Why a Good Idea Isn’t Enough to Carry Your Business

The days of the idea to investors is all but dead now. With the Dot Com crash, the relative ease of finding materials and the fact that overnight everyone wanted to be a venture capitalist killed it overly overnight. In just twenty short years the world went from someone having an idea and being able to find backers to no one being interested unless you had a full idea, a working prototype and a full staff. Is this good for the world or not is still something that will be revealed.

Key Takeaways:

  • Gone are the days when you could pick up the phone and get Ben Rosen or Vinod Khosla or Felda Hardymon or John Doerr on the phone in one shot
  • There’s a network of introductions and handoffs and gatekeepers who fend off even the warmest of introductions
  • The process has become byzantine and laborious and fraught with peril. And if you don’t have all the little boxes checked, it just won’t happen.

“By now, in 2017, no one is investing in ideas, only in execution. You have to have at least put together some sort of Minimum Viable Product, and demonstrated some sort of traction – which means you need a team, as well as a good idea, and some hard work.”

Read more: https://www.inc.com/quora/why-a-good-idea-isnt-enough-to-carry-your-business.html

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