#143 - Startup School Week 2 Recap: Michael Seibel, Adora Cheung, and Ilya Volodarsky

We've cut down the second week of lectures to be even shorter and combined them into one podcast.First, a lecture from Michael Seibel. Michael is CEO and a partner at YC. His lecture is about How to Plan an MVP.Then, a lecture from Adora Cheung. Adora is a YC partner and a cofounder of Homejoy. Her lecture is about How to Set KPIs and Goals.Last, a lecture from Ilya Volodarsky. Ilya is a cofounder of Segment. His lecture is about Analytics for Startups.Y Combinator invests a small amount of money ($150k) in a large number of startups (recently 200), twice a year.Learn more about YC and apply for funding here: https://www.ycombinator.com/apply/***Topics00:00 - Intro00:43 - Michael Seibel - How to Plan an MVP1:25 - The goal of a pre-launch startup3:10 - Iterating vs pivoting3:59 - Lean MVP5:06 - Heavy MVP6:19 - Launching7:35 - Learning is easier with an MVP8:07 - How to build an MVP quickly10:17 - Adora Cheung - How to Set KPIs and Goals11:51 - What are the right KPIs to set?15:50 - Revenue or active users16:28 - Why choose active users?18:55 - Biotech or hardtech KPIs20:25 - Secondary metric21:25 - What if you haven't launched?22:20 - Setting goals23:47 - How fast should you grow?25:13 - Defining your own goals28:40 - Tracking progress30:27 - Ilya Volodarsky - Analytics for Startups30:46 - Why analytics?31:36 - Funnel32:51 - Collecting data, analytics, and data flow34:16 - Metric - Signups per week35:28 - Metric - Retention cohorts36:30 - Which metric to pick?36:57 - Have I reached product market fit?37:27 - Metric - Revenue37:51 - Dashboards38:35 - Advisor updates39:01 - The startup stack42:13 - Recommendations for the MVP process