
From Yext to Roam: Howard Lerman’s Second Act
The hardest company to build is the one you start after you’ve already succeeded. After scaling Yext into a platform powering millions of businesses, Howard Lerman chose to start over with Roam, the “Office of the Future,” where humans and AI work side by side from anywhere. On Grit, he joins Joubin Mirzadegan to talk about the solitude of leadership and what happens when you stop building for Wall Street. Guest: Howard Lerman, co-founder and former CEO of Yext, and founder and CEO of Roam
Table of Contents
🏃♂️ What is Howard Lerman's extreme daily routine for building companies?
Founder's Lifestyle Philosophy
Howard Lerman follows an intensely structured daily routine designed to maximize productivity and eliminate decision fatigue while building companies.
Morning Routine (Wake-up to 2 PM):
- Weight monitoring - Weighs himself daily, aiming to stay under 175 pounds at age 61 with 12% body fat (cuts to 10% for his birthday)
- Psychological triggers - Puts on gym clothes immediately as a motivation-free habit
- Intermittent fasting - Only has espresso, fasts until 2 PM daily
- Intellectual challenge - Sets 30-minute timer to read something intellectually demanding
- Weight training - 60 minutes with a trainer, 6 days a week (7th day is a longer run)
Work Structure:
- Individual contributor focus - Very few scheduled meetings, mostly IC work
- No one-on-ones - Prefers constant back-and-forth communication throughout the day
- First meal at 2 PM - Usually all protein (ideal: salmon fillet and steak)
- Second workout at 5:30 - Cardio rotation between assault bike, Concept2 rower, and treadmill
Evening Schedule:
- Work until 7:30 - Continues IC work after second workout
- Family time - Dinner and time with kids from 7:30-9:30
- Late work session - Returns to work 9:30 PM until midnight
Optimization Systems:
- Uniform approach - 50 identical black turtlenecks, 20 identical pants, same socks in bulk box
- Shoe rotation - 8 pairs of identical shoes, coded R1-R8 for daily rotation (brings 2 pairs when traveling)
- Decision elimination - Robotically gets dressed, mind free to focus on important decisions
- Sleep optimization - 7 hours nightly in blackout, cool room (doesn't track sleep)
🧠 Why does Howard Lerman believe founders must sacrifice social life?
The Complete Lifestyle Commitment
Building a company requires founders to fundamentally restructure their entire way of living, shutting out many normal human activities.
Core Philosophy on Founder Lifestyle:
- Complete lifestyle commitment - Not like being a monk, but requires committing to a specific way of living
- Directional focus limitation - Founders have "so many things flying at them from all directions" with no time for social activities
- Sam Altman's principle - "It's hard to have more than one thing outside of work"
The Sacrifice Reality:
- Social isolation - Founders simply don't have time for social activities
- Lifestyle restructuring - Must shut out many things that "normal human people do"
- Single focus requirement - Can only maintain one significant thing outside of work
Founder Advice Approach:
- Honest disclosure - When people ask about starting companies, doesn't say no to avoid discouragement
- Full understanding requirement - Ensures they "fully understand that it is a complete lifestyle"
- Expectation setting - People must know what they're committing to before starting
Work Intensity Philosophy:
- Personal standard - "I expect everyone to work extremely hard, but not as hard as me"
- Liberation through focus - Says no to most things, finds it "hugely liberating"
- Remote work advantage - Allows enjoying family time when kids come home at 3 PM
💡 What does Howard Lerman say about finding the right startup idea?
Bottom-Up Problem Discovery
Most founders approach startup ideas backwards by looking at markets first rather than solving problems they personally experience.
The Wrong Approach:
- Market-first thinking - "I want to be a founder. Let me look at all these different potential markets and figure out which one I can serve"
- Top-down analysis - Trying to identify opportunities from market research
- This approach "basically never works"
The Right Approach:
- Bottom-up methodology - Must start from personal experience with the problem
- Self-problem solving - "You have to feel the problem yourself and solve a problem for yourself"
- Market of one validation - "At least you've satisfied a market of one"
- Guaranteed product-market fit - "You know you have product market fit with at least you"
Why Personal Experience Matters:
- Authentic understanding - Only by experiencing the problem can you truly understand it
- Built-in validation - If you solve it for yourself, you know there's at least one customer
- Passion sustainability - Personal pain points provide the motivation needed for the long journey
- Credible solution - You become the perfect early customer to test and refine the solution
🎯 How does Joubin Mirzadegan describe Howard Lerman's unique approach?
The Paradox of Success and Humility
Joubin identifies Howard as someone who embodies a rare combination of achievement and authenticity in the entrepreneurial world.
Joubin's Three-Part Assessment:
- Success without ego - "Had success, acts like he's never had success"
- Unfiltered honesty - "Willing to speak his mind on basically anything"
- Authentic personality - "They're honest and real"
What Makes Howard Unique:
- Intersection focus - Lives at the crossroads of company building and personal life management
- Practical wisdom - "The things that you say and the way that you live your life are very unique"
- Day-to-day integration - Describes how daily routines connect to business success
The CEO Magnet Effect:
- Private conversations - Joubin suspects other CEOs frequently ask Howard about balancing personal and professional demands
- Practical guidance - "How do you fit in the personal stuff into how hard you actually build and work"
- Real-world application - Other founders seek his advice on lifestyle integration
Podcast Philosophy Connection:
- Humanizing success - After 260+ interviews, Joubin finds most successful people are "very human" rather than "mythical creatures"
- Expectation management - "If I have an inflated expectation of who they are, generally nobody can live up to that"
- Howard as exception - Represents someone who consistently delivers value beyond expectations
💎 Summary from [0:00-7:55]
Essential Insights:
- Founder lifestyle reality - Building companies requires complete lifestyle commitment, shutting out normal social activities and focusing intensely on the business
- Problem-first approach - Successful startups come from solving problems you personally experience, not from analyzing markets and looking for opportunities
- Extreme optimization systems - Howard's daily routine eliminates all decision fatigue through identical clothing, structured schedules, and systematic approaches to health and work
Actionable Insights:
- Start companies only when solving problems you personally feel and experience
- Eliminate decision fatigue by systematizing clothing, routines, and daily structures
- Accept that founder life means sacrificing social activities and normal human experiences for business focus
- Structure work as individual contributor time rather than meeting-heavy management
- Use physical triggers like gym clothes to create motivation-free habit formation
📚 References from [0:00-7:55]
People Mentioned:
- Angela Duckworth - Psychologist and author praised by both Howard and Joubin for her exceptional insights and speaking abilities
- Adam Grant - Angela Duckworth's partner at UPenn, noted organizational psychologist and author
- Sam Altman - Referenced for his principle that "it's hard to have more than one thing outside of work"
- Steve Jobs - Comparison made to Howard's uniform approach of wearing identical clothing daily
Companies & Products:
- Yext - Howard's previous company that he took public, mentioned as his "last company" based in New York
- Roam - Howard's current company where he serves as founder and CEO
- University of Pennsylvania - Where Angela Duckworth works, mentioned as destination for visits
- Kleiner Perkins - Joubin's venture capital firm where he serves as partner
Technologies & Tools:
- Concept2 rower - Part of Howard's cardio equipment rotation for his second daily workout
- Assault bike - Cardio equipment used in Howard's evening workout routine
🏃 What is Howard Lerman's daily fitness routine and philosophy?
Physical Fitness & Wellness Approach
Daily Exercise Philosophy:
- Consistency over perfection - Works out every day without exception
- Joy preservation - Refuses to measure running speed to maintain enjoyment
- Simple decision-making - "It's easier to work out every day than to choose when not to work out"
Weekly Workout Schedule:
- Wednesday mornings: 7.2-mile run with cousin to the bridge and back
- Monday mornings: Bike ride over the bridge and back up hills
- Twice weekly: Full-body compound lifting sessions (1 hour minimum)
- Once weekly: Berry exercises and lower body work
- Once weekly: Basketball or other sports
Workout Intensity Metric:
- Caloric efficiency goal: Burn more calories than minutes spent exercising
- Uses Apple Watch to track: 60 minutes = 600+ calories burned
- Focuses on movement speed rather than specific weights or measurements
Nutrition Structure:
- Morning: Coffee only (no breakfast)
- Lunch: Daily salad with double meat and avocado - "meat with some lettuce"
- Dinner: Eats whatever he wants
- Consistency: Haven't missed a lunch salad in seven years
Recovery & Sleep:
- Minimum 7 hours sleep per night with Eight Sleep mattress
- Strong preference: "I would give up my iPhone for an Android before I gave up my Eight Sleep"
👟 Why does Howard Lerman have 15 pairs of the same running shoes?
Strategic Shoe Rotation System
The Eight-Pair Rotation:
- Weekly recovery period - Each pair gets one week off between uses
- Freshness maintenance - Keeps shoes in optimal condition longer
- Coding system - Uses Sharpie markers inside each shoe for identification
- Special eighth pair - Reserved specifically for weekly long runs
Product Details:
- Brand preference: Encloud running shoes exclusively
- Founder connection: David Alman, Swiss founder with "Swiss engineering"
- Quality assessment: Describes them as "transformative" and "spectacular"
- Investment level: Owns approximately 15 pairs total
Practical Benefits:
- Extended shoe life - Rotation prevents premature wear
- Consistent performance - Always running in fresh, recovered footwear
- Reduced decision fatigue - Same shoe, different pairs, systematic approach
📅 How did removing his executive assistant change Howard Lerman's schedule?
