him my favorite question: “So, what do you do?”

    Turns out he’s a lawyer. A corporate lawyer. I didn’t know it at the time, but he was actually a very powerful senior partner at one of the top firms in the US.

    “Do you work with startups at all?” I inquired.

    “Startups?” He responded, a bit exasperated. “Who’s doing that?”

    Lehman had just melted down. The end of the world, it was.

    “Well, I am” I said, and proceeded to pitch him what became SpeakerText.

    He was intrigued and gave me his number, said: “Call me. I might be able to help you out.”

    A few days later, I called. And emailed.

    I didn’t want to push, so I left it at that. The man was in mourning, after all, and while I was & am a determined motherfucker, I wasn’t going to be that guy.

    A month later, he called me back. “Sorry I didn’t respond earlier,” he said. “I just wanted to say that I was really impressed by you and that would be happy to take you on as a pro bono client.”

    Woot! Free lawyers! And good ones to boot Hot damn!!!

    Over the course of 12 months, they helped me form an LLC and then converted that into a C-corporation called SpeakerText Inc.

    Our engagement ended in December 2009. And boy was a I proud.

    In March, I went hunting for a new lawyer: the kind you pay for.

    “If you had paid for these docs, I’d tell you to sue for legal malpractice.” This is what the pros at Wilson Sonsini told me.

    Fuuuuuuuuuuck.

    In our incorporation docs, there were two fatal mistakes, the combination of which was our saving grace.

    #1 I failed to file a 83(b) election with the IRS.

    The 83(b) election is something you have to file so that when you have equity vesting in place, you don’t have to pay an increasing amount of taxes with each month your shares vest. If you don’t file an 83(b), the IRS will classify all the shares that vest each month as income…at their current market value. Thus, if your stock price goes up, then you owe the IRS more money each month. But the shares are illiquid, so if the share price goes up a lot, you become increasingly fucked.

    I was setup to be increasingly fucked. That is, if SpeakerText went anywhere.

    #2 The company issued more shares than the board had authorized.

    We had issued 25,000 shares but only authorized 2,500. Whoops.

    The upside of this is that it was such an egregious, astoundingly sloppy move that it nullified everything else, including the 83(b) election screw up. Thank gawd.

    Our new lawyer, Heather Miles, cleaned it all up back in April. We were lucky, she explained. My ass was saved by the sheer grossness of our previous lawyers’ incompetence.

    Heather reached out to our previous counsel to ask about the 83(b). “What’s an 83(b)?” was the response.

    Oy vey.

    It’s not that our previous lawyers were bad people. Sloppy, yes. Incompetent, yes. Well pedigreed, also yes. Part of the problem is that, as pro bono clients, we had gotten kicked to a very amicable first year associate that handled our work.

    Regardless, the real point is this: they weren’t specialists. They had never done incorporation work before. They didn’t grock the nuances. And as a result, they fucked up.

    It’s like in medicine. Pediatrics have a fundamentally different anatomy and different problems than adults. Same with lawyers. You can’t just scale down the tactics you’d use in a big company. You need a specialist. Spend the money. It’ll save you in the end.

    The other good thing about a really good lawyer is that they can help you negotiate terms with investors and customers. They can be the bad cop to your good cop. They can provide you with normative leverage, which is awesome. “I can’t do that because my lawyer says it will fuck me when we raise a series A,” is a wonderful thing to be able to say.


  3. Open Letter to the SEC: Angel Investors

    November 14, 2010 by Matt Mireles

    I submitted this comment to the Securities & Exchange Commission after seeing this: Is The SEC Going To Significantly Raise The Accredited Investor Thresholds?

    Our economy is in the tank. People need to create jobs. And while some banks are lending, most smaller entrepreneurial business do not and often will not qualify for bank loans.

    Enter the individual “angel” investor, sometimes a dentist, often a successful entrepreneur. The good ones don’t just give you cash: they give you advice, they give you knowledge. This is what American entrepreneurs need––and they are what America needs.

    Entrepreneurs and the companies they create will be what save these United States of America. And while we are a scrappy, resourceful bunch, we need access to capital to get started. And when we’re tiny and our business model is unclear and our prospects of success are the most uncertain, individual investors willing to make a bet on our success are how we survive.

    The harder you make it for rich or even semi-rich guys to invest because of regulations, the less investors there will be––and fewer companies will survive or get started in the first place. Fewer companies means fewer jobs. And no one wants that.

    So please, don’t make it harder for rich guys to invest in small, dinky companies like mine. American needs us, and we need them.

    This is the time for public comment. In theory, they’re listening. Now’s our time to speak up. Do it here.


  4. Startups Ain’t Always Pretty (and that’s Normal)

    November 6, 2010 by Matt Mireles

    Caterina Fake is leaving Hunch. Or something like that. (A brief overview is on Quora.

    Last night, as I was reflecting on a contentious debate we’d had during the day (technically about server migrations, actually about pent up interpersonal frustrations), and after a fleeting moment of panic, it occurred to me how common this kind of shit really is.

    It’s easy to lionize people, to paint your heroes––in your mind––with the magical dust of immortality and––abetted by the echo chamber that is the web––forget their actual humanity. Humanity that is sometimes flawed, sometimes frail. When you compare your very real, not-so-adequate-today self to the built up, pedestalized image of someone else, you’ll always come up short.

    Which brings me to Chris Dixon, the celebrity entrepreneur/VC. We entrepreneurs who cut their teeth on the east coast in this latest wave of startups have come to lionize the man and hold him up as something of an idol. The truth? Cool guy. Very smart. Excellent writer. Already built up one company and sold it. But the man’s still human. Strip away the marketing and he’s still playin’ the game, just like the rest of us.

    His current venture, Hunch, hasn’t really taken off, despite having raised nearly $20mil in venture capital from the top names in the biz and having lined up an all star team of technical geniuses. His co-founder Caterina just bailed, or is in the process of maybe-kinda-sorta-not-really doing so. Business Insider says they had a personal falling out, but that’s not confirmed.

    And Hunch, well, Hunch is cool and “interesting” from a technology perspective, but I haven’t quite figured out how it solves an actual problem or need. I think I used it once, maybe, 6 months ago. No one on my team uses it and no one I know actively uses or has talked about it. From all appearances, the product seems to be “a vitamin, not a painkiller,” and more of a feature than a product.

    Not saying they’re doomed, but I am saying they’re not a clear success just yet. ‘Product-market fit’ is still an aspiration, not a reality.

