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and why are Stanford companies in aggregate the sixth largest country as far as GDP so they're tied for Germany with Germany as far as GDP creation
the entrepreneurs are generally much more humble or the successful ones and I think Stanford gets a bad rap sometimes on the humility front
Stanford focus a lot early on on like design and having design thinking be very prevalent across all of its programs and so I think that that helps
our companies reach a hundred million dollar valuation twice the rate that YC companies do yeah because you're dealing with a pool of people as you said who already have been accepted to Stanford which is one of the hardest tickets to get into
there was kind of this grant that was kind of like a management fee for that for that fund that Stanford was a I was there like a bridge loan that they gave us to get up on our feet and have our own revenue stream
we've had this fund called the Stanford startx fund which is an investment vehicle that we started with Stanford University in Stanford Hospital his wares that were not proper from them but you know lots of intermingled stuff there and that that fund deployed around two hundred million dollars over seven years and about I think we made something like 700 investments in about 500 of the companies bunch of follow ones
I'm Jerry Yang let me explain to you how to create a hierarchical directory for you to get through the web more efficiently and it's like have you heard of search engines
the the tricky thing about having too high of a valuation is just the risk of downside right and so next round if you have a Down Round if you can't meet the Milestones if it's just it can be a little bit risky that's all so I've seen that happen a lot with why combinat companies of late
I think it's that the YC partners are really excellent at product help yeah for sure they really great product advisers and they're you can get a really significant valuation bump with YC
I've seen people turn down Twitter Zinga Uber and thumbtack over valuation issues in those cases all four of those companies had people turn them down overvaluation and then later of course turned out to be very wrong
I've seen people turn down Twitter Zinga Uber and thumbtack over valuation issues in those cases all four of those companies had people turn them down overvaluation and then later of course turned out to be very wrong
I invested in those companies had like five four or5 million each in valuation and this person wanted like a nine and I was like eight or nine and I was like you know your your progress is far beneath where they those two are at when I invested in them that was a couple years ago
I've seen people turn down Twitter Zinga Uber and thumbtack over valuation issues in those cases all four of those companies had people turn them down overvaluation and then later of course turned out to be very wrong
I invested in Uber and thumbtack in Combined because I invested in those companies had like five four or5 million each in valuation
the why combinator people are going to go oh stardex employees know how to do this screw it let's grab them
I told Sam Alman who's a friend like you may want to rain this in a little bit because if the reason to go and the reason people want to go is strictly to increase valuation that's not a good reason I don't think I think the reason should be you want the help to make a better product to get better Mar product Market fit Etc but to just optimize for valuation it seems like a little bit of a hack
I've seen that happen a lot with why combinat companies of late
having a brand opens doors and it's not just for funding it's for recruiting it's for Partnerships for sales it's a legitimizing factor
they're really excellent at that the the brand and the uh the fundraising and product help
you can get a really significant valuation bump with YC
the YC partners are really excellent at product help
the money goes back to the operating budgets of the nonprofits
we've already had some pretty big exits already and we have a we have um some companies on the billion dollar track
it's a partnership with Stanford University Stanford Healthcare which is the hospital and stardex and so the money comes from Stanford Hospital which is now branded Stanford Healthcare and Stanford University got it and it's just their money
if you take Stanford Founders who went independently through angelist whatever and then compare them through the stard deck ones stardex ones the stardex would be some percentage higher yeah so we're uh at least a million on average higher than the rest
our companies get really high valuations as well on average we're like a step function up from all other Stanford Founders
you get go through stardex you're the cream of the crop of Stanford internationally that really helps our companies
what I will say Stanford companies get that as well overall they do but why com companies get a little bit more don't they depends yeah I mean oh yeah as as an average as a CL sure as a class
Stanford agreed to give us a big Grant about 1.2 million a year
we made a formal partnership with Stanford University
if there was some better structure to um make the overall Stanford ecosystem system more efficient
Stanford alumni Founders have um founded 40,000 companies and that's 2.7 trillion in annual revenue which makes it the 11th largest country
I went out and talked to a couple hundred Stanford alums everyone from the you know LinkedIn PayPal guys to a lot of people who failed and tried to figure out if there's some sort of pattern between the ones who succeeded multiple times once and the ones who failed and there actually was a really clear pattern
it was in 2009 I was actually an undergrad at Stanford and I was building companies and um what happened is I kind of was a bit frustrated with the entrepreneur ecosystem as a whole
we have around six over 600 um everything from people like my Cassidy or Constantine grey the co-founder LinkedIn who will spend an hour a week with a company as like a personal coach
you have Google in there right off the bat it's a couple hundred billion so it's like of the 2.x trillion you you got like 20% of it's at least Google right