{"success":true,"count":8,"items":[{"videoId":"npMaKZLuRyQ","chunkIndex":0,"totalChunks":8,"title":"Building Meter for decades, not an exit | Anil Varanasi (Co-founder and CEO) — Part 1 of 8","thumbnail":"https://i.ytimg.com/vi/npMaKZLuRyQ/maxresdefault.jpg","duration":4493,"uploader":"First Round Capital","youtubeUrl":"https://www.youtube.com/watch?v=npMaKZLuRyQ","keywords":["startup","infrastructure","networking","vertical-integration","hardware","software","leadership","strategy","product-development","long-term-thinking"],"normalizedKeywords":["비즈니스·전략","엔지니어링","리더십·매니지먼트"],"targetAudience":[{"who":"초기 창업자","why":"장기 비전과 단기 실행을 함께 가져가는 창업 운영 방식을 배울 수 있음"},{"who":"인프라/엔지니어링 팀","why":"하드웨어·소프트웨어·운영을 통합해 제품을 설계하는 관점을 얻을 수 있음"},{"who":"제품 책임자","why":"계획보다 다음 단계와 속도를 기준으로 우선순위를 세우는 법을 참고할 수 있음"}],"normalizedAudience":["창업자·스타트업","엔지니어·개발자","프로덕트 매니저·기획자"],"summary":"이 영상은 Meter의 CEO Anil Varanasi가 왜 회사를 20~40년짜리 장기 사업으로 보고, 그에 맞게 하드웨어·소프트웨어·운영을 모두 통합하는 방식을 택했는지 설명한다. 그는 5년 가까운 초기 개발, 중국 Shenzhen에서의 제조 시행착오, 그리고 채널 판매를 일부러 늦춘 결정까지 예로 들며, '빨리 커지는 것'보다 '정말 더 나은 제품을 만드는 것'이 먼저라고 강조한다.\n\n또한 그는 전통적인 연간 계획이나 OKR보다, 현재 어디서 시간이 쓰이고 있는지 파악하고 다음 1단계를 가장 빠르고 높은 품질로 실행하는 방식을 선호한다. 장기적으로는 모든 패킷을 처리하는 완전한 수직 통합을 지향하지만, 단기적으로는 고객 불만, 제품 사용 경험, 개발 속도 같은 지표로 자신들이 실제로 좋아지고 있는지 판단한다.","insights":["장기 산업일수록 제품의 '스택 전체 소유'가 경쟁력이다.","멀리 보는 전략과 오늘의 실행 압박은 동시에 관리해야 한다.","계획보다 중요한 건 지금의 불확실성을 줄이는 다음 한 걸음이다.","좋은 제품 판단은 내부 사용감과 고객 불만의 감소로 드러난다.","속도가 내려가면 구조가 무거워졌다는 신호로 봐야 한다."],"keyClips":[{"clipId":"npMaKZLuRyQ:c0:1-11","startSegmentIndex":1,"endSegmentIndex":11,"startTime":2.149,"endTime":82.15899999999999,"durationSeconds":80,"preview":"스택을 끝까지 소유","mustSee":true},{"clipId":"npMaKZLuRyQ:c0:12-28","startSegmentIndex":12,"endSegmentIndex":28,"startTime":82.15899999999999,"endTime":223.36,"durationSeconds":141.2,"preview":"장기와 당일의 균형","mustSee":false},{"clipId":"npMaKZLuRyQ:c0:31-47","startSegmentIndex":31,"endSegmentIndex":47,"startTime":241.519,"endTime":374.16,"durationSeconds":132.6,"preview":"계획보다 다음 단계","mustSee":false},{"clipId":"npMaKZLuRyQ:c0:51-67","startSegmentIndex":51,"endSegmentIndex":67,"startTime":395.919,"endTime":571.6,"durationSeconds":175.7,"preview":"승리의 기준은 속도","mustSee":true},{"clipId":"npMaKZLuRyQ:c0:68-73","startSegmentIndex":68,"endSegmentIndex":73,"startTime":571.6,"endTime":609.6,"durationSeconds":38,"preview":"고통이 알려준 교훈","mustSee":false}],"curatedSegments":[{"segmentIndex":51,"text":"So we were really interested in finding out is why is networking not that way and then another thing that sort of was a thing that opened up in our mind is this is the easiest way to align incentives between us and customers which is don't pay us unless the network works and that's easy way to sell as well to say we are responsible for the network being great we will take on all the risk for the hardware you don't have to but you pay us when the network is great if it's not don't pay us so that's how it sort of all came together and Then I don't remember actually how it happened that we came up with as a square footage pricing model but I think as these things happen I think now the rest of the industry will move there in the next 5 10 years is some scribbles and notebooks of me and where we came up with this and you figured all those things out before you started working on the company did you spend a lot of time thinking about what are the differences between the opportunity in a small business or a 10,000 ft office versus you know the problems that Coca-Cola has with networking.","startTime":960.079,"endTime":1018.079,"durationSeconds":58,"level":"C2","overallScore":10,"rationale":"인센티브 정렬과 모델 설계 통찰이 압도적."},{"segmentIndex":55,"text":"There were multiple moments co this Apple thing supply chain whatever you know studying businesses now the last two decades I think for any business I think there's about a thousand days of really bad time any business we just happen to have all thousand at the beginning consecutively and now it's just roses >> you know the thing that is true now is we would actively have to mess it up on purpose that it won't be a decently large business but I think we still have a lot of work to do and we have to do great work to happen is are we going to be one of the largest businesses in the world and I truly mean that are we going to be the large one of the largest business in the world that we have a long way to go and I suspect there'll be a lot of mistakes we'll make and etc but whatever baseline you think of as a large Silicon Valley company that we would have to actively mess up from this point >> that point around credibility and trust in a new market how did you end up cracking that do you have to find a particular first few customers that are buck the trend and are you know on the classic early adopter or some other >> on this though what I am sure of is I do think it's no matter what size business now I've not run a business that's very large yet I will but I'm pretty sure that no matter the size of the business if it's a brand new market the founder has to do it or it has to be part of it to convince the first few people to take the chance cuz I think they're buying the person rather than the product and they want to know who the person is that's behind it.","startTime":2838.88,"endTime":2929.76,"durationSeconds":91,"level":"C1","overallScore":10,"rationale":"창업·신시장 공략 통찰이 매우 농밀함."},{"segmentIndex":18,"text":"whether you know you think long term versus what do you care about day-to-day every hour versus can you be ambitious and can you be kind at the same time all these things I think a barbell approach is where I think I'm gravitating towards more and so even on this time horizon question I think to do what we want to do we know will take a really long time and we can get into the reasons why but every single day if you ask the same people I'm sort of insufferable to work with cuz everything should have been done for me like a second ago a minute ago, etc.","startTime":128.08,"endTime":157.44,"durationSeconds":29,"level":"C1","overallScore":9,"rationale":"바벨 접근과 실행 감각이 풍부함."},{"segmentIndex":60,"text":"And this is like a big revelation for me in the last five years like no matter what people actually don't use the thing that they build Sunil and I try to use the entire product end to end every weekend like every feature everything and that gives a lot of subjective thing and then objectively what you actually understand is tracking two things there one how many customers are unhappy with the product and that could be any reason that could be a hardware reason a software reason an operations reason a billing reason whatever that should be coming down as a percentage of your customers every day and every week.","startTime":492.56,"endTime":524.8,"durationSeconds":32,"level":"C1","overallScore":9,"rationale":"제품 사용과 품질 측정 원칙이 풍부함."},{"segmentIndex":5,"text":"But during that time is when we formulate a lot of this which is if this is starting to happen again because of some other reason how would we catch it next time before it became that 100% of customers are having a trouble with you and a lot of it is rooted into the way that you use it yourself and being just unreasonably close to customers.","startTime":628.8,"endTime":648.32,"durationSeconds":20,"level":"C1","overallScore":8.6,"rationale":"문제 조기 포착 원칙이 매우 핵심적."},{"segmentIndex":56,"text":"So that lost a year. How did you screw that up? I think we tried to do like the perfect version of like if every technology worked perfectly, we would build this like mirage of a great operating system and that was just entirely wrong.","startTime":1621.52,"endTime":1636.72,"durationSeconds":15,"level":"C1","overallScore":9,"rationale":"완벽주의 함정을 날카롭게 짚음."},{"segmentIndex":16,"text":"And then the last thing that's probably applicable to everyone if you look at businesses in the modern sense in the last 50 years the three times businesses are usually rewarded is when they innovate on product and technology or they innovate on how they deliver that you know somebody figured out SAS before that somebody figured out CDs somebody figured out USB whatever the delivery mechanism is also rewarded a lot that how does that change apps are another ways people figure out how to do apps But the third one that is rewarded that's severely underrated is business model innovation.","startTime":1957.36,"endTime":1993.919,"durationSeconds":37,"level":"C1","overallScore":8.8,"rationale":"보상 원천 3가지를 체계화함."},{"segmentIndex":39,"text":"And every time I look at exactly what you're saying on businesses that end up being the same point solution a long time, I think you're absolutely right in the fact that if they had decided at the beginning that the scope was a little bit larger, generally my rough intuition is it's only 20% more, but it actually ends up enabling you to capture a lot more a lot more.","startTime":2155.44,"endTime":2178.48,"durationSeconds":23,"level":"C1","overallScore":8.8,"rationale":"초기 범위 설정의 효과를 통찰함."},{"segmentIndex":40,"text":"And I don't know why that is but I have a worry that actually particularly in Silicon Valley that this sort of thinking is accelerated which is make a point solution as fast as possible to get to some revenue as fast as possible and everybody then ends up optimizing for the local maxima because if you end up giving smart people a problem they will go as deep as possible on it and I think that happens over and over then you know when you meet founders I'm sure you hear this which is oh yeah this market turned out to be way bigger than we thought it was the problems are so hard and then almost invariably every company tells you what they're working on is the hardest problem in the world and I just don't think that's categorically true at [laughter] all but because you know you end up becoming either a slave of your own success or end up having some sort of reverse gel man amnesia of like because you know the problem deeply well you think it's like the most important problem and like the most difficult problem you sort of end up missing it but I think that's constantly there and networking has been littered with that and We got very afraid of that cuz there were so many great companies that did just one part.","startTime":2178.48,"endTime":2243.28,"durationSeconds":65,"level":"C2","overallScore":9,"rationale":"창업 함정을 깊고 생생하게 설명함."},{"segmentIndex":8,"text":"Here are all the structural reasons. But I think the initial part is incredibly hard like you're saying because you have to go build things that are on par with a much larger stack that already exists by the incumbents because maybe they built it over decades or did acquisitions and you have to figure out how to do something new in there and you have to figure out how you can still price it better than them.","startTime":2442.4,"endTime":2466.96,"durationSeconds":25,"level":"C1","overallScore":9,"rationale":"진입장벽 원인과 조건을 촘촘히 설명."},{"segmentIndex":36,"text":"So then you had this proliferation of all these warehouse companies and manufacturing companies but because it was co they themselves couldn't get people to go work there and so spaces that previously were never automated were entirely getting automated and if anything is automated has to be on the network so then that happened to be a segment actually that segment actually would propel a lot of our growth during a time when everybody I think like even Bloomberg ended up writing a cover story on us that was something else and then because this whole co thing was happening at the top of mind.","startTime":2672.64,"endTime":2703.839,"durationSeconds":31,"level":"C1","overallScore":9.2,"rationale":"거시 변화와 성장 연결이 매우 선명함."},{"segmentIndex":24,"text":"The thing I also underappreciated is that us meter bringing recurring revenue how much they would like that because it now actuates their business based on recurring highquality predictable revenue and because most of channel grew through networking almost 50% of the channel is networking revenue that has been one-time sales and their businesses have been actuated lower and that actually is one of the things that draws them too which is oh if I do this my business is more valuable because of it.","startTime":3199.2,"endTime":3229.119,"durationSeconds":30,"level":"C1","overallScore":9,"rationale":"채널 유인 구조를 깊게 설명함."},{"segmentIndex":30,"text":"I think maybe it's rooted in the fact that both Sunil and I when we started our first company we were super young and you end up making a lot of mistakes and the one mistake we ended up becoming very allergic to that we made sure we don't want to do ever again is talking about the work more than doing the work itself.","startTime":3281.44,"endTime":3301.68,"durationSeconds":20,"level":"C1","overallScore":9,"rationale":"창업 교훈이 선명하고 표현도 강함."},{"segmentIndex":71,"text":"I think with smart people if you ask this question you say how is it that every problem that could be a sales problem that could be an engineering problem that could be an operations problem that could be a design problem they can be exactly solved in 90 days but it can't be that everything is solved in this exact thing it happens to be on a Georgian calendar that happens to be exactly correly that has to correlate with how stock market does it can't be that that's the right formula we don't have a universal truth everywhere else but we do in this one thing I just don't think I believe One of the last things I wanted to ask you, I think that one of the dynamics in S Silicon Valley where there's so many founders that start new businesses is you sort of watch the founder in year 7 or 9 and 11.","startTime":4113.359,"endTime":4155.199,"durationSeconds":42,"level":"C2","overallScore":9,"rationale":"90일 관행 비판이 매우 통찰적임."},{"segmentIndex":5,"text":"She sort of mentioned something that's really interesting about my friend's mom is like,\"Neither of us wanted out at the exact same time from the marriage.\"","startTime":4236.32,"endTime":4242.88,"durationSeconds":7,"level":"C1","overallScore":8.8,"rationale":"관계 지속의 핵심 통찰이 선명함."},{"segmentIndex":26,"text":"And I don't know if it's one particular idea, but what was really interesting about the GMU econ department as a whole and how it's developed over the last two decades since even I started there is it is possible to actually understand the world if you just take a little bit of time.","startTime":4383.12,"endTime":4402.08,"durationSeconds":19,"level":"C1","overallScore":8.8,"rationale":"세계 이해 가능성에 대한 핵심 통찰."},{"segmentIndex":1,"text":"I believe in businesses that own the entire thing for the long term. If you're trying to build something for 20, 30, 40 years, you want to own the stack.","startTime":2.149,"endTime":8.48,"durationSeconds":6,"level":"B2","overallScore":7.8,"rationale":"장기 관점의 사업 철학이 담김."