    Sound familiar, maybe like 99% of every startup you’ve ever met, no?

    Now, I’m not saying this to knock Dixon or Hunch, but to point out a larger truth that I think is easy to overlook amidst all the adulation & hype: CELEBRITIES ARE HUMAN. COMPANIES––NO MATTER HOW ‘HOT’––ARE RUN BY HUMANS. Humans that can fuck up and piss each other off and fall flat on their face. Humans like us…just sometimes with more money or buzz or prestige.

    As a founder, it’s easy to come up short when you compare yourself to an illusory ideal. But that’s not reality. No one has a perfect track record. Businesses are run by humans. A startup is a human institution. While a good CEO can hide the warts, the truth is rarely as pretty or elegant as the narrative pedaled to the press.

    And so, when you’re in the struggle and you want to kill your co-founder(s) and you haven’t nailed product-market fit and you wonder why you ever thought you could succeed in the first place, remember: That’s what being the man in the arena is all about. This kind of shit is normal. Hell, not even the great Chris Dixon is immune.

    Only in hindsight will people––yourself included––romanticize the struggle, say your success was always assured, and imbue the affair with shimmers of glory.


  5. Communicating a Vision

    October 31, 2010 by Matt Mireles

    The girl's microphone just cut off. Uh-oh.

    They'll never know what the Yahoo is.
    Oh my God. What is Yahoo Mike? Yahoo.

    Me?

    No, do you want to answer? Go ahead.

    I'd rather hear your answer first.

    No, you go ahead. No, let's hear your answer first.
    Listen, Yahoo's a great company that is very , very strong in content for its users, uses amazing technology to serve up what increasingly weakens the web of one. F or instance, on our today module in the front page every five minutes, we have 32,000 different variations of that module. So you don't even know what I am seeing. In fact we serve a million diffe rent front page modules a day. And that's just through content optimization, that's just the beginning.
    Customize I've experienced.

    ...customized, because we know the things you in interested in, maybe you don't like entertainment, maybe you like a certain sports team, et cetera, et cetera, and our click-through rate went up twice. So the point is, people come to us to find out what's going on in the world in a very nice quick fashion, to do their communications through mail and messenger, check in on their teams. And we all know about Yahoo finance. It's a place where you can just get it together. OK.

    It's collated for you, it's all the things that as you're moving, you can even get your social information there. But, you know, e verybody moves through many websites in a day. Yahoo is one they always stop at. OK. You had some news today that, you have partnered with match.com .

    Uh-huh, that was one piece of news.

    Yeah. And they are now powering your personals and you're moving your existing personal product to direct to that now.

    Yes. Yes.

    Why abandon such a large, a large property? Well, personals is something we, the company actually hasn't been focusing on that much for about 3 years and so to, to ramp it back up. We didn't think that actually in t he sweet spot of what we do. It's more, the same thing with HotJobs. I think, during the time when Yahoo bought, bought into both of those concepts was when the diversification seemed to be many kinds of services, instead of many kinds of content, whether it's our editorial content, our license content or now with associated user generated content.

    So that people really can, especially as you get into the local part of your world, the long tail content. You really need to get that from the folks that are on on the ground there. So I gave an example the other day, I was trying to decide whether I should fly to Europe a couple of weeks ago with the cloud, you know. Not the kind of cloud we all talk about. and I checked in on YahoolFront Page and there w as an AP report, but it was 17 hours old. I FOUND 17 hour old volcano information. You know, I need real live Twitter like feeds. You know, content brought in by people there and at the airports and so forth, that's what Yahoo stands for. Personals was something off the side. Are there any other of the big yahoo properties that...?

    No .

    So that's it. We've now gotten rid of e verything that you're not focused on.

    Right.

    Everything that's left you're focused on. Right.

    Okay.

    What about this? I'm sorry, what was the other announcement today? It was a Nokia announcement. We did an announcement with Nokia, and they are going to be using our mail and messenger on all of their i nternet enabled handsets around the world, and we will use their map and navigation services on both mobile and PC. Are we getting feedback from Carol should have both of her mics on? Or are we good out there on audio? We're good. Okay.

    How important is mobile to Yahoo!
    going forward? Oh, mobile is extremely important. You know, of the eighty-two thousand, eighty-two million, I'm sorry, internet mobile devices in the U.S., we're on 37 million of them with our CompStat and search, and so, we really attack the U.S. market. People don't think, they just don't think-

    Yeah.
    -that's true, but it is.
    And it's especially important in emerging, or new to the net folks, who come on through handsets. Yeah.

    [unintelligible] So the very fact of the matter is, the first application most of the users in the emerging part of the world want to use is messenger, because that's how they communicate with people, their friends and so forth. So , getting messenger on the handset company that really, outside the U.S., is dominant, is really important to us.

    Is that a signal, that you're partnering with NOKIA, is that a signal that you're very focused on emerging markets, lowering hand set That you didn't make announcements around higher end handsets.

    W ell, we already have iPhone apps, we have rim apps, a nd our android staff will be coming out soon. So, no. It has nothing to do with that. It's just that outside of the U.S. the Hero phones are you know, the A through F phones, are still getting the dominate use. Still has to be internet enabled. But, doesn't matter. But, no this is just a way to broaden the platform.We're already have lines to the 100 oams , so whether it's the Samsungs, Nokias ...

    Are there are a 100 oams?

    Mm-hm. Oams and carriers, yeah.

    OK. There are.

    What phone do have?

    What a disturbing number by the way, is that we're on like 23 hundred different handsets. I mean, it's like the old days of Unix, you know. All you're doing is pointing to different variants. What kind? I carry a Blackberry and an Iphone.

    OK. No Android. No, IPhone. Hands down or up for Blackberry. Hands down, up for Android. Hands down, up for anything else.

    I would like to spend a few minutes talking about your product

    organization.
    I think that, you know, that we could talk about the financial help that Yahoo and you actually do and you I seem to be doing quite well. I would rather focus, and I think this audience is probably more interested in, is on what Yahoo is doing on a product prespective.

    You made some changes in the organization and there have been some departures at the senior level, but we don't need to talk about those.



    The new blood is Blakerman.
    Has he officially started, maybe a week ago.



    Last Monday.
    OK, last Monday. And I, you know, I want to put this carefully, but is he the person who runs product at Yahoo now?

    Absolutely. OK. Does he, is he, would you consider him a product czar? Is it through, is there a committee? Does he answer to you only? Just how does it work? When you guys sit around and talk about what Yahoo is, and is going to be at a high level. Is it his job to sort of quarter, is he quarterback? Is he, you can imagine how maybe a Steve Jobs acts within his own organization. I get the sense that Steve is in charge of product. Is he, is he that person?