Calendar Management Philosophy Shift
Before: EA-Managed Schedule
- Gatekeeper system: People couldn't access calendar without going through EA
- Professional scheduling: EA's job was to manage time and coordinate meetings
- Full calendar syndrome: EA's role naturally led to packed schedules
- External control: Others determined how time was allocated
After: Self-Managed Approach
- Calendar zero ideal: Prefers empty calendar over inbox zero
- Higher standards: Personal scheduling creates natural filtering
- Instant response rule: "I respond to everything instantly or never"
- Self-imposed barriers: Won't schedule meetings unless personally motivated
Key Insight:
Structural revelation: "If I don't have someone whose job it is to fill up my calendar, I'm not going to have my calendar filled up"
Dining Philosophy:
- Time efficiency concern: Dislikes being "beholden to how fast the waiter operates"
- Control preference: Avoids situations where others control his time flow
- Consistency over variety: Prefers predictable routines
🏛️ How has founder culture shifted from 2006 to today regarding health?
Evolution of Founder Wellness Standards
2006 New York Startup Culture:
- Health was frowned upon - Fitness seen as not dedicating everything to business
- Drinking culture dominance - Expected to "get drinks with customers"
- Mad Men influence - "Three martini lunch" was how you closed IBM deals
- Social pressure: Business development happened through alcohol-centered events
Modern Founder Culture (2024):
- Sobriety trend: Half the founders he knows don't drink anymore
- Time consciousness: "Don't have time for it and don't like the way it makes them feel"
- Wellness-focused networking: Companies throwing "sauna parties" for lead generation
- Health-centered events: Corporate events now focus on health and wellness
Cultural Drivers Behind the Shift:
- Performance optimization - Health directly impacts productivity
- Time scarcity awareness - "There's only so many balls you can have in the air"
- Generational change - New generation of founders prioritizing wellness
- Social acceptance - Health focus no longer seen as lack of commitment
Historical Context:
- Ancient inspiration: References Greek and Roman emphasis on physical education alongside oration
- Modern examples: Zuckerberg training with UFC fighters represents this trend
- Stark contrast: Complete reversal from just 10 years ago
💊 What is Howard Lerman's stance on popular fitness supplements?
Minimalist Supplement Philosophy
Creatine Perspective:
- Popular but rejected: "Everyone sings the praises of creatine"
- Personal experience: "It just makes me hold two extra pounds of water"
- No perceived benefit: Doesn't feel any positive effects despite peer pressure
- Social resistance: Friends constantly try to convince him to take it
Current Supplement Routine:
- Single supplement: Only takes Element electrolytes in the morning
- Simplicity preference: Avoids the trendy supplement culture
- Results-focused: Prioritizes what actually works for his body
Philosophy on Measurement:
- Selective tracking: Measures sleep and calories burned, but not running speed
- Joy preservation: "The minute I measure it is the minute I ruin it for myself"
- Sustainable approach: Focuses on consistency over optimization
💎 Summary from [8:01-15:55]
Essential Insights:
- Systematic optimization - Lerman applies engineering principles to personal routines, from shoe rotation to workout scheduling
- Calendar liberation - Removing his EA revealed that structured time management can create more freedom than efficiency
- Cultural evolution - Founder wellness culture has completely reversed from alcohol-centered networking to health-focused productivity
Actionable Insights:
- Exercise consistency beats intensity - Working out daily with joy preservation prevents burnout and maintains long-term habits
- Selective measurement strategy - Track metrics that motivate (sleep, calories) but avoid measuring activities that bring natural joy (running speed)
- Structural awareness in scheduling - Question whether your systems serve your goals or create obligations you don't actually want
📚 References from [8:01-15:55]
People Mentioned:
- David Alman - Swiss founder of Encloud (On Running), praised for Swiss engineering in running shoes
- Mark Zuckerberg - Referenced as example of modern founder fitness trend, training with UFC fighters
- Don Draper - Mad Men character representing old business culture of alcohol-centered deal-making
Companies & Products:
- Encloud/On Running - Swiss running shoe company, Lerman owns 15 pairs for rotation system
- Eight Sleep - Smart mattress company, Lerman's preferred sleep optimization tool
- Element - Electrolyte supplement brand, Lerman's only daily supplement
- IBM - Referenced as example of major client deals closed through "three martini lunches"
- Apple Watch - Used for tracking workout calories and intensity metrics
Books & Publications:
- Atomic Habits - Referenced for the principle that it's easier to work out every day than choose when not to
Concepts & Frameworks:
- Calendar Zero - Lerman's philosophy of preferring empty calendar over inbox zero for optimal time management
- Joy Preservation in Fitness - Avoiding measurement of enjoyable activities to prevent turning them into dreaded obligations
- Caloric Efficiency Metric - Burning more calories than minutes spent exercising as a workout intensity measure
🎯 What sacrifices does Howard Lerman make as a founder?
The Reality of Founder Life
Core Philosophy:
Howard follows Sam Altman's principle that founders can realistically have only one thing outside of work that truly matters. This creates a framework for understanding the necessary trade-offs of entrepreneurial leadership.
Major Sacrifices Made:
- Social Connections - Complete elimination of traditional friendships and social activities
- Recreational Activities - No golf, football Sundays, or casual entertainment
- Social Events - Skipping dinners, barbecues, and gatherings that "normal human people" enjoy
The Friend Replacement Strategy:
- Work Relationships as Friendships: Building deep connections with co-workers and team members
- Shared Mission Bonding: Creating relationships through "winning a war together" in business
- Ultimate Adventure Mindset: Viewing company building as the deepest form of human connection through shared impossible tasks
Why This Works for Howard:
- None of the traditional social activities ever appealed to him personally
- He finds deeper satisfaction in business relationships forged through overcoming barriers
- The emotional support typically gained from friends comes from his work relationships instead
💪 How does Howard Lerman structure his daily workout routine?
The Two-Workout System
Morning Heavy Lifting Session:
- Duration: 60 minutes of continuous movement
- Focus: Heavy weight training rather than cardio-focused exercise
- Calorie Target: 600 calories per hour burn rate
- Philosophy: Actual weight movement over high-intensity sweating
Evening Cardio Sprint (5 PM):
Equipment Setup:
- Assault bike for high-intensity intervals
- Concept 2 rower - specifically praised as "absolutely spectacular"
- Home-based for maximum convenience and consistency
The Rower Protocol:
- Total Time: Only 15 minutes including rest
- Active Time: Less than 7 minutes actual rowing
- Format: 4 x 500-meter sprints with 1-minute rest between sets
- Target Time: ~1 minute 40 seconds per 500-meter sprint
- Calorie Burn: Approximately 180 calories in under 7 minutes
Why the Evening Session Matters:
- Desk Job Reality: Counteracts full day of sitting and low mobility
- Human Design: Addresses that humans weren't designed for desk work
- Total Body Engagement: Rower provides upper body cardio (unlike running/biking)
- Adrenaline Reset: Provides energy boost for continued evening productivity
The "Mid-40s Rower Bug":
Howard notes there's a running joke among men in their 40s who discover rowing as the ideal total-body cardio workout that engages upper body unlike traditional cardio exercises.
🍽️ Why does Howard Lerman avoid breakfast and practice intermittent fasting?
The Anti-Breakfast Philosophy
Core Belief About Morning Food:
- Productivity Impact: Eating breakfast actually slows him down and reduces productivity
- Industry Skepticism: Views "breakfast is the most important meal of the day" as food industry marketing
- Cereal Criticism: Considers breakfast cereal "absolutely the worst" - equivalent to "eating candy in the morning"
Fasting Strategy:
Standard Protocol:
- Target: Fast until 2 PM daily
- Extended Fasting: Many days he fasts completely until evening
- Comfort Level: Perfectly comfortable with full-day fasts
Benefits Experienced:
- Enhanced Focus: Maintains peak mental clarity throughout morning hours
- Increased Energy: Avoids the post-meal energy crash
- Improved Productivity: Stays in optimal working state longer
Social Situation Management:
- Business Breakfast Meetings: Will politely decline food even when it might seem rude
- Family Requests: Won't compromise the routine even for special family moments like kids asking for waffles together
- Consistency Priority: Maintains the fasting schedule regardless of social pressure
The Adaptation Effect:
Howard notes that the more he practices fasting, the easier and more natural it becomes, creating a positive reinforcement cycle that makes the routine sustainable long-term.
🔄 How does Howard Lerman handle disruptions to his strict routine?
The Flexibility Within Structure Approach
Physical vs. Emotional Response:
- No Self-Punishment: Doesn't beat himself up mentally or emotionally when routines are disrupted
- Physical Awareness: His body actually tells him when something is missing from the routine
- Natural Feedback Loop: Physical discomfort serves as the primary motivator, not guilt
Problem-Solving Mentality:
The Forgotten Shoes Example:
- Immediate Solution: Would go buy new running shoes (OnCloud or Nike) rather than skip workout
- Investment Mindset: Willing to spend money to maintain routine consistency
- Availability Assumption: Confident that workout gear is accessible "in every store"
Routine Maintenance Priorities:
- Workout Non-Negotiable: Physical exercise takes precedence over convenience or cost
- Adaptation Over Abandonment: Finds ways to maintain routine rather than skip it entirely
- Resource Allocation: Views purchasing replacement gear as necessary business expense
The "Never Happen" Mindset:
Howard demonstrates extreme preparation consciousness - the idea of forgetting essential workout gear is so foreign to his planning that he initially claims "that would never happen," showing how deeply ingrained his routine preparation has become.
