IBT: What went wrong with Secret, and how can future entrepreneurs avoid having to shut down a project?
Byttow: Secret became a posterchild of a Silicon Valley startup. It just was on stage at all times. It was impossible not to fail publicly if we were going to fail. The goal, I say, is to not take [funding]. The longer you hold out the more value you can come away with.
And don’t grow too fast. It’s all about a controlled voice. Find the one thing that you think you can do well, and don’t focus on going broader with expanding to multiple countries or adding features.
IBT: Amidst all the crazy growth and valuations in Silicon Valley, is there a particular startup that you think is doing it right?
Byttow: I love Snapchat. They ease into things. They try things. They experiment. They don’t go crazy. They’re just doing cool stuff, and I like that. They’re a great model to follow. They don’t talk much. They just kill it on features and are building things that people want, but not going crazy with the product and throwing darts at the wall, especially with their advertising product.
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