},{"segmentIndex":9,"text":"We've always thought about business model as part of the product because that should inform what hardware you build for us, how you build the software, how you build the SLAs's, what customers can expect, how you sell, all stems from that.","startTime":51.36,"endTime":63.92,"durationSeconds":13,"level":"C1","overallScore":8,"rationale":"사업모델과 제품의 연결 통찰."},{"segmentIndex":19,"text":"I've found for me particularly and the types of people that gravitate towards working with us that cadence of yes, the overall thing we're trying to do might take some time, but the particular day there's always something to drive it a little bit forward.","startTime":157.44,"endTime":174.16,"durationSeconds":17,"level":"B2","overallScore":7.8,"rationale":"조직 리듬에 대한 통찰이 좋음."},{"segmentIndex":21,"text":"I care about where it ends up in 25. But at the same time, the next few hours also really matter to me.","startTime":178,"endTime":184,"durationSeconds":6,"level":"B1","overallScore":7.6,"rationale":"장기 목표와 단기 집중을 압축함."}],"generatedAt":"2026-06-24T23:38:03.964Z","keyClipsTotalSec":1175},{"videoId":"npMaKZLuRyQ","chunkIndex":1,"totalChunks":8,"title":"Building Meter for decades, not an exit | Anil Varanasi (Co-founder and CEO) — Part 2 of 8","thumbnail":"https://i.ytimg.com/vi/npMaKZLuRyQ/maxresdefault.jpg","duration":4493,"uploader":"First Round Capital","youtubeUrl":"https://www.youtube.com/watch?v=npMaKZLuRyQ","keywords":["networking","startup","business-model","hardware","saas","customer-feedback","enterprise-software","product-strategy"],"normalizedKeywords":["비즈니스·전략","프로덕트","엔지니어링"],"targetAudience":[{"who":"초기 창업자","why":"하드웨어·소프트웨어를 묶은 비즈니스 모델 설계와 초기 고객 검증을 배울 수 있음"},{"who":"프로덕트 매니저","why":"고객 불만을 제품 개선과 운영 지표로 연결하는 사고방식이 유용함"},{"who":"기술 창업자","why":"기술만이 아니라 가격·인센티브 구조까지 함께 설계하는 관점을 얻을 수 있음"}],"normalizedAudience":["창업자·스타트업","프로덕트 매니저·기획자"],"summary":"이 영상은 Meter가 왜 기존 네트워킹 업계와 다른 방식으로 출발했는지, 그리고 그 핵심 아이디어가 어떻게 고객의 실제 불만과 산업 구조에 대한 문제의식에서 나왔는지를 설명한다. 창업자들은 네트워킹 제품의 품질·가격·비즈니스 모델이 모두 낡았다고 느꼈고, 하드웨어를 직접 파는 방식 대신 네트워크가 잘 동작할 때만 돈을 받는 모델로 인센티브를 맞추려 했다.\n\n또한 초기 고객들이 기술 선도 집단이라도 한동안 Meter를 싫어했던 경험을 통해, 문제의 원인이 제품 자체인지 외부 요인인지 끝까지 추적하는 자세의 중요성을 강조한다. 더 넓게는, 네트워킹 업계가 왜 거대한 시장에도 불구하고 신규 진입이 어려웠는지, 그리고 왜 다운마켓에서 시작하더라도 '전체를 책임지는' 제품을 만들어야 하는지를 논한다.","insights":["제품 문제는 고객 불만의 '원인 추적'이 핵심이다.","하드웨어 품질만이 아니라 가격 구조도 경쟁력이다.","돈 받는 시점을 결과와 묶어야 인센티브가 맞는다.","점유율보다 전체 시스템 책임이 장기적으로 유리하다.","신규 산업은 고객이 새 벤더를 평가하는 근육이 없다."],"keyClips":[{"clipId":"npMaKZLuRyQ:c1:1-12","startSegmentIndex":1,"endSegmentIndex":12,"startTime":600.71,"endTime":700.24,"durationSeconds":99.5,"preview":"고객불만 추적 습관","mustSee":false},{"clipId":"npMaKZLuRyQ:c1:13-28","startSegmentIndex":13,"endSegmentIndex":28,"startTime":700.24,"endTime":818.16,"durationSeconds":117.9,"preview":"네트워킹 업계의 빈틈","mustSee":true},{"clipId":"npMaKZLuRyQ:c1:31-37","startSegmentIndex":31,"endSegmentIndex":37,"startTime":838.48,"endTime":885.279,"durationSeconds":46.8,"preview":"판매가 아닌 책임","mustSee":false},{"clipId":"npMaKZLuRyQ:c1:38-51","startSegmentIndex":38,"endSegmentIndex":51,"startTime":885.279,"endTime":1018.079,"durationSeconds":132.8,"preview":"RMR와 인센티브","mustSee":true},{"clipId":"npMaKZLuRyQ:c1:52-62","startSegmentIndex":52,"endSegmentIndex":62,"startTime":1018.079,"endTime":1137.039,"durationSeconds":119,"preview":"다운마켓 전략","mustSee":false},{"clipId":"npMaKZLuRyQ:c1:63-71","startSegmentIndex":63,"endSegmentIndex":71,"startTime":1137.039,"endTime":1208.72,"durationSeconds":71.7,"preview":"초기 수요의 착시","mustSee":false}],"curatedSegments":[{"segmentIndex":51,"text":"So we were really interested in finding out is why is networking not that way and then another thing that sort of was a thing that opened up in our mind is this is the easiest way to align incentives between us and customers which is don't pay us unless the network works and that's easy way to sell as well to say we are responsible for the network being great we will take on all the risk for the hardware you don't have to but you pay us when the network is great if it's not don't pay us so that's how it sort of all came together and Then I don't remember actually how it happened that we came up with as a square footage pricing model but I think as these things happen I think now the rest of the industry will move there in the next 5 10 years is some scribbles and notebooks of me and where we came up with this and you figured all those things out before you started working on the company did you spend a lot of time thinking about what are the differences between the opportunity in a small business or a 10,000 ft office versus you know the problems that Coca-Cola has with networking.","startTime":960.079,"endTime":1018.079,"durationSeconds":58,"level":"C2","overallScore":10,"rationale":"인센티브 정렬과 모델 설계 통찰이 압도적."},{"segmentIndex":55,"text":"There were multiple moments co this Apple thing supply chain whatever you know studying businesses now the last two decades I think for any business I think there's about a thousand days of really bad time any business we just happen to have all thousand at the beginning consecutively and now it's just roses >> you know the thing that is true now is we would actively have to mess it up on purpose that it won't be a decently large business but I think we still have a lot of work to do and we have to do great work to happen is are we going to be one of the largest businesses in the world and I truly mean that are we going to be the large one of the largest business in the world that we have a long way to go and I suspect there'll be a lot of mistakes we'll make and etc but whatever baseline you think of as a large Silicon Valley company that we would have to actively mess up from this point >> that point around credibility and trust in a new market how did you end up cracking that do you have to find a particular first few customers that are buck the trend and are you know on the classic early adopter or some other >> on this though what I am sure of is I do think it's no matter what size business now I've not run a business that's very large yet I will but I'm pretty sure that no matter the size of the business if it's a brand new market the founder has to do it or it has to be part of it to convince the first few people to take the chance cuz I think they're buying the person rather than the product and they want to know who the person is that's behind it.","startTime":2838.88,"endTime":2929.76,"durationSeconds":91,"level":"C1","overallScore":10,"rationale":"창업·신시장 공략 통찰이 매우 농밀함."},{"segmentIndex":18,"text":"whether you know you think long term versus what do you care about day-to-day every hour versus can you be ambitious and can you be kind at the same time all these things I think a barbell approach is where I think I'm gravitating towards more and so even on this time horizon question I think to do what we want to do we know will take a really long time and we can get into the reasons why but every single day if you ask the same people I'm sort of insufferable to work with cuz everything should have been done for me like a second ago a minute ago, etc.","startTime":128.08,"endTime":157.44,"durationSeconds":29,"level":"C1","overallScore":9,"rationale":"바벨 접근과 실행 감각이 풍부함."},{"segmentIndex":60,"text":"And this is like a big revelation for me in the last five years like no matter what people actually don't use the thing that they build Sunil and I try to use the entire product end to end every weekend like every feature everything and that gives a lot of subjective thing and then objectively what you actually understand is tracking two things there one how many customers are unhappy with the product and that could be any reason that could be a hardware reason a software reason an operations reason a billing reason whatever that should be coming down as a percentage of your customers every day and every week.","startTime":492.56,"endTime":524.8,"durationSeconds":32,"level":"C1","overallScore":9,"rationale":"제품 사용과 품질 측정 원칙이 풍부함."},{"segmentIndex":5,"text":"But during that time is when we formulate a lot of this which is if this is starting to happen again because of some other reason how would we catch it next time before it became that 100% of customers are having a trouble with you and a lot of it is rooted into the way that you use it yourself and being just unreasonably close to customers.","startTime":628.8,"endTime":648.32,"durationSeconds":20,"level":"C1","overallScore":8.6,"rationale":"문제 조기 포착 원칙이 매우 핵심적."},{"segmentIndex":56,"text":"So that lost a year. How did you screw that up? I think we tried to do like the perfect version of like if every technology worked perfectly, we would build this like mirage of a great operating system and that was just entirely wrong.","startTime":1621.52,"endTime":1636.72,"durationSeconds":15,"level":"C1","overallScore":9,"rationale":"완벽주의 함정을 날카롭게 짚음."},{"segmentIndex":16,"text":"And then the last thing that's probably applicable to everyone if you look at businesses in the modern sense in the last 50 years the three times businesses are usually rewarded is when they innovate on product and technology or they innovate on how they deliver that you know somebody figured out SAS before that somebody figured out CDs somebody figured out USB whatever the delivery mechanism is also rewarded a lot that how does that change apps are another ways people figure out how to do apps But the third one that is rewarded that's severely underrated is business model innovation.","startTime":1957.36,"endTime":1993.919,"durationSeconds":37,"level":"C1","overallScore":8.8,"rationale":"보상 원천 3가지를 체계화함."},{"segmentIndex":39,"text":"And every time I look at exactly what you're saying on businesses that end up being the same point solution a long time, I think you're absolutely right in the fact that if they had decided at the beginning that the scope was a little bit larger, generally my rough intuition is it's only 20% more, but it actually ends up enabling you to capture a lot more a lot more.","startTime":2155.44,"endTime":2178.48,"durationSeconds":23,"level":"C1","overallScore":8.8,"rationale":"초기 범위 설정의 효과를 통찰함."},{"segmentIndex":40,"text":"And I don't know why that is but I have a worry that actually particularly in Silicon Valley that this sort of thinking is accelerated which is make a point solution as fast as possible to get to some revenue as fast as possible and everybody then ends up optimizing for the local maxima because if you end up giving smart people a problem they will go as deep as possible on it and I think that happens over and over then you know when you meet founders I'm sure you hear this which is oh yeah this market turned out to be way bigger than we thought it was the problems are so hard and then almost invariably every company tells you what they're working on is the hardest problem in the world and I just don't think that's categorically true at [laughter] all but because you know you end up becoming either a slave of your own success or end up having some sort of reverse gel man amnesia of like because you know the problem deeply well you think it's like the most important problem and like the most difficult problem you sort of end up missing it but I think that's constantly there and networking has been littered with that and We got very afraid of that cuz there were so many great companies that did just one part.","startTime":2178.48,"endTime":2243.28,"durationSeconds":65,"level":"C2","overallScore":9,"rationale":"창업 함정을 깊고 생생하게 설명함."},{"segmentIndex":8,"text":"Here are all the structural reasons. But I think the initial part is incredibly hard like you're saying because you have to go build things that are on par with a much larger stack that already exists by the incumbents because maybe they built it over decades or did acquisitions and you have to figure out how to do something new in there and you have to figure out how you can still price it better than them.","startTime":2442.4,"endTime":2466.96,"durationSeconds":25,"level":"C1","overallScore":9,"rationale":"진입장벽 원인과 조건을 촘촘히 설명."},{"segmentIndex":36,"text":"So then you had this proliferation of all these warehouse companies and manufacturing companies but because it was co they themselves couldn't get people to go work there and so spaces that previously were never automated were entirely getting automated and if anything is automated has to be on the network so then that happened to be a segment actually that segment actually would propel a lot of our growth during a time when everybody I think like even Bloomberg ended up writing a cover story on us that was something else and then because this whole co thing was happening at the top of mind.","startTime":2672.64,"endTime":2703.839,"durationSeconds":31,"level":"C1","overallScore":9.2,"rationale":"거시 변화와 성장 연결이 매우 선명함."},{"segmentIndex":24,"text":"The thing I also underappreciated is that us meter bringing recurring revenue how much they would like that because it now actuates their business based on recurring highquality predictable revenue and because most of channel grew through networking almost 50% of the channel is networking revenue that has been one-time sales and their businesses have been actuated lower and that actually is one of the things that draws them too which is oh if I do this my business is more valuable because of it.","startTime":3199.2,"endTime":3229.119,"durationSeconds":30,"level":"C1","overallScore":9,"rationale":"채널 유인 구조를 깊게 설명함."},{"segmentIndex":30,"text":"I think maybe it's rooted in the fact that both Sunil and I when we started our first company we were super young and you end up making a lot of mistakes and the one mistake we ended up becoming very allergic to that we made sure we don't want to do ever again is talking about the work more than doing the work itself.","startTime":3281.44,"endTime":3301.68,"durationSeconds":20,"level":"C1","overallScore":9,"rationale":"창업 교훈이 선명하고 표현도 강함."},{"segmentIndex":71,"text":"I think with smart people if you ask this question you say how is it that every problem that could be a sales problem that could be an engineering problem that could be an operations problem that could be a design problem they can be exactly solved in 90 days but it can't be that everything is solved in this exact thing it happens to be on a Georgian calendar that happens to be exactly correly that has to correlate with how stock market does it can't be that that's the right formula we don't have a universal truth everywhere else but we do in this one thing I just don't think I believe One of the last things I wanted to ask you, I think that one of the dynamics in S Silicon Valley where there's so many founders that start new businesses is you sort of watch the founder in year 7 or 9 and 11.","startTime":4113.359,"endTime":4155.199,"durationSeconds":42,"level":"C2","overallScore":9,"rationale":"90일 관행 비판이 매우 통찰적임."