#AskGaryVee Episode 47: How I Screwed Up My Uber Investment

“is 100% built before putting out content “or put out content
while I’m building it?” – Alan, there’s dude by
the name of Tommy Mottola, Google him up, who once
said something to me in a private meeting. He said, “I never let any
of my artists go on TV “until I was selling something,” and his notion was until the CD was out, which is his world, why
would I put Mariah on TV. If she was a week early and
the girl that got inspired, or guy, couldn’t run to
Virgin Megastore and get it, well that was a wasted opportunity and I’m a big believer in that. The only thing I wanted, so the answer is I would wait, but I want to
context this for everybody. My question is what’s the objective. If the objective is to put
out content that drives to the website but then gets people to sign up for something, buy
something, do something, if you’re able to execute
the business objective outside of the website,
I would do that now because you’re building
up storytelling and leverage and equity that later you can drive to your website. It feels like you’re wasting time and missing the opportunity. That’s a big problem I
have with a lot of people. They theoretically believe in a process when you can … I think that a lot of brands should be monetizing their social media content and a lot of them are trying
to use social media content to drive to a website where
they’re selling banner ads and I just think they
should be selling against the impressions of getting in social because it’s the same game. They’ve made a religious
and historical belief that they need to sell to the dotcom. I’m worried you’re doing the same thing, so my answer to you very simply is the way you’re going to make your money, the reason you’re doing it,
whatever you’re trying to do, if you’re able to do that through content in its native space and
not drive to a dotcom, then do it there. Even when you have the website, I would practice doing it there. – [Voiceover] Elliott asks,
” How would you recommend “looking for a co-founder?”

– [Voiceover] Elliott asks,
” How would you recommend “looking for a co-founder?” – Elliott, I think the best
way to look to a co-founder, look for a co-founder, excuse me, is to first understand
how honest and self-aware are you with yourself. The number one thing that you
want to find in a co-founder, in my opinion, is somebody
who checks the boxes and has strengths in a
space where you don’t. Does she provide the black
and white to your gray? Does he provide the magic to your very kind of straightforward? Is he the salesman? Does she love HR where you don’t want to deal with any of the people? You need to yin and yang. I think it’s very important. I’m a big believer in
doubling down on strengths, but I do think from a
co-founder standpoint you want to get the check
boxes of the core things that drive a business and so I think you’re looking for that counterpart. The biggest reason so many of you are going to struggle with this is you’re not willing to
be honest with yourself. You think you have magic
and you’re a good salesman. Yeah, you think you can get by
with your accounting skills. You think because it
hurts your feelings to not bet on your weaknesses. I’m a big believer in my weaknesses. I would actually say, I
don’t think I’ve said this very publicly, I’ve alluded to it. I say that I suck crap at 99% of things. I would actually, this is a new thought maybe because India is here
looking for more content. Show India, I think she deserves it. – Hello. – You know, I think that my weaknesses are as big, if not a bigger
factor in my success. It’s my willingness to
accept my weaknesses. It’s my proudness of my weaknesses that has allowed me to win. Are you willing to go there? Way too many of you don’t want to accept your weak points, you’re
struggling with it. As a matter of fact, I’m going right into the Question of the Day. I want you to list on Thanksgiving the weaknesses you have
that you’re thankful for. That’s how important this is. Let’s move on. – Dear Gary, My name’s Tim

