The headline sounds contradictory
But thats whats it all about: by being both a failure champion from the side of the start up and venture capitalist
The video is by Ilya Strebulaev who teaches at Stanford (had some encounters with professors at that School) and we know many billionaires are associated/have connections with Stanford.
The VCs are successful only 1/60 of the time. There is even a Museum of Failures where there is display of failed ideas and innovation. The idea is to keep on moving and moving forward always despite failures.
The VC mindset:
1. Expect failures That is going to be part of the life of the proponent and the VC analyst
2. Stay out of the office - go to the proponents office/factory, see his prototype, talk to prspective coustomers (be at the Gemba)
3. Have a prepared mind. Chance favors the prepared mind. (This post experienced this when he talked to a banker for a possible funding. I was prepared with the number and business plan in my head which I recited to him without ppt. He approved a P14M line from that conversation
4. Say no a 100 times. it is easier to conduct an interview with a proponent if your question is "Why should I not fund your project
The blurb (the short pitch for Gmail)
There were many words for this: the elevator pitch, it was just pitch when I was teaching. That is what every new entrepreneur business leader should know when making speech or spiel for funding or sponsorship.
It should be typically just two short paragraphs:
1. About you, why they should trust you with their money (zillions) what are your extraordinary
skills and experience, corde. What is extraordinary about you and your team?
2. Your team: what disruption, what extraordinary thing can you do about existing business and
value chain. How could you monetize your ideas. Why should it be noticed? Chosen
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