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Startup Founder Reveals Favorite Career Failure, Learns Valuable Lessons

Great question, Mike. I think my favorite career failure would probably be what happened at Friendly, which was the first company I started. Where we never fully achieved product Market fit and as a result ended up selling the company to Facebook, not because the company was successful. But more as what they call a talent acquisition basically a way for Facebook, to acquire our team. And, you know, I guess that's not obviously not a complete. Earlier, but it was not a homerun success, and not the outcome. I was originally looking for when I started the company, but what I have to say is, I learned so much in those next several years at Facebook. And then after that, a tuber working at other successful startups, just kind of seen how to build a company, which there was just, there was so much. I didn't know back when I was starting friendly. So, you know, I still have a lot to learn. Everyone always does. But I feel like I'm in a much better place now, because of what I learned working at those other companies.

My favorite career failure is with Friendly, the first company I started. We never achieved product market fit and ended up selling to Facebook as a talent acquisition. Despite not being the outcome I was originally looking for, I learned so much in that experience, which has helped me become better equipped to build successful companies.

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My favorite career failure would have to be what happened at Friendly, the first company I started. We never fully achieved product-market fit and ended up selling the company to Facebook, not because of its success, but as a talent acquisition. It wasn't the outcome I had initially hoped for when starting the company.

However, the experience taught me invaluable lessons. In the years that followed at Facebook and later at other successful startups, I learned so much about building a company. There were many things I didn't know when I started Friendly, but those subsequent experiences allowed me to gain a deeper understanding of the process.

While I still have much to learn, I feel that I am in a much better place now because of the lessons I learned from that failure and the subsequent opportunities I had to work at other companies.

Who are some of your mentors and how have they helped you?

Early advisors and bosses: vital mentors in startup success

So who are my mentors and how have they helped me? Well, when I think about the world of startups, some of my earliest mentors were the people that were on the advisory board of my very first startup, Friendly. These people are all still very close friends of mine, and I learned a lot from each of them, especially when it comes to being an entrepreneur, founding a company, growing a company, finding product market fit, and fundraising, and all of the ups and downs that come with being an entrepreneur. The people on my advisory board included Stan Chudnovsky, Joe Greenstein, Alex Rampell, Greg Tseng, and Johan Schleyer-Smith, just to name a few. We also had some great investors at the time who were mentors of mine, including Jeremy Liu at Lightspeed, who was our lead investor. And then even our company counsel, Ted Wang, was a mentor of mine back when I was doing that first startup. So those are some of the people that come to mind from the early days. And there have been a number along the way since then. You know, at Facebook, my boss, Javier Olivan, was a great mentor. I also, of course, learned a lot from his boss, Mark Zuckerberg, just from watching how he ran what I think is one of the most successful companies in the world. And then at Uber, my boss, Travis Kalanick, also one of the best entrepreneurs I've ever known. I learned a whole lot from working with him and for him for about four years.

My mentors have been people from my first startup's Advisory Board, such as Stan Chudnovsky, Joe Greenstein, Alex Rampell, Greg Tseng and Johann Schleier-Smith. Additionally, Jeremy Liew from Lightspeed, our company counsel Ted Wang, Javier Olivan from Facebook, Mark Zuckerberg and Travis Kalanick from Uber have all been mentors for me. I have learned a lot from each of them about being an entrepreneur, founding a company, growing a company, finding product market fit, fundraising, and the ups and downs of running a business.

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When it comes to mentors and their impact on my journey, some notable ones come to mind. In the world of startups, I was fortunate to have a supportive advisory board for my first startup, Friendly. Stan Chudnovsky, Joe Greenstein, Alex Rampell, Greg Tseng, and Johan Schleyer-Smith were among those who provided invaluable guidance on various aspects of entrepreneurship, from founding and growing a company to finding product-market fit and fundraising. Our lead investor, Jeremy Liu from Lightspeed, also served as a mentor during that time. Even our company counsel, Ted Wang, offered mentorship during the early days.

During my time at Facebook, I had the privilege of working under Javier Olivan as my boss. His mentorship was instrumental in my growth. Additionally, observing Mark Zuckerberg's leadership at one of the most successful companies in the world taught me valuable lessons.

At Uber, I had the opportunity to work with Travis Kalanick as my boss. His entrepreneurial brilliance taught me a great deal during our four-year collaboration.

These mentors have played significant roles in shaping my journey and providing insights that have been invaluable along the way.

What business did you get asked to invest in, that you didn’t, but wished you had?

Missed opportunities: Pinterest and Snapchat seed rounds regret

The first two that come to mind, were the seed rounds of both Pinterest and Snapchat. Ben Silbermann reached out to me to ask if I could recommend any angel investors when he was first building Pinterest. At the time, I had no money so I couldn't invest myself. But I introduced him to a few angel investors. And I think only one of them decided to invest and that was Kevin Hart. And it was, I think, a pretty good investment for him. And then with Snapchat, I met with Evan back when he was about to raise around at a 5 million pre-money valuation. And I was planning to get involved but I was working at Facebook at the time, and ran it by the Facebook conflicts committee and they turned it down so I was not able to get involved. But I did tell Evan that I had had a great experience working with Jeremy Liu, at Lightspeed, who had backed my start-up friendly. And Evan did end up raising money from Jeremy in that round. Also , I think a pretty good return on that investment.

