
Get in the KNOW
on LA Startups & Tech
X
How to Startup Part 2: Naming Your Business
Spencer Rascoff serves as executive chairman of dot.LA. He is an entrepreneur and company leader who co-founded Zillow, Hotwire, dot.LA, Pacaso and Supernova, and who served as Zillow's CEO for a decade. During Spencer's time as CEO, Zillow won dozens of "best places to work" awards as it grew to over 4,500 employees, $3 billion in revenue, and $10 billion in market capitalization. Prior to Zillow, Spencer co-founded and was VP Corporate Development of Hotwire, which was sold to Expedia for $685 million in 2003. Through his startup studio and venture capital firm, 75 & Sunny, Spencer is an active angel investor in over 100 companies and is incubating several more.
As a co-founder of nine startups and an investor in dozens more, I have helped name many companies. (I am also a parent of three children and two dogs, all of which I have helped name as well – it’s amazing how similar the process of naming a child is to naming a company.) Naming is hard and is a passionate subject among founders which prompts lots of debate.
When we named Pacaso, it took a couple of months. Pacaso was not the first name we chose – in fact, we hadn’t even dreamed up the name when we went through our first round of finalists. Our first name was Niner Homes, a reference to the vitality of the Gold Rush era. We used Niner Homes in our early marketing materials as we built the first version of the beta product, but we ultimately decided to change it to Pacaso.
We got the inspiration for the name Pacaso from the artist Pablo Picasso, but put our own spin on it. Pacaso fills all of my naming criteria (see below), and it’s been well-received by the many Pacaso stakeholders including our employees and Pacaso homeowners.
If you are at the stage where it’s time to name your new venture, here are a few tips to keep in mind as you start to vet potential name options.
What Makes A Good Name?
A good name should be the following things:
* Memorable. Pick something that’s easy to say and remember. A brand name doesn’t have much value if no one can remember it.
* Spellable. Your name should be easy enough to type into the search bar correctly. If it’s overly complex and includes tricky abbreviations or numbers, this could be a problem. (One of my startups was named 6tudio but was pronounced “Studio” - hard to spell, even harder to pronounce. They changed their name to Invisible Universe – much better.)
* Unique letters and sounds help: Try to create a name that’s high in Scrabble points - X, Z, K, P, Y are all good letters.
* Ownable. This may be obvious, but make sure the name is available and trademarkable. At Hotwire, we almost launched with the name Rocket but switched it at the last minute because Rocket.com was not trademarkable.
You should also consider if the name is verb-able or noun-able. Many brands spend a fortune on marketing trying to become a household name, but a brand is really successful when its name becomes synonymous with the product or service it provides. For example, we probably all “Google” something on a daily basis - to Google has become a transitive verb. To Zillow means to look something up on Zillow. An Airbnb means a vacation rental property. And hopefully, someday a Pacaso will be widely known as a co-owned second home. My first startup, Hotwire, never quite got to household brand name status, but we always hoped that “to Hotwire” something would mean to buy a travel product online at a great price. Maybe someday.
Different Types of Names
To help get those gears turning, let’s look at some examples of different types of names. There are a few different categories:
* Real-world, descriptive, and in-category like Whitepages, Bankrate, CreditCards.com, and Apartments.com. These names give you a really great idea of what the company and/or service is but their generic nature makes it unlikely that consumers will ever fall deeply in love with these brands.
* Real-world, not descriptive, and not in-category like Stripe, Plaid, Pipe, Bolt, and Gopuff. These names don’t tell you much about what the company is providing.
* Made-up words like Yahoo, eBay, Bing, and Hulu. These names can create unique new worlds.
* Reference the category without an explanation like Instacart, Netflix, SpaceX, Boosted, LendingTree, and Coinbase. These names give you an idea of what type of product or service is being provided without an explanation.
* Reference with an explanation like Zillow (“zillions of pillows”), dotLA (like “dot-com” but for LA), Pacaso (“combine different things to make something luxurious and beautiful”), and Recon Food (“reconnect over a love of food”).
These names give you an idea of what type of product or service is being provided when given an explanation. As you can probably tell, I prefer names in this last category because they are memorable, have brand equity, and don’t constrain the business with specificity.
Prototype and Pivot
It’s common that in the early stages of a startup, the product or features will change to serve early adopters. When the idea of your product or service morphs, your name might have to change too.
Your business name will be with you for a long time, so it’s important to carefully consider your choice before you move ahead at full speed. A good name will reflect your business’s identity and goals, help market yourself, and keep you out of legal trouble.
