Vote for character & despair
logos.substack.com·19w·
Discuss: Substack

For a long time, I believed in backing ideas, not people, both in business and politics. In business, I looked at the VC industry and was baffled: founders raise multi-million rounds on seemingly harebrained ideas, and incubators like YC boast about how often the start-ups they invest in end up building something totally different to what they pitched. It’s almost as if good ideas and grounded business plans do not matter.

Well, duh. Good ideas and grounded business plans don’t matter when it comes to investing. The former are a dime a dozen, and anyone with above moderate intelligence and with access to a computer can put together a business plan; and as I’ve written before, even [executing a bad business plan well can be immensely profitable](https://logos.substack.com/p/solving-…

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