"The best startups have a way of looking crazy until they don't."
This quote suggests that innovative startups often seem unconventional, even absurd, to those who do not fully understand their vision or concept. However, as these startups mature and their ideas prove successful, they no longer appear "crazy" but rather forward-thinking and revolutionary. In essence, it's a reminder that groundbreaking ideas are often initially met with skepticism, but those with perseverance and a strong foundation can eventually transform the status quo.
"Average is a failing grade at USV."
Fred Wilson's quote, "Average is a failing grade at USV," suggests that mediocrity or simply meeting expectations is not acceptable at his venture capital firm, Union Square Ventures (USV). This statement indicates that USV aims to invest in innovative ideas and businesses that exceed the norm, striving for exceptional results instead of settling for the average. It serves as a reminder that in a competitive and fast-paced industry, merely meeting expectations is insufficient, and one must aim for success beyond the ordinary.
"The best founders build companies because they can't not."
This quote suggests that exceptional founders have a strong, intrinsic drive to create and lead companies. It implies that their passion and commitment are so profound that starting and growing a company is not just a choice or a career move, but an inevitable act of self-expression - something they feel compelled to do because it's deeply rooted in who they are. This mindset often leads to significant success in entrepreneurship due to the founder's unwavering dedication and relentless pursuit of their vision.
"The biggest risk is not taking any risk... In a world that's changing really quickly, the only strategy that is guaranteed to fail is not taking risks."
This quote emphasizes that in a rapidly evolving world, the greatest danger lies in being risk-averse or unwilling to take calculated risks. Stagnation can lead to failure when compared to those who are willing to embrace change and challenge the status quo. It suggests that to succeed, one must be prepared to venture into uncharted territory and face the inherent uncertainties of innovation and progress.
"Every startup needs to be its own category."
This quote emphasizes the importance of each startup being unique and creating a niche or new market category for itself, rather than simply competing within an existing one. By carving out their own space, startups can differentiate themselves from others, develop a unique value proposition, and build a loyal customer base. This approach encourages innovation, fosters growth, and enhances the startup's chances of long-term success.
New York's niche is content, and content is becoming more valuable. Just think about what is more valuable: MTV or the cable system that you use to get MTV? Howard Stern or the radio station you use to listen to him? Ultimately, technology becomes a commodity, and content - real, true branded content - becomes more valuable.
- Fred Wilson
Customers are a great way to finance a business for many reasons. First, customer financing is typically non dilutive. They want something from you other than equity in your business. Customers also help you fit your product to the market. And customers will help debug and improve the quality of the product.
- Fred Wilson
The most common way customer financing is done is you sell the customer on the product before you've built it or before you've finished it. The customer puts up the money to build the product or finish the product and becomes your first customer. Usually the customer simply wants the product and nothing more.
- Fred Wilson
My venture investing career has three phases, all roughly 6-8 years long. The first, at Euclid, was software to Internet. The second, at Flatiron, was Internet to bubble. And the third, at USV, has been web 2 to mobile. I have always used a new firm to denote a new investment phase for me. Throw away the old. Start with the new.
- Fred Wilson
Politics and government have been a terrible place to invest; education has been a terrible place to invest, but that is because the entrenched interests make it a terrible place to invest. The way you invest in those sectors is you go against the entrenched interests; you try and disrupt the entrenched interests, not to service them.
- Fred Wilson
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