and I’m a marketing consultant. I have my own blog, but
I don’t do any podcasts or videos, basically anything
that involves me speaking. That’s because I have this
terrible Russian accent and I’m worried that it might
hurt my trustworthiness. Do you think this is
something I should worry about or people from US don’t
care about my Russian accent as long as I give them tons of value? Thanks. – Thank you, Tim. First of all, clearly I
might be dramatically biased because you sound like all my relatives. That Russian accent is so endearing to me that made me feel at home. I think the … Look, do I think there
are certain Americans in the American market will hear that and jump to conclusions? I absolutely do, let’s live in the world we actually live in. Current events in our society prove that. There’s a lot of things
still grounded in our society that maybe many of us wish
that wouldn’t be the case. Do I think that people look at accents as a sign of inferiority,
not as much intellect? I absolutely believe that to be true. On the flip side, I think, Tim my friend, you’re looking at the negative. What about all the people
that who do have accents, by the way a crap load? Let me tell you another thing. As a marketing person, you’re
speaking to entrepreneurs. Do you know the far majority of pure entrepreneurs
and who have that hustle? Many of them in this amazing country do have accents and so
I think you’re looking at the negative instead of the positives. I do also believe that there’s enormous, and I believe the
VaynerNation is a big part of this, because look, the way I roll is something that a lot of people don’t think is the right way to go. I have too much bravado, too much cursing, too much oomph, too much all of that, and so I think it’s
massively important … (laughing) Nice work. I like watching A-time. He loves getting on the show. This time, I’m just really enjoying. I’m enjoying. He doesn’t like it as much when I know which was a big victory for me. I really think that people need to recognize that there’s pros and
cons with everything. My intuition is that if you
think that you can communicate through video or audio podcast, then that is something
you should invest in and that you should not
worry about the market because the market will come to you if you believe that you’re
actually good at it. Unless, you’re not. It comes down to are you good at it. Look, you clearly want to go there because you just made a video question and you got the exposure here. I’m sure you’re probably even using The #AskGaryVee Show
as a little test case, but don’t let the
VaynerNation who’s all going to jump in here and say “Do it, Tim, do it.” You’re part of this community and they’re going to build you up. The real answer is,
once you start doing it, do people give a crap and to me, the fact that I know based on your actions that you want to do it, the bigger answer to your question is go and
do it for the next 100 days and then figure out was it a prejudice or preconceived notions that didn’t allow you to have the upside and then you adjust and that’s the real answer, my man.

– [Voiceover] Danny asks, “In the past, “what was your equivalent of that “one almond moment from episode 46? “What did you potentially miss out on?” – Danny, I want everybody
in the VaynerNation to go to their copy of
Crush It!, my first book if you’ve got it, and I
want you to go to the first 20 or 30 pages where I do acknowledgments. You will notice that I
acknowledge every one of my family members and then a random name. That random name is Travis Kalanik. Travis is the co-founder and
CEO of a company called Uber that is rumored today to be raising at a $40 billion valuation. When they were raising money
at a $4 million valuation, I passed even though
Travis is one of my boys and I think is one of the best
entrepreneurs in the world. I, at that moment, just
bought a new apartment that liquidated me at
a very aggressive level and I wasn’t so sure
about the idea of Uber that early on, but not that
I didn’t like that idea. I just didn’t think that
Garret, the co-founder of Stumble Upon and then Uber
who came up with the idea, and Travis, I didn’t
think they were actually going to do it. I thought they were going
to hire somebody else and as somebody who went
through, and you’ve heard me talk about in this past
my failures where I put other CEOs in place and I don’t drive it, if it was them driving
it, I would have got in. Hopefully, maybe, maybe
not, but not once but twice because Travis and I are
such boys that I pass on investing in Uber at the angel round. Now, I later invested in
them and I’m going to do quite well, but the valuation
differences are substantial and that $25,000 investment
that I probably would have made, because those were the size
of the checks that I made, right now would be worth
in the ballpark of, if at this $40 billion
valuation, I don’t know what the dilution was or the
prorata, but you can very comfortably say that
you’re looking at somebody who missed an almond by passing in a world where I was
writing $25,000 checks to a lot of dumb crap, let alone the guy, the only guy that I gave
a shout out to in my book in 2009, two years before Uber came out. That $25,000 investment is probably worth in the ballpark between
$75 and $200 million. That’s one big (bleep) almond. Do you know, and I sit
here in front of you with ambitions to buy the New York Jets and no question if I
made that one decision, that one simple decision
that was right there for the taking for me, I would be dramatically further along to my goal right this minute than I actually am. Remember I told you
yesterday that I can take 8,000 punches in the face? That’s 25,000 punches in
the face in one punch. That’s what you have to do
when you’re playing the game. That’s where you have to understand when you’re an entrepreneur. Those misses are going
to come in my career. That’s as big of an almond as I know.

– [Voiceover] Mark asks, “What’s behind “the recent big surge
in wine time for you?” – Mark, what’s up brother? Great question. I can’t answer you fully. I can just wink a whole bunch. I can also refer to the
fact that I just tasted this insane Chateau of the
Pop and it is remarkable. Let’s link it up in the section if you’re a baller looking
for a gift for your family, $82.13 of pure liquid magic. Yeah, I’m flirting. Stuff’s brewing. Also check out winelibrary.com,
let’s link it down there. Stunwin, show his face, wrote an incredible article yesterday. Let’s link that up. There’s stuff happening. The question of the day
was answered, or asked,