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 - RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj _ 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. – SPONSORS: BEEHIIV | NETSUITE BEEHIIV Head to Beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. 🐝to https://Beehiiv.com and use code "MOZ" for 20% off your first three months. NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite: http://netsuite.com/zen and download your own customized KPI checklist. – Sign up for our newsletter to receive the full shownotes: https://momentofzen.substack.com/ – LINKS: Farcaster: https://www.farcaster.xyz/ – X / TWITTER: @eriktorenberg (Erik) @dwr (Dan) @moz_podcast (Moment of Zen) @TurpentineMedia – 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 This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].