You need more than just a great idea. Your product or service must add an enormous amount of value to some industry. If the idea isn't completely new, it has to be better, cheaper, or more efficient than what we already have.
From Jose Ferreira
No one cares how valuable your product is if its addressable market is small. The key isn't so much the number of users as it is the dollar size of the market.
If your business had no risk, you could go get a bank loan and call it a day. VCs like risks - without them, venture capital wouldn't exist. But they need to be risks that VCs are good at assessing and managing.
It's not enough to have a value-adding product in a big market. You also need the right conditions. Will you be able to scale revenues within a 5-10 year time frame? Is the timing right? YouTube wouldn't have worked pre-broadband.
The best programmers and internet entrepreneurs are in the Bay Area. Don't kid yourself about that, not even for a second.
Jeff Bezos was one of those best and brightest who came to N.Y. to work in finance. He didn't need to know anything about retail bookselling to start Amazon.
What N.Y.C. does attract, year in and year out, is the very best general talent from around the world. The absolute smartest, neurons-just-fire-faster, can-bend-spoons-with-their-mind talent.
The San Francisco Bay Area has more VC firms and dollars invested than all East Coast cities combined.
Google's real threat to China is not that it will leave the country. It's that it will embarrass China and damage its national reputation as a place to do business.
I found school very boring and frustrating.
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