},{"segmentIndex":5,"text":"She sort of mentioned something that's really interesting about my friend's mom is like,\"Neither of us wanted out at the exact same time from the marriage.\"","startTime":4236.32,"endTime":4242.88,"durationSeconds":7,"level":"C1","overallScore":8.8,"rationale":"관계 지속의 핵심 통찰이 선명함."},{"segmentIndex":26,"text":"And I don't know if it's one particular idea, but what was really interesting about the GMU econ department as a whole and how it's developed over the last two decades since even I started there is it is possible to actually understand the world if you just take a little bit of time.","startTime":4383.12,"endTime":4402.08,"durationSeconds":19,"level":"C1","overallScore":8.8,"rationale":"세계 이해 가능성에 대한 핵심 통찰."},{"segmentIndex":1,"text":"I believe in businesses that own the entire thing for the long term. If you're trying to build something for 20, 30, 40 years, you want to own the stack.","startTime":2.149,"endTime":8.48,"durationSeconds":6,"level":"B2","overallScore":7.8,"rationale":"장기 관점의 사업 철학이 담김."},{"segmentIndex":9,"text":"We've always thought about business model as part of the product because that should inform what hardware you build for us, how you build the software, how you build the SLAs's, what customers can expect, how you sell, all stems from that.","startTime":51.36,"endTime":63.92,"durationSeconds":13,"level":"C1","overallScore":8,"rationale":"사업모델과 제품의 연결 통찰."},{"segmentIndex":19,"text":"I've found for me particularly and the types of people that gravitate towards working with us that cadence of yes, the overall thing we're trying to do might take some time, but the particular day there's always something to drive it a little bit forward.","startTime":157.44,"endTime":174.16,"durationSeconds":17,"level":"B2","overallScore":7.8,"rationale":"조직 리듬에 대한 통찰이 좋음."},{"segmentIndex":21,"text":"I care about where it ends up in 25. 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and customers which is don't pay us unless the network works and that's easy way to sell as well to say we are responsible for the network being great we will take on all the risk for the hardware you don't have to but you pay us when the network is great if it's not don't pay us so that's how it sort of all came together and Then I don't remember actually how it happened that we came up with as a square footage pricing model but I think as these things happen I think now the rest of the industry will move there in the next 5 10 years is some scribbles and notebooks of me and where we came up with this and you figured all those things out before you started working on the company did you spend a lot of time thinking about what are the differences between the opportunity in a small business or a 10,000 ft office versus you know the problems that Coca-Cola has with networking.","startTime":960.079,"endTime":1018.079,"durationSeconds":58,"level":"C2","overallScore":10,"rationale":"인센티브 정렬과 모델 설계 통찰이 압도적."},{"segmentIndex":55,"text":"There were multiple moments co this Apple thing supply chain whatever you know studying businesses now the last two decades I think for any business I think there's about a thousand days of really bad time any business we just happen to have all thousand at the beginning consecutively and now it's just roses >> you know the thing that is true now is we would actively have to mess it up on purpose that it won't be a decently large business but I think we still have a lot of work to do and we have to do great work to happen is are we going to be one of the largest businesses in the world and I truly mean that are we going to be the large one of the largest business in the world that we have a long way to go and I suspect there'll be a lot of mistakes we'll make and etc but whatever baseline you think of as a large Silicon Valley company that we would have to actively mess up from this point >> that point around credibility and trust in a new market how did you end up cracking that do you have to find a particular first few customers that are buck the trend and are you know on the classic early adopter or some other >> on this though what I am sure of is I do think it's no matter what size business now I've not run a business that's very large yet I will but I'm pretty sure that no matter the size of the business if it's a brand new market the founder has to do it or it has to be part of it to convince the first few people to take the chance cuz I think they're buying the person rather than the product and they want to know who the person is that's behind it.","startTime":2838.88,"endTime":2929.76,"durationSeconds":91,"level":"C1","overallScore":10,"rationale":"창업·신시장 공략 통찰이 매우 농밀함."},{"segmentIndex":18,"text":"whether you know you think long term versus what do you care about day-to-day every hour versus can you be ambitious and can you be kind at the same time all these things I think a barbell approach is where I think I'm gravitating towards more and so even on this time horizon question I think to do what we want to do we know will take a really long time and we can get into the reasons why but every single day if you ask the same people I'm sort of insufferable to work with cuz everything should have been done for me like a second ago a minute ago, etc.","startTime":128.08,"endTime":157.44,"durationSeconds":29,"level":"C1","overallScore":9,"rationale":"바벨 접근과 실행 감각이 풍부함."},{"segmentIndex":60,"text":"And this is like a big revelation for me in the last five years like no matter what people actually don't use the thing that they build Sunil and I try to use the entire product end to end every weekend like every feature everything and that gives a lot of subjective thing and then objectively what you actually understand is tracking two things there one how many customers are unhappy with the product and that could be any reason that could be a hardware reason a software reason an operations reason a billing reason whatever that should be coming down as a percentage of your customers every day and every week.","startTime":492.56,"endTime":524.8,"durationSeconds":32,"level":"C1","overallScore":9,"rationale":"제품 사용과 품질 측정 원칙이 풍부함."},{"segmentIndex":5,"text":"But during that time is when we formulate a lot of this which is if this is starting to happen again because of some other reason how would we catch it next time before it became that 100% of customers are having a trouble with you and a lot of it is rooted into the way that you use it yourself and being just unreasonably close to customers.","startTime":628.8,"endTime":648.32,"durationSeconds":20,"level":"C1","overallScore":8.6,"rationale":"문제 조기 포착 원칙이 매우 핵심적."},{"segmentIndex":56,"text":"So that lost a year. How did you screw that up? I think we tried to do like the perfect version of like if every technology worked perfectly, we would build this like mirage of a great operating system and that was just entirely wrong.","startTime":1621.52,"endTime":1636.72,"durationSeconds":15,"level":"C1","overallScore":9,"rationale":"완벽주의 함정을 날카롭게 짚음."},{"segmentIndex":16,"text":"And then the last thing that's probably applicable to everyone if you look at businesses in the modern sense in the last 50 years the three times businesses are usually rewarded is when they innovate on product and technology or they innovate on how they deliver that you know somebody figured out SAS before that somebody figured out CDs somebody figured out USB whatever the delivery mechanism is also rewarded a lot that how does that change apps are another ways people figure out how to do apps But the third one that is rewarded that's severely underrated is business model innovation.","startTime":1957.36,"endTime":1993.919,"durationSeconds":37,"level":"C1","overallScore":8.8,"rationale":"보상 원천 3가지를 체계화함."},{"segmentIndex":39,"text":"And every time I look at exactly what you're saying on businesses that end up being the same point solution a long time, I think you're absolutely right in the fact that if they had decided at the beginning that the scope was a little bit larger, generally my rough intuition is it's only 20% more, but it actually ends up enabling you to capture a lot more a lot more.","startTime":2155.44,"endTime":2178.48,"durationSeconds":23,"level":"C1","overallScore":8.8,"rationale":"초기 범위 설정의 효과를 통찰함."},{"segmentIndex":40,"text":"And I don't know why that is but I have a worry that actually particularly in Silicon Valley that this sort of thinking is accelerated which is make a point solution as fast as possible to get to some revenue as fast as possible and everybody then ends up optimizing for the local maxima because if you end up giving smart people a problem they will go as deep as possible on it and I think that happens over and over then you know when you meet founders I'm sure you hear this which is oh yeah this market turned out to be way bigger than we thought it was the problems are so hard and then almost invariably every company tells you what they're working on is the hardest problem in the world and I just don't think that's categorically true at [laughter] all but because you know you end up becoming either a slave of your own success or end up having some sort of reverse gel man amnesia of like because you know the problem deeply well you think it's like the most important problem and like the most difficult problem you sort of end up missing it but I think that's constantly there and networking has been littered with that and We got very afraid of that cuz there were so many great companies that did just one part.","startTime":2178.48,"endTime":2243.28,"durationSeconds":65,"level":"C2","overallScore":9,"rationale":"창업 함정을 깊고 생생하게 설명함."},{"segmentIndex":8,"text":"Here are all the structural reasons. But I think the initial part is incredibly hard like you're saying because you have to go build things that are on par with a much larger stack that already exists by the incumbents because maybe they built it over decades or did acquisitions and you have to figure out how to do something new in there and you have to figure out how you can still price it better than them.","startTime":2442.4,"endTime":2466.96,"durationSeconds":25,"level":"C1","overallScore":9,"rationale":"진입장벽 원인과 조건을 촘촘히 설명."},{"segmentIndex":36,"text":"So then you had this proliferation of all these warehouse companies and manufacturing companies but because it was co they themselves couldn't get people to go work there and so spaces that previously were never automated were entirely getting automated and if anything is automated has to be on the network so then that happened to be a segment actually that segment actually would propel a lot of our growth during a time when everybody I think like even Bloomberg ended up writing a cover story on us that was something else and then because this whole co thing was happening at the top of mind.","startTime":2672.64,"endTime":2703.839,"durationSeconds":31,"level":"C1","overallScore":9.2,"rationale":"거시 변화와 성장 연결이 매우 선명함."},{"segmentIndex":24,"text":"The thing I also underappreciated is that us meter bringing recurring revenue how much they would like that because it now actuates their business based on recurring highquality predictable revenue and because most of channel grew through networking almost 50% of the channel is networking revenue that has been one-time sales and their businesses have been actuated lower and that actually is one of the things that draws them too which is oh if I do this my business is more valuable because of it.","startTime":3199.2,"endTime":3229.119,"durationSeconds":30,"level":"C1","overallScore":9,"rationale":"채널 유인 구조를 깊게 설명함."},{"segmentIndex":30,"text":"I think maybe it's rooted in the fact that both Sunil and I when we started our first company we were super young and you end up making a lot of mistakes and the one mistake we ended up becoming very allergic to that we made sure we don't want to do ever again is talking about the work more than doing the work itself.","startTime":3281.44,"endTime":3301.68,"durationSeconds":20,"level":"C1","overallScore":9,"rationale":"창업 교훈이 선명하고 표현도 강함."},{"segmentIndex":71,"text":"I think with smart people if you ask this question you say how is it that every problem that could be a sales problem that could be an engineering problem that could be an operations problem that could be a design problem they can be exactly solved in 90 days but it can't be that everything is solved in this exact thing it happens to be on a Georgian calendar that happens to be exactly correly that has to correlate with how stock market does it can't be that that's the right formula we don't have a universal truth everywhere else but we do in this one thing I just don't think I believe One of the last things I wanted to ask you, I think that one of the dynamics in S Silicon Valley where there's so many founders that start new businesses is you sort of watch the founder in year 7 or 9 and 11.","startTime":4113.359,"endTime":4155.199,"durationSeconds":42,"level":"C2","overallScore":9,"rationale":"90일 관행 비판이 매우 통찰적임."},{"segmentIndex":5,"text":"She sort of mentioned something that's really interesting about my friend's mom is like,\"Neither of us wanted out at the exact same time from the marriage.\"","startTime":4236.32,"endTime":4242.88,"durationSeconds":7,"level":"C1","overallScore":8.8,"rationale":"관계 지속의 핵심 통찰이 선명함."},{"segmentIndex":26,"text":"And I don't know if it's one particular idea, but what was really interesting about the GMU econ department as a whole and how it's developed over the last two decades since even I started there is it is possible to actually understand the world if you just take a little bit of time.","startTime":4383.12,"endTime":4402.08,"durationSeconds":19,"level":"C1","overallScore":8.8,"rationale":"세계 이해 가능성에 대한 핵심 통찰."},{"segmentIndex":1,"text":"I believe in businesses that own the entire thing for the long term. If you're trying to build something for 20, 30, 40 years, you want to own the stack.","startTime":2.149,"endTime":8.48,"durationSeconds":6,"level":"B2","overallScore":7.8,"rationale":"장기 관점의 사업 철학이 담김."},{"segmentIndex":9,"text":"We've always thought about business model as part of the product because that should inform what hardware you build for us, how you build the software, how you build the SLAs's, what customers can expect, how you sell, all stems from that.","startTime":51.36,"endTime":63.92,"durationSeconds":13,"level":"C1","overallScore":8,"rationale":"사업모델과 제품의 연결 통찰."