From Google’s First PM to Backing 50 Unicorns — The 10X Principle | Felicis, Aydin Senkut

matter what happens, I think finding the right market and ideally getting the timing mostly right, is very important.. after that, I think there are certain elements.. number one, whoever is the founder, you need to be very focused.. I think early on because you have very few people, the tendency is, well, the only way I can feel successful and great as a CEO is if I'm doing like 50, things. but the reality is, there are very few things that truly is going to make a difference in the company.., and doing 50 things or 20 things,, it means that you're not going to do each one of them extremely well.. But success in the beginning means you have to be focused. you have very limited resources. understand one or two things that matter and absolutely do the best job in those things.. the only way you can do that is if you're able to focus on them and do a great job.. one important thing is, uh, just consistency and, you know, staying at it. Like I'll give you an example, like one of the tough things as a startup Speed is your biggest friend.. you can do many things with a small team, but because the team is really small in the beginning, probably the progress will not be super big.. there will be like small things, but what we forget is small things can compound to something very big. And then the other thing that I will say, I think everybody thinks that great companies succeed in a straight line and they never succeed in a straight line.. So I think one of the hardest things to do as a founder is essentially like take setback, take disappointment, take no, take skeptics and then keep going., right?? like you have to like be at it. and to me, like what I always like to say is, um, people that underestimate me or my team. any type of rejection, any type of setback or disappointment I call it jet fuel. Like it makes you angry. You know, it makes you upset, creates this feeling. it's like no, like we deserve better, Honestly, how you feel doesn't matter But what does matter is to take that mental energy and then say okay you know what? I'm going to take that and make things better. I'm going to do try one more time. I'm going to try a different way and that's what it takes and sometimes it might be 10 times 20 times 30 times until you get to the first time where it's a yes or it works Or your first customer. But it's very important that you stay at it and you don't give up. I think the second thing we kind of touched on it but how important it is to find a way to measure success. let's say that we have a vision. we you know we want to be very successful. well like for instance if you want to be a great successful investment firm you need to have you know density of success from a 100 investments you make. how successful.. um, that's I think like super important as well.. I think the last aspect of it is combination storytelling, combination charm.. let me explain. I think one of the most important jobs of a founder, especially a CEO, is you have to be able to get customers. you have to be able to hire people. you have to be able to keep scaling the company even when times are hard. a lot of times that means that you have to be a great storyteller because let's be honest, if you're buying something today, you're not buying something just because of the product and some future, but there is something about that brand that appeals to you. it's the same thing when we're joining companies is that yes, you know, maybe at the end it's a job, but the company's culture and the company's vibe really matters. how charismatic the leader is matters. and so that's very important. and I think something that I found in founders and it is unfortunately not negotiable. like you either have to have yourself or like maybe a co-founder who's very good at storytelling, who's very charismatic so that it allows you to hire amazing people. and part of it is also the mission. the more ambitious the mission of the company, obviously the more people will get excited about it. and that comes again back to the 10x principle is that a lot of times ideas are ideas but some ideas are more powerful and more scary than others. so the bigger the idea and the bigger the impact I think then even though it might be difficult it's going to inspire people and it's going to motivate them to do something that's really hard because at the end of the day we want our lives to have purpose and the best way to do that is if you're pursuing a very challenging problem.. I think I was The 10X principle is a concept suggesting that for something to be truly great or impactful, whether it's a startup, a product, or a service, it needs to be significantly better than existing alternatives. This usually means being 10 times better, 10 times cheaper, or 10 times faster, and ideally, a combination of these. ( ) This principle is considered very important when starting, scaling, or working within a company, or even in an investment firm. The idea is to aim for a revolutionary impact rather than small, incremental improvements. ( , ) The 10X principle can also be applied to selecting markets. Investment decisions often favor markets that are very large or have the potential to become very large, especially if there's a critical product and significant growth potential. ( ) The larger the market, the higher the potential for a company to be successful, which can be seen as an extension of this principle. ( ) Furthermore, the 10X idea aligns with the economic concept of "additionality," which means doing something that wouldn't happen otherwise. It's about creating substantial, non-incremental progress. ( ) Big ideas that embody this 10X potential are more powerful and can inspire and motivate people to tackle difficult challenges, as they offer a sense of purpose. ( ) Iden Senkut views storytelling as a critical component in securing investments, a lesson he learned through personal experience. When he first tried to start Felicis, he faced numerous rejections—at least 40 "nos"—despite believing he was telling a great story and being very excited about his idea. This experience highlighted that simply having a good idea isn't enough; effectively communicating that idea is paramount. ( ) To effectively communicate his vision, Iden Senkut employs several strategies: Iteration and Persistence : He emphasizes the need to continuously refine and adapt the narrative. He mentions iterating "107 times to tell the story 107 ways until the first person said yes," even when the core strategy remained the same. This shows a commitment to finding the right way to connect with potential investors. ( ) Being a Great Student of People : Senkut stresses the importance of understanding the audience. Founders often get caught up in their own excitement and ideas, neglecting to consider the perspective of others. ( ) Knowing Your Audience Deeply : A key part of being a great storyteller is to "know your audience." This involves understanding their background, preferences, and motivations. He believes in delving into details like where they came from, what they like, their education, and upbringing. ( ) Focusing on the "Last 10%": Senkut believes that the final details, which many might overlook, can constitute the majority of the value in a presentation or story. He suggests that "the last 10% of the details are maybe the 90% of the value," and these small details can make a significant difference. ( ) By understanding his audience and meticulously crafting his narrative through iteration, Senkut aims to create a compelling story that resonates with investors.