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There have been cases where a highly funded startup used the money to kill off all its competitors. But not that many. And the highly funded startup often had the more able founders. There are few cases of highly funded mediocre founders beating underfunded great ones.
So in one sentence, the strategy for dealing with highly funded competitors is: survive long enough to make it a test of ability. (This advice applies to more than startups.)
Wright Brothers vs Samuel Pierpont Langley are one of my favorite examples
The Wright brothers didn’t win via entrepreneurial ability. They won through inventive ability. sadly, people in similar roles to Graham often push founders to delegate too early and to focus almost exclusively on being an executive. Inventiveness suffers.
Finance version: "Markets can stay irrational longer than you can stay solvent."
(This advice applies to more than startups.)https://twitter.com/ShreyKeny/status/1254400631554490368?s=20 …
Finite vs Infinite play.
Deeply true. A year after I founded BondPoint (bond exchange), I had 92 competitors, many with $100m+ funding. Then came the dot-com crash, then 9/11.. Five years later, two platforms were left. Now ICE/BondPoint handles 20-30% of US bond market trading. Hang in there, folks.
Transcend, not Compete. Show up, Don’t leave. Resilience > Efficiency
I needed to hear this, thank you.
Somebody has to care. It is easy to spend money.
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