},{"segmentIndex":19,"text":"I've found for me particularly and the types of people that gravitate towards working with us that cadence of yes, the overall thing we're trying to do might take some time, but the particular day there's always something to drive it a little bit forward.","startTime":157.44,"endTime":174.16,"durationSeconds":17,"level":"B2","overallScore":7.8,"rationale":"조직 리듬에 대한 통찰이 좋음."},{"segmentIndex":21,"text":"I care about where it ends up in 25. But at the same time, the next few hours also really matter to me.","startTime":178,"endTime":184,"durationSeconds":6,"level":"B1","overallScore":7.6,"rationale":"장기 목표와 단기 집중을 압축함."}],"generatedAt":"2026-06-24T23:38:40.666Z","keyClipsTotalSec":1175},{"videoId":"npMaKZLuRyQ","chunkIndex":3,"totalChunks":8,"title":"Building Meter for decades, not an exit | Anil Varanasi (Co-founder and CEO) — Part 4 of 8","thumbnail":"https://i.ytimg.com/vi/npMaKZLuRyQ/maxresdefault.jpg","duration":4493,"uploader":"First Round Capital","youtubeUrl":"https://www.youtube.com/watch?v=npMaKZLuRyQ","keywords":["startup","business-model","vertical-integration","market-strategy","platform","hardware-software","enterprise","founder-mindset"],"normalizedKeywords":["비즈니스·전략","프로덕트","커리어·성장"],"targetAudience":[{"who":"창업자","why":"장기적으로 큰 회사를 만들기 위한 시장 선택과 구조 설계를 배울 수 있음"},{"who":"프로덕트 매니저","why":"제품 범위, 스택 통합, 비즈니스 모델이 제품 전략과 연결됨을 이해할 수 있음"},{"who":"투자자","why":"큰 시장과 수직통합 전략이 장기 승자에 미치는 영향을 읽는 데 도움됨"}],"normalizedAudience":["창업자·스타트업","투자자·VC","프로덕트 매니저·기획자"],"summary":"이 영상은 Meter를 오랫동안 지속 가능한 사업으로 키우기 위해 어떤 시장을 선택했고, 왜 처음부터 스택 전체를 소유하는 수직통합 전략을 택했는지를 설명한다. 화자는 큰 회사는 결국 수직통합을 한다고 보며, 초기 스타트업이 포인트 솔루션에 갇히면 장기적으로 매우 큰 사업이 되기 어렵다고 말한다.\n\n또한 사업에서 자주 과소평가되는 축으로 비즈니스 모델 혁신을 강조한다. 제품·기술 혁신만큼이나, 어떻게 제공하고 어떻게 과금하느냐가 중요하며, AI 시대에는 기존의 per-seat pricing을 벗어나는 새로운 모델이 등장할 가능성이 있다고 본다. 마지막으로 좋은 시장의 조건으로 성장성, 구매력, 그리고 전 세계에 영향을 주는 규모를 제시한다.","insights":["장기 사업은 큰 시장을 믿는 확신에서 시작된다.","대기업은 대부분 수직통합형이므로 스타트업도 결국 스택을 봐야 한다.","포인트 솔루션은 빠르지만 큰 회사로 가는 경로를 좁힌다.","비즈니스 모델 혁신은 제품 혁신만큼 강한 승부처다.","좋은 시장은 성장성, 구매력, 보편성을 함께 가져야 한다."],"keyClips":[{"clipId":"npMaKZLuRyQ:c3:3-4","startSegmentIndex":3,"endSegmentIndex":4,"startTime":1815.039,"endTime":1837.2,"durationSeconds":22.2,"preview":"큰 시장을 믿어라","mustSee":false},{"clipId":"npMaKZLuRyQ:c3:5-15","startSegmentIndex":5,"endSegmentIndex":15,"startTime":1837.2,"endTime":1957.36,"durationSeconds":120.2,"preview":"수직통합의 힘","mustSee":true},{"clipId":"npMaKZLuRyQ:c3:16-29","startSegmentIndex":16,"endSegmentIndex":29,"startTime":1957.36,"endTime":2075.718,"durationSeconds":118.4,"preview":"모델 자체를 혁신","mustSee":true},{"clipId":"npMaKZLuRyQ:c3:30-41","startSegmentIndex":30,"endSegmentIndex":41,"startTime":2075.718,"endTime":2250.8,"durationSeconds":175.1,"preview":"초기 선택의 함정","mustSee":false},{"clipId":"npMaKZLuRyQ:c3:42-56","startSegmentIndex":42,"endSegmentIndex":56,"startTime":2250.8,"endTime":2379.359,"durationSeconds":128.6,"preview":"좋은 시장의 조건","mustSee":false}],"curatedSegments":[{"segmentIndex":51,"text":"So we were really interested in finding out is why is networking not that way and then another thing that sort of was a thing that opened up in our mind is this is the easiest way to align incentives between us and customers which is don't pay us unless the network works and that's easy way to sell as well to say we are responsible for the network being great we will take on all the risk for the hardware you don't have to but you pay us when the network is great if it's not don't pay us so that's how it sort of all came together and Then I don't remember actually how it happened that we came up with as a square footage pricing model but I think as these things happen I think now the rest of the industry will move there in the next 5 10 years is some scribbles and notebooks of me and where we came up with this and you figured all those things out before you started working on the company did you spend a lot of time thinking about what are the differences between the opportunity in a small business or a 10,000 ft office versus you know the problems that Coca-Cola has with networking.","startTime":960.079,"endTime":1018.079,"durationSeconds":58,"level":"C2","overallScore":10,"rationale":"인센티브 정렬과 모델 설계 통찰이 압도적."},{"segmentIndex":55,"text":"There were multiple moments co this Apple thing supply chain whatever you know studying businesses now the last two decades I think for any business I think there's about a thousand days of really bad time any business we just happen to have all thousand at the beginning consecutively and now it's just roses >> you know the thing that is true now is we would actively have to mess it up on purpose that it won't be a decently large business but I think we still have a lot of work to do and we have to do great work to happen is are we going to be one of the largest businesses in the world and I truly mean that are we going to be the large one of the largest business in the world that we have a long way to go and I suspect there'll be a lot of mistakes we'll make and etc but whatever baseline you think of as a large Silicon Valley company that we would have to actively mess up from this point >> that point around credibility and trust in a new market how did you end up cracking that do you have to find a particular first few customers that are buck the trend and are you know on the classic early adopter or some other >> on this though what I am sure of is I do think it's no matter what size business now I've not run a business that's very large yet I will but I'm pretty sure that no matter the size of the business if it's a brand new market the founder has to do it or it has to be part of it to convince the first few people to take the chance cuz I think they're buying the person rather than the product and they want to know who the person is that's behind it.","startTime":2838.88,"endTime":2929.76,"durationSeconds":91,"level":"C1","overallScore":10,"rationale":"창업·신시장 공략 통찰이 매우 농밀함."},{"segmentIndex":18,"text":"whether you know you think long term versus what do you care about day-to-day every hour versus can you be ambitious and can you be kind at the same time all these things I think a barbell approach is where I think I'm gravitating towards more and so even on this time horizon question I think to do what we want to do we know will take a really long time and we can get into the reasons why but every single day if you ask the same people I'm sort of insufferable to work with cuz everything should have been done for me like a second ago a minute ago, etc.","startTime":128.08,"endTime":157.44,"durationSeconds":29,"level":"C1","overallScore":9,"rationale":"바벨 접근과 실행 감각이 풍부함."},{"segmentIndex":60,"text":"And this is like a big revelation for me in the last five years like no matter what people actually don't use the thing that they build Sunil and I try to use the entire product end to end every weekend like every feature everything and that gives a lot of subjective thing and then objectively what you actually understand is tracking two things there one how many customers are unhappy with the product and that could be any reason that could be a hardware reason a software reason an operations reason a billing reason whatever that should be coming down as a percentage of your customers every day and every week.","startTime":492.56,"endTime":524.8,"durationSeconds":32,"level":"C1","overallScore":9,"rationale":"제품 사용과 품질 측정 원칙이 풍부함."},{"segmentIndex":5,"text":"But during that time is when we formulate a lot of this which is if this is starting to happen again because of some other reason how would we catch it next time before it became that 100% of customers are having a trouble with you and a lot of it is rooted into the way that you use it yourself and being just unreasonably close to customers.","startTime":628.8,"endTime":648.32,"durationSeconds":20,"level":"C1","overallScore":8.6,"rationale":"문제 조기 포착 원칙이 매우 핵심적."},{"segmentIndex":56,"text":"So that lost a year. How did you screw that up? I think we tried to do like the perfect version of like if every technology worked perfectly, we would build this like mirage of a great operating system and that was just entirely wrong.","startTime":1621.52,"endTime":1636.72,"durationSeconds":15,"level":"C1","overallScore":9,"rationale":"완벽주의 함정을 날카롭게 짚음."},{"segmentIndex":16,"text":"And then the last thing that's probably applicable to everyone if you look at businesses in the modern sense in the last 50 years the three times businesses are usually rewarded is when they innovate on product and technology or they innovate on how they deliver that you know somebody figured out SAS before that somebody figured out CDs somebody figured out USB whatever the delivery mechanism is also rewarded a lot that how does that change apps are another ways people figure out how to do apps But the third one that is rewarded that's severely underrated is business model innovation.","startTime":1957.36,"endTime":1993.919,"durationSeconds":37,"level":"C1","overallScore":8.8,"rationale":"보상 원천 3가지를 체계화함."},{"segmentIndex":39,"text":"And every time I look at exactly what you're saying on businesses that end up being the same point solution a long time, I think you're absolutely right in the fact that if they had decided at the beginning that the scope was a little bit larger, generally my rough intuition is it's only 20% more, but it actually ends up enabling you to capture a lot more a lot more.","startTime":2155.44,"endTime":2178.48,"durationSeconds":23,"level":"C1","overallScore":8.8,"rationale":"초기 범위 설정의 효과를 통찰함."},{"segmentIndex":40,"text":"And I don't know why that is but I have a worry that actually particularly in Silicon Valley that this sort of thinking is accelerated which is make a point solution as fast as possible to get to some revenue as fast as possible and everybody then ends up optimizing for the local maxima because if you end up giving smart people a problem they will go as deep as possible on it and I think that happens over and over then you know when you meet founders I'm sure you hear this which is oh yeah this market turned out to be way bigger than we thought it was the problems are so hard and then almost invariably every company tells you what they're working on is the hardest problem in the world and I just don't think that's categorically true at [laughter] all but because you know you end up becoming either a slave of your own success or end up having some sort of reverse gel man amnesia of like because you know the problem deeply well you think it's like the most important problem and like the most difficult problem you sort of end up missing it but I think that's constantly there and networking has been littered with that and We got very afraid of that cuz there were so many great companies that did just one part.","startTime":2178.48,"endTime":2243.28,"durationSeconds":65,"level":"C2","overallScore":9,"rationale":"창업 함정을 깊고 생생하게 설명함."},{"segmentIndex":8,"text":"Here are all the structural reasons. But I think the initial part is incredibly hard like you're saying because you have to go build things that are on par with a much larger stack that already exists by the incumbents because maybe they built it over decades or did acquisitions and you have to figure out how to do something new in there and you have to figure out how you can still price it better than them.","startTime":2442.4,"endTime":2466.96,"durationSeconds":25,"level":"C1","overallScore":9,"rationale":"진입장벽 원인과 조건을 촘촘히 설명."},{"segmentIndex":36,"text":"So then you had this proliferation of all these warehouse companies and manufacturing companies but because it was co they themselves couldn't get people to go work there and so spaces that previously were never automated were entirely getting automated and if anything is automated has to be on the network so then that happened to be a segment actually that segment actually would propel a lot of our growth during a time when everybody I think like even Bloomberg ended up writing a cover story on us that was something else and then because this whole co thing was happening at the top of mind.","startTime":2672.64,"endTime":2703.839,"durationSeconds":31,"level":"C1","overallScore":9.2,"rationale":"거시 변화와 성장 연결이 매우 선명함."},{"segmentIndex":24,"text":"The thing I also underappreciated is that us meter bringing recurring revenue how much they would like that because it now actuates their business based on recurring highquality predictable revenue and because most of channel grew through networking almost 50% of the channel is networking revenue that has been one-time sales and their businesses have been actuated lower and that actually is one of the things that draws them too which is oh if I do this my business is more valuable because of it.","startTime":3199.2,"endTime":3229.119,"durationSeconds":30,"level":"C1","overallScore":9,"rationale":"채널 유인 구조를 깊게 설명함."},{"segmentIndex":30,"text":"I think maybe it's rooted in the fact that both Sunil and I when we started our first company we were super young and you end up making a lot of mistakes and the one mistake we ended up becoming very allergic to that we made sure we don't want to do ever again is talking about the work more than doing the work itself.","startTime":3281.44,"endTime":3301.68,"durationSeconds":20,"level":"C1","overallScore":9,"rationale":"창업 교훈이 선명하고 표현도 강함."},{"segmentIndex":71,"text":"I think with smart people if you ask this question you say how is it that every problem that could be a sales problem that could be an engineering problem that could be an operations problem that could be a design problem they can be exactly solved in 90 days but it can't be that everything is solved in this exact thing it happens to be on a Georgian calendar that happens to be exactly correly that has to correlate with how stock market does it can't be that that's the right formula we don't have a universal truth everywhere else but we do in this one thing I just don't think I believe One of the last things I wanted to ask you, I think that one of the dynamics in S Silicon Valley where there's so many founders that start new businesses is you sort of watch the founder in year 7 or 9 and 11.","startTime":4113.359,"endTime":4155.199,"durationSeconds":42,"level":"C2","overallScore":9,"rationale":"90일 관행 비판이 매우 통찰적임."},{"segmentIndex":5,"text":"She sort of mentioned something that's really interesting about my friend's mom is like,\"Neither of us wanted out at the exact same time from the marriage.\"","startTime":4236.32,"endTime":4242.88,"durationSeconds":7,"level":"C1","overallScore":8.8,"rationale":"관계 지속의 핵심 통찰이 선명함."