Join me as I chat with Avi Schiffmann, Founder and CEO of friend.com, as we discuss technical challenges in AI memory systems and broader startup philosophy. Avi emphasizes the importance of creating new categories rather than competing in existing ones, while advocating for personal growth and confidence as crucial elements of entrepreneurial success. The discussion covers both technical aspects of AI development and philosophical approaches to startup building.
Episode Timestamps:
• 00:00 – Introduction and discussion of memory systems
• 01:52 – Advice for Founders, Competition, Critique of YC
• 05:50 – Entrepreneurship vs Innovation
• 15:40 – Thoughts on Raising VC Funding and Bootstrapping
• 18:40 – Discussion on Confidence and Personal Growth
• 27:45 – Work Life Balance Discussion
• 31:05 – Startup Idea 1: Memory as a Service
Key Points:
• Discussion of memory systems for AI chatbots and the need for "memory as a service"
• Exploration of startup philosophy and the importance of creating new categories
• Emphasis on personal confidence as a key factor in startup success
• Critique of conventional startup wisdom and YC methodology
1) First, a HUGE opportunity in AI:
Memory as a Service (MaaS) for AI chatbots
• Current memory systems rely on RAG
• No good solution exists yet
• Companies would pay $$$ to solve this
• Critical for AI relationship products
2) On building in existing categories:
The real advantage of startups?
• Fresh slate in people’s minds
• Ability to define new categories
• Instant category leadership
3) MINDSHARE is the only true moat
Example:
• Claude is better than ChatGPT in quality
• But ChatGPT owns mindshare
• Google trends: ChatGPT = 100, Claude = ~0
Lesson: Better product ≠ Winning product
4) On raising VC:
"The real way you raise is when it becomes about the deal, not what you’re working on"
• VCs invest in YOU, not your product
• It’s a social game
• They care about who else is in
• Focus on being good at "yapping"
5) The REAL key to startup success:
Personal confidence over YC advice
How to build it:
• Get out of tech bubble
• Build real relationships
• Have experiences
• Travel
• Live life
"No one great ever thought they couldn’t be great"
6) On working style:
"You don’t need to be at your computer to be working"
• Best ideas come in shower/walks
• Live life, let ideas brew
• Focus on right direction not working hard
• Think through ideas in different places
7) Final wisdom:
"You have a short bubble of consciousness while alive. Don’t waste it working on something you’re not confidently proud about."
Stop preparing.
Start building.
Be confident.
Make art.
Notable Quotes:
"If you view your work as art, you have no competition and you have no fear of failure."
"It’s easier to create a new category than to try and win in an existing category because if you create your own category, you immediately crown yourself king."
Want more free ideas? I collect the best ideas from the pod and give them to you for free in a database. Most of them cost $0 to start (my fav)
Get access: https://www.gregisenberg.com/30startupideas
LCA helps Fortune 500s and fast-growing startups build their future – from Warner Music to Fortnite to Dropbox. We turn ‘what if’ into reality with AI, apps, and next-gen products https://latecheckout.agency/
BoringAds — ads agency that will build you profitable ad campaigns http://boringads.com/
BoringMarketing — SEO agency and tools to get your organic customers http://boringmarketing.com/
Startup Empire – a membership for builders who want to build cash-flowing businesses https://www.startupempire.co
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