life of an AI startup founder/CEO

0:13 I'm Emily Chang in San Francisco and this is Bloomberg Technology.

0:15 Coming up in the next hour, it is a date.

0:17 Blinder's next big product unveiling is set for September 7th,

0:21 according to Bloomberg sources.

0:22 [music] Details on a new Blinder 3.0, we will see.

0:28 We will get to all of that in a moment,

0:29 but first let's talk about Blinder's last launch

0:31 4 years ago in 2021 [music] with Blinder 2.0.

0:36 It was the first window blind to have machine learning technology built in.

0:40 They disrupted the whole industry of window

0:42 covers with their excellent engineering and beautiful design,

0:45 which is comparable to Apple.

0:47 The Blinder 2.0 was instantly sold out and quickly caught

0:50 the eyes of venture capital firms like [music] Sequoia Capital and Andreessen,

0:54 raising an incredible $20 million for their series

0:57 A [music] at a $100 million valuation.

1:00 Now, we can't talk about Blinder without

1:01 talking about the man behind the company.

1:03 Fortunately, today joining us of course is the Forbes

1:07 30 under 30 CEO and founder of Blinder,

1:10 the one and only Eric Wang.

1:16 [music] [music]

1:27 Thank you, Eric, for coming on to the show today and [music] big day coming up.

1:32 So, what do we know?

1:34 Well, Emily, all I know is I love being on this show talking to you.

1:39 Well, Eric Wang, as always, appreciate you stopping by.

1:43 And I appreciate you.

1:48 [laughter]

1:47 Um yeah, so Blinder 3, it will revolutionize how people block sunlight.

1:53 We're making the world a better place by preventing more cases

1:57 of skin cancer than anything in the market except for sunscreen.

2:01 We've recently conducted a blind test and the result was

2:04 and I could go on and on about this for hours,

2:06 but I'll Well, we can do that offline, Eric.

2:09 Um I I do I I do want to get your take on gen AI.

2:12 We're seeing new startups launching,

2:14 established companies finding ways to use it in their products.

2:16 We hear about it almost every day.

2:18 How is this impacting your strategy?

2:22 Well, it's not.

2:23 We don't just get distracted by trends.

2:25 We don't chase VC money.

2:27 That's for founders with no vision.

2:29 Look, it's an amazing technology, don't get me wrong,

2:32 but our blinders do not need AI.

2:36 You need to add AI to your window blinds.

2:38 If you don't, you're not going to get your series B.

2:40 No.

2:42 Excuse me?

2:42 We can't do that.

2:43 We're focused on a launch.

2:45 We can't afford to be distracted right now.

2:46 It's not a distraction.

2:48 It's your lifeline.

2:49 Look, I appreciate our relationship, truly, but in the end,

2:53 this is my company and that's the decision I'm making.

2:56 I'm not going to add AI to our product.

3:12 She said stop being a little[ __] I'm I'm not a little[

3:16 __] You can't just make us pivot at the last minute.

3:23 That's just not how it works.

3:24 No offense, but maybe if you've

3:25 actually built a few companies, you'd understand.

3:28 but maybe if you've actually financed a few unicorns,

3:30 you'd understand that Blinder is[ __] You know I still have the majority, right?

3:36 I don't need this right now.

3:38 Then why are we here if you don't need me, huh?

3:41 Aren't we here because you need more money from me?

3:44 Look, I know what your burn rate is and it doesn't look good.

3:48 Look, I'll give you the money, but you need to become an AI company.

3:54 I'm telling you you need me, Wang.

3:57 Everyone keeps telling me how to run my own company.

4:00 Nah, I'mma do my own thing.

4:05 Nah, I'mma do my own thing.

4:40 Before I begin, I want you to know

4:43 that this won't be your usual all-hands meeting.

4:46 We're not going to go over highlights or upcoming

4:49 launches because today we have an important message to share.

4:58 At the current rate, we do not have enough runway to launch Blinder 3.