},{"segmentIndex":26,"text":"And I don't know if it's one particular idea, but what was really interesting about the GMU econ department as a whole and how it's developed over the last two decades since even I started there is it is possible to actually understand the world if you just take a little bit of time.","startTime":4383.12,"endTime":4402.08,"durationSeconds":19,"level":"C1","overallScore":8.8,"rationale":"세계 이해 가능성에 대한 핵심 통찰."},{"segmentIndex":1,"text":"I believe in businesses that own the entire thing for the long term. If you're trying to build something for 20, 30, 40 years, you want to own the stack.","startTime":2.149,"endTime":8.48,"durationSeconds":6,"level":"B2","overallScore":7.8,"rationale":"장기 관점의 사업 철학이 담김."},{"segmentIndex":9,"text":"We've always thought about business model as part of the product because that should inform what hardware you build for us, how you build the software, how you build the SLAs's, what customers can expect, how you sell, all stems from that.","startTime":51.36,"endTime":63.92,"durationSeconds":13,"level":"C1","overallScore":8,"rationale":"사업모델과 제품의 연결 통찰."},{"segmentIndex":19,"text":"I've found for me particularly and the types of people that gravitate towards working with us that cadence of yes, the overall thing we're trying to do might take some time, but the particular day there's always something to drive it a little bit forward.","startTime":157.44,"endTime":174.16,"durationSeconds":17,"level":"B2","overallScore":7.8,"rationale":"조직 리듬에 대한 통찰이 좋음."},{"segmentIndex":21,"text":"I care about where it ends up in 25. But at the same time, the next few hours also really matter to me.","startTime":178,"endTime":184,"durationSeconds":6,"level":"B1","overallScore":7.6,"rationale":"장기 목표와 단기 집중을 압축함."}],"generatedAt":"2026-06-24T23:39:18.470Z","keyClipsTotalSec":1175},{"videoId":"npMaKZLuRyQ","chunkIndex":4,"totalChunks":8,"title":"Building Meter for decades, not an exit | Anil Varanasi (Co-founder and CEO) — Part 5 of 8","thumbnail":"https://i.ytimg.com/vi/npMaKZLuRyQ/maxresdefault.jpg","duration":4493,"uploader":"First Round Capital","youtubeUrl":"https://www.youtube.com/watch?v=npMaKZLuRyQ","keywords":["startup","enterprise-sales","networking","b2b","market-entry","founder-led-sales","business-strategy","customer-development","supply-chain","covid"],"normalizedKeywords":["비즈니스·전략","커리어·성장"],"targetAudience":[{"who":"초기 창업자","why":"새 시장 진입, 첫 고객 설득, 위기 대응의 현실을 배울 수 있음"},{"who":"B2B 세일즈 담당자","why":"엔터프라이즈 판매에서 밀어붙이기보다 조율이 필요한 순간을 이해할 수 있음"},{"who":"사업개발 담당자","why":"채널 전략, 고객 선택, 시장 확장 순서를 실제 사례로 볼 수 있음"}],"normalizedAudience":["창업자·스타트업","지식노동자 일반"],"summary":"이 영상은 대형 incumbents가 버티는 시장에서 신생 기업이 어떻게 초기 진입 장벽을 넘는지, 그리고 그 이후 왜 오히려 성장 속도가 빨라지는지를 다룬다. 화자는 단순히 제품을 잘 만드는 것만으로는 부족하고, 첫 고객을 설득할 때는 창업자 본인이 직접 나서서 사람과 신뢰를 먼저 얻어야 한다고 말한다. 또한 엔터프라이즈 세일즈에서는 무조건 더 강하게 밀어붙이는 방식이 항상 옳지 않으며, 상대의 상황에 맞춘 'give and take'가 필요하다고 강조한다.\n\n회사 성장 이야기에서는 오피스 Wi‑Fi에서 시작해 코로나 이후 수요가 사라지며 위기를 맞았지만, 이커머스 확대와 물류·제조 자동화라는 경제 변화가 새로운 성장 시장을 열어줬다고 설명한다. 수개월간의 공급망 문제, 작은 팀의 혼란, 외부 자금 없이 버틴 과정까지 포함해, 창업자가 흔들리지 않는 믿음과 장기전을 버티는 체질을 어떻게 만들어야 하는지 보여준다.","insights":["신규 시장의 첫 관문은 제품이 아니라 신뢰를 만드는 일이다.","초기 진입은 가장 어렵지만, 넘으면 경쟁자가 급격히 줄어든다.","엔터프라이즈 세일즈는 push보다 상황에 맞는 조율이 중요하다.","위기는 시장 축소가 아니라 더 큰 수요로 이동하는 신호일 수 있다.","창업자는 첫 고객 설득에 직접 참여해야 전환율이 오른다."],"keyClips":[{"clipId":"npMaKZLuRyQ:c4:1-9","startSegmentIndex":1,"endSegmentIndex":9,"startTime":2400.63,"endTime":2481.599,"durationSeconds":81,"preview":"초기 진입의 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마음","mustSee":false},{"clipId":"npMaKZLuRyQ:c4:56-64","startSegmentIndex":56,"endSegmentIndex":64,"startTime":2929.76,"endTime":3003.119,"durationSeconds":73.4,"preview":"초기 신뢰 확보 원칙","mustSee":false}],"curatedSegments":[{"segmentIndex":51,"text":"So we were really interested in finding out is why is networking not that way and then another thing that sort of was a thing that opened up in our mind is this is the easiest way to align incentives between us and customers which is don't pay us unless the network works and that's easy way to sell as well to say we are responsible for the network being great we will take on all the risk for the hardware you don't have to but you pay us when the network is great if it's not don't pay us so that's how it sort of all came together and Then I don't remember actually how it happened that we came up with as a square footage pricing model but I think as these things happen I think now the rest of the industry will move there in the next 5 10 years is some scribbles and notebooks of me and where we came up with this and you figured all those things out before you started working on the company did you spend a lot of time thinking about what are the differences between the opportunity in a small business or a 10,000 ft office versus you know the problems that Coca-Cola has with networking.","startTime":960.079,"endTime":1018.079,"durationSeconds":58,"level":"C2","overallScore":10,"rationale":"인센티브 정렬과 모델 설계 통찰이 압도적."},{"segmentIndex":55,"text":"There were multiple moments co this Apple thing supply chain whatever you know studying businesses now the last two decades I think for any business I think there's about a thousand days of really bad time any business we just happen to have all thousand at the beginning consecutively and now it's just roses >> you know the thing that is true now is we would actively have to mess it up on purpose that it won't be a decently large business but I think we still have a lot of work to do and we have to do great work to happen is are we going to be one of the largest businesses in the world and I truly mean that are we going to be the large one of the largest business in the world that we have a long way to go and I suspect there'll be a lot of mistakes we'll make and etc but whatever baseline you think of as a large Silicon Valley company that we would have to actively mess up from this point >> that point around credibility and trust in a new market how did you end up cracking that do you have to find a particular first few customers that are buck the trend and are you know on the classic early adopter or some other >> on this though what I am sure of is I do think it's no matter what size business now I've not run a business that's very large yet I will but I'm pretty sure that no matter the size of the business if it's a brand new market the founder has to do it or it has to be part of it to convince the first few people to take the chance cuz I think they're buying the person rather than the product and they want to know who the person is that's behind it.","startTime":2838.88,"endTime":2929.76,"durationSeconds":91,"level":"C1","overallScore":10,"rationale":"창업·신시장 공략 통찰이 매우 농밀함."},{"segmentIndex":18,"text":"whether you know you think long term versus what do you care about day-to-day every hour versus can you be ambitious and can you be kind at the same time all these things I think a barbell approach is where I think I'm gravitating towards more and so even on this time horizon question I think to do what we want to do we know will take a really long time and we can get into the reasons why but every single day if you ask the same people I'm sort of insufferable to work with cuz everything should have been done for me like a second ago a minute ago, etc.","startTime":128.08,"endTime":157.44,"durationSeconds":29,"level":"C1","overallScore":9,"rationale":"바벨 접근과 실행 감각이 풍부함."},{"segmentIndex":60,"text":"And this is like a big revelation for me in the last five years like no matter what people actually don't use the thing that they build Sunil and I try to use the entire product end to end every weekend like every feature everything and that gives a lot of subjective thing and then objectively what you actually understand is tracking two things there one how many customers are unhappy with the product and that could be any reason that could be a hardware reason a software reason an operations reason a billing reason whatever that should be coming down as a percentage of your customers every day and every week.","startTime":492.56,"endTime":524.8,"durationSeconds":32,"level":"C1","overallScore":9,"rationale":"제품 사용과 품질 측정 원칙이 풍부함."},{"segmentIndex":5,"text":"But during that time is when we formulate a lot of this which is if this is starting to happen again because of some other reason how would we catch it next time before it became that 100% of customers are having a trouble with you and a lot of it is rooted into the way that you use it yourself and being just unreasonably close to customers.","startTime":628.8,"endTime":648.32,"durationSeconds":20,"level":"C1","overallScore":8.6,"rationale":"문제 조기 포착 원칙이 매우 핵심적."},{"segmentIndex":56,"text":"So that lost a year. How did you screw that up? I think we tried to do like the perfect version of like if every technology worked perfectly, we would build this like mirage of a great operating system and that was just entirely wrong.","startTime":1621.52,"endTime":1636.72,"durationSeconds":15,"level":"C1","overallScore":9,"rationale":"완벽주의 함정을 날카롭게 짚음."},{"segmentIndex":16,"text":"And then the last thing that's probably applicable to everyone if you look at businesses in the modern sense in the last 50 years the three times businesses are usually rewarded is when they innovate on product and technology or they innovate on how they deliver that you know somebody figured out SAS before that somebody figured out CDs somebody figured out USB whatever the delivery mechanism is also rewarded a lot that how does that change apps are another ways people figure out how to do apps But the third one that is rewarded that's severely underrated is business model innovation.","startTime":1957.36,"endTime":1993.919,"durationSeconds":37,"level":"C1","overallScore":8.8,"rationale":"보상 원천 3가지를 체계화함."},{"segmentIndex":39,"text":"And every time I look at exactly what you're saying on businesses that end up being the same point solution a long time, I think you're absolutely right in the fact that if they had decided at the beginning that the scope was a little bit larger, generally my rough intuition is it's only 20% more, but it actually ends up enabling you to capture a lot more a lot more.","startTime":2155.44,"endTime":2178.48,"durationSeconds":23,"level":"C1","overallScore":8.8,"rationale":"초기 범위 설정의 효과를 통찰함."},{"segmentIndex":40,"text":"And I don't know why that is but I have a worry that actually particularly in Silicon Valley that this sort of thinking is accelerated which is make a point solution as fast as possible to get to some revenue as fast as possible and everybody then ends up optimizing for the local maxima because if you end up giving smart people a problem they will go as deep as possible on it and I think that happens over and over then you know when you meet founders I'm sure you hear this which is oh yeah this market turned out to be way bigger than we thought it was the problems are so hard and then almost invariably every company tells you what they're working on is the hardest problem in the world and I just don't think that's categorically true at [laughter] all but because you know you end up becoming either a slave of your own success or end up having some sort of reverse gel man amnesia of like because you know the problem deeply well you think it's like the most important problem and like the most difficult problem you sort of end up missing it but I think that's constantly there and networking has been littered with that and We got very afraid of that cuz there were so many great companies that did just one part.","startTime":2178.48,"endTime":2243.28,"durationSeconds":65,"level":"C2","overallScore":9,"rationale":"창업 함정을 깊고 생생하게 설명함."},{"segmentIndex":8,"text":"Here are all the structural reasons. But I think the initial part is incredibly hard like you're saying because you have to go build things that are on par with a much larger stack that already exists by the incumbents because maybe they built it over decades or did acquisitions and you have to figure out how to do something new in there and you have to figure out how you can still price it better than them.","startTime":2442.4,"endTime":2466.96,"durationSeconds":25,"level":"C1","overallScore":9,"rationale":"진입장벽 원인과 조건을 촘촘히 설명."},{"segmentIndex":36,"text":"So then you had this proliferation of all these warehouse companies and manufacturing companies but because it was co they themselves couldn't get people to go work there and so spaces that previously were never automated were entirely getting automated and if anything is automated has to be on the network so then that happened to be a segment actually that segment actually would propel a lot of our growth during a time when everybody I think like even Bloomberg ended up writing a cover story on us that was something else and then because this whole co thing was happening at the top of mind.","startTime":2672.64,"endTime":2703.839,"durationSeconds":31,"level":"C1","overallScore":9.2,"rationale":"거시 변화와 성장 연결이 매우 선명함."},{"segmentIndex":24,"text":"The thing I also underappreciated is that us meter bringing recurring revenue how much they would like that because it now actuates their business based on recurring highquality predictable revenue and because most of channel grew through networking almost 50% of the channel is networking revenue that has been one-time sales and their businesses have been actuated lower and that actually is one of the things that draws them too which is oh if I do this my business is more valuable because of it.","startTime":3199.2,"endTime":3229.119,"durationSeconds":30,"level":"C1","overallScore":9,"rationale":"채널 유인 구조를 깊게 설명함."},{"segmentIndex":30,"text":"I think maybe it's rooted in the fact that both Sunil and I when we started our first company we were super young and you end up making a lot of mistakes and the one mistake we ended up becoming very allergic to that we made sure we don't want to do ever again is talking about the work more than doing the work itself.","startTime":3281.44,"endTime":3301.68,"durationSeconds":20,"level":"C1","overallScore":9,"rationale":"창업 교훈이 선명하고 표현도 강함."},{"segmentIndex":71,"text":"I think with smart people if you ask this question you say how is it that every problem that could be a sales problem that could be an engineering problem that could be an operations problem that could be a design problem they can be exactly solved in 90 days but it can't be that everything is solved in this exact thing it happens to be on a Georgian calendar that happens to be exactly correly that has to correlate with how stock market does it can't be that that's the right formula we don't have a universal truth everywhere else but we do in this one thing I just don't think I believe One of the last things I wanted to ask you, I think that one of the dynamics in S Silicon Valley where there's so many founders that start new businesses is you sort of watch the founder in year 7 or 9 and 11.","startTime":4113.359,"endTime":4155.199,"durationSeconds":42,"level":"C2","overallScore":9,"rationale":"90일 관행 비판이 매우 통찰적임."