Scar Tissue

When I first started investing in 2007, I heard some investors turn down opportunities because of “scar tissue.” They had previous brutal (and usually money-losing) experiences with an idea/sector/market and this prevented them from doing it again. The canonical example for us is Ron Conway and music. Ron spent the better part of a decade …

A Business Case for “Putting Customers First”

One of the few things that actually stuck with me from law school was the concept of “maximizing shareholder value.” The basic idea was that the corporation exists solely to maximize shareholder value, i.e., profit. It argued that as among the interests of shareholders, employees and customers, the shareholders’ interests ruled the roost. Whenever there …

Starting v. Building a Company

Durability is the rarest thing in technology. -Joe Kraus Fred Wilson has a series of classes on building sustainable companies. His related blog posts highlight the differences for me between “starting” and “building” companies. It’s never been easier to start a company in Silicon Valley and New York. And on balance, my personal view is …