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What our members have to say...
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"What a ride it has been - we had just launched and were looking for 6 figures for our marketing budget. We met with quite a few investors that we just didn't click with, and then one that understood our business perfectly. Within a week it was all signed, and our marketing kicks off in a few days. We went to two VC houses over and above Investment Network, and they weren't able to find the funding we wanted, so this is just another thumbs up for this amazing network."
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Riccardo S - Dealio |
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The Most Important Question Peter Thiel Asks Any Startup Looking For Money
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Peter Thiel is the first outside investor in Facebook, the guy who sold PayPal to eBay for billions, and a Founders Fund partner.
He told today's Ice Ideas conference audience that there is one question he asks entrepreneur looking to begin a startup.
He asks: Why will employee number 20 join your company?
Thiel says it's easy to figure out why someone wants to be a CEO or another very early employee in a startup; they'd like to run a company and get rich doing it.
He says its also easy to know why employee number 1,000 joins; the company is clearly on its way to growing into something huge, and will provide a nice, stable living.
Employee number 20, he says, will have to join for different reasons.
By then, the big equity stakes will have already been handed out.
Also, a company with only 19 employees won't have "made it" yet; it won't be a place someone looking for a stable income will join.
So what's the right answer?
According to Thiel: for the only companies worth starting – perhaps the only companies he'd invest in – the right answer is that employee number 20 will join because you are doing something nobody else has done – "something fundamentally new, fundamentally different."
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