},{"segmentIndex":5,"text":"She sort of mentioned something that's really interesting about my friend's mom is like,\"Neither of us wanted out at the exact same time from the marriage.\"","startTime":4236.32,"endTime":4242.88,"durationSeconds":7,"level":"C1","overallScore":8.8,"rationale":"관계 지속의 핵심 통찰이 선명함."},{"segmentIndex":26,"text":"And I don't know if it's one particular idea, but what was really interesting about the GMU econ department as a whole and how it's developed over the last two decades since even I started there is it is possible to actually understand the world if you just take a little bit of time.","startTime":4383.12,"endTime":4402.08,"durationSeconds":19,"level":"C1","overallScore":8.8,"rationale":"세계 이해 가능성에 대한 핵심 통찰."},{"segmentIndex":1,"text":"I believe in businesses that own the entire thing for the long term. If you're trying to build something for 20, 30, 40 years, you want to own the stack.","startTime":2.149,"endTime":8.48,"durationSeconds":6,"level":"B2","overallScore":7.8,"rationale":"장기 관점의 사업 철학이 담김."},{"segmentIndex":9,"text":"We've always thought about business model as part of the product because that should inform what hardware you build for us, how you build the software, how you build the SLAs's, what customers can expect, how you sell, all stems from that.","startTime":51.36,"endTime":63.92,"durationSeconds":13,"level":"C1","overallScore":8,"rationale":"사업모델과 제품의 연결 통찰."},{"segmentIndex":19,"text":"I've found for me particularly and the types of people that gravitate towards working with us that cadence of yes, the overall thing we're trying to do might take some time, but the particular day there's always something to drive it a little bit forward.","startTime":157.44,"endTime":174.16,"durationSeconds":17,"level":"B2","overallScore":7.8,"rationale":"조직 리듬에 대한 통찰이 좋음."},{"segmentIndex":21,"text":"I care about where it ends up in 25. 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있음"}],"normalizedAudience":["창업자·스타트업","지식노동자 일반"],"summary":"이 구간은 Meter가 왜 초기에 채널 세일즈를 피하고 직접 판매를 택했는지, 그리고 그 전략이 어떻게 나중에 채널 확장으로 이어졌는지를 설명한다. 제품이 충분히 좋아지기 전에는 채널 파트너가 자신의 평판을 걸고 팔기 어렵기 때문에, 먼저 직접 고객을 확보하고 사례와 학습을 축적한 뒤 채널에 넘기는 방식이 유리하다는 논리다.\n\n후반부에서는 Meter의 조직 운영 철학이 이어진다. 화자는 메타워크가 실제 일을 잠식하는 현상을 경계하며, 관리의 본질은 권한 행사보다 조정과 맥락 제공이라고 본다. 그래서 OKR, 1:1, 인사 평가 같은 제도도 형식보다 실제 일에 도움이 되는지 따져야 하며, 가능하면 모두가 플레이어-코치로 일하는 구조를 유지하려 한다고 말한다.","insights":["제품이 약할 때는 채널보다 직접 판매가 낫다.","채널은 제품이 아니라 자기 평판을 함께 판다.","먼저 직접 고객을 얻어야 채널 설득력이 생긴다.","세일즈는 시장 적응 속도가 빠른 사람이 이긴다.","관리는 권력이 아니라 맥락과 조정의 문제다."],"keyClips":[{"clipId":"npMaKZLuRyQ:c5:1-7","startSegmentIndex":1,"endSegmentIndex":7,"startTime":3002.47,"endTime":3091.2,"durationSeconds":88.7,"preview":"직판 후 채널 확장","mustSee":true},{"clipId":"npMaKZLuRyQ:c5:9-18","startSegmentIndex":9,"endSegmentIndex":18,"startTime":3096.88,"endTime":3169.68,"durationSeconds":72.8,"preview":"셀러-마켓 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which is don't pay us unless the network works and that's easy way to sell as well to say we are responsible for the network being great we will take on all the risk for the hardware you don't have to but you pay us when the network is great if it's not don't pay us so that's how it sort of all came together and Then I don't remember actually how it happened that we came up with as a square footage pricing model but I think as these things happen I think now the rest of the industry will move there in the next 5 10 years is some scribbles and notebooks of me and where we came up with this and you figured all those things out before you started working on the company did you spend a lot of time thinking about what are the differences between the opportunity in a small business or a 10,000 ft office versus you know the problems that Coca-Cola has with networking.","startTime":960.079,"endTime":1018.079,"durationSeconds":58,"level":"C2","overallScore":10,"rationale":"인센티브 정렬과 모델 설계 통찰이 압도적."},{"segmentIndex":55,"text":"There were multiple moments co this Apple thing supply chain whatever you know studying businesses now the last two decades I think for any business I think there's about a thousand days of really bad time any business we just happen to have all thousand at the beginning consecutively and now it's just roses >> you know the thing that is true now is we would actively have to mess it up on purpose that it won't be a decently large business but I think we still have a lot of work to do and we have to do great work to happen is are we going to be one of the largest businesses in the world and I truly mean that are we going to be the large one of the largest business in the world that we have a long way to go and I suspect there'll be a lot of mistakes we'll make and etc but whatever baseline you think of as a large Silicon Valley company that we would have to actively mess up from this point >> that point around credibility and trust in a new market how did you end up cracking that do you have to find a particular first few customers that are buck the trend and are you know on the classic early adopter or some other >> on this though what I am sure of is I do think it's no matter what size business now I've not run a business that's very large yet I will but I'm pretty sure that no matter the size of the business if it's a brand new market the founder has to do it or it has to be part of it to convince the first few people to take the chance cuz I think they're buying the person rather than the product and they want to know who the person is that's behind it.","startTime":2838.88,"endTime":2929.76,"durationSeconds":91,"level":"C1","overallScore":10,"rationale":"창업·신시장 공략 통찰이 매우 농밀함."},{"segmentIndex":18,"text":"whether you know you think long term versus what do you care about day-to-day every hour versus can you be ambitious and can you be kind at the same time all these things I think a barbell approach is where I think I'm gravitating towards more and so even on this time horizon question I think to do what we want to do we know will take a really long time and we can get into the reasons why but every single day if you ask the same people I'm sort of insufferable to work with cuz everything should have been done for me like a second ago a minute ago, etc.","startTime":128.08,"endTime":157.44,"durationSeconds":29,"level":"C1","overallScore":9,"rationale":"바벨 접근과 실행 감각이 풍부함."},{"segmentIndex":60,"text":"And this is like a big revelation for me in the last five years like no matter what people actually don't use the thing that they build Sunil and I try to use the entire product end to end every weekend like every feature everything and that gives a lot of subjective thing and then objectively what you actually understand is tracking two things there one how many customers are unhappy with the product and that could be any reason that could be a hardware reason a software reason an operations reason a billing reason whatever that should be coming down as a percentage of your customers every day and every week.","startTime":492.56,"endTime":524.8,"durationSeconds":32,"level":"C1","overallScore":9,"rationale":"제품 사용과 품질 측정 원칙이 풍부함."},{"segmentIndex":5,"text":"But during that time is when we formulate a lot of this which is if this is starting to happen again because of some other reason how would we catch it next time before it became that 100% of customers are having a trouble with you and a lot of it is rooted into the way that you use it yourself and being just unreasonably close to customers.","startTime":628.8,"endTime":648.32,"durationSeconds":20,"level":"C1","overallScore":8.6,"rationale":"문제 조기 포착 원칙이 매우 핵심적."},{"segmentIndex":56,"text":"So that lost a year. How did you screw that up? I think we tried to do like the perfect version of like if every technology worked perfectly, we would build this like mirage of a great operating system and that was just entirely wrong.","startTime":1621.52,"endTime":1636.72,"durationSeconds":15,"level":"C1","overallScore":9,"rationale":"완벽주의 함정을 날카롭게 짚음."},{"segmentIndex":16,"text":"And then the last thing that's probably applicable to everyone if you look at businesses in the modern sense in the last 50 years the three times businesses are usually rewarded is when they innovate on product and technology or they innovate on how they deliver that you know somebody figured out SAS before that somebody figured out CDs somebody figured out USB whatever the delivery mechanism is also rewarded a lot that how does that change apps are another ways people figure out how to do apps But the third one that is rewarded that's severely underrated is business model innovation.","startTime":1957.36,"endTime":1993.919,"durationSeconds":37,"level":"C1","overallScore":8.8,"rationale":"보상 원천 3가지를 체계화함."},{"segmentIndex":39,"text":"And every time I look at exactly what you're saying on businesses that end up being the same point solution a long time, I think you're absolutely right in the fact that if they had decided at the beginning that the scope was a little bit larger, generally my rough intuition is it's only 20% more, but it actually ends up enabling you to capture a lot more a lot more.","startTime":2155.44,"endTime":2178.48,"durationSeconds":23,"level":"C1","overallScore":8.8,"rationale":"초기 범위 설정의 효과를 통찰함."},{"segmentIndex":40,"text":"And I don't know why that is but I have a worry that actually particularly in Silicon Valley that this sort of thinking is accelerated which is make a point solution as fast as possible to get to some revenue as fast as possible and everybody then ends up optimizing for the local maxima because if you end up giving smart people a problem they will go as deep as possible on it and I think that happens over and over then you know when you meet founders I'm sure you hear this which is oh yeah this market turned out to be way bigger than we thought it was the problems are so hard and then almost invariably every company tells you what they're working on is the hardest problem in the world and I just don't think that's categorically true at [laughter] all but because you know you end up becoming either a slave of your own success or end up having some sort of reverse gel man amnesia of like because you know the problem deeply well you think it's like the most important problem and like the most difficult problem you sort of end up missing it but I think that's constantly there and networking has been littered with that and We got very afraid of that cuz there were so many great companies that did just one part.","startTime":2178.48,"endTime":2243.28,"durationSeconds":65,"level":"C2","overallScore":9,"rationale":"창업 함정을 깊고 생생하게 설명함."},{"segmentIndex":8,"text":"Here are all the structural reasons. But I think the initial part is incredibly hard like you're saying because you have to go build things that are on par with a much larger stack that already exists by the incumbents because maybe they built it over decades or did acquisitions and you have to figure out how to do something new in there and you have to figure out how you can still price it better than them.","startTime":2442.4,"endTime":2466.96,"durationSeconds":25,"level":"C1","overallScore":9,"rationale":"진입장벽 원인과 조건을 촘촘히 설명."},{"segmentIndex":36,"text":"So then you had this proliferation of all these warehouse companies and manufacturing companies but because it was co they themselves couldn't get people to go work there and so spaces that previously were never automated were entirely getting automated and if anything is automated has to be on the network so then that happened to be a segment actually that segment actually would propel a lot of our growth during a time when everybody I think like even Bloomberg ended up writing a cover story on us that was something else and then because this whole co thing was happening at the top of mind.","startTime":2672.64,"endTime":2703.839,"durationSeconds":31,"level":"C1","overallScore":9.2,"rationale":"거시 변화와 성장 연결이 매우 선명함."},{"segmentIndex":24,"text":"The thing I also underappreciated is that us meter bringing recurring revenue how much they would like that because it now actuates their business based on recurring highquality predictable revenue and because most of channel grew through networking almost 50% of the channel is networking revenue that has been one-time sales and their businesses have been actuated lower and that actually is one of the things that draws them too which is oh if I do this my business is more valuable because of it.","startTime":3199.2,"endTime":3229.119,"durationSeconds":30,"level":"C1","overallScore":9,"rationale":"채널 유인 구조를 깊게 설명함."},{"segmentIndex":30,"text":"I think maybe it's rooted in the fact that both Sunil and I when we started our first company we were super young and you end up making a lot of mistakes and the one mistake we ended up becoming very allergic to that we made sure we don't want to do ever again is talking about the work more than doing the work itself.","startTime":3281.44,"endTime":3301.68,"durationSeconds":20,"level":"C1","overallScore":9,"rationale":"창업 교훈이 선명하고 표현도 강함."},{"segmentIndex":71,"text":"I think with smart people if you ask this question you say how is it that every problem that could be a sales problem that could be an engineering problem that could be an operations problem that could be a design problem they can be exactly solved in 90 days but it can't be that everything is solved in this exact thing it happens to be on a Georgian calendar that happens to be exactly correly that has to correlate with how stock market does it can't be that that's the right formula we don't have a universal truth everywhere else but we do in this one thing I just don't think I believe One of the last things I wanted to ask you, I think that one of the dynamics in S Silicon Valley where there's so many founders that start new businesses is you sort of watch the founder in year 7 or 9 and 11.","startTime":4113.359,"endTime":4155.199,"durationSeconds":42,"level":"C2","overallScore":9,"rationale":"90일 관행 비판이 매우 통찰적임."},{"segmentIndex":5,"text":"She sort of mentioned something that's really interesting about my friend's mom is like,\"Neither of us wanted out at the exact same time from the marriage.\"","startTime":4236.32,"endTime":4242.88,"durationSeconds":7,"level":"C1","overallScore":8.8,"rationale":"관계 지속의 핵심 통찰이 선명함."},{"segmentIndex":26,"text":"And I don't know if it's one particular idea, but what was really interesting about the GMU econ department as a whole and how it's developed over the last two decades since even I started there is it is possible to actually understand the world if you just take a little bit of time.","startTime":4383.12,"endTime":4402.08,"durationSeconds":19,"level":"C1","overallScore":8.8,"rationale":"세계 이해 가능성에 대한 핵심 통찰."