If you want to learn a thing or two about failure, just talk to a venture capitalist. As August Capital’s David Hornik recently told an entrepreneurship class at Stanford, for every 1000 pitches he gets, he meets with 100 entrepreneurs and invests in about two companies.
“The odds suck,” he volunteers.
So, since the numbers show that you’re probably going to fail, what’s the best way to do it? We recently caught up with Hornik at his office on Sand Hill Road. Here’s what happened:
1) It’s a good time to fail: “It used to take a long time to figure out that something was a bad idea,” Hornik said. “Particularly in the consumer internet today, you can determine it was a bad idea on hundreds of thousands of dollars and months rather than millions of dollars and years.” (more…)
