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This morning I sat through two pitches by two startups looking for funding. I won't get into the details, but they both had clever ideas at their root. But while one company was attractive and poised for success, the other was mediocre and not getting much traction. Why was that? They both had clever ideas, no?
Over the years I've looked at a lot of business plans for Venture Funds. The first lesson that I learned was that cool ideas didn't equal successful companies. While I would get all hot and bothered by a particularly elegant software solution, the VC's I was consulting to preferred the plans that understood the market and the customers in it (and had a kick ass management team, natch).
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Topics: User Modeling, Venture Capital