Ask Jason + LAUNCH founder interviews + OK Boomer with Andrew Yeung | E1551

TL;DR

Learn about the journey and experiences of Andrew Young, a strategy and ops leader at Facebook, who also hosts a variety of events and gatherings to bring people together.

Transcript

okay everybody we have a jam packed friday show for you first up i'm gonna kick it off with a couple of great ass chasing questions then molly is gonna sit down with two not one two amazing launch portfolio founders and she's gonna find out why we invested in those companies and then we're gonna wrap with another edition of okay boomer it's gonna b... Read More

Key Insights

• 👻 Hosting events and networking can help individuals build strong connections and accelerate their personal and professional growth.
• 🥶 Building relationships with venue owners and finding affordable or free spaces is crucial for hosting successful events.
• 🌱 Testing demand and gauging interest before planning an event can save time and resources.

Questions & Answers

Q: How did Andrew Young get into event planning?

After moving to New York City in 2020, Andrew started reaching out to people online and organizing one-on-one meetups. This eventually led to hosting small dinners and later larger events as he built connections and relationships.

Q: How does Andrew secure venues for his events?

Initially, Andrew built relationships with individual venue owners and worked with them to host events. As his events grew in size, he found bars and restaurants that offered spaces for free or at minimal cost. These venues eventually waived their minimum spend requirements as Andrew consistently brought in attendees and generated business.

Q: Why should people attend events and network?

Attending events and networking allows individuals to meet new people, expand their social and professional networks, and accelerate their career growth. It also provides the opportunity to make new friends, explore new ideas and industries, and find potential collaborators or business partners.

Q: What advice does Andrew have for first-time event planners or hosts?

Andrew advises people to consider four key elements when planning an event: venue, distribution (reaching out to potential attendees), context (having a clear purpose or theme), and a comfortable environment. He also suggests testing demand through surveys or social media engagement before planning an event. Finally, with experience, hosting events becomes more natural and enjoyable.

Summary:

In this episode, Jason kicks off the show with a couple of interesting questions about startup employment and joining a company that will be successful, followed by Molly's interviews with two founders who recently completed the Launch Accelerator program. Seth Brown, CEO of Gifting, talks about building an on-demand gift-giving marketplace that aims to change the way gifts are given. Carlene Haylett, CEO of Enriched HQ, discusses their marketplace for skills-building and life enrichment activities for kids, targeted towards working families.

Questions & Answers:

Q: What advice or questions should one ask to make sure they don't join a startup that won't be around in one to two years?

To avoid joining a startup that won't last, it's important to look for signs of stability and growth. Consider factors such as fundraising, employee count, and stage of the company. Startups that have raised substantial amounts of money (e.g., $10-20 million) and have a significant number of employees (e.g., 50-100) are more likely to have a longer runway and higher chances of survival. On the other hand, early-stage startups with fewer employees may offer more responsibility but with lower chances of a substantial financial outcome. Additionally, joining a company backed by reputable venture capital firms can increase the likelihood of success.

Q: If a startup is asked to build a custom feature for a customer, should they invest resources in it?

Building custom features can be a double-edged sword for startups. On one hand, it can be tempting to fulfill customer requests in order to secure business. On the other hand, custom features can divert resources from building a scalable product for a broader customer base. Startups should carefully evaluate the value and potential market demand for the custom feature before committing resources. Understanding the potential impact on product development, maintaining technical debt, and considering the scalability of the feature are crucial in making an informed decision.

Q: How would an Uber-like business have grown in an environment of higher interest rates and a potential recession?

Despite challenging economic conditions like higher interest rates and recessions, an Uber-like business could still have thrived. In fact, Uber was founded during the aftermath of the financial crisis and positioned itself as a cost-saving alternative to traditional transportation. During tough economic times, people often seek more affordable options, and Uber provided exactly that. Additionally, the ability to tap into underutilized resources, such as idle cars, helped Uber scale its business rapidly. While economic conditions may impact consumer spending, innovative solutions that address specific pain points can still find success.

Q: How would Uber's growth trajectory have been different if Travis Kalanick had remained CEO?

If Travis Kalanick had stayed on as CEO of Uber, the company's growth trajectory might have been even more impressive. Travis was an audacious and visionary leader who continuously pushed the envelope. While Uber faced numerous challenges during his tenure, Travis demonstrated the ability to navigate them and grow the company. He was driving innovation and expanding into new markets. If Travis had remained at the helm, Uber's valuation might have been 25% higher than its current value. However, it's worth noting that going public under Travis's leadership could have been risky, given the scrutiny that Uber faced.

Q: What is the best path to break into venture capital?

Breaking into venture capital requires a combination of knowledge, experience, and networking. While taking online courses in venture capital strategies can provide valuable insights, they are not sufficient on their own. What's more impactful is actively investing in startups and building a portfolio. By investing in companies through platforms like SeedInvest or Republic, aspiring venture capitalists can gain hands-on experience and learn the nuances of the investment process. Building a diverse portfolio of investments and actively engaging with the founders can also showcase a genuine interest and commitment to the venture capital industry. Strong networking, leveraging personal connections, and building a personal brand through content creation or hosting events can also help in breaking into the industry.

Q: How does Enriched HQ help working families find enrichment activities for their kids?

Enriched HQ acts as a centralized marketplace for skills-building and life enrichment activities for kids. They partner with leading organizations to provide curated content and programs that go beyond school curriculum. Working parents can access these programs through their company's engagement with Enriched HQ. The platform simplifies the process of finding and enrolling in activities by handling logistics, such as scheduling, multiple vendors, and pricing. Enriched HQ offers corporate partnerships, monthly subscriptions for activity providers, and revenue sharing based on bookings as their revenue streams.

Q: How does Enriched HQ address the challenges faced by parents in finding enrichment activities for their kids?

Enriched HQ addresses the challenges faced by parents in finding enrichment activities by simplifying the process and bringing together various best-in-class providers in one marketplace. Parents no longer need to search across multiple vendors and manage complex schedules and payments. Enriched HQ handles the logistical aspects, making it easier for parents to find and enroll their kids in activities. The platform also offers discounts and exclusive content to enhance the overall experience for parents. By partnering with corporations, Enriched HQ aims to provide working families with convenient access to these activities and support their work-life balance.

Takeaways:

The key takeaways from this video are:

1. When choosing a startup to work for, consider factors like fundraising, employee count, and stage of the company to assess its stability and growth prospects.
2. Building custom features for customers should be evaluated carefully to avoid diverting resources from scalable product development.
3. Innovative solutions can still succeed in challenging economic conditions, as seen with Uber's growth during the financial crisis.
4. Travis Kalanick's continued leadership at Uber might have further accelerated the company's growth trajectory.
5. Breaking into venture capital requires practical experience, investing in startups, networking, and building a personal brand.
6. Enriched HQ simplifies the process of finding enrichment activities for kids by aggregating content, handling logistics, and offering corporate partnerships.
7. Enriched HQ addresses challenges faced by parents through a centralized marketplace, making it easier to find and enroll kids in activities while supporting work-life balance.

Summary & Key Takeaways

• Andrew Young moved to New York City in 2020 and decided to explore the event planning space to meet new people and build connections.

• He started by organizing one-on-one meetups and gradually scaled up to hosting larger events at venues across the city.

• Andrew believes that attending events and networking is crucial for personal growth, career acceleration, and building a strong community.