Recovery Strategy:
When disruptions do occur, the focus is on immediate correction rather than dwelling on the mistake, maintaining forward momentum rather than getting derailed by perfectionism.
💎 Summary from [16:02-23:58]
Essential Insights:
- Founder Sacrifice Philosophy - Following Sam Altman's principle that founders can only maintain one meaningful thing outside of work, requiring elimination of traditional social connections and recreational activities
- Dual Workout System - Morning heavy lifting (60 minutes, 600 calories) combined with evening high-intensity rowing (15 minutes total, 7 minutes active, 180 calories) to counteract desk-bound work life
- Strategic Fasting Approach - Avoiding breakfast and practicing intermittent fasting until 2 PM (often extending to evening) to maintain peak productivity and mental clarity throughout working hours
Actionable Insights:
- Replace traditional friendships with deep work relationships forged through shared business challenges and impossible tasks
- Implement the "Concept 2 rower protocol" for efficient total-body cardio: 4 x 500-meter sprints with 1-minute rest for maximum calorie burn in minimal time
- Use physical feedback rather than emotional self-punishment to maintain routine consistency, with immediate problem-solving when disruptions occur
📚 References from [16:02-23:58]
People Mentioned:
- Sam Altman - Referenced for his philosophy that founders can realistically only have one thing outside of work that truly matters
Companies & Products:
- Concept 2 - Rowing machine manufacturer, specifically praised for their rower as "absolutely spectacular" for total-body cardio workouts
- OnCloud - Running shoe brand mentioned as readily available option for workout gear replacement
- Nike - Alternative athletic shoe brand mentioned as backup option for maintaining workout routine
Technologies & Tools:
- Assault Bike - High-intensity cardio equipment used for evening workout sessions
- Concept 2 Rower - Specific rowing machine model highlighted for upper body cardio engagement unlike traditional lower-body focused cardio
Concepts & Frameworks:
- One Thing Philosophy - Sam Altman's principle that successful founders can only maintain one meaningful priority outside of their work
- Intermittent Fasting Protocol - Strategic meal timing approach of fasting until 2 PM or evening to maintain productivity and mental clarity
- Dual Workout System - Morning heavy lifting combined with evening high-intensity cardio to address the physical demands of desk-bound entrepreneurial work
🎓 What high school shaped Howard Lerman's entrepreneurial mindset?
Educational Foundation and Merit-Based Selection
Thomas Jefferson High School for Science and Technology (TJ):
- Pure Merit-Based Admission - Unlike Harvard or Duke where influence matters, TJ admission was purely based on a math test with top 400 scores accepted
- Self-Selected Excellence - This process attracted students genuinely passionate about STEM subjects
- Exceptional Peer Quality - Fellow students were described as smarter and more hardcore than those encountered later at Stanford
Notable Alumni Network:
- Vlad Tenev - Co-founder of Robinhood
- Fia Sophia - Recent TJ graduate and successful founder
- Multiple successful entrepreneurs emerged from this environment
Key Impact on Development:
- Geographic Advantage: Being born in Northern Virginia provided access to this exceptional institution
- Computer Science Focus: Perfect environment for someone who "always loved computers"
- Peer Influence: Surrounded by like-minded individuals who shared similar academic intensity and interests
🎭 How did childhood opera training influence Howard Lerman's leadership style?
Unconventional Childhood Experience
The Opera Years:
- Child Opera Singer - Performed in world productions at the Kennedy Center with renowned artists like Placido Domingo
- International Performances - Participated in historic Bolshoi Opera performances from Russia, right before the Soviet coup
- Professional Level Training - Excelled in Italian operas (Puccini, Verdi) but struggled with Russian opera complexity
Social Challenges and Character Building:
- Daily Humiliation: Had to leave baseball practice in front of teammates to attend opera rehearsals
- Social Isolation: Described himself as "a half Jewish fat kid from a red state that grew up singing opera"
- Constant Teasing: Faced regular mockery from peers who didn't understand or appreciate opera
Leadership Lessons Developed:
Core Resilience Traits:
- Immunity to Others' Opinions - Learned to "not give a shit what anybody thinks"
- Conviction-Based Decision Making - Developed ability to "proceed in what I believe intuitively to be the correct thing"
- Intuitive Leadership - Built strong gut instincts that guide major life and business decisions
Impact on Entrepreneurial Approach:
- Guttural Decision Making: Doesn't use active decision processes for starting companies
- Problem-Solving Confidence: Believes in ability to "get out of trash compactor disaster rooms"
- Mission-Driven Mindset: Approaches business with "save the princess" mentality
💡 What was Howard Lerman's first entrepreneurial success at age 19?
Early Startup Experience
Just a Tip - The First Company:
- College Freshman Launch - Started the company at age 19-20 while at Duke University
- Co-founded with TJ Alumni - Partnered with fellow Thomas Jefferson High School graduates
- Viral Success - Gained national attention when Jon Stewart featured a tip on The Daily Show
- Successful Exit - Grew the company to significant size and eventually sold it
Entrepreneurial Philosophy Developed:
Natural Instinct Over Planning:
- No Active Decision Process: "There's not like an active decision process for me. It's totally guttural"
- Problem Recognition: "I see something that the world needs"
- Self-Confidence: "I decide that I'm the best person in the world to solve this problem"
Team Building Approach:
- Humility in Hiring: "I assemble people that are way smarter and better than me"
- Skill Complementarity: Focuses on finding people "more skilled in various areas"
- Collaborative Execution: "Then we just go and we just do it"
Core Entrepreneurial Mindset:
- Intuitive Certainty: When the feeling strikes, "it's going to happen"
- Obstacle Resilience: Expects "trash compactor disaster rooms along the way"
- Mission Completion: Committed to solving problems and "saving the princess"
💍 Why doesn't Howard Lerman wear a wedding ring despite being married?
Personal Style and Early Marriage
Marriage Background:
- Young Marriage - Met his wife Wendy at Duke University when he was 20 years old
- Still Married - Confirmed he remains married despite not wearing traditional symbols
- Personal Choice - Has never worn any jewelry, watches, or wedding rings throughout his life
Lifestyle Philosophy:
- Minimalist Approach: Avoids all forms of jewelry and accessories
- Consistent Pattern: This isn't specific to marriage - he's "never worn a watch" either
- Personal Preference: Simply doesn't engage with traditional symbolic accessories
College Experience Context:
Social Adjustment at Duke:
- Cultural Mismatch: Expected Duke to be an extension of TJ's STEM-focused environment
- Different Priorities: Found most students cared about "sorority life" rather than computer science
- Academic Isolation: Discovered Duke had a great computer science department, but most peers weren't interested in technology
💎 Summary from [24:06-31:57]
Essential Insights:
- Educational Foundation - Thomas Jefferson High School's merit-based admission created an environment of exceptional peers that shaped Lerman's standards for excellence
- Character Through Adversity - Childhood opera training while facing social ridicule developed immunity to others' opinions and strong intuitive decision-making
- Early Entrepreneurial Success - First company "Just a Tip" at age 19 went viral through Jon Stewart mention, establishing pattern of guttural, mission-driven business approach
Actionable Insights:
- Merit-based environments self-select for excellence and create lasting peer networks that outperform traditional prestigious institutions
- Childhood experiences that seem socially disadvantageous can build essential leadership resilience and conviction
- Entrepreneurial success often comes from intuitive problem recognition rather than formal planning processes
📚 References from [24:06-31:57]
People Mentioned:
- Angela Duckworth - Referenced regarding insights about early marriage
- Vlad Tenev - Co-founder of Robinhood, fellow TJ alumnus
- Fia Sophia - TJ graduate and successful founder
- Placido Domingo - Renowned opera singer who performed with Lerman at Kennedy Center
- Jon Stewart - Featured Lerman's company "Just a Tip" on The Daily Show
Companies & Products:
- Robinhood - Trading platform co-founded by TJ alumnus Vlad Tenev
- Just a Tip - Lerman's first company started at age 19, featured on The Daily Show
Educational Institutions:
- Thomas Jefferson High School for Science and Technology - Elite magnet school in Northern Virginia with merit-based admission
- Duke University - Where Lerman met his wife and experienced different academic culture
- Stanford University - Referenced as comparison point for peer quality
- Harvard University - Used as example of institution where influence can affect admission
Cultural Institutions:
- Kennedy Center - Washington DC venue where Lerman performed opera
- Bolshoi Opera - Russian opera company that brought Lerman for historic US performances
- The Daily Show - Comedy Central show that featured Lerman's startup
Concepts & Frameworks:
- Merit-Based Selection - TJ's pure math test admission process that self-selected for excellence
- Guttural Entrepreneurship - Lerman's intuitive, non-analytical approach to starting companies
- Character Building Through Adversity - How childhood opera training developed leadership resilience
🎓 Why did Howard Lerman reject fraternity life at college?
College Independence and Authority Issues
Howard Lerman had a fundamentally different approach to college social life that shaped his independent mindset:
Rejection of Greek Life:
- Major issues with authority - Couldn't tolerate hierarchical systems and hazing processes
- No appeal in fraternity culture - Found the rushing and hazing rituals pointless and degrading
- Contrarian choice - Was one of the only people who didn't rush fraternities or participate in Greek life
Alternative Path:
- Joined an a cappella group - Found meaningful community through music instead
- Met his future wife Wendy - At an a cappella concert when she was 19 and he was 20
- Sidelined but authentic - Chose authenticity over social conformity
This early rejection of traditional power structures and group-think mentalities foreshadowed his entrepreneurial approach of solving problems from the bottom up rather than following conventional wisdom.
