Guy Kawasaki is a fun and interesting guy, and I enjoyed the recent interview with him on the excellent Venture Voice podcast. Excerpt:
When you see a company, what do you look for? Is it the entrepreneur, the market analysis?
Well, this is the question that every VC gets asked and every VC answers consistently by saying, “We’re looking for a proven team, with proven technology, and with a proven business model”.
And that’s a load of crap.
Because, frankly, if you look at the huge successes, I would say for those three parameters, usually the huge successes are zero-for-three. Maybe one-for-three.
And I would say that about Apple, I would say that about Google, about Cisco, and Yahoo. They were not three-for-three there.
So I could more easily build a case that you should look for an unproven team with unproven technology in an unproven market, cause that’s the billion dollar deal!