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English Subtitles

So you said 'start with the people'.

And I also read on your blog that...

...essentially, you typically don't like to work with entrepreneurs who are solo entrepreneurs.

Is that true?

You know...I think...

I think Paul Graham who is a really great entrepreneur and has programme called Y-Combinator that tries to give young entrepreneurs the opportunity to start companies and collaborate...

...And Paul gave a presentation where he said something that I thought was really interesting.

He said I, Paul, don't invest in individual entrepreneurs because...

...if you can't convince one other person to work for you, then there's probably going to be some troubles in your business.

I think there's something to be said for that.

And I think that, ultimately...

...no one person has an understanding of all the disciplines it takes to create an interesting business.

So I would much rather have a group of people come to me and tell me about how they've worked together for a long time period of time...

...or they got to know each other...

...why they're looking at a particular market.

I think that's a better model.

But if one individual who is spectacular and smart and had a great idea came into my office and said here's my idea, I would say...

...'have you started talking to people about this idea?' and if the answer was 'no I haven't'...

...then I'd great, okay sounds good, let's fund you but if the answer is I have but I haven't had a lot of traction, people aren't that interested

That's a problem right? Because ultimately...

...entrepreneurs need to convince other people to do irrational things.

Startups are about irrationality

They take a lot of work.

You have big companies that have to bet on software that is unproven with teams that might run out of money.

All these things, just all these reasons why you would never deal with a startup.

But why do you? because just some incredibly, really, charismatic, smart person says: 'but let me tell you about this thing it really changes the world'...

And you say and you say 'wow you're right'.

So if that person discusses it with a bunch of people: 'Hey, I need to find engineers', and he can't motivate others to join him, it's a problem either with the entrepreneur, or with the idea, or a combination.

And so it's a problematic indicator, but it's not the end of the discussion

Introduction

A great video for anyone interested in finding venture capital (VC). If you are an entrepreneur, watch this video for some great advice on setting up your company and approaching venture capitalists  

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