April 26, 2011

Bet on skill and experience

This year’s MIT $100K Business Plan Contest semi-finalists was named in March. This list is interesting among other reasons because a large component of success in entrepreneurship and venture capital can be attributed to skill, thus increasing the rate of success above the
April 26, 2011

Bet on skill and experience


This year’s MIT $100K Business Plan Contest semi-finalists was named in March. This list is interesting among other reasons because a large component of success in entrepreneurship and venture capital can be attributed to skill, thus increasing the rate of success above the

This year’s MIT $100K Business Plan Contest semi-finalists was named in March. This list is interesting among other reasons because a large component of success in entrepreneurship and venture capital can be attributed to skill, thus increasing the rate of success above the 18-30% average hit rate. Chance of success may be enhanced even further by choosing experienced venture capital firms (but only for entrepreneurs without a successful track record http://bit.ly/efd5YC) and by working in the ‘right’ industry http://bit.ly/cqnhoJ.

Actually, failure increases chances of success; VCs really do invest in the people; serial entrepreneurs are more likely to raise funding; first-timers and non-successes benefit more from VC expertise; better VCs provide better deals; and serial entrepreneurs get better terms.