Elon Musk on raising capital: “You have to show investors that you’re all in”
“Tesla almost died in 2008,” Elon explains. “The recession was particularly difficult for car companies, and in the summer of 2008 we had to raise a big funding round. But because of the collapse in the financial system, that funding round didn’t happen and we had to piece together money to keep the company going from myself and existing investors. We were able to complete a financing round that was just barely enough to keep the company going, and we closed it on the last hour of the last day that it was possible to do so. It was Christmas Eve 2008 at 6pm . . . and we would have run out of money a few days after Christmas.”
Elon continues:
“So while things are going really well these days, I think it’s always important to remember that when you’re creating a company, there are very dark times and it’s about getting through those dark times. That’s the difference between success and failure.”
He offers the following advice to aspiring founders:
“A company is a group of people gathered together to create a product or service. That’s really all a company is. So you have to really believe in what you’re creating and know in your heart and mind that this is something that matters and that the world ought to have.”
Believing whole-heartedly in what your building is especially important for raising capital, Elon argues:
“I think it’s important to show investors that you’re all in. For example with Tesla, the fact that I invested all the money I had and was all in — I literally had to borrow money from friends to pay rent in 2008 — made a huge difference to investors and convinced them to invest in Tesla at the same time that GM and Chrysler were going bankrupt. I think you have to show them that you really care, that you’ve got skin in the game, and that you’ve given it everything you’ve got. Then the other people at the company will follow suit, as will investors. I did that at both SpaceX and Tesla and think that’s really fundamental.”
Elon also urges founders to only hire people who are passionate about what you’re building:
“When you hire people, what you’re really trying to do is convince people to join you in the endeavor. You should hire people who are also passionate about what you’re doing . . . they need to really care about what they’re doing. Then they will stay during the dark times.”
Source: @MTJobsSummit (Nov 2013)
Failed to reduce UNEMPLOYMENT
Failed to reduce CORRUPTION
Failed to reduce POVERTY
Failed to manage BORDERS
Failed to reduce CRIME
Failed to reduce COST OF LIVING
Failed to improve SOEs
Failed to improve SANDF
Failed to end LAWLESSNESS
A FAILED PRESIDENT! Cyril Ramaphosa
BREAKING: Two people have climbed to the top of the Empire State Building in New York City, holding a banner from the skyscraper's antenna reading, "When the power of love beats the love of power, the world knows peace."
As of now it's unclear how the pair reached the top of the building as police work to get them down from the spire, 1,454 feet above the ground.
To those who were saying we Bafana should copy Senegal or Ivory Coast footballing system, what do they have to say now that they are also eliminated at R32.
@atkinsmike1@gregorycgravett my summarised objection to your statement is basically that secularism is the problem. not 'objectivity' or 'subjectivity'. one cannot have a 'rational' conversation about this outside of broader christendom. 'the powers that be' use reason + emotion to drive secular misanthopy.
@atkinsmike1@gregorycgravett i'd think hard about anthropological questions before getting to objectivity and whatnot.
facts are direction-less (e.g. confirmation-bias) outside of that.
many hide either behind objectivity or subjectivity to avoid the question of anthropology.
axioms, etc need agreement.
@atkinsmike1@gregorycgravett abstractions like this don't help with achieving your goal.
the truth obsession thing is a modernist passe.
not sure you can turn back the clock on this : obsession with 'objectivity' was, for all intents, instrumental in creating world wars + cold war.
humans aren't just atoms.
South Africa - Canada - conceded 90+2
(Lost 1 -0 )
Ivory Coast - Norway - conceded 86th minute ( lost 2-1 )
Congo - England - conceded 86th minute
( lost 2-1 )
Senegal - Belgium - conceded 86th and 89th . Extra time penalty 120+5
( lost 3-2 )
As African what are we lacking to be conceding goals at this crucial stage in the game
The average age of a business founder is 45.
The average age of a CEO is 55.
The average age of a millionaire is 61.
You’re not too old. And it’s not too late.
Even in defeat, they turned to God. ❤️🇨🇩
The final whistle blew, but before anything else, the DR Congo squad gathered together at the centre circle to pray.
These African teams all ultimately lost to European teams after conceding at the 86th minute 🤔
Unlucky timing for the Ivory Coast, DR Congo and Senegal 😔
The South African government does in fact have a relationship with Starlink. It is the sole shareholder of the PIC which has a 13% stake in Vodacom which, in turn, has a commercial agreement with Starlink to roll out low-orbit satellite services across Africa.
One assumes Deputy Minister Masondo doesn’t share Musk’s views on South Africa and yet he hasn’t divested in Vodacom. Why not? Because if South Africa accepted investment based on the political views of investors we would be even further into an unemployment catastrophe than we already are.
I really do think it would be useful for more of SA’s commentariat to have a sense of how the world actually works.
If you had the balls to try and walk into Zambia, Zimbabwe, or Malawi, start working and living there, build a shack, use the hospitals, and get your kid into schools without getting swiftly arrested and sit in jail awaiting deportation I would eat my hat. But RSA. No problem.
🇿🇦🚨Rio Ferdinand on 𝗠𝗕𝗢𝗞𝗔𝗭𝗜 (𝟮𝟬)‘s performance against Canada:
🗣️“South Africa might have lose yesterday but Mbozaki stole the show with his performance, very impressive and looking aggressive in his position, in the first half he made some key clearance in the box and one from the goal line keeping South Africa in the game.”
“I wasn’t expecting such performance, I try looking at him all game, his strength and athleticism is on another level when chasing the ball. He played with his soul in the pitch and making sacrifices with his body to keep the game ON for his Nation.”
“Imagine he was playing for a club in Europe, after the World Cup you could have hear from different clubs crushing to sign this young talented defender. I think he was the reason South Africa didn’t concede an early goal, his sacrifices really worth it for full 90min.”
Hopefully he can get some recognition from Europe after the tournament and let’s see what happens.”
Milton Friedman:
“Those few of us who believed in freedom and free markets, in minimum government, were regarded as nuts over on an extreme fringe of the intellectual scene.”