20VC: Eight Pieces of Startup Advice that are BS: Why You Do Not Have to Love Your Space, It Is Ok To Do It For The Money, Focus Is Not Everything, Speed Is Not The Most Important Thing with Akin Babayigit, Co-Founder @ Tripledot Studios

Akin Babayigit is a serial entrepreneur and an active angel investor. He is currently the Founder and COO of Tripledot Studios, one of the fastest-growing mobile gaming companies in the world, which was recently valued at over $1.4BN. In just 4 years, Tripledot grew to generate several hundred million dollars per year in revenue and currently entertains over 50 million people every month. Tripledot was recently named as the #1 fastest-growing European company by FT, as well as being named as the fastest-growing Tech business in the UK, in the annual “UK Tech Awards”.

In Today’s Episode with Akin Babayigit We Discuss:

Entry into the World of Startups and Gaming:

• How Akin made his way from Turkey to HBS and founding a unicorn in Tripledot?

• How did the lack of a father figure impact Akin’s approach to parenting?

• What are 1-2 of Akin’s biggest takeaways from his time at Facebook, Skype and King.com?

• What advice would Akin give to all new joiners at a company today?

90% of Startup Advice is Total BS:

1. BS Myth #1: “You have to be passionate about your domain”. Why does Akin disagree with this? If you do not have passion for the domain, what do you have to have?

2. BS Myth #2: “You have to be solving a real problem”. Why does Akin disagree with this mantra? If you are not solving a real problem, what should you be solving?

3. BS Myth #3: “When you do a startup, your life will suck for a long period of time”. Why does Akin strongly disagree with this? Does it get easier over time? What does Akin advise founders to make the earlier days easier?

4. BS Myth #4: “Focus is everything. You should focus on a single thing and only do that.” Why does Akin believe that focus can be dangerous? How should founders know when to pivot vs when to keep going?

5. BS Myth #5: “Mission and vision statements are so important.” Why does Akin believe that the majority of mission statements are BS? Is it worth having them at all?

6. BS Myth #6: “You should hire people with domain experience.” Why does Akin believe you should hire people who do not have domain experience? What does Akin look for in these candidates? What have been his biggest hiring mistakes? How has his hiring changed over time?

7. BS Myth #7: “Speed is the most important thing.” Why does Akin believe that speed can be dangerous? When is it right to go fast vs go slow?

8. BS Myth #8: “Valuations matter and you should optimize.” Why does Akin believe that valuations do not matter in the long run? How should founders approach the valuation discussion with this in mind?