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Weak Economy? Here's What to Do, According to Phil Libin

Name: Weak Economy? Here's What to Do, According to Phil Libin
Uploaded: 2020-08-10T22:18:14+00:00
Duration: 42 s
Channel: Royston G King
Description: In this short monologue, Phil Libin reflects on a tweet he posted at the start of the COVID‑19 pandemic, distilling a simple strategic rule for…

10 Aug 2020 · 1 min

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In this short monologue, Phil Libin reflects on a tweet he posted at the start of the COVID‑19 pandemic, distilling a simple strategic rule for entrepreneurs and investors: when the economy is strong, focus on selling and capitalizing on hype; when the economy is weak, shift to building, experimenting, and creating value for the emerging post‑crisis world. He frames the weak‑economy period as an opportunity to “hunker down” and develop products that will be relevant in the new environment, while the strong‑economy period is better suited for monetization and cash‑out opportunities.

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I think the central thing that I've realized is this. It's basically something that I tweeted a few months ago, right at the start of this pandemic, which is— and it's kind of weird to, you know, quote my own tweet, but I don't know, it's fun to do, and it's fun to do with this new toy. But it's this. It's that when the economy is strong, it's a good time to sell things, and when the economy is weak, it's a good time to build things. So basically, when times are good, there's a lot of hype, there's a lot of attention, it's a good time to be selling things, to make money. And when times are tough, That's actually usually the best time to build, to hunker down, to go heads down, to figure out what to make for the new world, to make things of value.