Thinks 499

FT: “The case for Web3 rests on the belief that a blockchain-based technology platform will become the foundation for a new class of applications, with digital tokens mediating interactions of all kinds in a so-called “trustless” online world. There will be no digital gatekeepers to set the rules or take the lion’s share of the profits. Users will be in control. So far, though, it is hard to discern mainstream uses for this technology. The main applications — non-fungible tokens (NFTs) and decentralised finance — are founded almost entirely on financial speculation and regulatory arbitrage. When the speculators take a bath and regulators decide it’s time to close the loopholes, what will be left?”

Seven lessons from a late-starting entrepreneur. From FT. Among them: “Many budding entrepreneurs hide their ideas like Molière’s Miser hoarding gold. Their understandable fear is that someone else is going to steal their genius, life-changing ideas. But as my Stanford course director Yossi Feinberg made clear, ideas are worth nothing if they remain just ideas. And what distinguishes success from failure is rarely the quality of the idea itself but how well it is executed…Another liberating lesson is that you do not need to know all the answers when you start. Indeed, the core methodology of a start-up is experimenting, and failing, fast. I still remember Haim Mendelson, a Stanford professor who boasts a fine white beard and a merciless, forensic eye, ripping apart my team’s rickety business plan before concluding: “You’ve only got 70 per cent of the answers. But that’s probably good enough.””

WSJ: “Tracy Britt Cool spent a decade working for Warren Buffett. She now wants to buy the kinds of companies that might have interested the famed investor 30 or 40 years ago. Those are businesses typically run by founders or family owners that have solid performance and competitive “moats”—a favorite term of Mr. Buffett’s—yet aren’t big enough to draw Berkshire Hathaway Inc.’s attention today. “Berkshire needs multibillion-dollar acquisitions to move the needle,” Ms. Cool says. “So many of the people who contact us or reach out would want to sell to Berkshire, but they’re just too small.” Ms. Cool launched an investment firm with a former colleague in 2020, called Kanbrick, that aims to focus on such companies.” Tracy: “I think just the power of long term, the power of finding high-quality businesses and the power of partnering with high-quality people. When those three things are done in the right way, you can build something really amazing.”

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Rajesh Jain

An Entrepreneur based in Mumbai, India.

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