Startup accelerator Y Combinator’s annual Startup School is a one-day event that draws hundreds of budding entrepreneurs for a day of talks featuring tech luminaries including AirBnB’s Brian Chesky, Dropbox’s Drew Houston, and Andreessen Horowitz’s Marc Andreesen.
This year’s event was held last month on October 19. If you weren’t able to attend or watch the live stream, fear not. Y Combinator has posted the videos on their Youtube channel.
The duo spent a large portion of their 36-minute conversation talking about the early days of Facebook. Zuckerberg elucidated on the mistakes he made as an entrepreneur and how little he really knew about starting a company as a 19-year old student at Harvard.
One interesting story he shared was the arrival of Peter Thiel as an investor in the company. One of the things that Thiel demanded early on was that all the founders be on vesting schedules. Unbeknownst to Zuckerberg and his fellow founders, the decision during the founding of the company to divide equity amongst each other would later cost them a fortune when one of the founders, Eduardo Saverin, left the company.
That mistake probably cost me a couple of billions of dollars, but it’s fine.
A couple billion dollars isn’t cool. You know what’s cool? A trillion dollars.
Yeah, that joke doesn’t work anymore.
The two also talked about how being able to establish an identity on Facebook as a critical focus and key factor in their eventual success. On the Internet, anonymity can be afforded through the use of pseudonyms, but flip that around and everything changes.
Zuckerberg: The key is don’t only use Facebook to connect.
Graham: Like Facebook and Twitter?
Zuckerberg: Well, yeah. Or, like Facebook and…email. Or whatever else you want. Twitter’s fine too!
Oh, and what does Zuckerberg think of the infamous movie of the company’s founding, The Social Network?