There is an old saying in the startup investor community, “Smart investors invest in the team, not the idea.” As an angel investor, I’ve learned to believe in this approach, since I have seen great ideas go astray, due to poor execution and I have seen apparently marginal ideas make millions, managed by a savvy entrepreneur. Giving the wrong people money doesn’t help at the idea level.
Who would have forecast that entrepreneur Gary Ross Dahl would make millions by starting a “pet rock” business way back in 1975? Some business successes can be attributed to luck, timing, or available funding, but in this case most agree that Gary was simply a marketing genius and he created his own market through creative advertising, emotional appeal and exclusivity.