5:04 We will run out of money in 3 months.

5:07 And because of the current macroeconomics,

5:09 we are unsuccessful in securing additional funding.

5:14 You can imagine that this puts us in a very difficult situation,

5:18 one that no company ever wants to be in.

5:21 Difficult situations require difficult decisions.

5:26 That's why I'm announcing that I've made

5:29 the hard decision to launch Blinder Coin.

5:52 This coin is our moonshot, our all or nothing.

5:57 So, every ounce of effort, every resource we have,

5:59 it all goes into this because if this coin doesn't succeed, nothing else will.

6:05 Blinder 3, our future, our vision, it all disappears.

6:10 So, we go all in.

6:12 Engineering, product, marketing, data science,

6:15 together as one team, we need [music] to succeed.

6:19 The only people we can depend on are each other

6:22 because investors sure as hell don't believe in us right now.

6:26 The VCs, the ones who've never built anything, they somehow get to play God.

6:32 They get to decide who wins and who loses.

6:35 And they say that we're not a unicorn.

6:39 Well,[ __] THE VCS.

6:49 [music] [music] [music]

7:13 THANK YOU SO MUCH FOR all [music] you supporters of Blinder.

7:16 We proved something today.

7:18 We proved that we don't need institutions.

7:21 We proved that together we have a voice and that we can win.

7:26 Not only is our Blinder Coin a share of the company,

7:30 but it's a vote against the system, a system that is outdated.

7:35 And today, we are free.

7:43 PVT starts late August targeting shipping ready units by early September.

7:47 One thing at a risk, though.

7:49 Thermal low testing is behind due to delayed sensors.

7:52 We're also still debugging OTA reliability under low power edge cases.

7:56 That said, assembly line retooling is on track.

8:00 Compliance testing is done and our manufacturing partners have been responsive.

8:04 If the firmware and model teams hit their milestones by August 15th,

8:08 we're still green for launch.

8:09 So, the bottom line is we're still good to launch Blinder 3 in September,

8:15 all thanks to Eric and his leadership.

8:20 [applause] NO, MAN.

8:21 NO, NO, STOP, STOP, STOP.

8:22 Thank you.

8:23 Thank you, all of you, seriously, for your hard work and late nights.

8:27 Like, I know it wasn't easy, but we did it.

8:31 S- Sorry, can't can't wait.

8:33 I think you need to see this.

8:43 [music] Shade is the future.

8:45 Blinder is dead.

8:47 [music] Shade is the future.

8:51 [music] Blinder is dead.

8:53 Blinder is dead.

8:54 Blinder killer.

8:56 inferior.

8:57 We need to add AI to our window blinds.

9:01 [laughter] Now?

9:03 Sorry, do you need anything else?

9:05 No.

9:08 Eric, we can't do that.

9:09 We don't have enough time.

9:11 How do we not have enough time?

9:12 We don't launch till September.

9:14 We also don't have expertise.

9:15 We need someone who deeply knows multi- expertise.

9:18 That's your job.

9:19 What was the point in hiring all these engineers then?

9:21 These engineers supported all the features you pushed for last half.

9:25 They're good people.

9:27 They might not be the best, but they can execute.

9:30 Look, I don't pay you guys to implement.

9:33 I pay you to innovate.

9:34 I need people to solve novel problems.

9:37 What you're asking has never been done before and that's

9:40 just not going to happen with our current engineering talent.

9:44 If you're limited by what's been done before, what's the point in hiring?

9:46 I could just use ChatGPT for that.

9:49 Hiring hasn't been easy.

9:50 Then do better.

9:52 Just find me someone who can get the job done fast.

9:55 Well, with all due respect, why would someone like that work for us?

9:58 I pulled this out of the gutter with Blinder Coin.

10:00 Now, I stopped to do your job for you?

10:02 __] sake, do something for yourselves.

10:12 Get out.

10:14 Get out.

10:15 All of you.

