Bryant Wu

The first is probably not having a team that has the skills. You so often run into people who can't code, but want to do a startup and then don't have a co-founder who can code. That's probably the number one

And so that's been key to the working, but the economics were awful when we invested. And so the leap of faith there wasn't people would want groceries delivered to their homes. The leap of faith was he can make the economics work.

Two main ones. One is fragmentation of the marketplace. I often have used the difference between OpenTable and Fandango in explaining this. OpenTable, the average restaurant owner on OpenTable owns one restaurant. And so aggregating them is a pain in the ass. But once you've aggregated them, it's a very valuable thing.

One of the most important lessons for me, another lesson learned, in the areas I invest in, which is largely consumer, I think it's critical you have a theory and defensibility. And for me, that defensibility typically has been network effect.

First is speed. Second is a two-step process of actually disagree, but commit.

The other is ideally lead gen. You're creating relationships that otherwise wouldn't have been created. The thing you try to avoid is "Okay, I have a relationship with my car repair man, my hair stylist, my whatever and it's a frequent relationship." Those don't do well because the service provider, they'll pay a little bit for convenience. They'll... See more

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Taking the time to make sure that every hire early on is the right person and the right fit, the right combination of courage, brains, and heart is incredibly important. I've always been very focused on that. The mistakes you ask about. I guess my advice to entrepreneurs out there, and I guess any businessperson honestly, is that it takes some... See more