💰 How much money did Howard Lerman make from Yext?
Life-Changing Financial Success
Howard Lerman achieved significant financial success through Yext, though he remains modest about the specifics:
Financial Outcomes:
- "Life-changing" wealth - Lerman's own description of his financial gains
- "Plenty" of money - Confirmed he made substantial returns from his ownership stake
- Billion-dollar company valuation - Yext reached approximately $1 billion in market value
- Significant ownership position - As co-founder, he owned a substantial portion of the company
Host's Estimation:
- "Couple hundred million dollars" - Joubin's educated guess based on company valuation and typical founder equity
- 12-15 years of building - The wealth accumulated over more than a decade of company growth
The financial success from Yext provided Lerman with the freedom to pursue his next venture, Roam, with a different approach focused on solving problems he personally experiences rather than building for Wall Street expectations.
🔄 How did Howard Lerman's approach to entrepreneurship evolve?
From Top-Down to Bottom-Up Thinking
Howard Lerman underwent a fundamental philosophical shift in how he approaches building companies:
The Transformation:
- From Rational to Empirical - Moved away from overthinking and planning to hands-on experimentation
- From Top-Down to Bottom-Up - Stopped looking for markets to serve and started solving personal problems
- From Strategic to Intuitive - Relies more on gut instinct than elaborate strategic planning
Key Realizations:
- "I want to be a founder" approach fails - Looking at markets first and trying to find opportunities rarely works
- Solve your own problems first - Must feel the problem personally to achieve product-market fit
- Doing beats thinking - Hands-on experience teaches more than rational analysis
- Market of one validation - If you solve it for yourself, you know you have at least one satisfied customer
Philosophical Influences:
- Teddy Roosevelt quote - "Do what you can with what's in front of you with your hands with what you can do right now"
- Empiricism over rationalism - Learning through experience rather than pure reasoning
- Continuous optimization - Constant improvement rather than perfect planning
This evolution represents a shift from trying to engineer success through analysis to discovering it through authentic problem-solving.
👕 Why does Howard Lerman wear the same $20 turtleneck every day?
Psychological Conditioning Through Clothing
Howard Lerman has worn the same style of Lands' End turtleneck for nearly 20 years as part of his optimization strategy:
The Turtleneck Strategy:
- $20 Lands' End turtlenecks - Simple, affordable, consistent choice
- 20-year commitment - Been wearing them since Yext days, including IPO
- Personal relationship with brand - Lands' End now sends him Christmas cards
- Psychological trigger - Puts him in the mindset to "build something awesome"
Clothing as Mental Conditioning:
- Gym shorts trigger - Putting them on automatically prepares him for working out
- Work uniform - Turtleneck signals it's time to build and create
- Sleep shirt - Different clothing for different mental states
- TV appearance routine - Specific preparation rituals like an athlete
Philosophy Behind Wardrobe Choices:
- Fashion industry understands power - References The Devil Wears Prada and how clothing choices are made for you
- Mental state conditioning - Small cues that prepare your mind for specific activities
- Athletic approach - Compares to athletes who have pre-performance routines
- Authentic self - Unlike alter egos (mentions Beyoncé), this is genuinely who he is
The consistent wardrobe eliminates decision fatigue while creating psychological anchors for peak performance states.
🏃♂️ How does Howard Lerman approach fitness at age 45?
Maintenance Over Maximum Performance
At 45, Howard Lerman has shifted his fitness philosophy from pushing limits to sustainable maintenance:
Current Fitness Approach:
- Maintenance mindset - Focus on not getting worse rather than improving scores
- Injury prevention priority - Recognizes that pushing too hard leads to setbacks
- Age-appropriate training - Acknowledges the reality of being 45 years old
- Consistent routine - Part of his daily optimization system
Key Insights:
- Joy from consistency - Finds satisfaction in maintaining current performance levels
- Risk awareness - Understands that aggressive training increases injury risk
- Practical wisdom - Learned through experience that pushing limits becomes counterproductive
Training Challenges:
- Basketball risks - Acknowledges the injury potential in competitive sports
- Weight lifting caution - Even strength training requires careful progression
- Recovery considerations - Must balance intensity with recovery needs
This mature approach to fitness reflects his broader philosophy of continuous optimization while respecting natural limitations and focusing on long-term sustainability over short-term gains.
💎 Summary from [32:03-39:58]
Essential Insights:
- Authentic independence over conformity - Lerman's rejection of fraternity life demonstrated early contrarian thinking that shaped his entrepreneurial approach
- Bottom-up problem solving - Evolution from top-down market analysis to solving personal problems first, ensuring product-market fit with at least yourself
- Systematic optimization through routine - Daily habits like wearing the same turtleneck and gym shorts create psychological triggers for peak performance
Actionable Insights:
- Use clothing and environmental cues to condition your mind for specific activities and mental states
- Start with problems you personally experience rather than analyzing markets from the outside
- Shift from rational planning to empirical learning through hands-on experimentation
- At midlife, focus on maintaining performance rather than pushing limits that lead to injury
- Build continuous optimization systems rather than seeking perfect one-time solutions
📚 References from [32:03-39:58]
People Mentioned:
- Spencer Skates - Amplitude founder who wrote down ideal founder attributes and chose to become that person
- Nikesh Arora - Former Google executive who gave out "The Click Moment" book at Google Zeitgeist
- Charlie Munger - Berkshire Hathaway vice chairman, quoted about smart people being learning machines
- Teddy Roosevelt - 26th U.S. President, quoted about doing what you can with your hands
- Elizabeth Holmes - Theranos founder, mentioned in context of alter egos
- Beyoncé - Singer who uses alter ego performance technique
Companies & Products:
- Yext - Lerman's previous company that reached billion-dollar valuation
- Amplitude - Spencer Skates' analytics company
- Lands' End - Clothing brand providing Lerman's signature $20 turtlenecks
- Google - Referenced for Zeitgeist conference and Nikesh Arora connection
Books & Publications:
- The Click Moment - Book about decision-making moments, distributed by Nikesh Arora
- The Devil Wears Prada - Film referenced for fashion industry's understanding of clothing psychology
Concepts & Frameworks:
- Empiricism vs Rationalism - Learning through experience versus pure reasoning
- Bottom-up vs Top-down thinking - Solving personal problems first versus market analysis approach
- Psychological conditioning through clothing - Using wardrobe choices as mental state triggers
- Continuous optimization - Ongoing improvement rather than one-time perfect solutions
🤔 Does Howard Lerman's wife think he's crazy for his extreme routines?
Personal Life and Marriage Dynamics
Howard's wife absolutely thinks he's "nuts" for his extreme routines and behaviors, but she's become a willing enabler and partner in his obsessive approach to life and business.
The Reality of Their Relationship:
- Complete Acceptance - She knows exactly what she signed up for and has been there through his entire transformation
- Active Enabler - She literally provides him with silver Sharpies for his daily shoe-coding ritual and leaves them in his closet
- Shared Growth - They met when he was 20 and she was 19, growing up together through his metamorphosis
His Philosophy on Young Marriage:
- Early Partnership Advantage: Getting married young allows couples to grow together rather than trying to merge established personalities
- Advice to His Kids: He actively tells his 8 and 10-year-old children to "get married young and have kids young"
- Career vs. Family Balance: Rejects the modern advice to delay family for career building, believing you can focus on both simultaneously
The Shoe-Coding Partnership:
Howard started coding his shoes about two years ago as part of his optimization routine. Initially struggled to find a pen that wouldn't wear off until his wife suggested using a Sharpie. Now she:
- Leaves a silver Sharpie in his closet specifically for black shoes
- Finds his obsessive behaviors funny rather than concerning
- Might roll her eyes but supports his systems
📚 What does Howard Lerman read to feed his mind beyond business?
Intellectual Diet and Learning Philosophy
Howard maintains a disciplined 30-minute daily reading routine focused on consuming humanity's greatest works, treating intellectual growth as fuel for his company-building artistry.
Daily Reading Ritual:
- Morning Routine - Reads for 30 minutes every morning when his kids come downstairs
- Diverse Content Mix - Combines business books like "The Nvidia Way" with classic literature
- Modeling Behavior - Uses reading time to set a positive example for his children
Literary Selections:
- Classic Literature: Ivanhoe from Scotland and The Leopard (fictional novel from Sicily)
- Business Works: Books on companies and business strategies
- Purposeful Diversity: Intentionally goes "way outside" his comfort zone to challenge his thinking
Philosophy Behind Reading:
Art as Fuel: Views reading great works as feeding his mind with humanity's finest creations, which then enhances his company-building abilities
Company Building as Art: Describes his entrepreneurial work as his personal art form, requiring constant intellectual nourishment from diverse sources
Humanity Connection: Seeks literature that brings him "closer to humanity" to inform his leadership and business decisions
🎯 How does Howard Lerman find joy in his regimented routine?
The Psychology of Structured Joy
Howard experiences extraordinary joy through his regimented daily routine, viewing structure as a liberator rather than a constraint, and finding deep satisfaction in his work-as-art philosophy.
