Even when they stop getting the desired results, founders keep pressing that button, hoping the inscrutable machine starts working again.
In startup land, we like to tell ourselves a bedtime story that it’s all a meritocracy and we’re strictly about finding the best people. Hacker News is filled with comments like “who cares what race or gender they are; just pick the best people.” If only it were that easy, my little brogrammer.
90% of all startups fail, and these particular founders are betting on two successful startups in a row. For the mathematically inclined out there, those founders have an approximately 1% chance of success. Good luck to them.
Rapidly implementing investor feedback immediately builds an emotional tie between the investor and your company. Maybe they didn’t invest capital, but they invested an idea, and now their idea is a part of your idea.
The only way to truly prove that a business idea is good is to launch it and make it successful. What is much, much easier is proving that a business idea is a bad one.
“Do you think investors are stupid?”
You would not believe how many times I have posed this question to my clients. And every time they talk about approaching investors with “quick wins” and meaningless metrics, I am forced to ask them again.