My guest this week is Michael Seibel. Michael is a Partner at Y Combinator, and the CEO of YC's startup accelerator. He was the cofounder and CEO Justin.tv, which eventually became Twitch, and Socialcam. In this conversation, we discuss all Michael has learned reviewing thousands of applications to YC, interviewing countless new entrepreneurs, and watch young companies begin to grow and, occasionally, find product market fit. Listeners will also enjoy when Michael traps me big time in my thinking about AirBnb and his framework for great problems to solve. Enjoy this great conversation with Michael Seibel This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis. If you’re a professional equity investor and haven’t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag Show Notes (2:22) – (First question) – Emerging trends among founders (6:00) – The long-term impact of Covid on business (7:16) – What an application to YC looks like and what stands out for him (11:46) – What he wants to learn in the interviews (13:54) – Poise in the interviews (15:40) – How the YC experience has evolved and improvements they’ve made (18:38) – How he defines technology (18:50) – Every Company is Becoming a Software Company (21:12) – His thoughts on non-software companies and how they play into what YC does (23:48) – Why frequency and intensity of the problem matter to him (28:32) – Serving the supplier and building the demand (30:38) – Bravery in founders (36:07) – Partnerships and collaboration in venture capital investing (37:58) – Second time founders focus on distribution (39:23) – Coaching the psychological component of being a founder (44:16) – Learning as a founder vs the education system (46:08) – Customer vs investor focus of founders’ mindset (48:16) – How teams know they are really onto something (52:38) – His being a founder trainable or innate (54:08) – Kindest thing anyone has done for him Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag

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“What did the council decide on item 42?” — answered with the speaker and the moment.