Steven

Interesting. So the question that most of us, especially in the UK, we often don't think about building businesses that have the potential to reach huge scale. In part because we don't have as much of a robust, I think, technical track record in terms of building great unicorn tech companies in Europe. as you guys do over here.

That is so true. Thinking about my investment portfolio, there's about 40 different companies there. And almost every single one of them without really an exception, has adopted the approach of, we'll crack the UK first and then we'll go and figure out the US. But in that transition to the US, they encounter tons of challenges with how expensive it is to succeed here, like marketing costs here.

That is so true. Thinking about my investment portfolio, there's about 40 different companies there. And almost every single one of them without really an exception, has adopted the approach of, we'll crack the UK first and then we'll go and figure out the US. But in that transition to the US, they encounter tons of challenges with how expensive it is to succeed here, like marketing costs here.

If they're in retail, how difficult it is to get into Target or Walmart here. Also, the founders end up building their lives, their families in the UK, which means that the founders can't really, you know, uproot and move to the US later in the journey. So most of them try the US, waste a ton of money, get burnt, run back. And then I've seen that story play out over and over again.

If they're in retail, how difficult it is to get into Target or Walmart here. Also, the founders end up building their lives, their families in the UK, which means that the founders can't really, you know, uproot and move to the US later in the journey. So most of them try the US, waste a ton of money, get burnt, run back. And then I've seen that story play out over and over again.

When you think about penetrating these international markets, do you send core team members there?

When you think about penetrating these international markets, do you send core team members there?

So two points there. How do you know when to quit? You've kind of assembled a couple of principles there, but even, I think it's difficult in business because you can be getting lots of negative feedback, but that doesn't necessarily mean that the idea is something that you should quit. Maybe it means you should pivot or iterate or just keep going. But how did you know?

So two points there. How do you know when to quit? You've kind of assembled a couple of principles there, but even, I think it's difficult in business because you can be getting lots of negative feedback, but that doesn't necessarily mean that the idea is something that you should quit. Maybe it means you should pivot or iterate or just keep going. But how did you know?

What were the stars that align that told you to quit that business?

What were the stars that align that told you to quit that business?

And why does that end up mattering so much, that love and passion for the thing that you're building?

And why does that end up mattering so much, that love and passion for the thing that you're building?

And the other thing you said was – you felt that you should go after a business that didn't take like 18 months, like two years of your time to build before you got it to market. Why is that for entrepreneurs that are listening that maybe have spent years perfecting something in their bedroom that hasn't gone to market yet? Why was that insight so important to you for your next venture?

And the other thing you said was – you felt that you should go after a business that didn't take like 18 months, like two years of your time to build before you got it to market. Why is that for entrepreneurs that are listening that maybe have spent years perfecting something in their bedroom that hasn't gone to market yet? Why was that insight so important to you for your next venture?

I think this is a really interesting point that a lot of founders don't realize that even companies like yours, they start with an initial hypothesis, which is nearly always wrong. But kind of when you hear these stories, you hear like, I had an idea in my basement and then pursued it. And then it became a billion dollar business.

I think this is a really interesting point that a lot of founders don't realize that even companies like yours, they start with an initial hypothesis, which is nearly always wrong. But kind of when you hear these stories, you hear like, I had an idea in my basement and then pursued it. And then it became a billion dollar business.

But there's something in the like humility and the realization that your initial idea might be wildly off and that your job isn't to like be right. It is to be successful. And they're like two different things, right?

But there's something in the like humility and the realization that your initial idea might be wildly off and that your job isn't to like be right. It is to be successful. And they're like two different things, right?

So how did you get past Future Freshman to your next business? What was the journey from there? So you'd met your co-founder at that point, Bobby. And how did you then move over to the idea of Snapchat?