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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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.
With that said, if I were a VC and I thought I had a good founder with a bad idea, I'd encourage him to pivot on the leftover money ASAP. If I thought I had a bad founder with a bad idea, I'd encourage him to return the money. Reasonable?
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Well, pivoting is not imho 100% a decision. I think you have to stumble upon something great. It’s often not cost effective to test ideas with a whole company running idle. Now when you have a great founder with a nice (but not yet great) idea is when the decision is hard
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Good point. If you're at an advanced stage, pivoting makes much less sense that at an early mostly founder stage. Every good idea I've ever had was a Eureka moment that occurred randomly. They find you, you don't find them.
End of conversation
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