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Frank Lee
Co-founder of Inari (YC S23). Formerly Dapper Labs, Opendoor, Amazon.
Frank Lee is the Co-Founder and CEO of Inari, a startup focused on AI-driven customer insights and product discovery. Founded in July 2023 and backed by Y Combinator, Inari aims to automate the analysis of customer feedback to help teams identify key insights and product opportunities efficiently.12
Professional Background
Before launching Inari, Frank held significant roles in product management at notable companies:
- Dapper Labs (2021-2023): He served as Group Product Manager, overseeing product development for popular platforms like NBA Top Shot and NFL ALL DAY, focusing on gamification and marketplace management.23
- Opendoor (2016-2020): Frank worked in various capacities, contributing to the company's expansion into multiple cities and improving operational efficiencies through data analysis.23
- Amazon: He began his career in analytics, where he developed a strong foundation in data-driven decision-making.3
Education
Frank Lee holds a Bachelor of Arts in Business Economics from the University of California, Los Angeles (UCLA) and has also studied at Fudan University as part of an education abroad program.2
Personal Interests
Outside of work, Frank is passionate about marathon running, streetwear, and music. He enjoys exploring new ideas within the startup ecosystem and engages with the community through various platforms.3
Highlights
Nikita Bier, X shitposter and founder of tbh/gas, joined Lenny’s pod. This was basically the super bowl for terminally online product enthusiasts. The pod was amazing but I don’t feel like anyone shared a good summary so here's my notes!
1️⃣ Best way to search for product ideas is identifying latent demand In some cases, users try to obtain particular value but have to go through distorted processes to obtain the value. If you can crystallize their motivation into a product that helps them accomplish what their goal is, you’ll experience intense adoption.
2️⃣ There’s basically 3 core reasons, connected to basic human instincts, why people download consumer apps
- People want to get rich or save money (Coinbase, Robinhood)
- People want to get laid or find a mate (Tinder, Hinge)
- People want to unplug from reality (TikTok, Fortnite, Netflix)
3️⃣ Onboard customers to an “aha” moment within 3 seconds Consider every tap by a user on mobile to be a miracle. Attention spans are short, users are fickle, so retention is impossible without demonstrating value quickly. Cut features and be creative in using tools and APIs.
4️⃣ Test the best version of the experiment. Nikita thinks one needs to see marketing message 3+ times before adopting a product. They had to saturate target schools with ads + IG accounts to test virality. Impossible to scale but maximized experiment efficacy so they'd never wonder if it failed due to poor execution.
5️⃣ Validate the most important assumption. One at a time, in the correct sequence. “Will people use the core flow?” “Will people spread it amongst their peers?” Compartmentalize each piece, execute at 100% what you’re validating, or you’ll have scope creep and confounding variables.
6️⃣ It’s easier to go viral building for teens since they’re likely to share with and invite others. A study concluded the # of people a person texts grows quickly between ages 14 → 18, peaks at 21, then collapses. Once you exit college and get married, you tend get set on existing comms patterns and talk to less people. This is why it’s easier to grow network-effect products by targeting teens and near-impossible to virally grow with adults without spending a ton on ads.
7️⃣ App names matter. They tested names like “Crush” before Gas but had issues since boys typically invite boys and girls typically invite girls. Boys didn’t feel comfortable inviting others to "crush". Invites jumped when they used more gender-neutral names.
8️⃣ Give users live chat to capture feedback. Add live support in your app since it’s the best source of feedback where users tell you their problems. Their CS manager shared interesting feedback into Slack so the team had a pulse on issues.
9️⃣ Finding durable consumer behaviors is a “black swan” event. Finding a durable consumer social behavior might happen once a decade randomly. Incumbents have large moats and networks so it’s easier to find catchy social behaviors but tough to find durable ones.
One of my biggest challenges as a product builder is figuring out when we should be adding more features to the product vs spending more time rethinking positioning and simplifying. We’ve done a lot of the former but not so much on the latter so far.
We run product demos + discovery calls every day for Inari (YC S23). On every call, potential customers share their nuanced problems, unique workflows, and make requests. Eric and I have insanely high bias for action, so we’ll usually ship fixes for the problem within hours or days. However, consistently building this way has naturally added complexity to the product, oftentimes harming UX.
Thinking out loud on some recent examples:
- Ramp was insanely smart repositioning themselves as helping companies reduce spend and saving time.
- Figma won by bringing design into the browser which unlocked making in-app collaboration way easier.
- Linear and Superhuman both feel like they’re winning by hyper-optimizing on speed and UX and pruning out everything else.
I'm using Linkedin now as a public journal (😅) and reminding myself:
Don't compete on features ❌ It’s near impossible to win on features against incumbents - it might take years to actually catch up and all the obvious features along that path are unlikely to differentiate your product.
Position “differently” instead of “better” 🧠 It might be easier to iterate quickly on how you describe the product, how you deliver differentiated value, or who you target instead of just racing to pile on new features.
Narrow the product to reflect the positioning 🎯 Don’t be afraid to rework the UX or prune out old features that aren’t important for your new ICP or differentiation vector when trying something new or different.
