Startup Istanbul Podcast

Lessons from a16z Speedrun’s Josh Lu

Last month, I was in San Francisco for the a16z Speedrun Demo Day — surrounded by brilliant Substack writers, top founders, and sharp investors. I had the chance to meet so many great friends: * Great opportunity to meet Andrew Chen [https://substack.com/@andrewchen] and Kevin Kelly [https://kk.org/] * Hung out with writer friends Guillermo [https://substack.com/@guillermoflor] and Ruben [https://substack.com/@rubendominguez] * Met Devansh, founder of Artificial Intelligence Made Simple [https://artificialintelligencemadesimple.substack.com/] * Spoke with Alex Xu [https://substack.com/@bytebytego], founder of @bytebytego [https://blog.bytebytego.com/] * Caught up with my longtime friend Marvin Liao [https://substack.com/@shokunin] from The Hard Fork [https://hardfork.substack.com/] * Took Waymo for the first time (yes, I geeked out) * Thanks to Ryan [https://www.linkedin.com/in/ryanrigney/] for this wonderful invitation! And just last week, I had the opportunity to sit down and record a deep conversation about a16z Speedrun [https://speedrun.a16z.com/] with Josh Lu [https://www.linkedin.com/in/joshualu/]. Here’s what I learned — and what founders everywhere can take away. A Career Like a Speedrun Josh described his own journey like a video game speedrun – skipping unnecessary steps, learning on the fly, going fast, and iterating. From Yahoo intern to product manager to investor, he’s always been building fast. "Speedrun is a great metaphor for the founder journey — you don’t stop to collect all the coins, you just go." – Josh Unlearning Is a Superpower Whether it was MySpace games, Facebook virality, or mobile hits, Josh learned one thing over and over: the best product people unlearn fast. The games industry evolves constantly. What worked last year won’t work now. Great PMs drop outdated assumptions quickly. This is true far beyond games. In startups, what made you win early might hold you back later. What Makes a Great Product Manager? Josh’s top two traits: * Intellectual humility – Can you unlearn quickly and change your mind? * Love for the product – The best PMs deeply use the product and generate most of the bug reports themselves. Blank slates often outperform pedigreed hires — if they’re hungry and curious. Data Beats Intuition (But Only If You Can Get It) In free-to-play games, data is everywhere. In AAA games, it’s scarce. Josh became more data-driven by watching his assumptions fail — repeatedly. “My taste in games didn’t match what real players actually liked. I learned to trust the numbers.” The lesson for founders: intuition is great for starting, but validating with real usage is what builds winners. Founder Selection in VC Is Different In Speedrun, most startups are at the idea stage. No traction. Sometimes no game yet. That’s why Josh focuses almost entirely on the founder: * Are they resilient? * Do they have a reason to build this? * Are they thinking beyond product into company-building? "You can’t fake resilience in a 15-minute pitch. It shows up fast." Startup Istanbul is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. AI in Gaming = Compression of Cost Josh shared how his last game at Blizzard — Diablo Immortal — cost $250M to make. But with today’s AI tools? That same level of experience may soon cost $150M… then less. AI helps studios do more with less — better assets, faster iteration, cheaper production. Great for players. Great for small studios. The bar is rising, but so is access. No-Code Gaming Is Coming Josh believes non-coders with great vision will increasingly build amazing games, thanks to tools like Roblox, Discord-native games, and UGC platforms. The skill set of the next generation of game builders? Vision, persistence, creativity — not necessarily code. Turkey: A Rising Gaming Hub Josh has personally worked with 3 Turkish gaming startups in Speedrun. He points to role models like Peak Games and Rollic as catalysts for Turkey’s startup flywheel. "Turkish founders are ambitious, creative, and humble. They’re not afraid to copy what works — and that’s a strength." What Speedrun Looks for * Founder-market fit * Product obsession * Clear problem definition * Early signs of resilience Bonus points if you’ve validated something — even tiny. Speedrun is IRL in California. Cohorts are small. Network is powerful. Final Takeaway Whether you’re building a game or a startup — the mindset is the same: * Stay curious. * Move fast. * Learn from others. * Be willing to change. Speedrun [https://speedrun.a16z.com/] isn’t just a program. It’s a mindset. Thanks to Josh for sharing so generously. You can learn more at Speedrun [https://speedrun.a16z.com/] Thanks for reading Startup Istanbul! This post is public so feel free to share it. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe [https://newsletter.startupistanbul.com/subscribe?utm_medium=podcast&utm_campaign=CTA_4]

Stop Racing to Raise Money

I had an eye-opening chat with Jason Fried [https://www.linkedin.com/in/jason-fried/] on my podcast about startup funding. His perspective challenges everything most founders believe. Controversial truth that needs to be said:”Not all external money is worth taking.” Here's the uncomfortable truth about funding:The less money you take early, the stronger you'll be. Why? Let's break it down: 1. The Independence Tax * You're now on someone else's timeline * External pressures drive decisions * Long-term vision gets compromised * = Lost autonomy you can't buy back 2. The Speed Trap * Pressure to show fast growth * Premature scaling kills * Forced to "go big or go home" * = Racing toward wrong goals 3. What Nobody Tells You * Investors want specific timeframes * Your timeline ≠ Their timeline * "Going fast" means spending big * = Misaligned incentives 4. What Actually Works: ✓ Build sustainable business first ✓ Stay independent longer ✓ Keep full control ✓ Choose your own path = Power to build your way The Reality Check: Independence is your competitive advantage. Money comes with invisible strings. Remember: "The best funding round might be the one you don't take." Comment a 🧿 if you're tired of the "raise fast" pressure! Startup Istanbul is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe [https://newsletter.startupistanbul.com/subscribe?utm_medium=podcast&utm_campaign=CTA_4]

