To open Big Omaha Thursday morning, Ryan Freitas reflected on ownership by sharing his experience with the whole startup cycle: building, launching, selling and buying back.
Yes, buying back. Freitas’ idea, about.me, the “starting point for your identity online”—was acquired by AOL in late 2010, just four days after launch.
But getting acquired didn’t turn out to be the stereotype of pure “future joy,” Freitas said. Instead, “you get to these places in your life, these milestones” and there are all new obstacles to overcome “or at least put up with.”
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So a year ago, Freitas and co-founder Tony Conrad took the leap again and bought the company back. As a result, Freitas has “re-engaged with responsibility”—to the product, the team, and the audience—and the concept of ownership.
Everything changes when your name is on the door.
“There is a tremendous amount of both positive and negative impact from having your name on the door,” Freitas said. When something goes right, you get credit; when something goes wrong, you have to fix it.
By the same token, teams have to understand that the person at the forefront is taking all the credit and all the blame. So it’s important to share credit internally and communicate on what’s happening.
Ownership is a delicate kind of obsession.
“It’s crazy to own,” Freitas said, and “it’s crazy to push for an idea.” But, “if you find yourself not able to let go, it’s time to take the leap.”
You’ll do it right “if you believe you are the only person who can do it right, and you can take responsibility for yourself and for your team,” he said.
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