Spencer Rascoff

I don't think I took care of myself at the time. That was not, there was a long list of priorities and it started with our customers and then our employees and then our investors and then our prospective customers. And at the very bottom of the list is founder health. And that is very hard, very, very hard on founders who are managing their companies during crisis. and also on their families.

And unfortunately, that's startup life. When things are going okay, or when they're going well, I think there is enough time to prioritize those types of things. But in a crisis, there's just not. And as I said, every startup is a roller coaster. Even people would look maybe at Zillow and say, oh, it's wildly successful. And sure it is, but there were huge ups and downs along the way.

And unfortunately, that's startup life. When things are going okay, or when they're going well, I think there is enough time to prioritize those types of things. But in a crisis, there's just not. And as I said, every startup is a roller coaster. Even people would look maybe at Zillow and say, oh, it's wildly successful. And sure it is, but there were huge ups and downs along the way.

And the downs get ignored when people think about the history of these companies. Founders of startups who are listening to this, if you want a simple, safe, stable job, you go do something else. That is not what startups, especially tech startups, but really any startups are.

And the downs get ignored when people think about the history of these companies. Founders of startups who are listening to this, if you want a simple, safe, stable job, you go do something else. That is not what startups, especially tech startups, but really any startups are.

Startups are hard and they will require that you deprioritize yourself and your family, unfortunately, for periods of time. It doesn't have to be all the time. It's not sustainable for it to be all the time, but for periods of time during the evolution of your company.

Startups are hard and they will require that you deprioritize yourself and your family, unfortunately, for periods of time. It doesn't have to be all the time. It's not sustainable for it to be all the time, but for periods of time during the evolution of your company.

I think there's some founders who think of their company as an extension of themselves, and so failure is not really an option. Some companies in that category still fail nonetheless. And then there are other founders that view every startup that they do as a learning experience. By the way, it's quite clear in pitches which category founders fall into.

I think there's some founders who think of their company as an extension of themselves, and so failure is not really an option. Some companies in that category still fail nonetheless. And then there are other founders that view every startup that they do as a learning experience. By the way, it's quite clear in pitches which category founders fall into.

I've been pitched founders of a second or third startup, for example, and I'll say, well, tell me what happened to your first startup? And they'll say, oh, well, it failed because of X, Y, Z. And I'll ask a couple of probing questions. And in their description, they're clearly too blase about their prior company's failure.

I've been pitched founders of a second or third startup, for example, and I'll say, well, tell me what happened to your first startup? And they'll say, oh, well, it failed because of X, Y, Z. And I'll ask a couple of probing questions. And in their description, they're clearly too blase about their prior company's failure.

I want to see from them that it weighed on them, that they cared deeply, that they gave it their all. So that's a turnoff if people shrug their shoulders about past failures. In terms of how we persisted at Hotwire, I think... It helps, frankly, when the world is falling apart all around you because it's not quite as lonely.

I want to see from them that it weighed on them, that they cared deeply, that they gave it their all. So that's a turnoff if people shrug their shoulders about past failures. In terms of how we persisted at Hotwire, I think... It helps, frankly, when the world is falling apart all around you because it's not quite as lonely.

So we were in a category of online travel that the whole thing was a bit of a mess, right? And so it didn't feel that personal. It wasn't like, oh, we made a mistake and therefore our company is failing. I think that would be a lot harder. Zillow I managed through a very similar set of circumstances in 2008. through the financial crisis.

So we were in a category of online travel that the whole thing was a bit of a mess, right? And so it didn't feel that personal. It wasn't like, oh, we made a mistake and therefore our company is failing. I think that would be a lot harder. Zillow I managed through a very similar set of circumstances in 2008. through the financial crisis.

And similarly, the mortgage meltdown and the foreclosure crisis was affecting the whole country, the whole world, but certainly our industry of real estate. And so we were not alone. And I think that helped quite a bit because this wasn't of our own making. This was macro. And now we have to fight through it as best we can.

And similarly, the mortgage meltdown and the foreclosure crisis was affecting the whole country, the whole world, but certainly our industry of real estate. And so we were not alone. And I think that helped quite a bit because this wasn't of our own making. This was macro. And now we have to fight through it as best we can.

I joined Expedia in 2003 and left in 2005. I wanted to be at a size company where I felt I could make more of a difference and where there was a ton of innovation happening. that I could be a part of. And so I basically wanted to be back at a startup again.

I joined Expedia in 2003 and left in 2005. I wanted to be at a size company where I felt I could make more of a difference and where there was a ton of innovation happening. that I could be a part of. And so I basically wanted to be back at a startup again.

And so I left Expedia and I reached out, I as the co-founder of Hotwire that had recently sold to Expedia, I reached out to the co-founders of Expedia who had recently left Expedia and we joined up and spent a couple months brainstorming startup ideas. And all three of us were shopping for homes at that time. I was buying my first home.