Whiplash
This simple proposal—the standardization of that most modest of industrial components—inspired the development of interchangeable parts.14 “He helped spark the second Industrial Revolution,” says Tom Knight, the MIT synthetic biologist. “You can’t overstate the importance of standardization to the creative process. An inventor wants to invent, not
... See moreJoi Ito • Whiplash
He believed that from the earliest age humans build mental models to explain the phenomena—a speeding car, a cat’s raspy tongue—that surround us. As we grow older our experiences collide with these models, forcing us to adjust the models to accommodate our ever-changing reality. As such, child’s play is the act of a child inventing and reinventing
... See moreJoi Ito • Whiplash
addition to “buy low, sell high,” another important lesson from venture investing is that when the cost of innovation becomes very low, trying to reduce losses is less important than trying to amplify your wins. In this chapter we discussed the idea of not spending more on due diligence than the price of the investment, and the importance of not po
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