    Well, first of all, you know, you can't find any VP engineer, VP product anywhere that compares to Steve Jobs . So.

    And I didn't mean to make that comparison.

    Let's start with that as an unfair comparison. I have a Head of Labs, Prabhakar that reports to me, Blake reports to me. Under Blake there's three segments, our advertising products group, our audience products group and our platform group. we would have the largest private clouds in the world . So we do alot of count in up organizatio and platform. Audience, of course, is all of our audience based products. Then, advertising, as you can imagine,we serve up 10 billion ads a day. So, keeping out whole advertising business is enormous technical effort.

    So, if there isn't a single strategy at Yahoo, is what your doing on the advertising audience platform side and what you are doing on audience.


    I mean, for instance, I talked earlier about generating different on the fly thru bulk machince and editorial authorization.

    The second thing that we are n the process of looking at and we are testing is optomizing page format on the fly. For instance, we know that, males have banner blindness and will actually look at ads in the lower left hand. Women like banners in the upper right hand corner. So, why should I say it nails her off. N ow that you say it, it makes more sense. Why would I ever wait, you know, the wrong position. He's so slow. You're on the page, okay why would you ever do that? And because the advertiser, you know, you don't get the click through, etc., etc., so you can optimize the page on the fly for you know teenager versus the mom whatever.

    That's all great but what a bout, you know, when you think about Apple, they just launched the Ipad. They aren't really talking about I optimization is like it's the iPad it's culturally changing.

    That's because that that's because the iPad is, you know, lets start with a ... let's have a couple of different concepts here. Ipad, they're a hardware company. And an apps company, and the iPad is just the natural revolution, evolution.

    Sure.

    Evolution of what they're doing. When we talk, its like these days in the valley if you're not coming out with a device or a plat form, then somehow your not innovating. To, to be able understand how what I'm describing works is a lot of science and it's a a lot of equations, and it's a lot machine learning.

    Where's the soul?

    Pardon me?

    I get the science part of it. Where's the soul, the product soul? Is that, I mean. What I'm trying to understand is, is that Blake? Is Blake the, the or is he the chief scientist sort of analysing the data?

    Chief scientist is Prabhakar. The product soul, the soul, listen there's not absentee jobs . Who's the products soul of a lot of other companies? It's a combination of smart people, Mike. Its not, you can't pin a company the size of Yahoo on one person's back. That doesn't make any sense.


    Have you heard that you said that a combination of smart people. Have you heard the saying that a camel is a horse designed by committee?



    I know that.
    You don't design. You don't necessarily design, but you implement by serveral people.



    OK, great.


    By the way, when I can just imagine there were a lot of different

    there were a lot of different concepts brought up to Steve, if you want to stick with jobs.



    Yeah.




    I mean he doesn't sit there and say it's this and then go do it.
    A lot of concepts are brought forth; they're tried, they're tested, they're sent back. There are people involved.

    Yeah.




    It's naive to think there's not multiple people involved.




    Yeah, fair enough.
    Okay.



    Why Blake.
    His last job was at Pepperdine. He was a professor. Before that

    he was at Microsoft.

    x] He was a professior at Pepperdine because he took two years off from Microsoft.


    Fair enough.
    In Microsoft he was with Windows Live platform.

    He worked on Internet video conferencing, internet tone, mail messaging, and blogging. advertising platform.

    Yep, and before that Xerox and Compaq. Is that the key, the advertising platform experience?

    No male clamps advertising, internet. Yeah.

    I mean that's, this is a, we're in a very new industry here. I would say most of these wonderful start ups that are shooting through here are because they have a technical background and they have a great idea they find somebody with the technical background, you know it like in the early days and Yahoo is 15 years old, you know one of the oldest, nobody knew what any of this stuff was who just came and, and and worked at it. Blake, considering all those words we talked about, advertising Internet pretty darn good fit and my style. How important is social to Yahoo? And what is social to you, what does that mean to you?

    Well, back when the word social Social actually had a broad definition. In that, you are a social person which meant you liked to communicate with the people and you are outgoing.

    So if you start with the fact that socialist communications, you can basically say Yahoo Finance Chat was the first social. Yeah.


    So social's extremely important. When we finally put out commenting and rating int the last few months we are at a million a day.



    The first day we put up comment in Yahoo New, we might sit there and say, well, who's gonna yell on the news?
    You know, that first morning, we had 85,000 comments. So people are very eager to interact with people. The inner action and then to the spirit of your question, which is how interact the Facebooks and real time information like Twitter and all the other gaming, all the other things that come. It is a combination of not in the walled garden so people can move around as they wish, gain feeds inside in a very integrated fashion inside yahoo properties like mail. We'll be introducing some things next month that I think are pretty exciting.

    Okay.

    So social's very important, plus, you know, kind of the ultimate in social is, in, in the right way, you found out more about people. And so hopefully we can start of a better experience. More about them in terms of filling a profile and doing things like that.

    Correct.

    So it's no walled garden. It's allowing interaction with the site and services. It's knowing more about them. What about, I think If I asked Facebook what is social they would begin and end with the social graph. And the idea is

    Yeah, they'd say one name.
    Well the idea that people are connected to other people and other things, whether that's a brand or a place or is that compelling to you is that something that you feel Yahoo needs to partially own or own and you're comfortable not owning it? I don't know that anybody owns anything anymore.

    Facebook could say I own it.

    Yeah, but Facebook also shares it with it's, with his partners, so.

    I think they rent it.

    Depends on the agreement you have with them.

    Yeah. So, it doesn't matter as long as you get, as long as you get your hands on the information and you can with the right intent, do something good for the user, so there's a better user experience.

    Yeah.

    That's good.

    So access to that data. Exactly

    It's important

    Exactly

    Owning it

    Oh I'd love to own it.
    Shit, why not?

    Right but it's

    I'd love to You know, I'd like to be Queen Poobah of the world but I'm not.
    Get that laugh?

    That was me. Scobel is right there. Have you ever met him? He's been disrupting. He trolled Charley Rose He was kind of slow, that probably wasn't heard. You guys are bad. In 2008. You've said that Jerry Yang first approached you to talk about the Yahoo job, at Cisco, Cisco you were meeting? A nd he said you know, Jerry you're not the right person for the job. That's right? Correct.

    Are you the right person for the job?

