I spoke earlier this week with a young founder, a couple of years out of college, and the conversation has moved me to rant. Not a rant about inexperience, though. Inexperience has its advantages, and experience has its disadvantages. This is a rant about taking on life risk.
The last decade has seen an explosion, worldwide, of organized entrepreneurship. Angels, seed funds, mentors, coaches, accelerators and incubators have proliferated (as have VC firms). And a (good) blog post can be found on just about every minute aspect of building a technology business.
Tim O'Reilly recently wrote a great essay on the virtues of not raising external capital. It led me to reflect on one aspect of having outside investors that can feel like a gigantic chore -- reporting. This is irrelevant if, like Tim (or Craig Newmark), you haven't raised external capital. But if you have, these five guidelines might be worth considering:
Because I do so much long haul travel, I feel somewhat qualified to opine on the United-Dao saga. The current narrative misses two key things. The far more important one is the fact that the TSA was handed sweeping authority over travel in the post 9/11 dispensation.
Over the years I've had hundreds of conversations with CEOs about "the next round". This usually takes the form of a question: "What metrics do I need to hit to raise the next round?" In itself the question is rational; what is troublesome is when the question is asked right after a round has been raised, and when business decisions are made based on a theoretical future raise.Here are five concrete reasons to spend little time thinking about the next round in the context of building your business.