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Kindle Notes & Highlights
“If you really want to change the world,” he said, “you don’t need millions of dollars. You need billions.”
Most business plans – with their exhaustive go-to-market strategies, detailed projections of revenue and expenses, and optimistic forecasts of market share – are a complete waste of time. They become obsolete the minute the business starts and you realize how wildly off the mark you were with all your expectations.
The truth is that no business plan survives a collision with a real customer. So the trick is to take your idea and set it on a collision course with reality as soon as possible.
Culture is a reflection of who you are and what you do – it doesn’t come from carefully worded mission statements and committee meetings.
IVP funded us not because our forecast was good, or our pitch was perfect, or because I’d wowed them with my slides and enthusiasm. IVP funded us because, despite how impossible things looked, Reed was a miracle worker, and Reed was on board.
As noted Everest climbing guide Ed Viesturs tells his clients, “Getting to the top is optional. Getting down is mandatory.”
VCs will always say that they’re aligned with your mission, that they want what’s best for the company. But what they really want is what’s best for their investment in the company. Which isn’t always the same thing.
