E65: How to Build a Startup Now, Finding PMF, and Navigating the Idea Maze

Dan Romero and Erik Torenberg chat about building a company in 2024, selecting ideas to work on, and finding product-market fit (Dan quotes Marc Andreessen's definition of the term). They also cover Dan's experience at Coinbase and building Farcaster. They recorded this episode for a new show called Request for Startups where guests discuss the startups they think should exist, and share how they navigated the idea maze in their sector https://requestforstartups.substack.com/

Subscribe to Request for Startups for more of these types of episodes:

• Video episodes are only available on Substack: https://requestforstartups.substack.com/
• Spotify: https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv
• Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822

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We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.

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SPONSORS: NETSUITE

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Sign up for our newsletter to receive the full shownotes: https://momentofzen.substack.com/

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LINKS:

Farcaster: https://www.farcaster.xyz/

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X / TWITTER:

@eriktorenberg (Erik)

@dwr (Dan)

@moz_podcast (Moment of Zen)

@TurpentineMedia

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TIMESTAMPS:

(00:00) Intro

(00:15) Farcaster's Growth and Frames

(04:06) Social matters

(07:46) Evolution of Farcaster

(11:17) Sponsor: NetSuite

(12:28) How Dan built Farcaster

(28:01) Challenges of Competition

(36:19) Venture involvement

(36:34) How Erik started Turpentine

(38:17) The Concept of Founder Market Fit

(39:32) Unfair Advantages in Startups

(40:06) The Danger of Over-Experience in Startups

(41:24) Market Selection

(42:23) Distribution

(52:22) The Impact of Higher Education on Startups

(55:55) The Potential of Labor Marketplaces

(01:00:48) The Future of Pseudonymous Networks

(01:03:04) The Role of Reputation in Hiring

(01:12:43) The Power of Utilizing Idle Assets