Developing a personal connection with anyone you're trying to do a big deal with is really important.

I believe in fighting with investors to reduce the amount of equity they get and then being as generous as you possibly can with employees.

The tenth social network, and limited only to college students with no money, also terrible. Myspace had won.

We've seen a lot of data at YC now, and the most successful companies and the ones where the investors do the best... end up giving a lot of stock out to employees- year after year after year.

For most software startups, this translates to keep growing. For hardware startups, it translates to don't let your ship date slip.

There are exceptions of course, but most companies start with a great idea - not a pivot.

A third advantage of mission oriented companies, is that people outside the company are more willing to help you.