    Yeah, I'm one of many. I'm sure there were many people right for this job. But once I found out more about what it seemed Yang needed, I was one of them. But there's, there's, there's no one special person for any job. There's many people. That's the beauty of it. There's no one person that, as good as you are at interviewing people and you know, have a brain and can write. You gonna finish that? I feel like there's something coming of it. No but.

    It already came.

    You've asked, you've asked press, from day one actually, you've asked press and particular bloggers to give Yahoo a little space and, and maybe tone down this sort of advice of what should have happened and should happen. Any, that was from day one, and you've continued to do that. But on April 30th or right around there you, you Of this year or last year?

    This year. This a good one, trip wanting caution. You made a statement that, you know, Google has some problems. Was only

    Did you actually see that whole interview?

    No I only read the part on a tech crunch

    No, I hope, that is not what I said.

    Yeah, they

    If you actually see the interview I said that Google needs to grow a Yahoo every year.

    Right.

    Which just means they have to go into a lot of different businesses, that's why I said that isn't meant, that's not a slam that is a fact. I mean, to be, to be a 20 percent grower which is what they have to be interesting.

    Yeah.

    They have to grow a Yahoo, company the size of Yahoo every year.

    Yeah.

    That, there's nothing, I don't know why you though that was It wasn't just that, it was that you said they so reliant on It wasn't just that, it was that you said they so reliant on search advertising for their revenue, their only revenue stream I assume.

    Well, is that wrong? I don't know if it's right, I mean, it's a correct statement, but is it such a bad trick to have if you're right arena.

    No, of course not. It's a great trick, I have like that trick too with the social graph. That's not, but listen, you. I'm going to really argue with you on this one.

    Great.

    I said that they are 90 plus percent search. That's a fact. Yeah.

    And to grow a Yahoo every year they're gonna have to grow other revenue streams. I mean, can we vote on that? I mean, I think that has to be true.

    How about, you know. 'Cause search isn't growing that fast.

    Let's dive into this like Coca-Cola, what percentage of their revenue streams are soft drinks or whatever they sell? Li ke one hundred percent right? Aren't most great companies single revenue companies?

    No, no, no. Why did Coke go underwater? Why did Coke go into juices? Why did Coke go into diet drinks? Why, I mean... Okay. So if ...

    I mean, why did GE, I mean, listen.

    So you're saying You are saying more related products as opposed to a multinational holding incorporation of 35 different companies that know each other.

    I'm not even saying a thing. I wasn't even commenting what they should do. It's not up to me to figure out what they should do. I'm just saying to grow a company the size of the Yahoo every year, when the search market isn't growing that fast. They have to do other things. And are you being a hypocrite by giving them advice when you've asked people not to give you advice? And I don't mean tha t to mince words or to try to get you. I'm just saying it like.

    I wasn't giving them advice. They were asking me about me on Google and I wasn't, I mean, I called Eric Schmidt up. I have known him since..

    Fair enough, if they look for your opinion I gave my opinion. Because if you listen to the interview and you can, they asked me my opinion.

    Okay.

    That was my I mean, you offer me your opinion all the time and you don't ask me.

    By the way, I've never had a bong in my life, if that means anything to you.

    I wasn't being literal. I wasn't actually suggesting you were smoking marijuana when you said the things you said. Not at all. In no way was I suggesting that. I'm sorry if that was confusing, I'm sorry I mothered her, I didn't mean that at all. Let's go back, let's go back to the product, and I'm just saying what I'm thinking here.

    The products. The product discussion, there's a, you , you and Yahoo talks a lot about we're doing interesting things, we want to do interesting, interesting things with social. We want to do interesting, interesting things with mobile. We want, we're an exciting, we're an exciting technology company. But the actual moves I see, the hiring of Blake, his experiences in advertising and products. The things that you are doing, like partnering with Match.com, unloading jobs. other moves, with the exception of associated content, which we're gonna talk about in 12 but it seems as what you're doing is, you'd be a really good financial manager. Recognizing weaknesses, shoring up holes, growing where you need to, a lot of financial engineering, the company is healthy financially, stock prices are up quite a bit since. Are you, is all the stuff about, you know, we really wanna be a cutting edge technology company, is it kind of BS.

    So.

    And is it just to like recruit engineers and kinda keep the excitement going?

    So Mike, since you were the one that brought up Jaws earlier I am going to continue that analogy. Steve came back into Apple in 1997. A company he knew very well, since he founded it.

    Yeah. The iPod came out four years later, four years later. Three years after that is the first time his market cap grew at all, seven years. I've been at this company 15, 16 months. Okay.

    And so I'm supposed to have an iPad, and iPod, an i I mean, come one, I mean. You know, you are involved in a very tiny company.

    Very tiny. And it probably takes a long time to even convince yourself what the hell to do. Something magical, that the fine people of Yahoo are supposed to do in this short time so fuck off. And that one I meant.

    First time.

    We're way over here.

    We're way over.

    End on a high!

    The last question is, i s are you a search company or not? Half of our revenues and profits are from search. We have.

    From search or from Microsoft? I mean, not yet, but.

    Search!

    Okay.

    From search! Listen, t he fact that you can crawl the web, and index the web is a commodity, as far I'm concerned. That used to be what was so fat. Now it's how many data centers can you put in. It's a commodity. So, search innovation is done? It's commoditized?

    The Alba part of search, sure you, you can crawl more sites, you can index more sites, you can crawl more often. That is a matter of networking and data centers. What you do when you receive the information and how you choose to add other information to it, display it, video. Imagine what people are asking versus the, the literal clicks which is what we've all put up with. T here's a lot of innovation happening there and that's what we're dealing with. We have hundreds of engineers working on this problem. We are in the search business. It, just as HP, DELL, chose to outsource the commodity called the chip.

    Yeah.

    And to put their engineering around the user experience, that's what we're doing. We are in the search business. It is, it will say Yahoo Search. It isn't Bing. You can't find Bing on the page except down on the bottom in little things about that big. And we're in the Yahoo search business. And we're going to make it as entertaining, as innovative, and as special for the people that come to Yahoo pages as anybody else's.

    All right, thank you. You're welcome.

    I remember seeing this interview with Carol Bartz at TC Disrupt: NYC (above).

    Arrington: What is Yahoo?

    Bartz: What is Yahoo? Yahoo is a company that is very strong in content. It’s moving towards the web of one. We have 32,000 variations on our front page module. We serve a million of those a day. It’s all customized. Our click-through rate went up twice since we started customizing this. People come to check the things they like. “You can just get it together.” Yahoo is one site people always stop at.

