Well, have you ever met anyone who doesn’t want to build a £1bn business?
This isn’t easy, if it was, there would be a lot more. Only just about 0.1%-0.07% of the startups out there will reach that level and we hope Numio will be one of them.
Here’s the simplified results of a research done by Cowboy Ventures on what are the key ingredients to build £1bn companies.
- Team
- Product
- Market
“People are our most important asset” -Enter VC name here
If you ask any major VC which one they think is the most important, they will tell you it’s Team.
“Without Product, there’s no company” -Enter engineer name here
Apple and Google are the best companies in the industry today because they build the best Products.
“What about Market?” -Marc Andreessen
In a great market, the product doesn’t need to be great, it just has to basically work. And, the market doesn’t care how good the team is, as long as the team can make something that works. Afterwards, you can hire a great team and ship the best product out there.
> Also Execution matters A LOT. Execution is everything.
OR as Andy Rachleff puts it:
“The only thing that matters is getting to product/market fit”
That’s what we’re currently doing at our new venture Numio. Go on and reserve your seat, it’s free!
Till the next post, I suggest you read this book from Ben Horowitz:
- The Hard Thing About Hard Things: Building a business when there are no easy answers.
If you have questions, feedback or arguments, feel free to tweet me. 😊
