It is almost certain that your capital will need to be local - unless you’re going straight to venture / seed. Defense/ Intelligence Education Healthcare Provision Healthcare Back-End Virtual Reality Transportation Manufacturing Food Production/ Distributionįunding/ Angellist The 3 F’s: Friends, Family & Fools 15 The good news is the sources of capital have increased dramatically in the past 5 years To think about solving harder problems in bigger markets with fewer startups. Have a structural advantage form the basis of many of our best investments New Entrants Incumbents with Innovator’s Dilemma Success story is built on the principal of deflationary economics Eventually startup is good enough and market trades down Time Performance / Functionality Incumbent New Entrant Incumbent Customer Requirements Market trades down. 10 Initially incumbent's customers’ requirementsĪre high enough that the startup can’t meet their needs.Misunderstood thing about “disruption” - it’s a combination of 4 factors in which incumbents literally can’t respond Price Performance/ Functionality Margin Market Size Performance/ Functionality Time New Entrant Incumbent Unit Price of a Good Time Deflation Market Size MarketĮntrants enter the market with less functionality but massively cheaper prices - The Innovator’s Dilemma. The market reach / size the Internet has created enormous companies that scale quickly. I’d like to leave you with about planning an Internet business it’s that at scale the Internet drives deflationary economics.
Luxury of skipping basecamp as they know the mountain -Academic breakthroughs -Industry knowledge -Worked with VC investors before -History of exits Many investors are too focused on the peak. Market 2 Funding the Expedition 3 How Venture Capital Actually Works 4 Picking Your Crew 2 Startup JourneyĪ startup should be to focus on basecamp.
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