Once you have solidified a name, now it’s time to pitch to investors. Check back here in a few weeks for my advice on how to do just that. In the meantime, take a look at some of my examples below to see what names made the final cut:
- When to Accept Startup Equity — and Why - dot.LA ›
- How to Establish Core Values at a Startup - dot.LA ›
- How To Brainstorm a Good Startup Idea. - dot.LA ›
- How to Pitch Your Startup - dot.LA ›
- How Find Product-Market Fit for Your Startup - dot.LA ›
- How To Build And Scale A Successful Company - dot.LA ›
Spencer Rascoff serves as executive chairman of dot.LA. He is an entrepreneur and company leader who co-founded Zillow, Hotwire, dot.LA, Pacaso and Supernova, and who served as Zillow's CEO for a decade. During Spencer's time as CEO, Zillow won dozens of "best places to work" awards as it grew to over 4,500 employees, $3 billion in revenue, and $10 billion in market capitalization. Prior to Zillow, Spencer co-founded and was VP Corporate Development of Hotwire, which was sold to Expedia for $685 million in 2003. Through his startup studio and venture capital firm, 75 & Sunny, Spencer is an active angel investor in over 100 companies and is incubating several more.
Subscribe to our newsletter to catch every headline.
Genies Wants To Help Creators Build ‘Avatar Ecosystems’
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
When avatar startup Genies raised $150 million in April, the company released an unusual message to the public: “Farewell.”
The Marina del Rey-based unicorn, which makes cartoon-like avatars for celebrities and aims to “build an avatar for every single person on Earth,” didn’t go under. Rather, Genies announced it would stay quiet for a while to focus on building avatar-creation products.
Genies representatives told dot.LA that the firm is now seeking more creators to try its creation tools for 3D avatars, digital fashion items and virtual experiences. On Thursday, the startup launched a three-week program called DIY Collective, which will mentor and financially support up-and-coming creatives.
Similar programs are common in the startup world and in the creator economy. For example, social media companies can use accelerator programs not only to support rising stars but to lure those creators—and their audiences—to the company’s platforms. Genies believes avatars will be a crucial part of the internet’s future and is similarly using its program to encourage creators to launch brands using Genies’ platform.
“I think us being able to work hands on with this next era—this next generation of designers and entrepreneurs—not only gets us a chance to understand how people want to use our platform and tools, but also allows us to nurture those types of creators that are going to exist and continue to build within our ecosystem,” said Allison Sturges, Genies’ head of strategic partnerships.
DIY Collective’s initial cohort will include roughly 15 people, Sturges said. They will spend three weeks at the Genies headquarters, participating in workshops and hearing from CEOs, fashion designers, tattoo artists and speakers from other industries, she added. Genies will provide creatives with funding to build brands and audiences, though Sturges declined to share how much. By the end of the program, participants will be able to sell digital goods through the company’s NFT marketplace, The Warehouse. There, people can buy, sell and trade avatar creations, such as wearable items.
Genies will accept applications for the debut program until Aug. 1. It will kick off on Aug. 8, and previous experience in digital fashion and 3D art development is not required.
Sturges said that the program will teach people “about the tools and capabilities that they will have” through Genies’ platform, as well as “how to think about building their own avatar ecosystem brands and even their own audience.”
Image courtesy of Genies
Founded in 2017, Genies established itself by making avatars for celebrities from Rihanna to Russell Westbrook, who have used the online lookalikes for social media and sponsorship opportunities. The 150-person company, which has raised at least $250 million to date, has secured partnerships with Universal Music Group and Warner Music Group to make avatars for each music label’s entire roster of artists. Former Disney boss Bob Iger joined the company’s board in March.
The company wants to extend avatars to everyone else. Avatars—digital figures that represent an individual—may be the way people interact with each other in the 3D virtual worlds of the metaverse, the much-hyped iteration of the internet where users may one day work, shop and socialize. A company spokesperson previously told dot.LA that Genies has been beta testing avatar creator tools with invite-only users and gives creators “full ownership and commercialization rights” over their creations collecting a 5% transaction fee each time an avatar NFT is sold.
“It's an opportunity for people to build their most expressive and authentic self within this digital era,” Sturges said of avatars.
The company’s call for creators could be a sign that Genies is close to rolling out the Warehouse and its tools publicly. Asked what these avatar tools might look like, the startup went somewhat quiet again.
Allison Sturges said, “I think that's probably something that I'll hold off on sharing. We will be rolling some of this out soon.”
- Bob Iger, Former Disney CEO, Joins Avatar Startup Genies - dot.LA ›
- Genies Raises $150 Million To Make Avatars For The Metaverse ... ›
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
TikTok Algorithm Pushes Misogynistic Content
Kristin Snyder is an editorial intern for dot.la. She previously interned with Tiger Oak Media and led the arts section for UCLA's Daily Bruin.
TikTok’s algorithm pushes misogynistic content to young men.
