A Personal Glimpse Into Nextdoor’s Pivot | Summary and Q&A

Transcript

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Summary

In this video, the speaker talks about the challenges they faced in their entrepreneurial journey, particularly with their initial idea of creating an alternative to ESPN called Fan Base. Despite reaching up to 15 million visitors a month, they realized they hadn't achieved their goal and decided to give the money back. The speaker emphasizes the importance of having the confidence to try again after failure and describes their creative process of coming up with new ideas through daily meetings and testing hypotheses in the marketplace. They also discuss the success of their subsequent venture, Nextdoor, a neighborhood-focused social networking platform.

Questions & Answers

Q: What was the speaker's most difficult experience in their life?

One of the most difficult things the speaker had to do was go to their main investor and admit that their idea for Fan Base had failed. Despite their passion and reaching 15 million monthly visitors, they realized they hadn't cracked the code and couldn't build the next ESPN.

Q: How did the speaker handle failure?

The speaker and their team contemplated giving the money back as they didn't have another idea to pivot into. However, they had the confidence and audacity to get back on the field and come up with a new idea.

Q: What was the creative process of coming up with the next idea?

The speaker and their team had a standing 10 a.m. meeting every day to brainstorm the next great billion-dollar idea. After the meeting, the team's job was to go and try to prove whether the idea was viable by testing it in the marketplace and seeing if they were still excited about it the next day.

Q: What did the speaker joke about in terms of coming up with ideas?

The speaker jokingly mentioned that coming up with a billion-dollar idea couldn't be as simple as looking at the calendar and having scheduled times to come up with, feel great about, and work on the idea. The process was much more uncertain and non-linear.

Q: How did the speaker and their team come up with the idea for Nextdoor?

The idea for Nextdoor originated from a problem in their neighborhood – the lack of easy communication among neighbors and with the city. This issue sparked conversations about community and the realization that people had become disconnected from their neighborhoods, which was different from the speaker's memories of growing up in their hometown.

Q: How did people start relying on Nextdoor?

People quickly started relying on Nextdoor as a way to stay informed about what was happening in their community and neighborhood. It allowed them to know where their kids were playing, where they were walking to school, and overall, to feel safe and secure where they live.

Q: What were some key milestones for Nextdoor?

As of early 2015, over 50,000 neighborhoods had adopted Nextdoor, representing over 35% of all neighborhoods in the country. The company had over 100 employees and had raised over $200 million in venture capital financing.

Q: How did the experience with Fan Base impact the creation of Nextdoor?

The experience with Fan Base, where they fell in love with an idea that didn't turn out as they wanted, kept the team honest, rigorous, and disciplined. It served as a reminder that they couldn't call themselves "one-take geniuses" and that sometimes it takes multiple attempts to find success.

Q: Was the speaker satisfied with Nextdoor's achievements at the time of the video?

Despite the company's success and growth, the speaker felt that they were only at the beginning of the opportunity with Nextdoor. This mindset indicated their ambitious and forward-thinking approach to their venture.

Q: How did the speaker feel about their second take during the video?

The speaker jokingly commented on their second take, mentioning that it was pretty good but reminding themselves that they couldn't claim to be geniuses who succeed in one take.

Takeaways

The speaker shares their experiences with failure, the importance of confidence and audacity in entrepreneurship, and the creative process of coming up with new ideas. They highlight the success and growth of Nextdoor as a solution to the disconnection in neighborhoods. Furthermore, they emphasize the importance of being honest, rigorous, and disciplined, even after facing failure in previous ventures.