Why Now is the Single Best Time to Start a Company
Billionaire VC Jim Breyer to Young Entrepreneurs:
There has never been a better time to start a company and drum up the big money.
Jim Breyer and two Forbes 30 Under 30 honorees – Peter Boyce II, cofounder at Rough Draft Ventures and Josh Kushner, managing partner at Thrive Capital — revealed the keys to get venture capital funding on stage with Forbes Magazine editor Randall Lane. A great team with courage and passion is crucial, so are good ideas and execution. But to young entrepreneurs, nothing is more important than seizing the opportunity and getting started right now.
“Whether it’s a bubble or not in the public financial market, this is probably the single best time in the past 25 years to start a company.”
Breyer said to the Forbes Under 30 Summit attendees. It only costs 20% today of what it would have cost five years ago to get the product into the market. “By next year, you’ll be able to get to 3 billion people in the world through the social networks.”
Having a great team and the right idea is the key to get on the radar of great venture capitalists. When evaluating an investment opportunity, Breyer said he looks at the two most important data points: the people and the market. The founding team needs courage and passion, along with good technical and product skills, to achieve a vision that does not exist today. At the same time, he wants to know whether he could help the team to build a company that would become global and profitable in 3 to 5 years.
Read the full article on Forbes here.