Join Guy Kawasaki for an in-depth discussion in this video Economic bubbles, part of Guy Kawasaki on Entrepreneurship.
- So, the way bubbles impact entrepreneurship funding is that during the bubble, everything gets funded. You could have the most dumb idea in the world and it'll get funded. When the bubble pops, all that stuff goes away, right, and things that were raising 40, 50 million dollars, you look back and you say, "What were we thinking? "That's the stupidest thing we ever did." But obviously, when you wrote the check for $40,000,000 you thought it was smart, or somebody thought it was smart. So, a lot of people hate the bubble, they hate the concept that this could happen.
I kind of enjoy it, because what I learned, having gone through the dot com bubble, is that a bubble is a good thing, if you get out before it pops. And so the most valuable lesson is to not wish that there are no bubbles, you should wish that there's a bubble, but you should just get out in time. That's the key. Bubbles are a good thing.
- The critical nature of prototyping
- The qualities of an MVVVP (minimum viable, valuable, validating product)
- The irrelevance of business plans
- The qualities of state-of-the-art pitches
- The replacement of marketing with social media