Learn more about entrepreneurship with this collection
Why happiness is the ultimate goal
The importance of creating value
How to create wealth in the modern era
At the start of 2001, they began to stretch their money out and asked employees to defer their salaries. Tim maxed out his 11 credit cards, and they stopped paying their employees at the end of 2001. About 50 people worked for two years without getting paid to get them across the bridge.
Tim pitched Pandora 348 times before getting their second round of financing. They raised 9 million dollars for the 2nd round. Two million went out the next day to pay the salaries. Today, the company has over 6 million monthly subscribers.
4
13 reads
MORE IDEAS ON THIS
In the early days of Pandora, it was all about bringing together people that were inspired by an idea that mattered.
The key moments in the first 5 years of Pandora were when Tim influenced important people to make decisions that helped them.
You have to be creative to influence peopl...
4
13 reads
The most common question among startup founders is how to know when is it time to quit. They really want some validation for their decision.
A better mindset is to say, "This is my life. I'm not doing it because I'm guaranteed a reward at the end. I'm doing it because that's what I do."
...5
6 reads
These are the moments when your startup is dead, and all seems lost.
As a radio company, Pandora operated under a statutory license that let them play all the music without directly licensing the content. But in 2007, the Copyright Royalty Board made a ruling that made the ...
5
6 reads
Tim Westergren was a rock musician before he became a startup founder. His music genome project was the core technology used for Pandora.
Tim Westergren founded Pandora in January 2000. The goal was to "capture the essence of music at the most fundamental level" using a matching algorithm a...
4
32 reads
Two things worked in their favour:
5
14 reads
CURATED FROM
Tim Westergren discusses his company’s humble beginnings and what it takes to sell your vision.
“
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving & library
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Personalized recommendations
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates