Synopsis From the Dark Harvest hardcover dust jacket: On the edge of a barren Kansas landscape, an ex-wrestler called Black Frankenstein hears the cry In a wasteland born of nuclear rage, in a world of mutant animals and marauding armies, the last people on earth are now the first.
Want to start a startup? Get funded by Y Black swan essay. September I've done several types of work over the years but I don't know another as counterintuitive as startup investing.
The two most important things to understand about startup investing, as a business, are 1 that effectively all the returns are concentrated in a few big winners, and 2 that the best ideas look initially like bad ideas.
The first rule I knew intellectually, but didn't really grasp till it happened to us. The total value of the companies we've funded is around 10 billion, give or take a few. But just two companies, Dropbox and Airbnb, account for about three quarters of it.
In startups, the big winners are big to a degree that violates our expectations about variation. I don't know whether these expectations are innate or learned, but whatever the cause, we are just not prepared for the x variation in outcomes that one finds in startup investing.
That yields all sorts of strange consequences. For example, in purely financial terms, there is probably at most one company in each YC batch that will have a significant effect on our returns, and the rest are just a cost of doing business.
And yet it's true. To succeed in a domain that violates your intuitions, you need to be able to turn them off the way a pilot does when flying through clouds. It's a constant battle for us. It's hard to make ourselves take enough risks.
When you interview a startup and think "they seem likely to succeed," it's hard not to fund them. And yet, financially at least, there is only one kind of success: In the same day of interviews you might meet some smart 19 year olds who aren't even sure what they want to work on.
Their chances of succeeding seem small. But again, it's not their chances of succeeding that matter but their chances of succeeding really big. The probability that any group will succeed really big is microscopically small, but the probability that those 19 year olds will might be higher than that of the other, safer group.
The probability that a startup will make it big is not simply a constant fraction of the probability that they will succeed at all. If it were, you could fund everyone who seemed likely to succeed at all, and you'd get that fraction of big hits.
Unfortunately picking winners is harder than that. You have to ignore the elephant in front of you, the likelihood they'll succeed, and focus instead on the separate and almost invisibly intangible question of whether they'll succeed really big.
Harder That's made harder by the fact that the best startup ideas seem at first like bad ideas. I've written about this before: So the most successful founders tend to work on ideas that few beside them realize are good.
Which is not that far from a description of insanity, till you reach the point where you see results. The first time Peter Thiel spoke at YC he drew a Venn diagram that illustrates the situation perfectly. He drew two intersecting circles, one labelled "seems like a bad idea" and the other "is a good idea.
This concept is a simple one and yet seeing it as a Venn diagram is illuminating. It reminds you that there is an intersection—that there are good ideas that seem bad.black swan essay essay thesis on feminism and the yellow. Match fixing in cricket essays.
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September I've done several types of work over the years but I don't know another as counterintuitive as startup investing. The two most important things to understand about startup investing, as a business, are (1) that effectively all the returns are concentrated in a few big winners, and (2) that the best ideas look initially like bad ideas.
About: author of the INCERTO a philosophical and practical essay on uncertainty (Skin In the Game, Antifragile, The Black Swan, Fooled by Randomness, and.
Lessons from The Black Swan by Nassim Nicholas Taleb “In general, positive Black Swans take time to show their effect while negative ones happen very. 13 Jun Suddenly, black swans . I first became aware of surveyor William Swan Urquhart when researching a history of the Elphinstone district, Central Victoria, with a friend, Noel Davis, for it was Urquhart who surveyed the township and parish of Elphinstone.