    And with that, I decided that Yahoo! would not succeed with Carol Bartz at the helm as CEO.

    Mind you, I’m no management guru. This is my first time wearing the CEO hat, and I screw up a plenty. So take that as a strong qualifier to what I’m about to say…

    The CEO must, first and foremost, define and communicate a clear vision of and for the company.

    What is [insert company name]? If no one inside or outside the company can answer the question, then there’s a problem. And problems of that magnitude typically arise from the CEO.

    I saw this same problem at Drop.io, the Brooklyn-based startup that shut down this week in an asset sale to Facebook.

    For a while, Drop.io was one of the hottest startups in NYC.

    But for the longest time, I had absolutely no idea what they did. Mind you, this is when I was living in New York and actively involved in the local startup scene. If anyone was in a position to understand what they did, it was I.

    One night, I attended a crowdsourcing meetup at the Drop.io HQ. Drinking beer afterwards, I asked a Drop.io engineer: “Maybe this is a stupid question, but what exactly is Drop.io anyway? What do you guys actually do?”

    “Well, Drop.io is a lot of things. We have a robust chat application. We do real-time file synchronization. We…” And he proceeded to list out 10 more seemingly unrelated features. I’m sure he understood his particular task, but there didn’t seem to be any theme or story that unified all the products & features into an actual company.

    The New York VCs seemed to love Drop.io, to the tune of $10mil over 3 rounds of investment. Word on the street was that they really just loved Sam Lessin, the founder. Apparently so does Facebook, as Sam’s name was singled out in company press announcement.

    I don’t really know Sam. I’m happy he found a place to park the company’s assets and hopefully get his investors their money back.

    But it seems like Sam––as much as he is described as a genius and fawned over by the people who actually know him––failed on the marketing front. Not just externally, but internally too.

    From what I could gather as an outsider, Drop.io was the limitless company, a product that did everything for everybody, or tried to, anyways…and because of that, after December 15, will end up doing nothing for no one.

    This is no personal dig on Sam, mind you, as I’m sure he tried his best.

    But a big part of being a CEO involves requires you to decide on a core message––your founding story––then go out and repeat it ad naseaum to everyone who will listen, including bloggers, customers, investors, random people at bars, prospective hires, etc.

    It takes repetition for a message to stick, and that means you, as an entrepreneur, have to repeat yourself over & over again in a disciplined and uncreative manner. Uncreative repetition is not why you become an entrepreneur, but it’s necessary to success so long as you wear the CEO hat.

    It’s like being a political candidate: You have to go out and give the same damn speech time and time again. And if you want people to believe in you, you gotta do it with gusto. It ain’t easy, and it takes a special temperament to do it.

    If you don’t? Well, then no one knows who you are or why you exist. And if they don’t know that, they won’t believe in you or your hallucination, they won’t part with their money, they won’t join your company, they won’t follow you down the dark hole of unknown that is being a startup. They won’t care.

    And you fail, selling scraps of the dream, piece by piece, to the highest bidder, if anyone bids at all.


  6. Team Magic

    October 28, 2010 by Matt Mireles


    We’ve been living together for almost 5 months now.

    I am fairly organized when it comes to work, but I’m not what you’d call a neat freak or a huge planner. M2 is similar, although I think he’s a bit cleaner on the personal side and a less organized when it comes to planning for work.

    M2′s biggest gripe to date has been my habit of, umm, not always putting dishes away.

    When the two of us go out, whether it’s to pitch investors or buy groceries, we become a live comedy routine. There’s lots of bouncing back & forth between us, invariably some sort of escalation, and eventually we go overboard and tell whatever poor soul we end up performing for about one of our imaginatively farcical business plans, the most SFW one being Perpetual Puppy, “the genetically engineered dog that always looks like a puppy!”

    Tyler, on the other hand, is a serious planner. And he’s very clean. As it turns out, he’s also a very talented software engineer, and his performance is more consistent than either M2 or I.

    He really hates it when I leave stuff out.

    When it comes to socializing, Tyler is a bit more reserved. He hates pitching. Dear god he hates pitching. The artifice & repetitiveness of it all just grates on him. He takes a bit to warm up to new people, but when he finally does, the result is lots of “bro-ing out.” We are now at the ultimate level of “brosef”-ness.

    For example, right now Tyler is making LOLcat noises and announcing a Foursquare check-in to our bathroom. (He just joined. God help us.)

    To be honest, it’s pretty amazing how this has all worked out.

    But it has not been without friction.

    At the end of July, we loaded up the Penske & drove cross country. It was epic, but not exactly “awesome” in a fun way. Tyler hated it and hated us. I wanted to punch him. For a few days, we stopped talking to each other.

    Then we got over it.

    For a while, M2 & Tyler were closer. Then one weekend M2 left for a friend’s wedding in Texas. Tyler & I bonded over an evening of shooting pool at Antonio’s Nut House in Palo Alto. Paul Graham showed up with an entourage. After nervously debating which one of us should approach him, he approached us en route to the bathroom. We said hi. PG responded with a surprised, awkward smile. We bonded. It was fun.

    Often times, I see startups where the founders are all alike. Three geeks. Two MBAs. Etc. That’s not us. I mean living together might be easier if it were, but I think we’d be less successful. If Tyler wasn’t the corporate treasurer…well, dear god.

    But even more than that, on a personal note, I am grateful to be part of a team. I remember living in NYC back in the spring, doing SpeakerText with an overseas partner & some freelancers. Despite the titles, I felt like a solo founder with a team of remote developers. It was so lonely. The work was rewarding, but not fun…not fun in the way it is now. There was no Tyler making LOLcat noises and shouting “Broskis!!!” every 15min. There was no M2 perpetually one upping my crazy ideas. There was no team.

    And goddamnit, it feels great to have a team, to have friends, to have broskis.


  7. Fred Wilson

    September 3, 2010 by Matt Mireles

    Certainly in our world I think that what I've been searching for  at least the past 15 years, is a way to have conversation with every single entrepreneur.

    And make them, give them the opportunity to tell their story, um, in a way that doesn't take up an hour of my time, or my time and my associate's time.
    And be able to have an ongoing dialogue as opposed to a come in, pitch, and it's yes or no.

    And so the tools have just started to emerge to do that, at least in my mind.

    Blogging is not a one way thing - it's a two way thing.
    And if I write, I wrote a blog post today, for example, about this idea I have for a new form of online advertising.

    I've been thinking about it for a year or so now and I just put it, put it out there and said this is, I think, a new way to think about online advertising.


