BackStartups

Book · How it actually went

Founders at Work

Jessica Livingston · 2007

Interviews with founders about the earliest days of their companies, before anything worked — the period every other account skips.

Why it is here

The book consists of long interviews about the beginning: the awkward first product, the customer who would not pay, the co-founder argument, the period when the company was obviously not going to work. It is the closest thing available to seeing what your investments look like from inside during the years you are wondering whether to write them off.

The author co-founded Y Combinator, which is why the access is unusual and the questions are the right ones. Interviewers who have not run a startup ask about strategy; this one asks about what actually happened in month seven.

The companies covered are largely from an earlier internet era, which dates the specifics and, if anything, clarifies the pattern by removing the contemporary noise.

Read it if

You want a realistic picture of what a company looks like in the years before it works.

Skip it if

You want current examples — the technology context is two decades old.

Pair it withThe Hard Thing About Hard ThingsBen HorowitzAn unusually honest account of running a company through the periods when it is going badly — the part every other business book skips.

Founders at Work: common questions

Why read interviews about companies from twenty years ago?
Because the early period is the part that has not changed. The technology and the market context have dated completely; the experience of building something nobody wants yet, with a co-founder you are arguing with, has not.
What should an investor take from it?
Calibration about how unimpressive good companies look early. Most of these businesses were, at the point an angel would have seen them, indistinguishable from the ones that failed.