},{"segmentIndex":1,"text":"I believe in businesses that own the entire thing for the long term. If you're trying to build something for 20, 30, 40 years, you want to own the stack.","startTime":2.149,"endTime":8.48,"durationSeconds":6,"level":"B2","overallScore":7.8,"rationale":"장기 관점의 사업 철학이 담김."},{"segmentIndex":9,"text":"We've always thought about business model as part of the product because that should inform what hardware you build for us, how you build the software, how you build the SLAs's, what customers can expect, how you sell, all stems from that.","startTime":51.36,"endTime":63.92,"durationSeconds":13,"level":"C1","overallScore":8,"rationale":"사업모델과 제품의 연결 통찰."},{"segmentIndex":19,"text":"I've found for me particularly and the types of people that gravitate towards working with us that cadence of yes, the overall thing we're trying to do might take some time, but the particular day there's always something to drive it a little bit forward.","startTime":157.44,"endTime":174.16,"durationSeconds":17,"level":"B2","overallScore":7.8,"rationale":"조직 리듬에 대한 통찰이 좋음."},{"segmentIndex":21,"text":"I care about where it ends up in 25. But at the same time, the next few hours also really matter to me.","startTime":178,"endTime":184,"durationSeconds":6,"level":"B1","overallScore":7.6,"rationale":"장기 목표와 단기 집중을 압축함."}],"generatedAt":"2026-06-24T23:39:54.773Z","keyClipsTotalSec":1175},{"videoId":"npMaKZLuRyQ","chunkIndex":6,"totalChunks":8,"title":"Building Meter for decades, not an exit | Anil Varanasi (Co-founder and CEO) — Part 7 of 8","thumbnail":"https://i.ytimg.com/vi/npMaKZLuRyQ/maxresdefault.jpg","duration":4493,"uploader":"First Round Capital","youtubeUrl":"https://www.youtube.com/watch?v=npMaKZLuRyQ","keywords":["leadership","management","startup","team-culture","feedback","productivity","decision-making","speed","founder-mindset","business"],"normalizedKeywords":["리더십·매니지먼트","비즈니스·전략","커리어·성장"],"targetAudience":[{"who":"창업자","why":"작은 조직을 빠르게 키우는 관리 방식과 문화 설계의 힌트를 얻을 수 있음"},{"who":"팀 리더","why":"피드백, 책임, 속도, 우선순위를 팀에 어떻게 심을지 배울 수 있음"},{"who":"프로덕트 매니저","why":"업무별로 속도 기준을 다르게 두는 의사결정 감각을 참고할 수 있음"}],"normalizedAudience":["창업자·스타트업","프로덕트 매니저·기획자","지식노동자 일반"],"summary":"이 영상은 Meter를 장기적으로 키우려는 창업자 관점에서, 전통적인 매니지먼트 관행을 어디까지 받아들이고 어디부터는 재해석해야 하는지에 대한 대화를 담고 있다. 핵심은 피드백을 관리자에게만 맡기지 말고 팀원끼리 즉시 주고받아야 하며, 관리의 목적도 사람 자체를 돌보는 것보다 회사의 미션에 기여하는 가치와 문제 해결에 더 가깝다는 주장이다.\n\n또한 그는 '항상 빠르게'가 정답은 아니라고 말한다. 영업 응대나 고객 대응처럼 즉시성이 중요한 영역은 극도로 빠르게 가야 하지만, 칩 설계나 일부 창의적 작업처럼 장기적 결과가 중요한 영역은 오히려 느린 진행이 더 낫다고 본다. 데드라인은 사람을 더 열심히 일하게 만들기보다 중요하지 않은 일을 버리게 만드는 장치이며, 이런 운영 철학이 회사를 더 큰 규모로 오래 유지하게 만든다고 설명한다.","insights":["좋은 팀은 매니저가 아니라 서로가 피드백한다.","관리의 핵심은 사람 감정보다 문제 해결이다.","속도는 일괄 기준이 아니라 업무별로 달라야 한다.","데드라인은 노력보다 우선순위를 날카롭게 만든다.","장기 영향이 큰 결정은 일부러 느리게 가야 한다."],"keyClips":[{"clipId":"npMaKZLuRyQ:c6:1-14","startSegmentIndex":1,"endSegmentIndex":14,"startTime":3600.23,"endTime":3695.52,"durationSeconds":95.3,"preview":"피드백은 서로 한다","mustSee":false},{"clipId":"npMaKZLuRyQ:c6:15-28","startSegmentIndex":15,"endSegmentIndex":28,"startTime":3695.52,"endTime":3814.24,"durationSeconds":118.7,"preview":"사람보다 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customers which is don't pay us unless the network works and that's easy way to sell as well to say we are responsible for the network being great we will take on all the risk for the hardware you don't have to but you pay us when the network is great if it's not don't pay us so that's how it sort of all came together and Then I don't remember actually how it happened that we came up with as a square footage pricing model but I think as these things happen I think now the rest of the industry will move there in the next 5 10 years is some scribbles and notebooks of me and where we came up with this and you figured all those things out before you started working on the company did you spend a lot of time thinking about what are the differences between the opportunity in a small business or a 10,000 ft office versus you know the problems that Coca-Cola has with networking.","startTime":960.079,"endTime":1018.079,"durationSeconds":58,"level":"C2","overallScore":10,"rationale":"인센티브 정렬과 모델 설계 통찰이 압도적."},{"segmentIndex":55,"text":"There were multiple moments co this Apple thing supply chain whatever you know studying businesses now the last two decades I think for any business I think there's about a thousand days of really bad time any business we just happen to have all thousand at the beginning consecutively and now it's just roses >> you know the thing that is true now is we would actively have to mess it up on purpose that it won't be a decently large business but I think we still have a lot of work to do and we have to do great work to happen is are we going to be one of the largest businesses in the world and I truly mean that are we going to be the large one of the largest business in the world that we have a long way to go and I suspect there'll be a lot of mistakes we'll make and etc but whatever baseline you think of as a large Silicon Valley company that we would have to actively mess up from this point >> that point around credibility and trust in a new 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How did you screw that up? I think we tried to do like the perfect version of like if every technology worked perfectly, we would build this like mirage of a great operating system and that was just entirely wrong.","startTime":1621.52,"endTime":1636.72,"durationSeconds":15,"level":"C1","overallScore":9,"rationale":"완벽주의 함정을 날카롭게 짚음."},{"segmentIndex":16,"text":"And then the last thing that's probably applicable to everyone if you look at businesses in the modern sense in the last 50 years the three times businesses are usually rewarded is when they innovate on product and technology or they innovate on how they deliver that you know somebody figured out SAS before that somebody figured out CDs somebody figured out USB whatever the delivery mechanism is also rewarded a lot that how does that change apps are another ways people figure out how to do apps But the third one that is rewarded that's severely underrated is business model innovation.","startTime":1957.36,"endTime":1993.919,"durationSeconds":37,"level":"C1","overallScore":8.8,"rationale":"보상 원천 3가지를 체계화함."},{"segmentIndex":39,"text":"And every time I look at exactly what you're saying on businesses that end up being the same point solution a long time, I think you're absolutely right in the fact that if they had decided at the beginning that the scope was a little bit larger, generally my rough intuition is it's only 20% more, but it actually ends up enabling you to capture a lot more a lot more.","startTime":2155.44,"endTime":2178.48,"durationSeconds":23,"level":"C1","overallScore":8.8,"rationale":"초기 범위 설정의 효과를 통찰함."},{"segmentIndex":40,"text":"And I don't know why that is but I have a worry that actually particularly in Silicon Valley that this sort of thinking is accelerated which is make a point solution as fast as possible to get to some revenue as fast as possible and everybody then ends up optimizing for the local maxima because if you end up giving smart people a problem they will go as deep as possible on it and I think that happens over and over then you know when you meet founders I'm sure you hear this which is oh yeah this market turned out to be way bigger than we thought it was the problems are so hard and then almost invariably every company tells you what they're working on is the hardest problem in the world and I just don't think that's categorically true at [laughter] all but because you know you end up becoming either a slave of your own success or end up having some sort of reverse gel man amnesia of like because you know the problem deeply well you think it's like the most important problem and like the most difficult problem you sort of end up missing it but I think that's constantly there and networking has been littered with that and We got very afraid of that cuz there were so many great companies that did just one part.","startTime":2178.48,"endTime":2243.28,"durationSeconds":65,"level":"C2","overallScore":9,"rationale":"창업 함정을 깊고 생생하게 설명함."},{"segmentIndex":8,"text":"Here are all the structural reasons. But I think the initial part is incredibly hard like you're saying because you have to go build things that are on par with a much larger stack that already exists by the incumbents because maybe they built it over decades or did acquisitions and you have to figure out how to do something new in there and you have to figure out how you can still price it better than them.","startTime":2442.4,"endTime":2466.96,"durationSeconds":25,"level":"C1","overallScore":9,"rationale":"진입장벽 원인과 조건을 촘촘히 설명."},{"segmentIndex":36,"text":"So then you had this proliferation of all these warehouse companies and manufacturing companies but because it was co they themselves couldn't get people to go work there and so spaces that previously were never automated were entirely getting automated and if anything is automated has to be on the network so then that happened to be a segment actually that segment actually would propel a lot of our growth during a time when everybody I think like even Bloomberg ended up writing a cover story on us that was something else and then because this whole co thing was happening at the top of mind.","startTime":2672.64,"endTime":2703.839,"durationSeconds":31,"level":"C1","overallScore":9.2,"rationale":"거시 변화와 성장 연결이 매우 선명함."},{"segmentIndex":24,"text":"The thing I also underappreciated is that us meter bringing recurring revenue how much they would like that because it now actuates their business based on recurring highquality predictable revenue and because most of channel grew through networking almost 50% of the channel is networking revenue that has been one-time sales and their businesses have been actuated lower and that actually is one of the things that draws them too which is oh if I do this my business is more valuable because of it.","startTime":3199.2,"endTime":3229.119,"durationSeconds":30,"level":"C1","overallScore":9,"rationale":"채널 유인 구조를 깊게 설명함."},{"segmentIndex":30,"text":"I think maybe it's rooted in the fact that both Sunil and I when we started our first company we were super young and you end up making a lot of mistakes and the one mistake we ended up becoming very allergic to that we made sure we don't want to do ever again is talking about the work more than doing the work itself.","startTime":3281.44,"endTime":3301.68,"durationSeconds":20,"level":"C1","overallScore":9,"rationale":"창업 교훈이 선명하고 표현도 강함."},{"segmentIndex":71,"text":"I think with smart people if you ask this question you say how is it that every problem that could be a sales problem that could be an engineering problem that could be an operations problem that could be a design problem they can be exactly solved in 90 days but it can't be that everything is solved in this exact thing it happens to be on a Georgian calendar that happens to be exactly correly that has to correlate with how stock market does it can't be that that's the right formula we don't have a universal truth everywhere else but we do in this one thing I just don't think I believe One of the last things I wanted to ask you, I think that one of the dynamics in S Silicon Valley where there's so many founders that start new businesses is you sort of watch the founder in year 7 or 9 and 11.","startTime":4113.359,"endTime":4155.199,"durationSeconds":42,"level":"C2","overallScore":9,"rationale":"90일 관행 비판이 매우 통찰적임."},{"segmentIndex":5,"text":"She sort of mentioned something that's really interesting about my friend's mom is like,\"Neither of us wanted out at the exact same time from the marriage.\"","startTime":4236.32,"endTime":4242.88,"durationSeconds":7,"level":"C1","overallScore":8.8,"rationale":"관계 지속의 핵심 통찰이 선명함."},{"segmentIndex":26,"text":"And I don't know if it's one particular idea, but what was really interesting about the GMU econ department as a whole and how it's developed over the last two decades since even I started there is it is possible to actually understand the world if you just take a little bit of time.","startTime":4383.12,"endTime":4402.08,"durationSeconds":19,"level":"C1","overallScore":8.8,"rationale":"세계 이해 가능성에 대한 핵심 통찰."},{"segmentIndex":1,"text":"I believe in businesses that own the entire thing for the long term. If you're trying to build something for 20, 30, 40 years, you want to own the stack.","startTime":2.149,"endTime":8.48,"durationSeconds":6,"level":"B2","overallScore":7.8,"rationale":"장기 관점의 사업 철학이 담김."},{"segmentIndex":9,"text":"We've always thought about business model as part of the product because that should inform what hardware you build for us, how you build the software, how you build the SLAs's, what customers can expect, how you sell, all stems from that.","startTime":51.36,"endTime":63.92,"durationSeconds":13,"level":"C1","overallScore":8,"rationale":"사업모델과 제품의 연결 통찰."},{"segmentIndex":19,"text":"I've found for me particularly and the types of people that gravitate towards working with us that cadence of yes, the overall thing we're trying to do might take some time, but the particular day there's always something to drive it a little bit forward.","startTime":157.44,"endTime":174.16,"durationSeconds":17,"level":"B2","overallScore":7.8,"rationale":"조직 리듬에 대한 통찰이 좋음."},{"segmentIndex":21,"text":"I care about where it ends up in 25. But at the same time, the next few hours also really matter to me.","startTime":178,"endTime":184,"durationSeconds":6,"level":"B1","overallScore":7.6,"rationale":"장기 목표와 단기 집중을 압축함."}],"generatedAt":"2026-06-24T23:40:22.338Z","keyClipsTotalSec":1175},{"videoId":"npMaKZLuRyQ","chunkIndex":7,"totalChunks":8,"title":"Building Meter for decades, not an exit | Anil Varanasi (Co-founder and CEO) — Part 8 of 8","thumbnail":"https://i.ytimg.com/vi/npMaKZLuRyQ/maxresdefault.jpg","duration":4493,"uploader":"First Round Capital","youtubeUrl":"https://www.youtube.com/watch?v=npMaKZLuRyQ","keywords":["startup","founder-story","entrepreneurship","leadership","business","hardware","software","operations","philosophy","learning"],"normalizedKeywords":["비즈니스·전략","리더십·매니지먼트","교육"],"targetAudience":[{"who":"창업자","why":"장기적으로 회사를 운영하는 태도와 파트너십의 중요성을 배울 수 있음"},{"who":"리더","why":"사업이 힘든 시기에도 팀과 문제를 바라보는 관점을 얻을 수 있음"},{"who":"학생","why":"세상을 이해하는 힘이 어떻게 성장과 진로 선택으로 이어지는지 참고 가능"}],"normalizedAudience":["창업자·스타트업","학생·주니어","지식노동자 일반"],"summary":"이 영상은 Anil Varanasi가 Meter를 오래가는 회사로 만들기 위해 어떤 마음가짐으로 일하는지, 그리고 왜 그는 회사를 단기 엑시트가 아니라 '평생 풀어갈 문제'로 보는지를 말한다. 