TED Talks Daily The single biggest reason why startups succeed | Bill Gross
Dec 29, 2017
Bill Gross, a prolific founder and innovator behind Idealab, analyzes his extensive research on startup success. He reveals the surprising significance of timing as the key factor for success, even more than team dynamics or innovative ideas. Through compelling anecdotes and case studies, Bill illustrates how aligning a great concept with the right market moment can determine a startup's fate. Listeners gain vital insights into navigating the complex landscape of entrepreneurship and the crucial elements that can make or break a venture.
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Timing Is Key To Startup Success
- Bill Gross found that timing is the most important factor for startup success, accounting for 42% of the difference between success and failure.
- Team execution comes second, and the idea itself, surprisingly, ranks third in importance.
Business Model & Funding's Relative Importance
- Business model and funding are surprisingly less critical early on, as a startup can add a business model later and funding is easier to secure with traction.
- This challenges the belief that having a solid initial business model or large funding guarantees success.
Timing Explained Through Airbnb & YouTube
- Airbnb succeeded partly because it launched during a recession when people needed extra income, overcoming objections to sharing homes.
- Similarly, YouTube succeeded after broadband penetration increased and video technology improved, showing perfect timing.