20VC: How We Got Fred Wilson, Benchmark and Index to Invest $94M | Why Robinhood's Strategy is Wrong | Why 1-1s are BS and What Every Founder Gets Wrong About Equity | Why Taste Beats AI But How AI Kills Org Charts with Paul Erlanger, CEO @ fomo
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I think we gave non-founders a percentage of the company that usually founders get. For the first eight months to building, no one on our team took any pay. The best people are just so much more valuable now. One thing that I discovered was if you're trying to raise another round, Wait to announce your last round.
Everything is about momentum. I am Harry Stebbings. This is 20VC. Today we have Paul Erlanger, co-founder and CEO of FOMO on the show. Now FOMO is a wild story.
For the first eight months of building the business, none of the core team members took any salary. Despite the company being a wild success today, they only have 17 team members, no internal hierarchy, and they have no one-on-one meetings. They've just announced a $75 million Series B at a $550 million valuation led by Index and Fred Wilson at USV. I love non-obvious stories and when you unpack this one, there are so many gems to uncover.
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