Bill Gross, of IdeaLab fame, was interviewed by Mark Suster, GRP Ventures, on This Week in Venture Capital. While Mr. Gross is known for being flamboyant, he is well worth listening to, for his advice to entrepreneurs. Bill is a founder of Overture, later acquired by Yahoo, and Knowledge Adventure.
The discussion that resonates is around “Don’t run out of capital”: Most entrepreneurs are worried someone will ‘steal’ their idea, or get out to market ahead of them. Gross says that new ventures, by definition, are ahead of their time; the real risk is getting to market early, and running out of capital, Mark often says “Being early is the same as being wrong.” Meaning, that if you run out of cash, it doesn’t matter why the business failed: early, or any other reason. The business is ka-put.
Given his larger than life personality, I had no idea that Bill Gross was a mechanical engineer and graduate of CalTech. Which leads me to believe there is lots of substance underneath all that bravado.
Thank you Mark Suster for this most informative episode.