So if wisdom of the crowd does not work for predicting success of a potentially breakthrough idea then it stands to reason, as you explain, that investors in general will not see the potential. Then what should one do to find backers how does one overcome the reasons to not invest? And how does one differentiate one's potential breakthrough idea from the stain of false claims made by the likes of Elizabeth Holmes (Theranos) who did find gullible investors?
John, so great to hear from you! You're totally right, most investors in general will not see the potential. It's strange but true that with a breakthrough idea, most normal investors will turn away. The vast majority will come back to you and say something like, "I like your idea. But I'd like to see some traction." Or "Too risky". Or "Not in the space we're investing in right now."
The answer is that only the very few "great" investors will see the potential, especially if the team is still new, and unproven. If the team has had previous successes, there's more interest from normal investors.
This is a very good conversation. I think I'll address more in my next post next week.
So if wisdom of the crowd does not work for predicting success of a potentially breakthrough idea then it stands to reason, as you explain, that investors in general will not see the potential. Then what should one do to find backers how does one overcome the reasons to not invest? And how does one differentiate one's potential breakthrough idea from the stain of false claims made by the likes of Elizabeth Holmes (Theranos) who did find gullible investors?
John, so great to hear from you! You're totally right, most investors in general will not see the potential. It's strange but true that with a breakthrough idea, most normal investors will turn away. The vast majority will come back to you and say something like, "I like your idea. But I'd like to see some traction." Or "Too risky". Or "Not in the space we're investing in right now."
The answer is that only the very few "great" investors will see the potential, especially if the team is still new, and unproven. If the team has had previous successes, there's more interest from normal investors.
This is a very good conversation. I think I'll address more in my next post next week.
Best,
Norman