    We're looking for people who, who are going to build businesses in this area.
    We want to talk to them.

    And you know I've got a bunch of comments on that. I'll get maybe fifty or a hundred comments on that.

    And I can reply to every single one of those comments, if they're worthy of a reply.
    And then, uh, and then some of those discussions will then migrate, you know, off the blog and into email, and they'll be uh, discussions.

    And then some of those people will actually say, I want to come show you what I'm doing. And I often say, to them that um, I'm happy to meet with you real early - well before it's time for us to make a decision.

    We'd rather have an opportunity to get to know somebody over the course of a year (or more) before we have to make an investment decision, so I really encourage people to take the time, again, as I said, to have a dialogue with us.


    And over that time we will start to, um, see who we think are really the best thinkers and best entrepreneurs in a given category and then we can decide, you know, whether or not we want to get behind somebody or not.


    And I think that's a much better way to make an investment decision, particularly at the early stage when there really isn't anything else to invest in.


    There's no hard assets, there's no cashflow, there's no revenue, there's no customers, so all you have are the people and the ideas.


    And I think it's so much easier to evaluate the people and the ideas if you have had a ongoing relationship with them for an extended period of time.

    So that's what we're trying to create and do it at scale where we can have a thousand or five thousand of those conversations a year, which is kind of an impossibility in the traditional way of doing business.


  8. Antoine Dodson

    August 27, 2010 by Matt Mireles

    A terrifying moment for a woman who woke up with a strange man in bed with her.

    The woman screamed, her brother rushed in to help and tried to fight the offender off.


    That break in happened early this morning in the 500 block of Webster Drive in Huntsville.
    WAFF 48's Elizabeth Gentle caught up with the victims.

    Elizabeth, emotions were running high.

    And Mark, the woman, the victim, tells us that a man broke in to her house and tried to rape her.
    Her brother went in and he tried to help her out, but the man got away leaving behind though, evidence of his visit.

    Kelly Dodson was asleep with their little girl inside their apartment on Webster Drive when...

    I was attacked by some idiot from out here in the projects. 

    Dodson says her attacker used a garbage can to climb onto the unit's ledge, opened the upstairs window and then he got in bed with her.

    He tried to rape me. He tried to pull my clothes off.

    Dodson struggled with her attacker knocking over items in her bedroom. Antoine Dodson heard his sister scream and ran to help.

    Well, obviously we have a rapist in Lincoln Park. He's climbing in your windows. He's snatching your people up. Trying to rape them. So y'all need to hide your kids, hide your wife and hide your husband because they raping everybody out here.

    The attacker got loose and went out the upstairs window, but he did leave something behind.

    We got your T-shirt and you left fingerprints and all.
    You are so dumb. You are really dumb. For real. 

    A crime scene investigator photographed and dusted for prints on the lid of the garbage can and the window pane and ledge. Dodson says he's never seen the perp before but sends this warning to whoever is responsible:

    You don't have to come and confess that you did.
    We're looking for you. We, we gon find you. I'm letting you know now so you can run and tell that, homeboy. 

    Now if you have any information on this crime, you are urged to call Huntsville Police Department.
    We'll have much more from the victims of that attack coming up tonight at 6.

    Reporting live in Huntsville: Elizabeth Gentle, WAFF 48 News.


  9. Why I Became an Entrepreneur (the Long Story)

    August 25, 2010 by Matt Mireles

    This is a post about growing up.

    My parents are an old school latin couple: My mom (b. 1938) grew up in a small town in Argentina. My dad (b. 1929) grew up bouncing from village to village in the deserts of southern New Mexico. They met at UCLA in the late 1950s and got married in 1963.

    Yes, I am 29; and yes, I was a total accident. (I think that they thought the machinery had stopped working by 1980.)

    Anywho, my parents are Catholic––my mom more so than my father––and like my 3 elder siblings, I spent my childhood and adolescence getting a Catholic education, first at St. Bruno’s Elementary School in Whittier, CA; then at Servite High School in Anaheim, CA. It should not surprise you that I was a major pain my teachers’ collective in the asses: I chafed at the concept of authority qua authority and constantly harassed my elders, unafraid to give them shit.

    Obviously, little has changed.

    Yet despite my protestations at the time and the fact that I had renounced my Catholicism in 7th grade, some of these lessons stuck. One in line in particular, the specifics of which are hazy to me, got burned into my brain: something about how a man’s character can be culled from how he treats “the least among us.”

    The general principle here is that if you want to see who a man really is, give him power. Watch how he treats the people beneath him, the people with less power, less status: Does he treat them with respect? Does he act solely on the basis of self-interest, or is there a deeper magnanimity at play in his behavior?

    As an entrepreneur, I think of this often.

    Personally, on this matrix, I have failed often. But my heart is in the right place.

    The thing is, I have a little chip on my shoulder.

    My family always had more brains than money. My father was a community college professor who had clawed his way from a childhood of poverty into college, then grad school, then the American middle class. My mother, a kind and nurturing women who suffers from crippling emotional problems, spent her life as an artist, churchgoer and housewife.

    In high school, we were in the bottom tier of income earners. It wasn’t that we were poor, it was that everyone else was rich, at least by comparison. For some perspective, Servite is a prep school in Orange County, California––Orange County as in “the OC.” But I was one of the guys, and although no, I didn’t have my own car and yes, I mowed my own lawn, I never felt different. Like the rest of my friends, I was a know-it-all honors student and a little punk.

    After high school, I went to a popular destination for punk ass know-it-all honors students: UC Berkeley. Still a punk, I quickly grew unsatisfied and began to lust after real adventure. After a single semester, I dropped out and got a job working as an EMT on an ambulance in Southeast Los Angeles (Lynwood, Compton, Southgate, and Watts, if you want to be specific). There, I found adventure. And got my bell rung.

    As it turns out, no one on the ambulance gave a shit that I had gone to Berkeley or had been a honors student. I was just a punk, a clueless punk. After 6 months, I got fired for disagreeing with my boss over how to treat a severely injured child. He wanted what was good for the company, I wanted what was good for the kid.

    That next fall, I returned to Berkeley.

    Fast forward two years and I had dropped out again, this time to fight forest fires in Montana and, later, the Sierra Nevadas. When the snow started to fall and the fire season ended, I found myself back on the ambulance in LA. The boss who had fired me was gone, terminated for embezzlement.

