Alexey Krol: the number of questionable startups is growing
Alexey Krol writes in his Facebook journal:
“Though I haven`t planned it, I became to be involved in several cases and projects with the same diagnosis:
1. The founders were quite successful in the past.
2. Tons of resources. A powerful team.
3. A lot of PR.
4. Complete trash and waste with the idea, the product and what they are doing.
5. In a few cases, funding has already been stopped, some with a 100% probability are close to be stopped or refunded.
6. The number of such projects increases.
The General pattern of systematic cognitive errors: if a person once has been successful and earned money, he sincerely begins to believe that he’s the smartest guy in the space.
Which automatically leads to violation of all conceivable approaches and recommendations in the development of new ideas and startups. I.e. some errors that simply were impossible for beginners in this situation, are becoming normal. By the way, it is even worse in the corporate world. No wonder that Jobs said “Stay hungry. Stay foolish”.
Indeed, success in the past does not guarantee present success. Errors are always quite costly to investors. In order to protect yourself from them you can use a modern tool called distributed escrow, and be guided by the so-called “crowd intelligence” — wisdom of the crowd. And the Descrow platform does have this tool. It is not the names and titles important to us, but the real merits.