This is a great talk on how FB got to where they are, and some of the underlying principles that got them there.
Slides can be found here.
Some highlights for me were relentlessly focussing on these three things:
- How do you get people in the front door.
- How do you get them quickly to that ah ha moment as quickly as possible.
- How do you deliver core product value as often as possible.
A very powerful metric for them was also focusing on getting new users to 7 friends in 10 days. That was all they focused on in early days.
They also worked hard on removing ego from the product. And their recipe for success was basically this.
No magic. It was as simple as that. Not some overly complex thing.
Chamath is not a fan of trusting your gutt. Spent a lot of time debunking and invalidating lore, to disprove all the product decisions people were making based on gutt.
Most people aren’t very good. That was his experience after working at AOL.
Most products miss their core value, or focus on the wrong things.
Story here was that FB didn’t get excited when they passed MySpace at 45M users. They knew they were winning, and they know they were going to get much larger. Because they new their business. They knew they had won.
They didn’t talk about monetization or anything for 3 years. All they focused on at every townhall and Q&A was :
How to do we get people 7 friends in 10 days as quickly as possible.
Special thank you Jonathan Yeo for sharing this video with the team.