[Crossposted at SpreadingScience]
In 2007, the “Facebook Class” at Stanford created free apps for millions of users. But it also fired up the careers of many students and pioneered a new model of entrepreneurship.
I was at a meeting in 2008 where this class was first described. It was so fascinating I took no notes. Here is what I wrote afterwards:
I just listened to most of this (no notetaking) because it was just an incredible story. some good lessons. Many crummy trials better than deep thinking. Students that shared the most were also at top of lists of apps.
Generated close to $1 million in revenue, several companies started, etc.
Novelty is not best approach. Sometimes best to copy what is out there. Today’s metrics are not the best.
You can LEARN to create a winning app. many stanford’s teams were successful.
Used chaos cycle – trials, evaluate, assets, inspire, trials. Faster could run cycle, faster reached peak. like evolution.
Mass interpersonal persuasion now possible. Created $10 million in value in 10 weeks.
Better to have a rapid development cycle than think things fully through. The ones who shared the most made the most.
Rapid development cycles. Thse that share the most made the most. Learn what works instead of just decide before. Use chaos to your advantage.
What these students found in 2007 is now a part of the economy. Just look at the App Store. This approach to business will expand to many other areas.
Rapid cycles of learning and knowledge will produce better decisions.