The Joy Paradox:
- Misconception vs. Reality - People assume his routine makes him miserable, but he finds it incredibly enjoyable
- Daily Enthusiasm - Literally "tap danced" into the interview and will "tap dance back" to work
- Work as Play - Opening his laptop and entering his virtual office feels like engaging with "the best people working on the coolest new features"
Recent Creative Achievement:
Lock Screen Feature: Spent two weeks perfecting a new feature that shows all company members rotating on the lock screen "like the eye of Sauron" with an eye icon, working intensively with designers to get the interaction "precisely correct"
Liberation Through Structure:
- Decision Fatigue Elimination - Not having to worry about what shirt to wear or standing around at football games are "liberators of joy"
- Focus Enhancement - Structure frees mental energy for creative and strategic work
- Authentic Preferences - Simply doesn't find traditional social activities like barbecues and football games enjoyable
The Art of Company Building:
Creative Fulfillment: Views bringing new features to the world as "an extraordinary luxury" and describes company building as his personal art form
Daily Renewal: Each day offers fresh opportunities to create and build, making work feel like play rather than obligation
👥 Will Howard Lerman spend time with friends who don't add work value?
Friendship and Personal Relationships
Howard will maintain friendships that don't provide work value, but he's highly selective about his time and says no frequently to preserve focus for what matters most.
Real-World Example:
Middle School Friend Reunion: Recently spent time with Alo Bushan, a friend from middle school who's now CFO of Turing (Johnny's company). When Alo emailed about being in San Francisco, Howard made time for a long walk together.
The Nature of Their Connection:
- Pure Nostalgia - They reminisced about their middle school math teacher, Mr. Williams
- Educational Appreciation - Discussed how Williams taught advanced geometry concepts to seventh graders
- Gratitude for Influence - Recognized how blessed they were to have had such an exceptional teacher
- No Work Agenda - The interaction had "nothing to do with work"
The Reality of Saying No:
- Constant Filtering - Must say no to most requests and opportunities
- Product Decisions - Applies the same selectivity to product choices and hiring decisions
- VC Comparison - Notes that VCs "basically say no all the time" and it's similarly tough but necessary
- Strategic Necessity - Saying no is essential for maintaining focus and achieving meaningful outcomes
Balance Philosophy:
While Howard maintains some personal relationships outside of work, he's extremely intentional about time allocation and won't compromise his primary focus for social obligations that don't align with his values or provide genuine connection.
💎 Summary from [40:04-47:53]
Essential Insights:
- Marriage as Growth Partnership - Howard's wife enables his extreme routines and they've grown together since meeting at 19/20, creating a foundation of mutual understanding and support
- Joy Through Structure - His regimented routine generates extraordinary joy rather than misery, with work feeling like art and daily structure serving as a liberator of creative energy
- Selective Relationship Investment - While he maintains some non-work friendships, Howard is highly selective with his time and frequently says no to preserve focus for meaningful connections and work
Actionable Insights:
- Young partnerships can grow together through major life changes when both people are committed to the journey
- Extreme structure and routine can enhance rather than diminish life satisfaction when aligned with personal values and goals
- Saying no frequently is essential for high-performers to maintain focus on what truly matters, whether in relationships, product decisions, or business choices
📚 References from [40:04-47:53]
People Mentioned:
- Naval Ravikant - Referenced for his unconventional views on education, specifically not wanting his kids to go to school
- Alo Bushan - Howard's middle school friend, currently CFO of Turing, example of maintaining non-work friendships
- Mr. Williams - Middle school math teacher who taught advanced geometry concepts to seventh graders
Companies & Products:
- Turing - Company where Howard's friend Alo Bushan serves as CFO
- Nvidia - Referenced through "The Nvidia Way" book that Howard reads
Books & Publications:
- Ivanhoe - Classic novel from Scotland that Howard reads as part of his intellectual diet
- The Leopard - Fictional novel from Sicily that Howard uses to connect with humanity
- The Nvidia Way - Business book Howard reads as part of his morning routine
Technologies & Tools:
- Sharpie - Silver Sharpie specifically used for Howard's daily shoe-coding routine, provided by his wife
- Lock Screen Feature - New Roam feature showing company members rotating "like the eye of Sauron" with an eye icon
Concepts & Frameworks:
- Young Marriage Philosophy - Howard's belief that marrying young allows couples to grow together rather than merging established personalities
- Company Building as Art - Howard's framework for viewing entrepreneurship as a creative and artistic endeavor
- Selective Time Investment - The necessity of saying no frequently to maintain focus on meaningful relationships and work
💰 How did money change Howard Lerman after Yext's success?
Personal Freedom and Authenticity
Money fundamentally transformed Howard's approach to leadership and public expression. The financial success from Yext gave him what he describes as "the right to say whatever the fuck I want" - a freedom that extends beyond just wealth to authentic self-expression.
Key Changes Money Brought:
- Unfiltered Communication - No longer filtering every statement through legal departments or worrying about potential lawsuits
- Authentic Leadership Style - Freedom to be genuine rather than conforming to Wall Street expectations
- Strategic Independence - Ability to build companies based on vision rather than investor appeasement
Lessons from Public Company Experience:
- First Time Around (Yext): Tried hard to fit the mold of what Wall Street wanted
- Second Time Around (Roam): Committed to staying authentic regardless of public market pressures
- Communication Strategy: Focuses only on areas of expertise (productivity, meetings, company operations) while avoiding topics like politics
The Elon Musk Comparison:
Howard references how Elon Musk runs big companies while saying exactly what he thinks, serving as a model for maintaining authenticity even as a public company CEO.
🎯 What is Howard Lerman's financial freedom threshold?
The $20 Million Sweet Spot
Howard identifies approximately $20 million as his personal threshold for true financial freedom, though he emphasizes this number varies significantly by person and location.
The Mathematics of Freedom:
- Target Lifestyle: $1 million per year before taxes
- Geographic Factor: Miami's higher cost of living compared to his Virginia upbringing
- Sustainability Model: Conservative investment approach allowing indefinite lifestyle maintenance
- Family Considerations: Sufficient for high-end lifestyle including family needs
What This Level Enables:
- Complete Job Independence - Never needing traditional employment again
- Lifestyle Flexibility - Maintaining premium living standards without income pressure
- Investment Freedom - Ability to fund passion projects and new ventures
- Geographic Choice - Living in expensive markets like Miami without constraint
Beyond the Threshold:
Howard notes that making money beyond this level "does not materially change anything at all" - suggesting diminishing returns on additional wealth for personal satisfaction.
Background Context:
- Humble Origins: Public school education, no family wealth
- Perspective Shift: Understanding that extreme wealth doesn't proportionally increase happiness or freedom
🎨 How does Howard Lerman use wealth to fuel creativity and innovation?
Money as Creative Fuel, Not Luxury
Howard's approach to wealth centers on using money as a tool for creation rather than consumption, with a clear philosophy about what matters and what doesn't.
Primary Investment Philosophy:
- Core Focus: Reinvesting everything into making Roam the incredible virtual office he envisions
- Talent Acquisition: Using wealth primarily to hire the best people for shared missions
- Artistic Creation: Viewing company building as an art form requiring significant investment
What He Values vs. Doesn't:
Does Care About:
- Nice house and car because "that stuff is awesome"
- Hiring incredible people - the main use of capital
- Building virtual office ecosystem that powers world's work
Doesn't Care About:
- Buying artwork: "I don't give a fuck about that stuff at all"
- Traditional luxury consumption
- Status symbols beyond practical appreciation
The Stoic Paradox:
Howard describes having a "stoic routine" while also liking to "do cool things" - balancing minimalist philosophy with selective indulgence in meaningful experiences.
Investment Strategy:
- Human Capital: Recruiting top talent for Roam
- Mission Alignment: Getting people committed to shared vision
- Long-term Building: Total commitment to creating sustainable virtual office platform
🎵 What was Howard Lerman's expensive mistake with Dinocore?
The $Million Music AI Experiment
After leaving Yext, Howard's first venture was Dinocore (Dynamic Score) - an AI-powered music company that became a cautionary tale about having too much money as a second-time founder.
The Product Vision:
- Core Technology: AI that generated custom musical scores matching video content
- Unique Approach: Rescrambled existing classical music rather than creating new compositions
- Practical Application: Upload a 17-second video, get a perfectly timed 17-second version of Mozart's "Eine Kleine Nachtmusik"
- Market Need: Eliminated need for audio engineers to manually splice music for videos
The Expensive Build-Out:
Premium Investments Made:
- Design Excellence: Incredible design, great logo, premium UX
- Licensing Deals: Partnership with Native Instruments (German company making industry-standard instrument sounds)
- Ethical AI Approach: Refused to train on copyrighted music illegally
- Technical Perfection: Over-engineered the product before market validation
The Fatal Flaws:
- No Economic Reality: "There's no money in that product at all"
- Perfectionism Trap: Waited too long to launch, demanding "this and this and this"
- No Product-Market Fit: Built "something expensive for something nobody wanted"
- Funding Irrationality: Invested at levels not justified by market demand
Key Lessons Learned:
- Money as Double-Edged Sword: Wealth enabled economically irrational decisions
- Market Validation First: Should have tested demand before premium build-out
- Ethical Constraints: Refusing to steal music (unlike competitors) limited competitive advantage
- Timing Mistakes: Over-engineering delayed market entry and feedback loops
💎 Summary from [48:00-55:55]
Essential Insights:
- Financial Freedom Philosophy - Howard identifies $20 million as his personal threshold for true independence, enabling a $1M/year lifestyle without traditional employment
- Authentic Leadership Evolution - Money gave him freedom to speak authentically rather than conforming to Wall Street expectations, with plans to maintain this approach when taking Roam public
- Creative Capital Deployment - Uses wealth primarily for hiring top talent and building companies rather than luxury consumption, viewing money as fuel for artistic creation
Actionable Insights:
- Second-Time Founder Trap: Having money can enable economically irrational decisions, as demonstrated by his expensive Dinocore mistake
- Market Validation Priority: Even with significant capital, product-market fit must come before premium build-out and perfectionist engineering
- Ethical Business Constraints: Maintaining ethical standards (refusing to train AI on stolen music) can limit competitive advantages but preserves long-term integrity
📚 References from [48:00-55:55]
People Mentioned:
- Elon Musk - Referenced as example of CEO who speaks authentically while running major public companies
Companies & Products:
- Yext - Howard's previous public company where he tried to conform to Wall Street expectations
- Roam - Howard's current company building the virtual office of the future
- Native Instruments - German company that creates industry-standard instrument sounds, partnered with for Dinocore
- Dinocore (Dynamic Score) - Howard's failed AI music company that generated custom scores for videos
Technologies & Tools:
- AI Music Generation - Technology used in Dinocore to rescramble classical music for video content
- Virtual Office Platform - Core technology being developed at Roam
Concepts & Frameworks:
- Financial Freedom Threshold - Personal calculation of wealth needed for complete independence ($20M enabling $1M/year lifestyle)
- Second-Time Founder Syndrome - Risk of making economically irrational decisions when having significant capital from previous success
- Ethical AI Training - Approach of refusing to train AI models on copyrighted content without permission
🎯 Why did Howard Lerman choose external funding for Roam despite having personal wealth?
