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As Arthur Rock, a venture capital legend associated with the formation of such companies as Apple, Intel, and Teledyne, states, “I invest in people, not ideas. If you can find good people, if they’re wrong about the product, they’ll make a switch, so what good is it to understand the product that they’re talking about in the first place?” And to quote Thomas Edison, “genius is 1% inspiration and 99% perspiration.”
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Comments
01.16.09
Great info,
I am lucky enough to work in a environment that knows the importance of investing in people.
01.16.09
I found this sentence interesting, "We believe that investors and companies should invest in talent, and not ideas, especially those ideas laced with greed and profit."
I think it is important to remember greed and profit are in no way synonymous. Furthermore, greed and deceit are poor long-term growth strategies for any businees. However, profit is the only measureable metric for a company's success - without profit, a company will cease to exist.
Well, unless you are a bank or an auto company! Okay, okay, maybe I need to rethink my thesis. : )
01.16.09
This can also go the other way. I recently just invested in a person, instead of an idea when I took a new job.
I believed in the person and felt she was going to make her startup work. More so than the company, I felt like I invested in her drive, ambition, and honesty rather than facts and figures.
01.16.09
Agreed. My main point was that investors and companies should invest in talent first, followed by ideas and profit. Not vice versa.
01.16.09
@Michael -- Absolutely!
I really enjoyed this post. Thank you for writing it!
01.17.09
This is very similar to a chapter in Jim Collins' "Good to Great." In the book he states that a company must first have the right people on the bus before figuring out where to drive the bus. On the flip side, it doesn't matter if you are going in a presumably good direction if you're going with the wrong people. Same concept. I completely agree that the future of the United States is not in sweat equity alone, but also in young, innovative minds. Great post! Thanks!
01.17.09
I must respectfully disagree with the focus of this article... A business must focus on a return on any capital outlay that makes sense from an ROI perspective... Any idea or person must contribute more to the "pot" then they take out because something has to be left over at the end of the day to pay interest and stockholder concerns... Profit drives the machine that employees those of us that still have jobs and I am proud to say I will invest in anything that has returns I can understand...
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