John Borthwick: Don't just look for a billion dollar future | Summary and Q&A

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July 13, 2013
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PandoDaily
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John Borthwick: Don't just look for a billion dollar future

TL;DR

Venture capital's obsession with billion-dollar companies hinders the development of innovative ideas that could have a significant impact on people's lives.

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Key Insights

  • ๐Ÿ’ก Venture capital's obsession with billion-dollar companies can hinder the development of innovative ideas with significant impact.
  • ๐Ÿฅฐ Prioritizing habit-forming and interesting products that people love can lead to high emotional engagement and user satisfaction.
  • ๐Ÿ‘ฏ The primary filter for assessing ideas should be their potential to change the world and people's lives, rather than just their monetary value.
  • ๐Ÿชก The venture capital model needs to be complemented by other tools to support a more diverse and sustainable innovation ecosystem.
  • ๐Ÿงก The focus on tall trees in the venture capital model neglects the fertile undergrowth of mid-range ideas, limiting overall innovation.
  • ๐Ÿ‘จโ€๐Ÿ’ผ Building sustainable businesses should be prioritized over solely aiming for billion-dollar unicorns.
  • ๐Ÿ…ฐ๏ธ Alternative models like Kickstarter, accelerators, and bootstrapping can provide valuable support to different types of innovation.

Questions & Answers

Q: How does Beta works prioritize ideas for development?

Beta works prioritizes ideas based on their potential to become habit-forming, interesting, and fitting into their design ethos. It focuses on creating products that people can love and engage with emotionally.

Q: Why does Beta works believe the billion-dollar filter is ineffective?

Beta works considers the billion-dollar filter to be a poor measure of an idea's worth. Instead, they believe in assessing ideas based on their ability to change the world and improve people's lives, which they consider a more significant indicator of value.

Q: How does the venture capital model limit innovation?

The venture capital model tends to prioritize the development of billion-dollar companies. This focus neglects the mid-range ideas and creates an unstable system where only a few big ideas thrive. This neglects the fertile undergrowth of innovation.

Q: What other models of innovation should be considered?

In addition to the venture capital model, other tools such as Kickstarter, accelerator programs, and bootstrapping should be embraced. These alternative models can help nurture a wider range of ideas and create a more sustainable system for innovation.

Summary & Key Takeaways

  • Beta works focuses on developing products that are habit-forming, interesting, and fit into their design ethos, rather than just aiming for billion-dollar businesses.

  • Emotional engagement and completion rates of Beta works' products, like Tapestry, reflect the importance of creating things that people love.

  • The primary filter for assessing ideas is their potential to change the world and people's lives, rather than their ability to generate a billion dollars.

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