The Importance of Knowledge and Experience in Entrepreneurship

You mentioned that a difference between the Babylonian entrepreneurs and innovation driven entrepreneurs is that the former have superficial knowledge of their domain. Could you speak a bit more to that? I mean I think this is to some of the stuff we talked about in the beginning. But again I think that's just a strategy that has a huge survivorship bias if you're thinking about that as a successful thing. Because in so many industries actually obviously knowing what you're doing is going to be valuable.