Tenev: Yeah, and that's never been done before —
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The Hollywood and tech scenes are coming closer. Snoop Dogg is one of Robinhood's investors. Richard Shotwell/AP.
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Tenev: No, I had no formal engineering background and no prior work experience, really, in consumer companies. And we actually had a couple of experimental apps while waiting for the regulatory approval for Robinhood that we launched and we actually tried to get some traction on, and it was very difficult for us to get customers because ultimately we made a lot of mistakes that first-time developers of mobile products make, like packing a ton of features into apps and not really addressing a really deep customer pain point. So the last thing from our minds when we launched Robinhood, the initial website, was that it would blow up overnight, so we were kind of cavalier in the way we approached it.
In both good and bad times, timeless principles for start-ups still hold true. Navigating these principles, particularly when they seem to compete with or contradict one another, is all the more critical when the macroenvironment lowers the margin for error.
There are several terms associated with pre-seed funding that startups should be familiar with. Some common terms include equity, convertible notes, valuation, and dilution. Understanding these terms and their implications is crucial for startups as they navigate the pre-seed funding process.