01:10:44 · Sachin, Daniel Palmer, Michelle Gilmore, Xharmagne Carandang
[01:10:44] S2: Which is to your point, Michelle. [01:10:46] S3: And so I think that's something that's worthy of criticism and scepticism, and I think you put it better, is on the folks who are actively there creating that culture and endorsing that culture. [01:10:58] S1: Yeah, there will be a reckoning, whether they like to admit it or not, where this will be on their hands, and, you know, they'll be in their bunkers and, New Zealand, you know, which is what was said to me when I talked about this anyway. But I think also we need to acknowledge that we're talking about a really small group of people. So when we say everyone is, everyone is, we're actually not talking about many people. Mhmm. And it can feel like this is everyone, but most people are not doing this. Most people are not raising. Most people are not running companies. Most com... People are not running tech companies. So I think it's also worth just remembering that and hanging out with people that aren't doing that and making sure that we don't create an eco chamber, which VC absolutely is. [01:11:57] S0: I wonder though if... Oh, you go ahead. [01:12:00] S1: And and so I just think that difference is more important than ever. You know, seeking out people that have completely different opinions, think... Seeking out people that have no idea what AI is. Great. Like, I wanna talk to that person. Yeah. As opposed to, like, staying in our little [01:12:17] S0: Little bubble. [01:12:18] S1: Bunkers of comfort that make us think that we are doing diverse thought when actually we're all just saying I
01:12:18 · Michelle Gilmore, Daniel Palmer, Adam Miller, Sachin, Xharmagne Carandang
[01:12:18] S1: Bunkers of comfort that make us think that we are doing diverse thought when actually we're all just saying I [01:12:26] S3: think that's sort of playing off flag, I guess, I was feeling about Australian culture of the tall poppy syndrome is that I personally feel, and maybe this says more about me, that as a tech co founder in Sydney, if I go to a party and I tell someone that, I'm looked upon with skepticism and I'm asked, [01:12:44] S5: I'm not treated, [01:12:50] S2: yeah. People would think you're a nerd [01:12:51] S3: or something. Like, or, like, I'm gonna... [01:12:54] S5: I'm actually really important, guys. Yeah. [01:12:57] S1: Oh, yeah. Because the great thing... No. No. That's who I am. If the great thing is out in the world, you're not. Yeah. Like, there is this disproportionate ego in this microcosm. Yeah. I remember saying to someone in SF in in September who had a bodyguard and this whole thing going on. I said, you know that no one outside of SF knows who you are. Yeah. Totally. Genuinely. [01:13:17] S5: And if you didn't want this, you could move anywhere else. Yeah. [01:13:20] S1: You clearly want this in this tiny little... And I actually didn't know who this person was until... And I... And there was this, how could you not know who I am? And I said, you're not like Taylor Swift, though. [01:13:30] S0: You guys know that you should step out of this every
01:13:30 · Xharmagne Carandang, Michelle Gilmore, Sachin
[01:13:30] S0: You guys know that you should step out of this every [01:13:33] S1: now and then because you are kind of creating this insane, eco chamber that is just mirroring what you think is everything and it's not. Yeah. Right? Like, go and buy milk. Go and talk to normal people. Go to your kid's school. Yeah. Like, just do some normal things. Like, get back to humanity. Yeah. [01:13:54] S0: I wonder though if this whole... This hype... Building on the hype thing. Yes. It's on the investors. But is there a reason why they have to do that aside from the investors? Because I was wondering, especially with AI, you can create so much more stuff. There's so much noise out there. Is that why they have to be extra loud, if that makes sense? So for example, Lorikeet you mean? The companies [01:14:16] S1: have to hype. [01:14:17] S0: Why they have to hype. Is it to be heard? Because there's so much noise. Because for example, especially us, Little Lorikeet, far away in Australia, and our competitors are in Silicon Valley, so much money. We had to be a bit more loud to even get in there. So if we think about the whole product versus hype, we can build such a good product, but if we're not... If people think about this, we don't even get a chance to get in the bake off with our competitors, they won't ever know. [01:14:45] S2: Attention is everything, and I also think that there's also more pressure, like, when I was in VC, 1 mil ARR in twelve months used to be the gold standard. Now, at 100x that is the gold standard, right?
01:14:45 · Sachin, Adam Miller, Michelle Gilmore, Georgie Healy
[01:14:45] S2: Attention is everything, and I also think that there's also more pressure, like, when I was in VC, 1 mil ARR in twelve months used to be the gold standard. Now, at 100x that is the gold standard, right? [01:14:58] S5: I mean, from investors again. Investors are creating these expectations, putting so much money into companies, forcing them to go into maybe verticals they don't even know. [01:15:05] S1: Although, Sequoia just said that it now doesn't matter how long it takes to make a million. Mhmm. And that actually the the distinction's going to be from when you make your first 10. Yeah. So it it... Actually, no. We are... In the last six months, that first meal has dropped away because a few of the the ones that actually create the signals for everyone else have come out and quite loudly said that. Mhmm. So I... I'm I'm not sure that... Particularly if you have a good relationship with your VC as well, that inside the conversations are that ridiculous. [01:15:42] S4: Why do you think these startups are lying about their metrics then? Like Because they'd
01:15:42 · Georgie Healy, Michelle Gilmore
[01:15:42] S4: Why do you think these startups are lying about their metrics then? Like Because they'd [01:15:47] S1: like to. Yeah. And and I I think that there is a certain type of founder that does it for reasons which is about perceived success, which is very different to real tangible success, and that wearing the badge of founder is is a found... Is a badge that makes certain personalities feel really great. But, actually, running a healthy, sustainable business that employs real people, that makes real revenue, that delivers real value to customers, is really hard, and you have to show up every day. Yeah. And you have to be a good leader, and you have to be a good human. And it's it's so challenging, which is why so few people just jump around. Right? They just start the new one.
01:16:32 · Sachin, Xharmagne Carandang
[01:16:32] S2: Which is, I think, exciting coming back to what you were saying, Xharmagne, for Australian founders where because we have less noise around us, we can actually focus on customers more. And then once you solve that thing, then expand to The US. We kind of had a conversation about this about ten days ago in our company where we're like, we actually have a real opportunity here, where there's a lot of people in our industry that have raised a lot more money trying to one shot that way. If we do it, you know, with humans in the loop first, and slowly get there a little bit more incremental, build a much better product, and don't go on Twitter and see who's raising what, because as we know, it doesn't really matter. There's companies that have raised a lot of money that don't have very good products, right? And I think that's been more true now than ever before. You can go in and a lot of people get experimentation revenue where people are willing to try them, but then churn rates are like, you know, greater than we've ever seen before for some of these top companies. [01:17:23] S0: But that's the thing, think building a good product sadly is not enough. Again, you have to get in the room and prove that you are the better product, and that's the weird part.