Pivot iff - you’ve learned a rare and valuable insight (a « secret » in Thiel’s parlance) AND - you’ve built solid assets in the current company (tech, clients...) for exploiting said secret ELSE Restart from scratchhttps://twitter.com/WorkMJ/status/1064482637018992640 …
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Yeah, it was implied :)
Yup - trivial call-out, but there was some meat to the rest of what I wrote. How much of VC's saying "don't pivot" is "we want our money back"
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On average, I would say that founders tend to err more in burning cash till the last penny clutching at every straw, than in giving up before they're out of money. In the latter case, VCs typically only recoup 10-25c on the dollar.
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I haven't seen as many companies as you have most likely, but yeah...it definitely seems like founders err on the side of burning cash, diluting their stake if they're successful or reducing their chance of success if they're not.
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