Updated: Top 6 Takeaways from Cody Simms’ Meerkat AMA

Sunday night Cody Simms, Managing Director of Techstars, did an AMA on Meerkat.

Meerkat is a video streaming app that broadcasts to Twitter.

I bet over 90% of self-identified social media expert are on Meerkat.

None seem to have more than 8 people watching at a time.

But Cody had well over 100.

In less than one year, Cody has helped the Disney Accelerator, powered by Techstars, become one of the very best accelerators in greater L.A.

Here are the top six takeaways from Cody’s excellent AMA.

1/ Cody is a natural Meerkatter, but Meerkat is unnatural on the Mac.

Cody comes across on Meerkat as genuine. Clear. Down to earth. Accessible. Straightforward. All great.

And he rolls with the punches, despite all the problems Meerkat brings, being a new, hot, in-demand startup with stressed servers and systems.

When no one had questions early on, Cody just talked about Techstars generally and touched on possible questions folks might ask about what happens to Techstars startups after they graduate, etc.

When folks had questions, Cody made a real effort to read the entire question and answer the question directly, upfront, right away. Questions were flying in at parts, so he had to scroll back up a lot to be able to read the entire question.

When Meerkat auto-switched him to audio because over 100 folks joined and the connection got jammed, he told everyone what was happening on his end and continued and kept the flow going.

That said, running Meerkat on my Mac was odd because half of Cody’s face took up the entire screen. I won’t alarm you if you’re reading this on a computer by filling up your entire computer screen with Cody’s nose.

You had to minimize the screen to see Cody normally. Or go on your iOS device.

2/ Techstars invests in teams.

Unlike the VCs in this hilarious video, Cody gives the genuine impression that Techstars really cares about your team.

In fact, he said the words “Team, Team, Team” multiple times. This means things like ‘show hustle’, ‘show a balanced team’, etc. After team, Techstars looks at market, progress (traction), idea. The market should be a big one.

Here’s a bonus tweet tonight from Cody re: traction. “show whatever you can to demonstrate that you are validating that your product fits the market you are entering”

http://www.clipular.com/c/4766939114110976.png?k=d-TN9irb0MLpiAG2FV45kO6jn7E

3/ Network over hierarchy.

This seems to be another way of saying decentralization vs. centralization. Startup founders should note that this reflects the Techstars culture, as far as I can tell — democratized, relaxed, open door. I’m for decentralization but it doesn’t always last. But Techstars just might.

4/ Techstars’ geographically vast network of offices is a strong differentiator from other accelerators like YC and 500.

Unlike almost all other accelerators except Plug and Play Tech Center (where am a fintech mentor), Techstars has a geographically diverse network with accelerators in L.A., New York, Kansas City, Boulder, London, etc. This means you can plop into a lot of cities and arguably lean on the Techstars network for intros and help better than you can with other accelerator networks.

5/ Give first.

Techstars believes that entrepreneurial ecosystems depend on folks giving first.

My friend John Nahm of Strong Ventures asked a top VC once about the difference he saw between L.A. and Silicon Valley. This VC was particularly experienced with startup founders from both regions.

What was not great about the L.A. tech scene?

The VC said that in L.A. people were more transactional. They didn’t pay it forward as much. They did not have a “give first” mentality.

For example, when a startup founder asks you for introductions, you do not ask for 1% equity right away (or maybe at all).

Just help.

Maybe even reach out without someone needing to ask you.

I notice when folks do this to help me, and when it’s well-thought out, it is terrific.

6/ Meerkat is on fire.

The Twitteratti is enthralled with Meerkat. They watch each others Meerkats and then high five each other on Twitter. Its everywhere within the startup echochamber. http://www.theverge.com/2015/3/9/8164893/meerkat-live-video-streaming-twitter-yevvo-periscope

But the Meerkat AMA is a killer app.

Over 100 folks joined Cody’s Meerkat. I noticed in the audience a promising founder who came to a couple of the pitch competitions I judged at and who referred a startup from a top accelerator to us. I got my friend Juan Diego Carluccio to join. A founder of YC startup from a couple years ago joined. Even Mark Suster of Upfront Ventures.

In conclusion, Cody’s Meerkat AMA was a big hit. Cody shared a lot of good info about Techstars in a clear and accessible manner. He differentiated Techstars from the competition. I’m glad he’s here with us in Los Angeles.