The Flipside, Another Way to Look at an Issue
I run into lots of entrepreneurs who go out of their way to keep their idea or technology secret. They search me out, want to get my opinion or advice, and start out by asking for an NDA. I am not special, they act the same way with anyone they talk with. In their minds, the idea is the most important thing and they have to do whatever they can to protect it! Now I am not naive and do understand that there are secrets that are the cornerstone to a business, but every idea is not as critical the formula for Coca Cola.
So, here is the flipside to think about, there are tons of great ideas, but very few turn into successful businesses. The successes don’t always have the best idea or most innovative technology. So what do I think is the difference? The successful ones figure out how to “execute” on the idea; how to turn a great idea into a great business. To do that, you need lots of help starting with building a great team.
If you ask most investors what is more important a great idea or a great team, I don’t know one that picks the idea. It sounds cliché, but we tend to bet on Jockey’s not Horses. We see lots of great technologies, but few teams that show the wherewithall to build the business and execute on the plan they have developed.
Focus on the skills, knowledge, and experiences you believe you need to build a successful business and then go about identifying the best talent to execute your plan and build your business. In order to get the best people, you have to show them your vision, which includes your technology. If you build the best team and business plan, all anyone can do is steal your idea, but they still have to figure out how to execute on it. At the same time, you will be off but you be off getting your products into the market and build your business.
Something to think about. Any other thoughts on this?