Strategic Decision Making
Howard made a deliberate choice to bring in outside investors for Roam, even though he could have funded the entire company himself (putting in over $10 million). This decision was influenced by advice from Mark Benioff and his own experience with Dinosaur.
Key Reasoning:
- Avoiding the "Funhouse" Problem - Without external accountability, companies can become unfocused experiments rather than disciplined businesses
- Maintaining Market Discipline - Outside partners keep founders honest and ensure they follow rational business principles
- Learning from Past Experience - Dinosaor served as a cautionary example of what happens without external oversight
The Accountability Factor:
- External investors provide necessary checks and balances
- Forces adherence to standard business practices and metrics
- Prevents the company from becoming a personal playground
- Ensures rational decision-making processes
This approach demonstrates how successful entrepreneurs often seek constraints to maintain focus and discipline in their subsequent ventures.
📈 What was Howard Lerman's tenure timeline as Yext CEO?
Public Company Leadership Journey
Howard's leadership at Yext spanned significant milestones from startup to public company maturity.
Timeline Breakdown:
- Founded: 2006
- Private Company Period: 10.5 years (2006-2017)
- IPO: 2017
- Public Company CEO: 22 quarters (5.5 years)
- Total Tenure: 15.5 years
Achievement Metrics:
- Revenue Scale: Nearly $500 million in recurring revenue
- Customer Base: High-margin SaaS revenue from enterprise clients
- Notable Clients: McDonald's, Alliance Bernstein, and other major enterprises worldwide
- Market Focus: Non-tech companies and legacy businesses
Business Model Success:
The company solved the complex problem of business listing management, enabling centralized control of location data across platforms like Google Maps and Apple Maps. This simple concept required extremely sophisticated implementation to break the "chicken and egg" problem with major platforms.
🔍 How does Howard Lerman view current AI visibility tools compared to Yext's approach?
Market Analysis and Competitive Landscape
Howard provides critical analysis of emerging AI search visibility tools, highlighting fundamental limitations in their approach compared to Yext's comprehensive solution.
Current AI Tools Limitations:
- Problem Identification Only - They show ranking issues in AI search but don't provide actionable solutions
- Generic SEO Tactics - Default to outdated strategies like top-10 competitor lists and blog content
- No Real Problem-Solving - Similar to early Yext competitors who only highlighted issues without fixes
Yext's Differentiated Approach:
- Problem + Solution: Not just identifying wrong phone numbers or addresses, but actually fixing them
- Direct Platform Integration: Ability to update Google Maps, Apple Maps, and other platforms directly
- Authoritative Data Management: Centralized system for instant updates across multiple platforms
Future Opportunity:
With new AI platforms like ChatGPT launching browsers and search capabilities, there's significant potential for companies like Yext to provide authoritative, real-time business data to these emerging platforms. The company's 5-10 million business database represents valuable infrastructure for AI applications requiring accurate location and business information.
🚀 Why does Howard Lerman believe Roam will be bigger than Yext?
Vision for Virtual Office Future
Howard expresses confidence that Roam's potential far exceeds what Yext achieved, based on fundamental differences in market opportunity and technical challenges.
Market Opportunity Comparison:
- Roam TAM: Infinite market potential for virtual office solutions
- Yext Challenge: Required critical mass and platform leverage to succeed
- Business Development Complexity: Yext needed significant leverage to partner with Apple, Google, etc.
Technical Challenge Differences:
Yext's Challenge: Data and platform integration
- Required building relationships and leverage with major platforms
- Needed to solve the "chicken and egg" problem with data providers
Roam's Challenge: Technical infrastructure
- Completely underestimated video conferencing complexity
- Cannot simply use third-party solutions like Amazon Chime
- Requires building proprietary technology from scratch
Video Conferencing Reality:
Howard shares the insight that reliable, scalable video conferencing is extraordinarily difficult to build. He references the joke about Star Trek's unrealistic video conferencing speed across galaxies, highlighting how even fictional technology seems more advanced than current reality.
The technical moat in video conferencing explains why Zoom remains dominant despite competition from Teams and Google Meet, with Google Meet only performing well for smaller groups (10 people or less).
💎 Summary from [56:01-1:03:53]
Essential Insights:
- Strategic Funding Decisions - Even wealthy founders should consider external investors to maintain discipline and avoid turning companies into unfocused "funhouses"
- Public Company Experience - Howard led Yext for 15.5 years total, including 22 quarters as a public company CEO, scaling to nearly $500M recurring revenue
- Market Evolution - Current AI visibility tools only identify problems without solving them, creating opportunities for companies like Yext with actual platform integration capabilities
Actionable Insights:
- External accountability prevents successful entrepreneurs from losing focus in subsequent ventures
- Video conferencing technology remains a significant technical moat, explaining Zoom's continued dominance
- The emergence of AI search platforms creates new opportunities for authoritative business data providers
- Building scalable video solutions requires proprietary technology rather than third-party integrations
📚 References from [56:01-1:03:53]
People Mentioned:
- Mark Benioff - Salesforce founder who advised Howard on raising external capital for second companies
- Mike - Current Yext CEO praised for product vision and sales abilities
- Eric Yuan - Zoom founder credited with solving video conferencing at scale
- Tim Cook - Apple CEO referenced in context of platform partnership challenges
Companies & Products:
- Yext - Howard's previous company focused on business listing management and location data
- Roam - Howard's current company building virtual office solutions
- Dinosaor - Howard's previous project that became a "funhouse" without external oversight
- Zoom - Video conferencing leader maintaining technical dominance
- Google Maps - Platform integration partner for business listing data
- Apple Maps - Platform requiring significant business development for data integration
- ChatGPT - AI platform recently launching browser capabilities
- Perplexity - AI search platform expected to develop mapping capabilities
- Amazon Chime - Third-party video solution insufficient for Roam's needs
- Google Meet - Video conferencing solution with scalability limitations
- Microsoft Teams - Video conferencing competitor to Zoom
Technologies & Tools:
- Adobe Premiere Pro - Video editing platform mentioned in context of plugin development
- Business Listing Management - Technology for centralized control of location data across platforms
- Knowledge Graph Systems - Technology enabling instant updates across multiple platforms
- AI Search Visibility Tools - Emerging category of tools that identify but don't solve ranking problems
Concepts & Frameworks:
- Funhouse Problem - When companies without external oversight become unfocused experiments
- Chicken and Egg Problem - Business development challenge requiring critical mass for platform partnerships
- TAM (Total Addressable Market) - Market size analysis comparing Yext's defined market vs. Roam's infinite potential
- AEO (Answer Engine Optimization) - Evolution of SEO tactics for AI search platforms
🛠️ How did Roam's technical complexity compare to building Yext?
Engineering Challenges and Platform Requirements
Building Roam presented significantly greater technical complexity than Yext, requiring extensive engineering across multiple dimensions:
Video Conferencing Infrastructure:
- Custom-built stack: Developed proprietary video conferencing software including their own SFU (Selective Forwarding Unit)
- 18-month side quest: What started as a necessity became an ongoing technical challenge
- High user expectations: Modern standards for video quality mean any subpar performance creates immediate problems
Multi-Platform Support Requirements:
- Yext comparison: Primarily a web app syncing across Apple, Google, Amazon, and Meta platforms
- Roam's scope: Linux app, iOS app, Android, web, Windows (multiple versions), and comprehensive Mac support
- Desktop integration: As a desktop application running continuously, requires compatibility with every OS update
- Ongoing maintenance: New OS releases like Mac Tahoe generate thousands of bug reports due to changes in screen sharing functionality
Core Technology Components:
- Video conferencing and chat systems
- Virtual office mapping interface
- Magiccast platform integration
- Cross-platform synchronization
The technical challenge stems from Roam's mission: ensuring the technology doesn't prevent this vision from existing in the world.
📈 What are Roam's current growth metrics and team size?
