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This recipe will beat all three: ship quickly, then relentlessly optimize for growth, and don't hire a lot of people till you have it.
Obviously this won't work for all startups. Boom or Oklo can't avoid spending before growth. But even in cases like those you can adapt the recipe. Just replace "growth" with "convincingness to investors." E.g. hitting milestones.
“Convincingness to investors” wasn’t a very useful metric in the case of Theranos.
It was a very useful metric *for* Theranos, in their mission of ripping off investors.
Paul, Can you elaborate more with examples: "convincingness to investors." E.g. hitting milestones'.
What are your favorite tales of failed startups?
It seems that there are exponentially more ways to fail than to , success. This coincide with the higher learning rate of successful serial entrepreneurs
LOIs are also a great way to show growth. Boom collected $5b of letter of intents in a few months. So your first definition still fits Boom.
Clarification: You do not have to hire a lot of people to manage your “infrastructure”, the rest of the technology and business delivery processes shall still need the same number if not more people to keep up pace...
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