Noam Lovinsky: belief

Transcript context

…Okay. Let's transition to Facebook. This is I think an example of 0 to 1. So when you were at Facebook, you built what is called the New Product Experimentation team. I actually thought it was called the New Product Experiment Experience team, but I think it's New Product Experimentation team. My understanding is the idea there is, instead of Facebook having to buy the next Instagram and WhatsApp and all the things basically incubate startups within Facebook in a stabled concept, a startup within a startup, create all these startups within a startup. And as an outsider, it feels like it was really fun for a while, but it hasn't let any amazing new businesses for Facebook. Correct me if I'm wrong. I'm curious what that experience was like, what you took away from it, how it went, what you think about when you look back at that part of your journey. I was one of the few folks that kind of joined that team early and help build that team. How it ended up and how it closed down, I am not familiar with because I wasn't there. But I think in terms of was it a success or not because it didn't build the next Instagram I think is a little bit of the wrong bar to set for things like that. To some extent, it's like, "Did the group win the lottery or not? And let's judge there. Let's judge their success." Obviously I'm not saying that discovering something like Instagram is just winning the lottery, but you get what I mean in terms of the rarity of those sorts of discoveries and those sorts of products. I think that that team was very realistic about what I would say would be the champagne level outcomes and/or more like the kind of beer, nice dinner kind of level outcomes. Your wine.…

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