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One of the most valuable pieces of entrepreneurial advice we’ve gotten is to “build something customers want,” (duh) and we wholeheartedly echo that sentiment. And we were privileged to draw directly from that truism from our experience with the renowned Silicon Valley tech accelerator, Y Combinator in 2015. Here are a few things we learned at Y Combinator, and some of the fumbles we made along the way.
Think big and trust your gut.
You may think your venture is small potatoes but it’s so important to envision your future potential. It’s not about aiming for billion-dollar answers but about being thoughtful and recognizing the future possibilities and to make products that cater to customers’ needs.
So, was Y Combinator “worth it?” Well, we figured we’d at least get good advice to help us steer through the choppy waters of entrepreneurship. But what we got was a lot deeper than blanket advice. We learned to trust our instincts, to take our hunches and slap them around a little bit so we could make products that people love. Even though “build what customers want” sounds like a no-brainer, putting it into practice is trickier than you’d imagine.
Springboard off the startup “lie” and make your dreams a reality.
As Dave Gandy has said somewhat tongue in cheek, startups can begin as “lies that people believed long enough that they became the truth.” But believing in only an idea isn’t going to cut it. Entrepreneurs need the skills and determination to turn their vision into a tangible reality. By combining belief with action along with a bit of elbow grease, you can create something from nothing.
One of the tough questions to answer while you’re at Y Combinator is to answer how you’ll literally turn your idea into a billion dollar company. But there’s more to that question than just imagining big possibilities; it’s about thinking critically. The concept of daring to envision how your work could shape the world is one of the most important things you can accomplish. Because we started as a pretty small-potatoes company, we used to doubt the possibility of our dreams. We used to struggle with the billion dollar question because it seemed like such a dumb answer at the size we are. We thought we were making things up as we went along. And the truth is — as Dave’s truism goes — a startup is just a lie that people believe long enough that it becomes the truth. That’s an overstatement, of course, but the reality isn’t far off.
Invest in the right people.
Dave, Travis and Y Combinator all acknowledge the significance of investing in people. Because startup success relies not on great ideas alone, but on the individuals behind them. Y Combinator’s preference for teams over ideas highlights the importance of the human element in turning ideas into reality. People drive businesses forward, which makes ideas thrive. The right people know how to translate abstract ideas into real-life success stories. Startups are full of ideas but what really moves the needle is the cooperation between driven, talented people.
Don’t be afraid to put everything on the table.
When we got that call that we’d been accepted into Y Combinator it was like being given a golden opportunity. We had to put everything on the table because it’s possible it would be the only shot we’d get. And if we didn’t get in, everything would be ok. We could go home with no ragrets. Fortunately for us, we didn’t have to go home.
At Y Combinator, we were challenged to think beyond our current success and explore avenues for growth. We had to think through the importance of user bases, scalability, and investor appeal. We had to be willing to face our challenges head-on, ask for advice, and refine our approach, which paid off, because we left a lasting impression on investors.
Take (calculated) risks and persevere.
The journey to Y Combinator exemplifies the crucial role of risk-taking and perseverance. Despite the slim odds of getting into the program, we chose to take the leap, and think hard about Font Awesome’s potential. Taking risks is always an ingredient to the secret sauce of success (well, maybe it’s not secret anymore.) We discovered the necessity of risking time, comfort, and stability to make progress — though taking those risks was always considered within the context of the respective needs of our families.
On top of family obligations we had money obligations too. We’ve got mortgages and electric bills. We had to have serious talks with our wives and take a sober look at the opportunity. We were lucky that our wives were on board. Because to give Y Combinator our best shot, we’d need family all the way on board to pull things off.
Building healthy relationships is key.
A core part of the human experience is forming genuine connections with good-hearted people. Not because you’re going to get something out of it, but because that’s what life is about. It’s not important whether the connections become business partnerships; what matters most is trust and reliability.
Connecting with the right people, like investors, partners, mentors, and customers, provides invaluable support, resources, and advice. But strong relationships in organizations really shine when the leadership team knows and trusts one another. And when there’s trust among the team, you’ve got built in motivation, encouragement and problem-solving superpowers at your disposal during challenging times.
The founders’ character is more important than big ideas.
Success isn’t determined by ideas alone; the character of individuals behind those ideas matters. Y Combinator’s emphasis on character assessment during the application process highlights the importance of humility, a positive attitude, and a willingness to learn and adapt.
Jessica Livingston, for instance, was able to see character in founders in a unique way — a skill that was influential on the early success of Y Combinator. Their investments were entrusted to people of integrity and virtue, creating a community of entrepreneurs driven not only by profit but by a genuine desire to make a difference.
Y Combinator helped us move our business forward.
We learned a lot about entrepreneurship, resilience, and the power of relationships from Y Combinator. Despite the challenges and uncertainty of success, we have found that dreaming big, investing in the right people, and taking calculated risks are all essential elements of achieving our goals. Because of our time at Y Combinator, we were able to get Font Awesome 5 off the ground and arrive at where we are today.
If you’re an entrepreneur on the fence about applying for Y Combinator, just go for it. After all, we don’t tend to regret the things in life we do, but the opportunities that we let pass us by. Need more pep talk? Check out a more in depth conversation about our Y Combinator experience on Podcast Awesome.