    Not liking being low man on the totem pole––Paramedics run the show at the scene of emergencies, and EMTs are subordinate to them––I enrolled in a Paramedic training program. Still a know-it-all punk, I blew off the “required” preparatory studies and, along with 80% of my classmates, failed out of the program. And so I enrolled again, this time graduating at the top of the class.

    The thing about being a Paramedic is that it really makes you grow up. When a baby stops breathing, when a car flips over on the freeway, when an asthmatic is on the verge of death, there is no one else to call. You are the cavalry. The EMTs, the fire fighters, the mother whose son just took two bullets in the chest and one in the eye: they all look to you for reassurance, for calm, for direction. Your shit must be together at all times. Or you must fake it.

    To be honest, I loved the pressure. I loved being the guy with the cool head amidst a world of swirling chaos. Having been tasked as a child with taking care of my mother in her many panicked, distraught moments, it felt natural. I was born for this shit.

    But I wasn’t born to follow rules. And that was the downside of being a paramedic: MDs created the rules––the protocols––and our job was simply to figure out which algorithm to use and apply it. I realized this fact in early 2004, about 2/3 of the way through my paramedic training. At that moment, I decided to go back to college.

    UC Berkeley, I concluded, was not for me.

    New York City seemed appealing, and through the grapevine I heard about a program at Columbia University for “non-traditional” undergrads who had skipped or dropped out of the traditional college path in favor of a life more interesting. That summer, while fighting forest fires for one last season, I applied and was accepted.

    My dad, a frugal man if there ever was one, called it a dumb idea. “Son,” he said, “Look, I know you love the bright lights and pretty girls, but New York is the most expensive city in the world, and well…Son, let’s face it: Columbia is a rich kids school. You are not a rich kid.”

    And with that, he rescinded my parents’ promise of modest but meaningful financial support. Columbia was an education I’d have to pay for myself. My dad figured it would only take a couple semesters for me to throw in the towel, get my head on straight, and head back to Berkeley.

    He was almost right.

    If it’s not clear already, I was always something of a cocky kid. Never in my life had I felt poor or “less than” anyone. I feared no one. All were my equal, and I believed that there was nothing I could not earn through merit and hustle. That is, until I arrived at Columbia.

    The sneaky thing about this “non traditional” undergraduate program at Columbia is that––at least compared to the “traditional” college where scholarships abound––they fuck you on financial aid. The mean debt load of my graduating peers (the ones who needed financial aid, not the millionaire-in-my-twenties ex-hedge funders) was $80-100k…for a fucking undergraduate degree!!!!

    Misguided academic administrators and financial aid officers did their best to obscure the numbers and peddle the debt as a worthy investment.

    I saw through the bullshit and promised to graduate with no more than $35k in student loans. Skip, the financial aid officer, chuckled when I announced this in our first meeting. “Let’s be realistic,” he said.

    Well, as it turns out, Skip, I graduated with only $25k in student loans, no thanks to you.

    My first Paramedic job in New York paid $23/hour and offered one crucial perk: all-you-can-eat overtime. It was on an ambulance in the South Bronx. Once I had some experience, I got a second job on an ambulance in Washington Weights that paid $25/hour. I made my own schedule and regularly pulled 16 hour days. If needs be, I could clock 48 hours of work in 3 days. During one Spring Break, I clocked over 100 hours.

    Even though the pay was great and the flexibility was ideal, I still struggled. Tuition was $1,100 per credit. Plus, living in Manhattan, as my father had predicted, was not cheap.

    In July 2005, I hurt my ankle off the job and made the mistake of telling my employer. This put me out of work for 6 months. With nothing else to do, I took summer classes, which were more expensive than normal as Columbia––whose financial aide was meager to begin with––budgeted nothing for the summer session. I used an American Express Card to pay for tuition. The bill was $10,000.

    During that time, I also began to pursue a longtime interest of mine: journalism. Covering the visit of foreign dignitary for the school paper, I met an injured Iraq Vet named Garth Stewart. He had gotten his leg blown off as an infantryman during the war and, having been medically retired by the Army, had enrolled in Columbia’s “non traditional” undergraduate program. I wrote a story about him.

    It took me 6 months to pay off that $10k AMEX bill. I worked 50-70 hour weeks even as I was in school. At the end of the semester, I was exhausted. My grades were good, but my financial aide situation and unwillingness to take on massive debt meant that I could only take a handful of credits each semester. College 2.0 was progressing at a snail’s pace.

    Frustratingly, this created a chicken and egg problem when it came to scholarships. The National Association of Hispanic Journalists (of which I was a member and later got a scholarship from), for example, reserved all their scholarship money for full-time students. I tried pleading with them (and others): “I can’t afford to go full-time unless I get a scholarship!” Their response was polite yet indifferent.

    I had never before felt bounded by social class, by economics, by mother fucking money.

    I remember when it hit home: I was taking a graduate seminar on Afghan Politics. After class one day, I struck up conversation with a girl sitting next to me. She asked about my background. “I used to fight forest fires,” I explained, thinking I was so cool.

    Her forehead crinkled. She stopped for a second, then responded: “Oh. I didn’t know they let people like that, you know, in here.”

    Crash and burn.

    There were other things too. On Fridays, I would typically work late and hit the Columbia gym before heading back to my apartment. As I headed home, the college girls would be heading out. Sometimes I’d see a woman I knew from campus and try to strike up a conversation or make eye contact. But the blue paramedic uniform was a signifier of the wrong type. It labeled me: “working class.” And Ivy League girls didn’t go for working class guys.

    For the first time in my life, I felt shame. I remember trying to approach an attractive and otherwise cheerful brunette that I knew from an American History class. She gave me a once over, then eyeballed her friends in disgust: “OMG, what is this creepy guy in the uniform doing.”

    Maybe I should’ve just brushed it off, but I’m a proud man. It hurt.

    Also, there was that whole East Coast Ivy League thing. See, that was never me.

    By May 2006, I was on the verge of quitting. Without a scholarship, Columbia seemed like a hopeless slog. It was either leverage myself to the hilt, or graduate in seven years. Fuck that, I said.

    My voice cracking, I called my dad to discuss accepting defeat. The financial barrier seemed too high. I couldn’t find the hack.

    Two days later, I got a phone call: News Corp had seen my little article on Garth the war hero and liked it. And by “liked it,” I mean they decided to cut me a $10k check and give me a fancy award. After the ceremony, which featured me sharing a stage with Rupert Murdoch and Mayor Bloomberg, my dad changed his mind about this whole “Columbia is stupid” thing and decided to start kicking in some cash for tuition.

    Suddenly, I was back in business.

