Credentials are signaling mechanisms that help people who can’t spot talent a priori
At best these create communities where there are lower transaction costs between members, which enables creation
So we can’t get rid of credentials. We need to find ones that are more fair.
All the best investors I know are more like founders than investors: Fred Wilson, Mike Moritz, Pmarca, Ben Horowitz, Keith Rabois. What do I mean by like founders? Informal, pragmatic, genuinely interested in products and not just in money.
Jeff Bezos & founding team, c. 1995:
- I am going to build the largest e-commerce / marketplace website and also a leading cloud storage provider eventually (cause we need to build the infra from the ground up)
Bad VC:
- Do you have technical abilities in « cloud » storage ?
Can evolutionary thinking be applied in business?
When something fails in business we conclude that it doesn’t work.
But this misses the circumstances in which it failed.
In contrast, evolution is blind to circumstance. It just keeps trying things until they stick.
A great succinct post by @fredwilson about what matters when investing in a startup: “a large market, a great product, and a talented founding team”. 👌🏽
And I’d suggest one more variable: the right timing.
https://t.co/u7BejiKK6R
9/ When times are dire, the worst thing you can do during this moment is to be overly patient for numbers to rebound. Freak out, don’t zen it out: https://t.co/2roqqzsDjS