Company Scale and Growth Trajectory
Roam operates with remarkable efficiency, maintaining lean operations while pursuing aggressive growth:
Current Financial Position:
- Annual Recurring Revenue: $2.5 million ARR
- Growth trajectory: On track for triple-triple-double-double path, potentially faster
- Global customer base: 30% of customers located outside the United States
- High retention: Strong net retention rates indicating customer satisfaction
Team Structure and Philosophy:
- Total headcount: 27 people
- Engineering focus: 24 out of 27 employees are designers and engineers
- No sales team: Growth driven entirely by inbound demand
- Unique titles: Employees called "inventors" (spelled with exclamation point for distinction)
Growth Projections:
- 2025 target: $10 million ARR projected for next year
- Hiring plans: Expecting to maintain approximately 27 people to reach this milestone
- Efficiency model: Leveraging compound inbound demand rather than scaling headcount
The company prioritizes customer feedback over traditional VC metrics, with recent feature launches like the watch functionality generating immediate positive user response.
🎨 Why does Howard Lerman believe small creative teams are more effective?
The Disney Model of Creative Excellence
Lerman advocates for small, highly skilled creative teams based on historical precedents and practical experience:
Design Team Economics:
- Diminishing returns: Adding second, third, and fourth designers yields only 25% of original productivity
- Quality over quantity: Hiring a few exceptional people delivers better results than large teams
- Apple example: Even Apple maintained relatively small design teams despite their scale
The Disney Inspiration:
- Core reference: "13 Old Men" - a rare book about Disney's original 13 animators
- Historical impact: These 13 individuals created every major Disney film from the 1930s-1960s including Snow White and Cinderella
- Craftsmanship philosophy: Disney's attention to detail extends to custom fonts in Star Wars World cash registers
Roam's Implementation:
- Imagineering approach: Following Disney's model of detailed craftsmanship
- Custom methodology: "We do everything our own way"
- Role redefinition: No traditional support staff - only "Rome engineers" and "inventors"
- Sustainable productivity: Current team can maintain and expand the product without significant hiring
Walt Disney as Leadership Model:
Lerman identifies Walt Disney as his entrepreneurial idol over typical Silicon Valley figures like Jobs or Musk, emphasizing magic, craftsmanship, and artistic vision in business execution.
🏠 How does working from home impact Howard Lerman's family life?
Work-Life Integration Through Remote Work
Remote work through Roam has fundamentally transformed Lerman's relationship with his family, particularly his children:
Daily Family Interactions:
- After-school connection: Available when kids return home at 3:00 PM
- Quality moments: Even 10-15 minutes of interaction captures children's excitement from their school day
- Peak energy timing: Kids are in great moods and experiencing daily highs when they first get home
- Presence priority: Emphasizes being truly present during these interactions
Creative Family Projects:
- Music collaboration: Traveled to Austria to shoot a music video with his daughter
- Shared talents: His daughter inherited and exceeded his opera singing abilities
- Sound of Music connection: Personal favorite musical that influenced the Austria trip location
Family as Primary Outlet:
Rather than needing external outlets for stress relief, Lerman finds his family provides the necessary balance and rejuvenation from work demands. The flexibility of remote work enables this integration without compromising professional responsibilities.
Future Perspective:
Lerman suggests that having children creates a natural desire to be present and available, making the work-from-home model particularly valuable for parents who want to maintain strong family connections.
🎭 What unique entertainment experiences does Roam create for team building?
Broadway-Quality Corporate Events
Roam has developed distinctive team-building experiences that reflect Lerman's passion for musical theater:
Professional Musical Performances:
- Broadway singer integration: Brings professional Broadway performers to company events
- Enhanced karaoke: Traditional karaoke elevated with professional singers performing alongside employees
- Popular productions: Features songs from hit shows like Wicked and Hamilton
- Interactive format: Professional performers sing in the same room with team members
Musical Theater Focus:
- Personal passion: Lerman's love for Broadway musicals, particularly Sound of Music
- Company culture: Musical theater appreciation integrated into corporate culture
- Quality standards: Professional-level entertainment rather than amateur activities
This approach demonstrates how Roam incorporates high-quality, creative experiences into their company culture, aligning with their overall philosophy of craftsmanship and attention to detail.
💎 Summary from [1:04:00-1:11:56]
Essential Insights:
- Technical complexity evolution - Roam required far more engineering complexity than Yext, including custom video conferencing, multi-platform support, and continuous OS compatibility maintenance
- Efficient growth model - 27-person team targeting $10M ARR with 24 engineers/designers and zero sales staff, driven by inbound demand and high net retention
- Small team philosophy - Following Disney's "13 Old Men" model, emphasizing that exceptional small creative teams outperform larger ones through focused craftsmanship
Actionable Insights:
- Design teams experience diminishing returns when scaled beyond a few exceptional individuals
- Remote work enables meaningful daily family interactions during children's peak energy moments after school
- Professional-quality team experiences (like Broadway performers at company events) can strengthen company culture while reflecting leadership values
- Building custom technology infrastructure requires significant ongoing maintenance but enables unique product capabilities
- Global customer distribution (30% international) and high retention matter more than traditional VC growth metrics
📚 References from [1:04:00-1:11:56]
People Mentioned:
- Walt Disney - Lerman's entrepreneurial idol, representing magic, craftsmanship, and artistic vision in business
- Steve Jobs - Mentioned as typical Silicon Valley entrepreneurial inspiration that Lerman doesn't follow
- Elon Musk - Another Silicon Valley figure that entrepreneurs typically admire but not Lerman's model
Companies & Products:
- Apple - Referenced for their relatively small design team despite massive scale
- Disney - Model company for craftsmanship and attention to detail, including Star Wars World
- Yext - Lerman's previous company, compared to Roam's technical complexity
Books & Publications:
- The Illusion of Life: Disney Animation - Referenced as "13 Old Men," rare book about Disney's original 13 animators who created major films from 1930s-1960s
Technologies & Tools:
- SFU (Selective Forwarding Unit) - Custom video conferencing infrastructure component built by Roam
- Magiccast - Roam's platform integration system supporting multiple platforms
- Mac Tahoe - Recent macOS update that generated thousands of bug reports due to screen sharing changes
Concepts & Frameworks:
- Imagineering - Disney's term for detailed craftsmanship that Roam applies to their product development
- Triple-triple-double-double - Traditional VC growth metric that Lerman acknowledges but doesn't prioritize over customer satisfaction
🎵 What creative outlets does Howard Lerman pursue outside of tech?
Personal Creative Expression
Howard maintains several artistic pursuits that provide balance to his entrepreneurial life:
Musical Projects:
- Sound of Music Tribute: Created a family music video project featuring his daughter who is a singer
- Professional Production: Composed and recorded an original song in a studio setting
- Authentic Location Filming: Shot the music video in the Austrian hills where the original Sound of Music scenes were filmed
- Traditional Costume Details: Used authentic butter dindle (traditional German outfit) worn by Julie Andrews in the original film
- Distribution: The completed music video is available on Spotify
Language Learning Passion:
- Mandarin Chinese - Self-taught while running Yext, actively uses it in conversations with restaurant staff and Uber drivers
- German - Another self-taught language skill
- Future Goals - Plans to learn Italian and potentially Farsi
- Challenge Seeking - Specifically interested in learning languages with different alphabets like Greek
Family Travel Philosophy:
- Takes couple-week family trips to destinations like Greece
- Maintains work responsibilities but sets clear boundaries
- Old vs. New Approach: Previously would combine business meetings with family travel, now strictly separates the two
- Works during travel but won't schedule customer meetings in vacation cities
👥 How does Howard Lerman build long-term team loyalty at Roam?
Decades-Long Professional Relationships
Howard's approach to team building centers on deep, enduring relationships that span multiple companies and decades:
Core Leadership Team Origins:
- CTO: Middle school friendship (31 years of working together)
- COO: High school connection, also 31 years of collaboration
- Both executives: Previously served on Yext's executive team and attended Princeton
- Personal Connection Story: Met his CTO Tom at age 13 over a Weird Al song discussion about Frank's 200 CD
- COO Sean: Met at age 14
Extended Team Composition:
- Wendy - Met at age 19, long-term professional relationship
- Brother - Head of Roam Engineering, obviously lifelong connection
- Average Tenure - Most company members have worked with Howard for over a decade
- Continuity Strategy - Building teams based on proven, trusted relationships rather than traditional hiring
Brother's Unique Background:
- Personality Contrast: More reasonable and patient than Howard
- Creative Foundation: Former Broadway composer and artist/musician
- Career Transition: Reinvented himself in tech about 8 years ago after a failed music app collaboration
- Technical Skills: Combines artistic creativity with technical expertise
🎸 Why does Howard Lerman prefer hiring musicians for tech roles?
The Musician Advantage in Technology
Howard has discovered a strategic hiring pattern that leverages the unique qualities musicians bring to technical work:
Core Musician Qualities:
- Mastery Mindset - Professional musicians have already mastered a complex craft
- Technical Aptitude - Music requires significant technical understanding and precision
- Creative Problem-Solving - Artistic background brings innovative thinking to technical challenges
- Patience and Discipline - Learning instruments like guitar or piano requires continuous focus and practice
Practical Application at Roam:
- Current Team - Multiple talented musicians work at Roam
- Proven Success - Howard's brother exemplifies this approach, transitioning from Broadway composer to head of engineering
- Skill Transfer - The discipline required for musical mastery translates directly to coding and technical work
Hiring Philosophy Benefits:
- Musicians understand the value of practice and incremental improvement
- They're accustomed to working within structured frameworks while maintaining creativity
- The combination of technical precision and artistic vision proves valuable for product development
- Their patience with complex, long-term skill development aligns well with software engineering challenges
📖 What books does Howard Lerman give to every new Roam employee?
