Secrets of Sand Hill Road – Book Notes

Ideas are not proprietary – if the idea is a good one there will be many copycats

Why do I want to back this team – can they execute

Opportunity Cost is infinite 

Who is the defacto winner in this space?

Company first company vs a product first company

The product first company speaks to the organic nature of company formation

This organic pull is very attractive to VCs

Product market fit speaks to a product being so attractive they recognize the problem they are solving and feel compelled to purchase

Consumer delight and repeat purchasing are the classic hallmarks of product market fit

You can’t imagine what you did before this product existed

Founder market fit – speaks to the unique characteristics of the founding teamFounders are so self absorbed that they become ego-manical (Andressen Horowitz)

You have to be partly delusional to start a company and push forward in the constant stream of doubters

(investing in good ideas that look like bad ideas)

need non-obvious ideas to have outsized returns