WEBVTT

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On the first part of your question on some lessons from a failure,

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it's almost always a team or running out of money.

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Team issues, when the team doesn't get along or doesn't have all

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the skills or team spending too fast and doesn't conserve cash.

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The first one is probably the harder one because finding

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great people that have all the skills is always hard.

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The second one should be easy.

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But sometimes people are often so worried,

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and this was one of the excesses of the dotcom crash, about,

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"If I don't spend the money now,

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I'm going to lose the market share. It's about to

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go away. It's going to get way more expensive."

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That's always the excuse for spending faster.

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I haven't seen too many cases where that works.

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It does work sometimes. I mean, there are cases where there truly is

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a raise to a winner-take-all-like market.

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But usually, the better executor with the greater persistence wins.

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So, I would say those would be the

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two biggest lessons from a failure.