The last 2 years have been a period of great excess, unlike what we have seen in any past history. Money was cheap, and a lot of it was floating around. All conversations were around valuations and growth for the sake of growth. This creates an environment of froth and builds bias in selecting products that have value just on the surface and not in depth. This started to change ~6 months ago. The new norm will be the same as the old norm. Conversations will be less about valuations .. more about the value created. Revenue growth will matter, not just user growth.
Teams that persistently follow their mission, put in the hard work, and be honest with themselves and their users will win. These phases are challenging; that is exactly where the fun is. In these periods, the best companies are built, which is what we will focus on building.
We will build products and tech that our users love and value; Build distribution that helps us scale at low costs; Build a company culture that helps keep us acquiring and retaining the best folks; Build meaningful relationships with each other that last a lifetime. As builders, the next 6-9 months will be amazing for us. We will need to Focus on our user’s needs and build products that they value most. Be frugal and scrappy. Work together and make the right choices for the org.; Put our heads down and keep iterating. That’s it for now; back to the building.