I introduced Ben Silbermann to Kevin Hart for his seed round of Pinterest and I recommended Jeremy Liu from Lightspeed Venture Partners to Evan Spiegel for his seed round of Snapchat.

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Two businesses that come to mind are Pinterest and Snapchat. When Ben Silbermann was building Pinterest, he reached out to me for recommendations on angel investors. Unfortunately, I didn't have the funds to invest myself, but I introduced him to a few potential investors. Only one of them, Kevin Hart, decided to invest, and it turned out to be a good investment for him.

Similarly, I had the opportunity to get involved with Snapchat during its early stages. I met with Evan when they were raising funds at a 5 million pre-money valuation. However, as I was working at Facebook at the time, I had to run it by the Facebook conflicts committee, and they turned it down. Despite not being able to invest, I did recommend Evan to Jeremy Liu at Lightspeed, who had previously backed my startup. Evan ended up raising money from Jeremy, which proved to be a successful investment.

Looking back, I do wish I had been able to invest in both Pinterest and Snapchat, as they have achieved significant success.

How have your experiences as an athlete shaped the way you approach business and investing?

How Athletes' Mindsets Translate to Success in Business

So the question is, how have my experiences as an athlete shaped the way I approach business and investing? There are three things that come to mind here. The first thing I remind myself is that it's a marathon, not a sprint. It's important to have consistency, whether it's in training, where every week I just put in the work and do a little bit more each week. Or in business, it's all about just showing up and executing every day and every week. Also, related to that, sleep and recovery is super important. If you don't give yourself the time to sleep and to recover, you're not going to perform at your best each day, whether it's in business or in sport. The second thing is champion's mindset. When you get knocked down, you've got to get back up again, whether it's getting injured in sport and having to take some time off, but then getting back into shape and competing again, or if you get knocked down in the business world and something doesn't go well, you've got to get back up and go at it again. Finally, whether in business or sport, it's good to have competition. I think competition is what makes you be your best. So I always raced better when I had strong competitors I was racing against. And in the business world, whether at Facebook or Uber, we did better when we had competitors we were competing against.

My experiences as an athlete have shaped the way I approach business and investing by reminding myself that it's a marathon not a sprint, having a champion's mindset, and recognizing that competition is necessary to be successful.

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My experiences as an athlete have shaped the way I approach business and investing in three key ways. Firstly, I understand that it's a marathon, not a sprint. Consistency is crucial, whether it's putting in the work and gradually improving in training or showing up and executing daily in business. Additionally, prioritizing sleep and recovery is vital for peak performance, both in sports and in the business world. Secondly, I embrace a champion's mindset. When faced with setbacks, whether it's getting injured in sports or encountering failures in business, I know the importance of getting back up and persevering. Lastly, competition plays a significant role. Just as having strong competitors pushed me to perform better as an athlete, having competitors in the business world drives me to strive for excellence.

What is it that makes you so successful in business?

The key to business success: right place, right time, hard work.

Hi Dan. Thanks for your question. Well, I have had some success there. Definitely. A lot of people that have had more success than I have. That said, a lot of it has to do with being at the right place at the right time. And when you are at the right place at the right time, working as hard as possible. I think that's pretty much what it comes down to.

Success in the music industry requires being at the right place at the right time and working hard.

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Hi Dan, thanks for your question. While I appreciate your kind words, I wouldn't necessarily consider myself incredibly successful in business. There are many individuals who have achieved far greater success than I have. However, I believe that being in the right place at the right time and putting in maximum effort are key factors that have contributed to any success I have had.

How did you improve so fast on the bike in just 3 years? What was your starting point? 

From 250 to 400 Watts: The Journey to Cycling Excellence!

So my starting point, I think the first time I ever took an FTP test on Swift was about five years ago, and I think I was about 250 Watts at that time and this year. I broke 400 watts. So felt pretty good about that in terms of what I did to improve. Well, first of all, having a background in endurance, running my whole life. I think helped me accelerate pretty quickly on. Bike and then just a lot of a lot of hard work and some time on the rowing machine as well. I think that definitely helped it's kind of like strength endurance even more so than what I can do when I'm low RPM on the bike.

I improved my FTP from 250W to 400W over the past five years by having an endurance background, running, and spending time on the rowing machine.

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My starting point on the bike was about 250 Watts when I first took an FTP test on Swift five years ago. This year, I was able to break 400 watts, which I felt really good about.

To improve, I believe my background in endurance running played a significant role. It helped me accelerate quickly on the bike. Additionally, I put in a lot of hard work and also spent some time on the rowing machine. I found that the rowing machine helped with strength endurance, which translated well to my performance on the bike, especially during low RPM situations.

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Ed Baker is a seasoned entrepreneur and executive, currently serving as the CEO and Founder of AnyQuestion, an AI powered knowledge sharing platform. Prior to this, he played an instrumental role as the Vice President of Product & Growth at Uber and prior to that he sold a company to Facebook where he joined the team as the Head of International Growth. Ed currently sits on the boards of both WHOOP and Form, and his extensive experience in product management, growth strategies, and consumer technology has made him a sought-after thought leader in the tech industry.