You know those startups that sound like they're tackling a big problem (like "healthcare" or "climate change") but the thing they plan to build can only fix a tiny part of the problem, even if they executed it perfectly?
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I find unambitious companies "boring" from a mission perspective, but guess what? Investors also find them boring from a money perspective!
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Solving a "modest" problem competently gives you, like, a $200M exit. Investors can't get the returns they need unless they bet on companies that have a chance to do better than that.
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I'm used to downplaying my ambitions to sound more "professional" and "serious", because I don't have nearly enough of a track record yet to prove I can achieve them. But I'm starting to get better responses just by telling the truth explicitly.
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From the VC's perspective, hearing "I want to replace a $300B market" is a good sign, not because it proves you can (it doesn't), but because it distinguishes you from people who aren't even thinking of trying (which is actually a lot of founders!!!)
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Replying to @s_r_constantin
Why go VC? Why not bootstrap, go for early profitability and reinvest? I question, very much, the VC model.
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Replying to @neozero497 @s_r_constantin
addendum: I think you are very smart and talented and could succeed either way. I just want to better understand the rationale behind VC funding.
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It's necessary for biotech because revenue requires physical capital (you have to literally do experiments, with real animals and reagents and machines!)
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Replying to @s_r_constantin
That is interesting. Makes me wonder what the smallest scale biotech firm to have ever been started was.
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