Danylo Borodchuk, COO of Y Combinator, highlights the immense time individuals devote to social media, reshaping societal interactions and business dynamics. He discusses how companies like Fast and Gumroad effectively utilized platforms like Twitter (now X) to publicly share their journeys, engage with their audience, and build trust. Fast's transparent updates on progress helped secure a significant $102 million funding round, while Sahil Lavingia's candid sharing led to a highly successful crowdfunding campaign for Gumroad. There lies a significant opportunity for companies to harness social media's full potential for marketing and sales.
Fast regularly shared updates on company milestones and progress through a 'build-in-public' approach on X. By openly sharing progress and engaging followers, Fast created buzz in the tech community, which may have helped convince investors of Fast's potential.
Sahil Lavingia spent years openly sharing Gumroad's journey (including failures and financials) on Twitter, which helped him earn trust among creators and followers.
According to GWI data, the average person spends around 2 hours and 21 minutes on social media a day — over the course of a year, that's more than an entire month spent scrolling down a nearly endless stream of content.
Social media platforms have inevitably transformed the cultural landscape of our society, economy and the communities within it.
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