Summary
On this episode of The Bentonville Beacon, host James Bell is joined by Phil Libin, a software engineer turned serial entrepreneur. Phil’s currently the Founder and CEO of All Turtles, an early-stage product studio, as well as the startup mmhmm, a video software business that aims to create more sustainable and joyful ways to work and collaborate. With a long history of success, Phil has extensive experience with transforming ideas into companies. Throughout the episode, James and Phil discuss Bentonville’s economic ecosystem and the complexities behind founding a startup.
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Show Notes
(0:54) Introduction to Phil
(2:33) About All Turtles
(3:30) About mmhmm
(8:27) Phil’s Journey to Bentonville
(12:12) Surprising Aspects of NWA
(18:59) Entrepreneurial Opportunities in NWA
(20:30) About Bentonville’s Economic Ecosystem
(27:01) The Intricacies of Being a Founder
(31:42) Raising Venture Capital
(38:10) Learning from Failure
(42:59) Closing Questions
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‍Links
JAMES BELL‍‍
‍BENTONVILLE ECONOMIC DEVELOPMENT‍
PHIL LIBIN
ALL TURTLES
MMHMM
DEAN MATT WALLER
SAM M. WALTON COLLEGE OF BUSINESS
UNIVERSITY OF ARKANSAS

Quotes
“I think it’s a more humane way to live. People spend a lot of time talking about work-life balance, and when you frame it like that, those two things are pulling against each other…It’s only fairly recent that those two were separate things.” – Phil Libin, (7:02)

“The companies I’ve seen here tend to focus on more real problems, and the companies I’ve seen in the Bay Area and San Francisco tend to chase opportunities more than focus on problems.” – Phil Libin, (21:01)

“That’ll be the next version of economic development, which is different from what it used to be before because before you had to start thinking about the company first, now you can start thinking about the people.” – Phil Libin, (23:30)

“At All Turtles, when we hear a pitch, we internally talk about what is the most likely way for it to fail so we know what to work on first, because we always want to run at the hardest problems first, because that’s what’s going to kill us.” – Phil Libin, (41:06)‍‍
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Why a San Francisco Startup Founder and Investor Moved to Bentonville with Phil Libin‍
On this episode of The Bentonville Beacon, host James Bell is joined by Phil Libin, a software engineer turned serial entrepreneur. Phil’s currently the Founder and CEO of All Turtles, an early-stage product studio, as well as the startup mmhmm, a video software business that aims to create more sustainable and joyful ways to work and collaborate. With a long history of success, Phil has extensive experience with transforming ideas into companies. Throughout the episode, James and Phil discuss Bentonville’s economic ecosystem and the complexities behind founding a startup.  
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The Innovative Mindset of Bentonville’s Economic Ecosystem
When comparing the startup ecosystem in Bentonville to Silicon Valley, startups in Northwest Arkansas are more geared towards providing solutions than capitalizing on perceived needs. On the flip side, Silicon Valley entrepreneurs are more apt to be ambitious, whereas Bentonville entrepreneurs act more conservatively. Neither place’s ecosystems are wrong, however, they do yield different results.
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“The companies I’ve seen here tend to focus on more real problems, and the companies I’ve seen in the Bay Area and San Francisco tend to chase opportunities more than focus on problems.” – Phil Libin, (21:01)

A forward-thinking quality of Bentonville’s economic ecosystem is its emphasis on quality of life. This is because the startup community recognizes companies are made of people, and people like to enjoy where they live. As more and more cities and regions come to this conclusion, there will be a mindset shift that focuses more on what people they can attract than what companies they can attract.

“That’ll be the next version of economic development, which is different from what it used to be before because before you had to start thinking about the company first, now you can start thinking about the people.” – Phil Libin, (23:30)

Misconceptions about Failure
One major misconception about failure is that you have to stick with it or see it through to the end. Yes, you can learn valuable lessons from failing. However, if you’re able to recognize when something is failing and quit sooner than later, it leaves you room to work towards something that might not fail. Failure is painful, which is why it’s important to spend your time focusing on things you’re passionate about and willing to pay the price of failure for.

“At All Turtles, when we hear a pitch, we internally talk about what is the most likely way for it to fail so we know what to work on first, because we always want to run at the hardest problems first, because that’s what’s going to kill us.” – Phil Libin, (41:06)

Oftentimes, people think there’s a certain benchmark that has to be reached before something can be considered a failure. However, you can learn just as much by anticipating failure as you can by experiencing it. Failure is guaranteed, success is not. For entrepreneurs, defining what failure looks like for their business before they’re even established allows them to recognize the warning signs earlier. Thus, providing them the time to adjust or to quit while they’re ahead.
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Get Connected!
‍Thanks for tuning in to this episode of The Bentonville Beacon! Join us weekly for more stories from entrepreneurs and business leaders who are making a positive impact on Bentonville’s culture, community, and lifestyle. Don’t forget, Bentonville is a place where you can have more of what you want and less of what you don’t!