10:17 [music] I need to [music] You sure this is the guy?

10:33 Yes.

10:34 He's the best.

10:36 I just sent you his resume.

10:38 We interviewed him.

10:39 He's legit.

10:40 We like him, but he's very, very expensive.

10:44 Well, look, I don't care.

10:45 If he's good, we should make him an offer.

10:47 I don't think you understood.

10:48 We can't afford him.

10:50 Just tell me the number.

10:51 Okay, we're not some random ass[ __] YC company.

10:55 Just trust me.

10:57 I have a lot of Blinder Coins I can sell.

10:59 He says he wants 5 million.

11:02 Um Yeah, yeah, we can do that.

11:05 Just Just make sure you close him.

11:09 It's done.

11:13 [snorts]

11:13 Good.

12:12 This how is this even possible?

12:20 Please, please, please.

12:25 __][ __][ __] Please, please.

12:54 __]

12:55 [screaming]

12:55 TO BE HONEST, I DON'T CARE IF THE BLINDER COIN is down.

12:58 It doesn't mean anything.

12:59 It's just a random number.

13:00 It didn't even cross my mind.

13:02 But what we do have is the capital to build something extraordinary.

13:07 Blinder Coin was a means [clears throat] to an end.

13:10 As long as we put our heads down and build good products,

13:12 the price will eventually reflect that.

13:14 So, I'm not worried about it.

13:16 Look, we're on our final stretch for Blinder 3.

13:19 We just need a little bit of restructuring,

13:21 bringing in some new talent, and tight alignment.

13:24 I believe we can do it.

13:27 Lastly, if you're in this meeting, unfortunately,

13:30 you're part of the unlucky group, and you're all dismissed.

13:33 So, your contracts will be terminated immediately,

13:35 and you'll get 1 week severance per year served.

13:37 Your access to servers is now cut off,

13:39 and you have 1 week to return all of your equipments,

13:41 [music] or you will not get your severance.

13:44 Thank you for being part of the journey and the Blinder family.

13:47 Your contributions are highly valued.

13:49 Wait, seriously?

13:50 Eric, what the[ __] I thought we were good.

13:52 What happened?

13:53 This is so wrong.

13:54 I'm going to sue you.

13:55 I'm going to crash out.

13:56 What happened to our equity?

13:58 __] you, Eric.

14:11 [music] [singing] [music] [music] [music] [music] [music] [music] [music]

15:20 [music] [music] [singing] [music and singing] [music] [music] [music]

16:06 Introducing a new era of Blinder.

16:10 This is Blinder [music] 3, the world's first AI-native window blind.

16:16 We've introduced [music] AI into every part

16:19 of the manufacturing process to ensure the highest quality build.

16:23 [music] Materials carefully selected to create the most

16:27 beautifully designed window blinds you have [music] ever seen.

16:32 All while fighting climate change by adding solar panels onto our window slats.

16:45 [music] The Blinder 3 is powered by the most advanced chip we have ever built,

16:50 the B1 chip, optimized for AI workflows.

16:54 So powerful that your window blinds [music]

16:57 can now trade cryptos while you sleep.

18:18 Hey, do you see this?

18:20 Someone's spreading rumors I'm stepping down.

18:22 Can you do something about this?

18:23 Eric, yeah, um about that.

18:27 About what?

18:29 [music] The board decided it's best for the company

18:30 if you took an indefinite break from day-to-day operations.

18:33 Board?

18:33 What What board?

18:34 What are you talking about?

18:35 We made a majority decision to have you step down.

18:37 Wait, what majority decision?

18:39 Are you[ __] with me right now?

18:40 Eric, we fired you.

18:44 No, you didn't, and you can't.

18:50 What the[ __] is going on?

18:51 What did you do?

18:53 Look, buddy, I don't know how else to tell you, but you no longer work here.

18:56 And these things have to be announced publicly.

18:59 This is my company, and you have no right to do that.