하드웨어·소프트웨어·현장 운영이 섞인 큰 스코프의 사업은 늘 새롭게 배울 것이 있어 창업자를 더 오래, 더 행복하게 붙잡아 둔다고 본다. 특히 공동창업자 Sunil과의 긴 파트너십이 힘든 시기를 버티게 해 주는 핵심 자산이라고 강조한다.\n\n후반부에서는 자신에게 가장 큰 영향을 준 GMU 경제학과와 교수들의 경험을 회고하며, 세상은 생각보다 블랙박스가 아니고 조금만 시간을 쓰면 누구나 어떻게 작동하는지 이해할 수 있다고 말한다. 어린 시절 '주어진 대로 사는 삶'에 익숙했던 시각을 넘어, 스스로 세계를 해석하려는 태도가 자신을 바꿨다는 점이 이 에피소드의 마지막 메시지다.","insights":["큰 사업은 늘 새 문제를 주기 때문에 창업자를 오래 붙잡아 둔다.","좋은 공동창업자는 같은 시점에 무너지만 않으면 버틸 힘이 된다.","엑시트보다 중요한 건 '계속 배우게 만드는 일'인지다.","세상은 블랙박스가 아니라 시간만 쓰면 이해 가능한 대상이다.","학습된 수동성에서 벗어나야 스스로 세계를 설계할 수 있다."],"keyClips":[{"clipId":"npMaKZLuRyQ:c7:1-17","startSegmentIndex":1,"endSegmentIndex":17,"startTime":4200.95,"endTime":4335.679,"durationSeconds":134.7,"preview":"큰 사업의 매력","mustSee":false},{"clipId":"npMaKZLuRyQ:c7:18-20","startSegmentIndex":18,"endSegmentIndex":20,"startTime":4335.679,"endTime":4350.08,"durationSeconds":14.4,"preview":"다시 창업하는 이유","mustSee":false},{"clipId":"npMaKZLuRyQ:c7:21-29","startSegmentIndex":21,"endSegmentIndex":29,"startTime":4350.08,"endTime":4432.8,"durationSeconds":82.7,"preview":"세상은 이해 가능하다","mustSee":true},{"clipId":"npMaKZLuRyQ:c7:30-35","startSegmentIndex":30,"endSegmentIndex":35,"startTime":4432.8,"endTime":4482.56,"durationSeconds":49.8,"preview":"수동성에서 주도성으로","mustSee":false}],"curatedSegments":[{"segmentIndex":51,"text":"So we were really interested in finding out is why is networking not that way and then another thing that sort of was a thing that opened up in our mind is this is the easiest way to align incentives between us and customers which is don't pay us unless the network works and that's easy way to sell as well to say we are responsible for the network being great we will take on all the risk for the hardware you don't have to but you pay us when the network is great if it's not don't pay us so that's how it sort of all came together and Then I don't remember actually how it happened that we came up with as a square footage pricing model but I think as these things happen I think now the rest of the industry will move there in the next 5 10 years is some scribbles and notebooks of me and where we came up with this and you figured all those things out before you started working on the company did you spend a lot of time thinking about what are the differences between the opportunity in a small business or a 10,000 ft office versus you know the problems that Coca-Cola has with networking.","startTime":960.079,"endTime":1018.079,"durationSeconds":58,"level":"C2","overallScore":10,"rationale":"인센티브 정렬과 모델 설계 통찰이 압도적."},{"segmentIndex":55,"text":"There were multiple moments co this Apple thing supply chain whatever you know studying businesses now the last two decades I think for any business I think there's about a thousand days of really bad time any business we just happen to have all thousand at the beginning consecutively and now it's just roses >> you know the thing that is true now is we would actively have to mess it up on purpose that it won't be a decently large business but I think we still have a lot of work to do and we have to do great work to happen is are we going to be one of the largest businesses in the world and I truly mean that are we going to be the large one of the largest business in the world that we have a long way to go and I suspect there'll be a lot of mistakes we'll make and etc but whatever baseline you think of as a large Silicon Valley company that we would have to actively mess up from this point >> that point around credibility and trust in a new market how did you end up cracking that do you have to find a particular first few customers that are buck the trend and are you know on the classic early adopter or some other >> on this though what I am sure of is I do think it's no matter what size business now I've not run a business that's very large yet I will but I'm pretty sure that no matter the size of the business if it's a brand new market the founder has to do it or it has to be part of it to convince the first few people to take the chance cuz I think they're buying the person rather than the product and they want to know who the person is that's behind it.","startTime":2838.88,"endTime":2929.76,"durationSeconds":91,"level":"C1","overallScore":10,"rationale":"창업·신시장 공략 통찰이 매우 농밀함."},{"segmentIndex":18,"text":"whether you know you think long term versus what do you care about day-to-day every hour versus can you be ambitious and can you be kind at the same time all these things I think a barbell approach is where I think I'm gravitating towards more and so even on this time horizon question I think to do what we want to do we know will take a really long time and we can get into the reasons why but every single day if you ask the same people I'm sort of insufferable to work with cuz everything should have been done for me like a second ago a minute ago, etc.","startTime":128.08,"endTime":157.44,"durationSeconds":29,"level":"C1","overallScore":9,"rationale":"바벨 접근과 실행 감각이 풍부함."},{"segmentIndex":60,"text":"And this is like a big revelation for me in the last five years like no matter what people actually don't use the thing that they build Sunil and I try to use the entire product end to end every weekend like every feature everything and that gives a lot of subjective thing and then objectively what you actually understand is tracking two things there one how many customers are unhappy with the product and that could be any reason that could be a hardware reason a software reason an operations reason a billing reason whatever that should be coming down as a percentage of your customers every day and every week.","startTime":492.56,"endTime":524.8,"durationSeconds":32,"level":"C1","overallScore":9,"rationale":"제품 사용과 품질 측정 원칙이 풍부함."},{"segmentIndex":5,"text":"But during that time is when we formulate a lot of this which is if this is starting to happen again because of some other reason how would we catch it next time before it became that 100% of customers are having a trouble with you and a lot of it is rooted into the way that you use it yourself and being just unreasonably close to customers.","startTime":628.8,"endTime":648.32,"durationSeconds":20,"level":"C1","overallScore":8.6,"rationale":"문제 조기 포착 원칙이 매우 핵심적."},{"segmentIndex":56,"text":"So that lost a year. How did you screw that up? I think we tried to do like the perfect version of like if every technology worked perfectly, we would build this like mirage of a great operating system and that was just entirely wrong.","startTime":1621.52,"endTime":1636.72,"durationSeconds":15,"level":"C1","overallScore":9,"rationale":"완벽주의 함정을 날카롭게 짚음."},{"segmentIndex":16,"text":"And then the last thing that's probably applicable to everyone if you look at businesses in the modern sense in the last 50 years the three times businesses are usually rewarded is when they innovate on product and technology or they innovate on how they deliver that you know somebody figured out SAS before that somebody figured out CDs somebody figured out USB whatever the delivery mechanism is also rewarded a lot that how does that change apps are another ways people figure out how to do apps But the third one that is rewarded that's severely underrated is business model innovation.","startTime":1957.36,"endTime":1993.919,"durationSeconds":37,"level":"C1","overallScore":8.8,"rationale":"보상 원천 3가지를 체계화함."},{"segmentIndex":39,"text":"And every time I look at exactly what you're saying on businesses that end up being the same point solution a long time, I think you're absolutely right in the fact that if they had decided at the beginning that the scope was a little bit larger, generally my rough intuition is it's only 20% more, but it actually ends up enabling you to capture a lot more a lot more.","startTime":2155.44,"endTime":2178.48,"durationSeconds":23,"level":"C1","overallScore":8.8,"rationale":"초기 범위 설정의 효과를 통찰함."},{"segmentIndex":40,"text":"And I don't know why that is but I have a worry that actually particularly in Silicon Valley that this sort of thinking is accelerated which is make a point solution as fast as possible to get to some revenue as fast as possible and everybody then ends up optimizing for the local maxima because if you end up giving smart people a problem they will go as deep as possible on it and I think that happens over and over then you know when you meet founders I'm sure you hear this which is oh yeah this market turned out to be way bigger than we thought it was the problems are so hard and then almost invariably every company tells you what they're working on is the hardest problem in the world and I just don't think that's categorically true at [laughter] all but because you know you end up becoming either a slave of your own success or end up having some sort of reverse gel man amnesia of like because you know the problem deeply well you think it's like the most important problem and like the most difficult problem you sort of end up missing it but I think that's constantly there and networking has been littered with that and We got very afraid of that cuz there were so many great companies that did just one part.","startTime":2178.48,"endTime":2243.28,"durationSeconds":65,"level":"C2","overallScore":9,"rationale":"창업 함정을 깊고 생생하게 설명함."},{"segmentIndex":8,"text":"Here are all the structural reasons. But I think the initial part is incredibly hard like you're saying because you have to go build things that are on par with a much larger stack that already exists by the incumbents because maybe they built it over decades or did acquisitions and you have to figure out how to do something new in there and you have to figure out how you can still price it better than them.","startTime":2442.4,"endTime":2466.96,"durationSeconds":25,"level":"C1","overallScore":9,"rationale":"진입장벽 원인과 조건을 촘촘히 설명."},{"segmentIndex":36,"text":"So then you had this proliferation of all these warehouse companies and manufacturing companies but because it was co they themselves couldn't get people to go work there and so spaces that previously were never automated were entirely getting automated and if anything is automated has to be on the network so then that happened to be a segment actually that segment actually would propel a lot of our growth during a time when everybody I think like even Bloomberg ended up writing a cover story on us that was something else and then because this whole co thing was happening at the top of mind.","startTime":2672.64,"endTime":2703.839,"durationSeconds":31,"level":"C1","overallScore":9.2,"rationale":"거시 변화와 성장 연결이 매우 선명함."},{"segmentIndex":24,"text":"The thing I also underappreciated is that us meter bringing recurring revenue how much they would like that because it now actuates their business based on recurring highquality predictable revenue and because most of channel grew through networking almost 50% of the channel is networking revenue that has been one-time sales and their businesses have been actuated lower and that actually is one of the things that draws them too which is oh if I do this my business is more valuable because of it.","startTime":3199.2,"endTime":3229.119,"durationSeconds":30,"level":"C1","overallScore":9,"rationale":"채널 유인 구조를 깊게 설명함."},{"segmentIndex":30,"text":"I think maybe it's rooted in the fact that both Sunil and I when we started our first company we were super young and you end up making a lot of mistakes and the one mistake we ended up becoming very allergic to that we made sure we don't want to do ever again is talking about the work more than doing the work itself.","startTime":3281.44,"endTime":3301.68,"durationSeconds":20,"level":"C1","overallScore":9,"rationale":"창업 교훈이 선명하고 표현도 강함."},{"segmentIndex":71,"text":"I think with smart people if you ask this question you say how is it that every problem that could be a sales problem that could be an engineering problem that could be an operations problem that could be a design problem they can be exactly solved in 90 days but it can't be that everything is solved in this exact thing it happens to be on a Georgian calendar that happens to be exactly correly that has to correlate with how stock market does it can't be that that's the right formula we don't have a universal truth everywhere else but we do in this one thing I just don't think I believe One of the last things I wanted to ask you, I think that one of the dynamics in S Silicon Valley where there's so many founders that start new businesses is you sort of watch the founder in year 7 or 9 and 11.","startTime":4113.359,"endTime":4155.199,"durationSeconds":42,"level":"C2","overallScore":9,"rationale":"90일 관행 비판이 매우 통찰적임."},{"segmentIndex":5,"text":"She sort of mentioned something that's really interesting about my friend's mom is like,\"Neither of us wanted out at the exact same time from the marriage.\"","startTime":4236.32,"endTime":4242.88,"durationSeconds":7,"level":"C1","overallScore":8.8,"rationale":"관계 지속의 핵심 통찰이 선명함."},{"segmentIndex":26,"text":"And I don't know if it's one particular idea, but what was really interesting about the GMU econ department as a whole and how it's developed over the last two decades since even I started there is it is possible to actually understand the world if you just take a little bit of time.","startTime":4383.12,"endTime":4402.08,"durationSeconds":19,"level":"C1","overallScore":8.8,"rationale":"세계 이해 가능성에 대한 핵심 통찰."},{"segmentIndex":1,"text":"I believe in businesses that own the entire thing for the long term. If you're trying to build something for 20, 30, 40 years, you want to own the stack.","startTime":2.149,"endTime":8.48,"durationSeconds":6,"level":"B2","overallScore":7.8,"rationale":"장기 관점의 사업 철학이 담김."},{"segmentIndex":9,"text":"We've always thought about business model as part of the product because that should inform what hardware you build for us, how you build the software, how you build the SLAs's, what customers can expect, how you sell, all stems from that.","startTime":51.36,"endTime":63.92,"durationSeconds":13,"level":"C1","overallScore":8,"rationale":"사업모델과 제품의 연결 통찰."},{"segmentIndex":19,"text":"I've found for me particularly and the types of people that gravitate towards working with us that cadence of yes, the overall thing we're trying to do might take some time, but the particular day there's always something to drive it a little bit forward.","startTime":157.44,"endTime":174.16,"durationSeconds":17,"level":"B2","overallScore":7.8,"rationale":"조직 리듬에 대한 통찰이 좋음."},{"segmentIndex":21,"text":"I care about where it ends up in 25. But at the same time, the next few hours also really matter to me.","startTime":178,"endTime":184,"durationSeconds":6,"level":"B1","overallScore":7.6,"rationale":"장기 목표와 단기 집중을 압축함."}],"generatedAt":"2026-06-24T23:40:40.404Z","keyClipsTotalSec":1175}]}