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Great post. you followed some important start-up rules: (1) get a prototype or "good enough" version out early and be prepared to iterate (2) hit a milestone

Great post. you followed some important start-up rules: (1) get a prototype or "good enough" version out early and be prepared to iterate (2) hit a milestone that impresses investors before raising funds. measurable customer traction is an impressive milestone (3) only raise money when you need it, and make sure to raise enough to safely hit the next milestone that will impress investors

webwright 18y ago
Amen to #2. I'm stunned by the # of people who are in the "I have a brilliant idea and a couple of powerpoint slides!" phase who expect to get funding.
- aneesh 18y ago
  Yeah, and there continue to be lots of people in that phase. It's even more surprising because you'd expect the market not to give them funding, and eventually people would learn its not worth their time to seek funding at that stage. So that means either some people are getting money with just an idea, or the market is really slow and inefficient.
  - LPTS 18y ago
    I think this kind of bullshit is the new conventional wisdom. It all depends the idea. Ideas are valubale in exactly those cases where the idea is an elegant solution to a big problem. There was a point where the Polio vaccine was just an idea. Would you rather of funded the polio vaccine or some crap web app that has a missing vowel in it's name with half a million users? The thinking that an undeveloped idea is not valuable is symptomatic of the lack of vision in the tech world. People interested in elegantly solving big problems know a solid idea is way more important than a little traction. This thinking is wrong for a class of ideas that is essential for solving the big problems in the world that represent the best business opportunities. Silicon Valley and it's associated culture has become the new tired conventional wisdom. This is why silicon valley no longer solves big problems.
    - gscott 18y ago
      > solving the big problems If you have a good presentation and can make a case that your solving a big problem will be financially successful I don't see why you couldn't get funding for it. I am not solving the worlds problems and have nothing totally unique, so a little traction is more important in my case but maybe not yours.
      - LPTS 18y ago
        I wasn't talking about your case in particular. These cases are different. I'm just saying that the popular (wrong) "wisdom" is that ideas are worthless, and that's an example of a pre-post fallacy. I'm talking about the guy above you who said "I'm stunned by the # of people who are in the "I have a brilliant idea and a couple of powerpoint slides!" phase who expect to get funding." I may have replied to the wrong person! I think I was more with the guy I replied to. Sorry! The very best business ideas will come from people with only an idea and a presentation because elegantly solving a big problem is both the best business proposition and the type of thing that requires only a well reasoned idea that simplifies complexity.

webwright 18y ago

Amen to #2. I'm stunned by the # of people who are in the "I have a brilliant idea and a couple of powerpoint slides!" phase who expect to get funding.

aneesh 18y ago
Yeah, and there continue to be lots of people in that phase. It's even more surprising because you'd expect the market not to give them funding, and eventually people would learn its not worth their time to seek funding at that stage. So that means either some people are getting money with just an idea, or the market is really slow and inefficient.
- LPTS 18y ago
  I think this kind of bullshit is the new conventional wisdom. It all depends the idea. Ideas are valubale in exactly those cases where the idea is an elegant solution to a big problem. There was a point where the Polio vaccine was just an idea. Would you rather of funded the polio vaccine or some crap web app that has a missing vowel in it's name with half a million users? The thinking that an undeveloped idea is not valuable is symptomatic of the lack of vision in the tech world. People interested in elegantly solving big problems know a solid idea is way more important than a little traction. This thinking is wrong for a class of ideas that is essential for solving the big problems in the world that represent the best business opportunities. Silicon Valley and it's associated culture has become the new tired conventional wisdom. This is why silicon valley no longer solves big problems.
  - gscott 18y ago
    > solving the big problems If you have a good presentation and can make a case that your solving a big problem will be financially successful I don't see why you couldn't get funding for it. I am not solving the worlds problems and have nothing totally unique, so a little traction is more important in my case but maybe not yours.
    - LPTS 18y ago
      I wasn't talking about your case in particular. These cases are different. I'm just saying that the popular (wrong) "wisdom" is that ideas are worthless, and that's an example of a pre-post fallacy. I'm talking about the guy above you who said "I'm stunned by the # of people who are in the "I have a brilliant idea and a couple of powerpoint slides!" phase who expect to get funding." I may have replied to the wrong person! I think I was more with the guy I replied to. Sorry! The very best business ideas will come from people with only an idea and a presentation because elegantly solving a big problem is both the best business proposition and the type of thing that requires only a well reasoned idea that simplifies complexity.