Re: Canadas funding ecosystem in todays Financial Post: business.financialpost/2014/05/18/whats-wrong-with-canadas-funding-ecosystem/ “At the end of the day, risk capital is going to be mostly interested in your ability to run a business,” said Mr. Grant, who is based in Vancouver. “By all means, they like good ideas for a product, but ideas alone are not sufficient to get risk capital.” No offense to Mr. Grant - but I strongly disagree. If Startups were run as traditional businesses, they would almost always fail. Naive founders with very little business experience have done incredible things. Without irrational US capital, we wouldnt have Facebook, Google, AirBnB, Dropbox, Vidyard etc. From what I understand, Drew Houston (Dropbox), and the AirBnB gents had ZERO business experience before launching their respective services. Their naiveté with respect to tackling a big problem in terrifying/crowded spaces is what was worth funding. If they had more business experience, they probably would have talked themselves out of going at the problem in the first place. Silicon Valley has understood this since before I was born. Mr. Grant, the problem isnt startups generic lack of business accumen, its the lack of experienced founders and operators (of technology companies) opening their own wallets and investing in younger versions of themselves. We need these seasoned vets to re-invest in the eco-system and share their opinions. Government and government research unfortunately has no place in understanding or helping solve this problem.
Posted on: Tue, 20 May 2014 14:13:10 +0000
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