    The extra cash allowed me to attend school full-time and scale back my time on the ambulance. Instead of 50-70 hours a week, I was putting in 24-40. Still a lot, but manageable.

    Life started to revolve around school, with work on the ambulance a secondary concern. I started to feel a sense of belonging at Columbia, and with it that sense of the-world-is-my-oyster entitlement that so infects the Ivy League.

    In 2007, I fell in love with a girl. Her name was Isabelle. The daughter of a real estate magnate, she had been born and bred in Manhattan’s ritzy Upper East Side. Although her parents had money and lots of it, Isabelle was down to earth, diligent and uninterested in extravagance or luxury.

    While I spent every free moment either studying or working on the ambulance, Isabelle spent her spare time interning for politicians and magazines and political research groups––which is to say, polishing her resume. Occasionally, I would do project work freelancing for Newsweek and then later the NY Times, but that was rare.

    It wasn’t fair of me, but I became jealous of Isabelle. Being a paramedic, which had been fun and exciting at first, devolved into a mercenary task that I did for money.

    Every day on the ambulance was another day of me not polishing my resume, of me not moving up in the world. It was a constant reminder, a symbol of how no matter what I did, the deck was always going to be stacked against me. The truth is that I wanted what Isabelle had: Freedom. Freedom to try different jobs, to check things out, to explore, to travel.

    Over Christmas break one year, Isabelle flew to China––a country I had studied in class and desperately wanted to visit––as I, once again, worked 90 hours a week on the ambulance. Checking Facebook during those times were downright depressing. Everyone seemed to be posting pictures of their visits to Ireland or Istanbul or Tehran. Meanwhile I was on the bus with the idiot no one else wanted to work with, picking up drunks on the corner and covering for my partner’s incompetence.

    By the time I graduated from Columbia in the spring of 2008, it was clear that the mainstream media as we had known it was doomed. Journalism was the one job I had trained for, and now, gutted by the internet, it served only a door into the abyss.

    It’s hilarious to consider now, but during that period I actually wanted to be an investment banker. Not that I really understood what the job entailed (or that I even do now) but there was one thing I did understand: Being a banker, at least in New York in the summer of 2008––before the Lehman meltdown, before the AIG debacle, before the apocalypse––being a banker meant that you were someone who had money and who the pretty Manhattan girls would talk to on the train. All the smart Columbia kids were doing it, after all, including the women.

    And so I asked about interviewing at Goldman. My lack of resume polish was, predictably, an obstacle.

    That summer, I attended a 5 week business-for-idiots program at the Stanford Graduate School of Business. It was there that I discovered the world of startups. Visiting entrepreneurs lectured us, spinning tales of adventure, chaos, glory and, yes, riches. In this mythic world, normals and rule followers were torn to shreds. Success, they explained, required being a street-savvy swashbuckler who broke all rules.

    I think they were trying to scare us off.

    But for me, it was a hallelujah moment. Fuck banking. Fuck journalism. Fuck everything else. This is what I was born for, I thought.

    For the first time in my professional life, someone described for me a job that didn’t require me to fake or hide or suppress who I was. It felt awesome.

    In October 2008, during the chaos of the financial apocalypse, I decided to start the company that would become SpeakerText. “Starting” was a declarative act, but so began the long journey.

    It is ongoing.


  10. Bus In the Hackers: NYC Startup Weekend

    August 23, 2010 by Matt Mireles

    After two months of the SpeakerCave in Pittsburgh, I now officially live with my co-founders in Silicon Valley. But most of my friends and part of my heart is still in NYC’s startup ecosystem. It was with a heavy heart that I left her.

    Recently, Charlie O’Donnell of First Round Capital wrote a blog post entitled Maximum Impact where he asked aloud for suggestions on his next career move: “What’s really important to me is that I fulfill whatever potential I have to help build NYC into a lasting innovation center–the best it can be.” This was my response, with some content added:

    Hi Charlie,

    Believe it or not, I have given this idea much thought. My co-founder––a recent Carnegie Mellon CS grad––loved NYC when he visited and commented aloud how awesome the city is. We even seriously debated moving SpeakerText back to NYC after our summer of swelter in Pittsburgh.

    Here’s the thing: NYC has plentiful BD talent and legions of world class designers, but the city needs more hackers. They’re out there in (godforsaken) cities like Boston and Pittsburgh, just looking for direction––for a bandwagon to jump on, for a startup to join.

    If you wanna be king of NYC, then you gotta figure out a way to pipe more hackers into the NYC startup ecosystem. And I think it’s doable if you go to schools where the banking sector has less influence and draw than it does in Manhattan.

    Here’s how I think you get them: Organize a NYC “startup weekend” during those 3 weeks in the spring when NYC weather is perfect and short skirts start popping up across the city. (Hell, maybe do 2x a year, once in Spring, once in Fall.) Get NYC startups and startup-related peeps to host visiting hackers––ask people to just volunteer a couch or bed for peeps to crash on.

    To get the hackers, you advertise at hardcore CS schools like Cornell, MIT and Carnegie Mellon, then literally bus the hackers in. Make it a gigantic party.  You could easily get talent-hungry entrepreneurs and startups to volunteer and organize events like walking tours of the NYC startup scene, visits to startups and throw huge parties at Shake Shack. You’d get tons of media coverage and could probably even finance the whole thing with Kickstarter.

    The end goal here is to ease the chokepoint around technical talent and to sell elite hackers on the idea that: a) NYC actually has a startup scene (believe it or not, not everyone knows this), b) NYC is awesome, and c) they’d actually know some people if they re-located to the Big Apple.

    If it works, you increase the chances that NY creates the next Google and, long term, you change the game in terms of the available labor supply. (Oh yeah, and you’d probably piss some people off in Boston too––suckas!)

    At least that’s what I’d do.

    Cheers!
    -Matt

    As a sidebar, I wrote this post sitting outside on the patio of our new apartment in Mountain View, Ca, overlooking our swimming pool, and  enjoying the 62 degree and no humidity weather. New York is a great town, but here in Cali we can live like kings on a pauper’s budget. No regrets.

    Addendum: Most hackers––in fact most people––choose what city they move to after college based on what job they get offered. This drives young hackers to cluster around cities with large, established technology companies, because it is only the big, established companies like Google who hire on a regularized, prospective cycle that lends itself to university interviews and job fairs and the like. My hope is that a startup weekend would prospectively foster connections between startups and students in way that would make it much easier/less risky for the students––once graduated––to move to somewhere strange.