Re:Why Silicon Valley Tech Wunderkinds Overestimate Their Ow...
by wilfra on Tuesday June 19, 2012 @04:56PM
(#4134129)
Fundamental Attribution Error is a very real thing that definitely applies to SV startup culture.
To put it in simpler terms, luck is a far more important factor than skill in determining whether any given entrepreneur or startup succeeds.
Unfortunately he had to add a bunch of nonsense commentary like the Bret Taylor stuff, but his main premise is certainly accurate.
It also applies to VC's and Angels. They are praised when they get in early on companies that end up making a fortune. Some of them are surely great investors - others are just blindly throwing darts and end up getting insanely lucky. Good luck trying to explain to that TechCrunch.
To put it in simpler terms, luck is a far more important factor than skill in determining whether any given entrepreneur or startup succeeds.
Unfortunately he had to add a bunch of nonsense commentary like the Bret Taylor stuff, but his main premise is certainly accurate.
It also applies to VC's and Angels. They are praised when they get in early on companies that end up making a fortune. Some of them are surely great investors - others are just blindly throwing darts and end up getting insanely lucky. Good luck trying to explain to that TechCrunch.