An investigation by the Observer found that the Culver City-based video-sharing app spreads extreme, anti-women videos. Creating a new account posing as an 18-year-old, the Observer found that after watching videos aimed at men, with discussions of male emotions and podcasts hosted by men, the algorithm began suggesting increasingly misogynistic content.
Many videos featured Andrew Tate, a kickboxer turned Internet star who has been critized for his misogynistic takes. Some of the videos blamed feminism for men’s misery, claimed men have no power and praised his girlfriend for being “well trained.”
Tate’s content has been under debate since comedy duo Cody Ko and Noel Miller discussed the controversial social media figure on their podcast. Many of the duo’s fans expresseddisappointment in their choice to provide Tate with a platform without disavowing his views. A newTikToktrend urges people to see if people they know follow Tate on Instagram. Other popular social media stars, such as Hasan Piker (known as HasanAbi), have supported the discussion.
Aside from the algorithm pushing Tate’s videos, the Observer found that TikTok recommended content from right-wing psychologist Jordan Peterson and men’s rights activists. It also promoted anti-mask videos.
Other social media platforms have also failed to curb misogynistic content, with Instagram coming under fire for users attacking female influencers and Twitter hosting anti-Amber Heard content during her defamation trial against her ex-husband, Johnny Depp.
Earlier this year, TikTok updated its community guidelines to protect its users better and clarified that videos featuring misogyny and other hateful ideologies would not be promoted on the for you page.
“Misogyny and other hateful ideologies and behaviors are not tolerated on TikTok, and we are working to review this content and take action against violations of our guidelines,” a TikTok spokesperson said. “We continually look to strengthen our policies and enforcement strategies, including adding more safeguards to our recommendation system.”
TikTok’s algorithm has fallen under scrutiny even as more social media platforms try to imitate it. A recent report found it can quickly spread harmful ideologies, such as white supremacy. Currently, the company faces a lawsuit alleging that its algorithm directs dangerous videos to children. The company’s content moderators—who review potentially misogynistic content—have also spoken out against unfair working conditions.
- Hate Speech Is Easily Amplified On TikTok, Report Finds - dot.LA ›
- TikTok Updates Content Rules and Guidelines - dot.LA ›
Kristin Snyder is an editorial intern for dot.la. She previously interned with Tiger Oak Media and led the arts section for UCLA's Daily Bruin.
Here's What To Expect At LA Tech Week
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
LA Tech Week—a weeklong showcase of the region’s growing startup ecosystem—is coming this August.
The seven-day series of events, from Aug. 15 through Aug. 21, is a chance for the Los Angeles startup community to network, share insights and pitch themselves to investors. It comes a year after hundreds of people gathered for a similar event that allowed the L.A. tech community—often in the shadow of Silicon Valley—to flex its muscles.
From fireside chats with prominent founders to a panel on aerospace, here are some highlights from the roughly 30 events happening during LA Tech Week, including one hosted by dot.LA.
DoorDash’s Founding Story: Stanley Tang, a cofounder and chief product officer of delivery giant DoorDash, speaks with Pear VC's founding managing partner, Pejman Nozad. They'll discuss how to grow a tech company from seed stage all the way to an initial public offering. Aug. 19 at 10 a.m. to 12 p.m. in Santa Monica.
The Founders Guide to LA: A presentation from dot.LA cofounder and executive chairman Spencer Rascoff, who co-founded Zillow and served as the real estate marketplace firm’s CEO. Aug. 16 from 6 p.m. to 9 p.m. in Brentwood.
Time To Build: Los Angeles: Venture capital firm Andreessen Horowitz (a16z) hosts a discussion on how L.A. can maintain its momentum as one of the fastest-growing tech hubs in the U.S. Featured speakers include a16z general partners Connie Chan and Andrew Chen, as well as Grant Lafontaine, the cofounder and CEO of shopping marketplace Whatnot. Aug. 19 from 2 p.m. to 8 p.m. in Santa Monica.
How to Build Successful Startups in Difficult Industries: Leaders from Southern California’s healthcare and aerospace startups gather for panels and networking opportunities. Hosted by TechStars, the event includes speakers from the U.S. Space Force, NASA Jet Propulsion Lab, Applied VR and University of California Irvine. Aug. 15 from 1 p.m. to 5 p.m. in Culver City.
LA Tech Week Demo Day: Early stage startups from the L.A. area pitch a panel of judges including a16z’s Andrew Chen and Nikita Bier, who co-founded the Facebook-acquired social media app tbh. Inside a room of 100 tech leaders in a Beverly Hills mansion, the pitch contest is run by demo day events platform Stonks and live-in accelerator Launch House. Aug. 17 from 12:30 p.m. to 3 p.m. in Beverly Hills.
Registration information and a full list of LA Tech Week events can be found here.
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.