Your Company Is Already Dead

Big companies don't fail from lack of innovation.They fail from successful resistance to it.Episode with Tendayi Viki [https://www.linkedin.com/in/tendayiviki/] about startups and corporate innovation. The Warning Signs: * "We're too busy running the business" * "Let's not mess with what works" * "Innovation is a distraction" * "Our customers love us as we are" The Real Cost: * Market share: Slow decline * Revenue: Looks fine until it doesn't * Competition: Invisible then invincible * Innovation: Too little, too late What Actually Works: ✓ Treat success as a threat✓ Innovation before desperation✓ Reward experiments, not just results✓ Build speedboats inside oil tankers Remember: "Success makes you strong.But it also makes you slow. By the time you feel the need to change,The market has already moved on." We've created a dedicated WhatsApp channel exclusively for our Startup Istanbul Substack members. It's the place to be for real-time discussions, valuable connections, and exclusive updates on the Istanbul startup ecosystem. Join us now - space is limited! Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe [https://newsletter.startupistanbul.com/subscribe?utm_medium=podcast&utm_campaign=CTA_4]

Get Investors to Notice You (In 2025)

In this week's post, we're diving into the crucial topic of attracting investors, with insights from a true expert. I recently had the pleasure of speaking with Ed Kang, a seasoned startup advisor and investor, who brings a wealth of experience to the table. Ed's worked with hundreds of startups, and he's seen firsthand what works and what doesn't when it comes to fundraising. This episode focused on practical, actionable strategies to help founders navigate the complexities of investor outreach, especially as we look towards 2025. We covered everything from crafting effective cold emails to building long-term relationships. Ready to get started? Let's dive in: Cold Emails That Work * Keep them short: Five sentences max. * Include: * Why you're reaching out * The problem you're solving * Your solution * Your traction * Your raise amount * Match the investor type: Seed for seed, Series A for Series A. Grab Their Attention * Subject Lines: Make them pop and grab attention fast. * Preview: The first line they see? Skip the fluff. * Personal Touch: Angel investors? Get personal. VCs? Less crucial. Smart Follow-Up & Relationships * Follow Up: Once or twice, weeks later, with something new. * Long-Term: Think relationship, not just money. Referrals matter. * Be Honest: Share good and bad news, with solutions. Smart Fundraising Strategy * Bootstrap First: Build your product before raising funds. * The "No Ask" Slide: Creates FOMO (fear of missing out). * Network: Friends, family, then others. Feedback & 2025 Trends * Get Feedback: Ask for the hard truth. * 2025: AI will be big, distribution is key. * Cycles: Be ready for market trends and changes. Bottom Line Be smart, be honest, and build real relationships. That's how you win. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe [https://newsletter.startupistanbul.com/subscribe?utm_medium=podcast&utm_campaign=CTA_4]

Instant Pitch Deck Killers

Just had an incredible chat with Ed Kang [https://www.linkedin.com/in/edkang99/] from Startups.com about what really happens when investors look at your deck. Here's the shocking truth: You don't have 10 minutes. You have: * 1 seconds for the cover * 3 seconds for first 3 slides * 30 seconds if you're lucky * 3 minutes if you're exceptional It's your pitch before the pitch. The 3-Second Reality Check: * Cover slide * Problem * Solution That's it. Make it count. Here's what makes investors instantly close your deck: ❌ Unclear problem statement ❌ Paragraphs of text ❌ Too many bullet points ❌ Marketing language to investors ❌ Hyperbolic statements ("We're disrupting everything!") 1. What actually works: * Cover Slide Magic 🎨 * Clear one-line pitch * No fluff or buzz words * Professional layout * Sets the tone for everything 2. Problem Slide Power 💪 * Be concise but compelling * Show size (e.g., "40M teenagers face this") * Make it impossible to ignore * No generic statements ("Banking is broken") 3. Solution Slide Success 🚀 * Match exactly to the problem * Show why you're different * Be specific, not fluffy * Demonstrate deep understanding The Hidden Truth: You're not pitching for investment in the first deck. You're pitching for the "maybe pile." That's it. There is no "yes pile" at this stage. Remember: * Simple > complex * Clarity > creativity * Evidence > promises * Numbers > adjectives Want to know if your deck works? Show it to someone for 30 seconds. If they can't repeat your pitch back to you... Start over. Don't Miss Out! Join our WhatsApp Channel. Stay connected, stay ahead, and let's grow together! Join Now! [https://whatsapp.com/channel/0029VamzuwqICVfkJSYjEE1X] Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe [https://newsletter.startupistanbul.com/subscribe?utm_medium=podcast&utm_campaign=CTA_4]