Required Reading for Company Culture
Howard has established a specific two-book onboarding tradition that reflects Roam's core values and vision:
The Two Essential Books:
- Ready Player One - Chosen for its virtual world themes that directly relate to Roam's mission
- Grit by Angela Duckworth - Selected because grit represents the defining characteristic of success
Strategic Reasoning:
- Shared Mental Models: When people read the same content, it creates common reference points and understanding
- Brain Synchronization: Howard believes "the human brain is a mirror" - shared reading experiences align thinking
- Cultural Foundation: These books establish fundamental concepts about virtual collaboration and perseverance
Why These Specific Titles:
- Ready Player One: Provides vision for virtual world possibilities that Roam is building
- Grit: Establishes the mindset and characteristics necessary for long-term success
- Learnable Skill: Howard emphasizes that grit can be developed and improved over time
Personal Connection:
- Angela Duckworth Admiration: Howard considers her a personal hero
- Direct Relationship: Has participated in dinners with Duckworth
- Podcast Alignment: Immediately accepted this interview because of the show's focus on grit
🏆 Why does Howard Lerman believe grit is the defining characteristic of success?
The Power of Never Giving Up
Howard's conviction about grit stems from both research data and personal experience building successful companies:
Evidence from Yext's Success:
- Friend's Perspective: During a recent walk, his friend Aloque analyzed why Yext succeeded
- Core Insight: "We just never gave up" - literally the determination to persist through any obstacle
- Team Approach: Not just individual grit, but collective team perseverance
- Problem-Solving Method: When encountering barriers, they worked through them rather than around them
Practical Application of Grit:
- Strategic Persistence - Not just "running through walls" but finding creative ways around obstacles
- Long-term Vision - From 2007 when Aloque joined, Howard consistently talked about the IPO day
- Collective Effort - Team-wide commitment to pushing through challenges
- Adaptive Problem-Solving - Finding alternative paths when direct approaches fail
Supporting Factors:
- Strong Partnership: Having a supportive partner at home is crucial for the entrepreneurial journey
- Hero's Journey Framework: References Joseph Campbell's monomyth as the underlying structure
- Learnable Skill: Emphasizes that grit can be developed and improved over time
- Personal Growth: Howard acknowledges he has gotten better at demonstrating grit throughout his career
💎 Summary from [1:12:03-1:19:59]
Essential Insights:
- Creative Balance - Howard maintains artistic outlets including music production and language learning to balance his entrepreneurial intensity
- Relationship-Based Leadership - His core team consists of decades-long relationships, with key executives known since middle and high school
- Grit as Success Foundation - Believes persistent determination, not just individual but team-wide, was the defining factor in Yext's success
Actionable Insights:
- Consider hiring musicians for tech roles due to their mastery mindset, patience, and creative-technical combination
- Establish shared reading programs to align team thinking and create common cultural references
- Build long-term professional relationships rather than constantly seeking new talent
- Develop grit as a learnable skill through consistent practice and team reinforcement
- Maintain clear work-life boundaries even while staying professionally engaged during family time
📚 References from [1:12:03-1:19:59]
People Mentioned:
- Angela Duckworth - Author of "Grit," considered a personal hero by Howard, has had dinners with her
- Joseph Campbell - Referenced for his monomyth/hero's journey framework
- Julie Andrews - Mentioned in context of Sound of Music recreation project
- Aloque - Howard's friend who provided perspective on Yext's success factors
Companies & Products:
- House of Non King - San Francisco restaurant where Howard enjoys dumplings
- Spotify - Platform where Howard's family music video is available
- Yext - Howard's previous company, had office in Shanghai
- Princeton University - Alma mater of Howard's CTO and COO
Books & Publications:
- Ready Player One - Required reading for new Roam employees, chosen for virtual world themes
- Grit by Angela Duckworth - Second required book for new employees, focuses on perseverance as key to success
Technologies & Tools:
- Mandarin Chinese - Language Howard taught himself while running Yext
- German - Another self-taught language skill
- Uber - Platform where Howard practices Mandarin with drivers
Concepts & Frameworks:
- Hero's Journey/Monomyth - Joseph Campbell's framework referenced for entrepreneurial journey structure
- 996 Work Culture - Chinese work schedule (9am-9pm, 6 days) mentioned in contrast to vacation approach
- Grit Theory - Angela Duckworth's research on persistence as predictor of success
🎯 What drives entrepreneurs to persist through the inevitable suffering of building companies?
The Reality of Entrepreneurial Endurance
The entrepreneurial journey fundamentally comes down to one critical factor: pain tolerance. While success stories like Google and Facebook create the illusion of smooth "up and to the right" trajectories, the reality is far different for most founders.
The Core Truth About Entrepreneurship:
- Quitting is the easiest option - The journey is inherently rough and provides countless reasons to give up
- Persistence separates winners from losers - Those who don't quit are the ones who tend to make it in the long run
- Suffering is foundational - The Latin word for passion literally comes from suffering
Why Pain Tolerance Matters:
- Most entrepreneurial paths are not consistently upward
- Success requires "duking it out" through difficult periods
- The ability to endure suffering becomes a competitive advantage
- If you love suffering, you might love making a company
This perspective reframes entrepreneurship from a glamorous pursuit to a test of endurance, where the willingness to persist through pain becomes the defining characteristic of successful founders.
🎙️ How did Joubin Mirzadegan accidentally discover his podcasting voice at Kleiner Perkins?
From Networking Strategy to Podcast Success
What started as a tactical networking approach evolved into one of venture capital's most authentic podcasting voices, driven by genuine curiosity rather than audience expectations.
The Original Problem:
- Young operating partner at a prestigious venture firm
- Limited network for specialized roles like CROs and sales leaders
- Gap between founder needs and available talent - brilliant technical founders needed go-to-market expertise
- Need for systematic relationship building beyond casual introductions
The Strategic Solution:
- Episodes 1-80 focused exclusively on CROs - narrow but deep target audience
- Personal learning agenda - "I'm a customer of one, talking about what I want to learn"
- Authentic curiosity as the driving force rather than content strategy
- Natural evolution - CROs → CMOs → CEOs → legendary founders like John Doerr
The Unexpected Discovery:
- Voice quality became a differentiating factor (Howard wishes he had Joubin's voice for 2x market cap)
- Genuine fascination with company builders sustained long-term motivation
- Network effect - relationships built through podcast conversations solved the original business problem
The key insight: authentic curiosity beats audience optimization - when you make content for yourself first, it resonates more powerfully with others.
🎨 Why do podcasters fail when they start creating content for their audience instead of themselves?
The Rick Rubin Principle Applied to Podcasting
The most successful creative work comes from internal motivation, not external validation - a principle that explains why most podcasts don't survive long-term.
The Creative Authenticity Framework:
- Artists who make work for themselves succeed - internal compass drives quality
- Audience becomes incremental - natural byproduct rather than primary focus
- External optimization kills creativity - trying to please others compromises the original vision
The Podcast Death Spiral:
- External feedback changes behavior - creators start caring about outside opinions
- Genuine curiosity disappears - replaced by audience-pleasing content strategies
- Original intent gets lost - the pursuit that sparked the show becomes secondary
- Most podcasts quit after a certain number of episodes due to this shift
The Sustainability Secret:
"The show is over when I am no longer curious about my guests or I get Elon"
This approach ensures:
- Intrinsic motivation remains primary - curiosity about company builders drives content
- Quality stays consistent - personal interest maintains engagement standards
- Longevity through authenticity - genuine fascination sustains effort over 200+ episodes
The lesson: when you stop making it for yourself, you stop making it altogether.
💎 Summary from [1:20:07-1:25:37]
Essential Insights:
- Entrepreneurial success depends on pain tolerance - The ability to persist through suffering separates successful founders from those who quit
- Authentic curiosity beats audience optimization - The most sustainable content comes from genuine personal interest rather than external validation
- Strategic networking can evolve into authentic platforms - What starts as tactical relationship building can become something much more meaningful
Actionable Insights:
- Embrace suffering as part of the entrepreneurial journey - Understanding that pain is foundational helps set proper expectations
- Create content for yourself first - Internal motivation produces higher quality and more sustainable creative work
- Use genuine curiosity as a networking strategy - Authentic interest in learning creates stronger professional relationships than transactional approaches
📚 References from [1:20:07-1:25:37]
People Mentioned:
- Sam Blond - Episode 4 guest, described as "amazing" and Howard's first choice hire, former Brex executive now running his own company
- John Doerr - Legendary venture capitalist featured around episode 90, representing the podcast's evolution to high-profile guests
- Rick Rubin - Referenced for his creative philosophy that artists should make work for themselves rather than audiences
- Parker Conrad - Rippling founder mentioned in connection with Sam Blond
Companies & Products:
- Kleiner Perkins - Venture capital firm where Joubin works as operating partner and produces the Grit podcast
- Brex - Financial technology company where Sam Blond previously worked
- Ramp - Competitor to Brex in the corporate card space
- Rippling - HR and IT management platform that Kleiner Perkins invested in (Series A)
- Google - Example of rare "up and to the right" entrepreneurial success story
- Facebook - Another example of exceptional entrepreneurial trajectory
- AOL - Referenced as having founder featured on podcast
Concepts & Frameworks:
- Pain Tolerance in Entrepreneurship - Core thesis that successful founders are distinguished by their ability to endure suffering
- The Rick Rubin Principle - Creative philosophy that authentic work comes from internal motivation rather than audience pleasing
- Podcast Sustainability Theory - Framework explaining why most podcasts fail when creators shift from personal curiosity to external validation