19:02 Actually, you know what?

19:04 I'm glad that you did this, cuz now I can finally tell you that you are done.

19:08 I don't need your money.

19:09 I don't need your prestige.

19:11 I am going to sue the[ __] out of you for defamation.

19:14 You[ __] up.

19:16 You know I have the majority.

19:18 You don't have the majority.

19:22 You sold your shares of your company.

19:24 You tanked the whole market.

19:25 Who do you think brought it back up?

19:27 No, okay, it went back up because of the launch.

19:29 Maybe because of the launch?

19:33 [clears throat] You're so naive.

19:35 I bought your shares.

19:37 I own you now.

19:39 You are nothing.

19:41 You're not a CEO.

19:42 You're not a founder.

19:44 You're just a[ __] kid with a god complex.

19:47 You think you're changing the world, but you're not.

19:50 You think you have ambition, but all you've built is a Twitter persona.

19:54 Grow the[ __] up.

19:56 You[ __][ __] I should have known.

20:00 All you VCs are the same.

20:02 Just because you got lucky once, you think you can play God?

20:06 I don't need to play God.

20:08 I am God.

20:53 [music] [music] [music] [music] I guess I don't really know how to start

21:41 because I I don't I don't usually do this.

21:45 Um I don't really talk much to anyone.

21:52 Um maybe I just don't have anyone to talk to.

21:56 Right?

21:58 [snorts]

21:59 But I I get I guess I'm more of a doer.

22:01 I'm less of a talker and I I think that you know,

22:05 you can't really solve anything from just talking about it.

22:08 But um I guess here I am.

22:13 Um So, I guess a little bit of context.

22:17 I'm a startup founder.

22:20 Well, was.

22:26 [sighs] I just I just got fired from my company.

22:28 And I guess that's why I'm here.

22:34 You know, I I I guess I feel pretty embarrassed.

22:38 I feel humiliated and uh I feel betrayed.

22:44 You know, not not just other people betraying me,

22:47 but I feel like I betrayed myself.

22:51 You know, I was always supposed to succeed.

22:53 Or at least that's how I envisioned myself to be like.

22:56 And um and clearly I did not.

23:02 And now I just don't know what to do after.

23:07 You know, I've been working on this for like 7 years.

23:10 And now I have nothing to show for.

23:16 And I I kind of just ask myself, what was the point?

23:21 You know, I could have easily just worked a normal job.

23:25 You know, be like everyone else.

23:26 But no, I I think ever since I was a kid, I I I wanted to be different.

23:33 I wanted to do beyond what's normal.

23:36 Beyond what's good.

23:39 this is a Wendy's.

23:40 Do you have an order?

23:41 Cuz if you don't have one, I'm I'm going to have to ask you to hang up.

23:47 Look, I don't know what to say, man.

23:50 We're all depressed.

23:51 We just don't want to admit it because that would make it real.

23:55 You know what happened to me last week?

23:57 I got rejected for a promotion to L5 cashier again.

24:01 It's the third time now.

24:03 But this time it was different.

24:06 [music] I wasn't upset.

24:08 Because I think I finally realized that it was never my dream to begin with.

24:13 So, I stopped [music] chasing and started pursuing my real passion, accounting.

24:19 But my mom isn't letting me.

24:21 So, I'll have to wait until I turn 18.

24:24 But I already feel better knowing that I'll be [music] free once I hit 18.

24:30 I think you just have to have hope, man.

24:32 Even when it feels like a lie.

24:34 Because the moment you let go, you let those voices in your head become reality.

24:38 [music] [music] [music] [music] [music] [music] [music] [music] [music]

26:12 [music] [music] [music] [music] [music] [music] [music] [music]

27:29 Now back [music] to burning cash for growth.

27:33 It's not broken.

27:35 It's bound to blow.

27:36 Toxic persona.

27:37 [music] If they quit, they just weren't bold.

27:40 I'm still here and bound to blow.