Company Launching Quotes

Simons shared a few life lessons with the school’s audience: “Work with the smartest people you can, hopefully smarter than you . . . be persistent, don’t give up easily. Be guided by beauty . . . it can be the way a company runs, or the way an experiment comes out, or the way a theorem comes out, but there’s a sense of beauty when something is working well, almost an aesthetic to it.

When a company has ambitious plans - be it launching a groundbreaking product, expanding into new markets, or acquiring a rival firm - it often requires a substantial infusion of capital. To secure this funding, they may turn to the bond market, issuing corporate bonds to investors.

Magnus threw the monkey a fig. The monkey took the fig. "There," said Magnus. "Let us consider the matter settled." The monkey advanced, chewing in a menacing fashion. "I rather wonder what I am doing here. I enjoy city life, you know," Magnus observed. "The glittering lights, the constant companionship, the liquid entertainment. The lack of sudden monkeys." He ignored Giuliana's advice and took a smart step back, and also threw another piece of fruit. The monkey did not take the bait this time. He coiled and rattled out a growl, and Magnus took several more steps back and into a tree. Magnus flailed on impact, was briefly grateful that nobody was watching him and expecting him to be a sophisticated warlock, and had a monkey assault launched directly to his face. He shouted, spun, and sprinted through the rain forest. He did not even think to drop the fruit. It fell one by one in a bright cascade as he ran for his life from the simian menace. He heard it in hot pursuit and fled faster, until all his fruit was gone and he ran right into Ragnor. "Have a care!" Ragnor snapped. He detailed his terrible monkey adventure twice. "But of course you should have retreated at once from the dominant male," Giuliana said. "Are you an idiot? You are extremely lucky he was distracted from ripping out your throat by the fruit. He thought you were trying to steal his females." "Pardon me, but we did not have the time to exchange that kind of personal information," Magnus said. "I could not have known! Moreover, I wish to assure both of you that I did not make any amorous advances on female monkeys." He paused and winked. "I didn't actually see any, so I never got the chance." Ragnor looked very regretful about all the choices that had led to his being in this place and especially in this company. Later he stooped and hissed, low enough so Giuliana could not hear and in a way that reminded Magnus horribly of his monkey nemesis: "Did you forget that you can do magic?" Magnus spared a moment to toss a disdainful look over his shoulder. "I am not going to ensorcel a monkey! Honestly, Ragnor. What do you take me for?

After two months passed and they were still finding holes, the company canceled the testing and just shipped the kiosks out. O

A product leader is ultimately responsible for the success or failure of a product and, by extension, the company itself. The impact of that cannot be underestimated.

Most companies today operate in a turbulent environment with complex strategies that, though valid when they were launched, may lose their validity as business conditions change.

best reflected in the trusted team the founders form to launch their venture. So ask that team: What do we care about? What do we believe? Who do we want to be? How do we want our company

When a pharmaceutical company releases a new drug, they have a big launch meeting, which can seem like some unholy combination of a bachelor party, a marketing convention, and a revival meeting.

Over the years, I have learned that if each country could understand the other’s history, culture, and viewpoint, and accept that there are some issues that the two countries will “agree to disagree”, there would be tremendous progress. I have come to really like the wise Chinese proverb “yi zhong qiu tong,” which means seeking common ground while accepting differences. This is precisely the mindset that both countries need.

In Le Mans, despite increasingly cold days, Wilbur, having switched to wearing a black leather motorcycle jacket, was busy practicing takeoffs without the use of a catapult. He had decided to compete for the Michelin Cup, a prize newly established by the French tire company, and in the competition such launching devices were not allowed. On the day of the event, December 31, the last day of the year and Wilbur’s last big event at Camp d’Auvours, in spite of rain and cold he was barely able to endure, he put on his most astonishing performance yet, flying longer and farther than anyone ever had—2 hours, 20 minutes, and 23 and one fifth seconds during which he covered a distance of 77 miles. He won the Cup.

Everyone in the room knew about leveraged buyouts, often called LBOs. In an LBO, a small group of senior executives, usually working with a Wall Street partner, proposes to buy its company from public shareholders, using massive amounts of borrowed money. Critics of this procedure called it stealing the company from its owners and fretted that the growing mountain of corporate debt was hindering America’s ability to compete abroad. Everyone knew LBOs meant deep cuts in research and every other imaginable budget, all sacrificed to pay off debt. Proponents insisted that companies forced to meet steep debt payments grew lean and mean. On one thing they all agreed: The executives who launched LBOs got filthy rich.

New Rule: Republicans must stop pitting the American people against the government. Last week, we heard a speech from Republican leader Bobby Jindal--and he began it with the story that every immigrant tells about going to an American grocery store for the first time and being overwhelmed with the "endless variety on the shelves." And this was just a 7-Eleven--wait till he sees a Safeway. The thing is, that "endless variety"exists only because Americans pay taxes to a government, which maintains roads, irrigates fields, oversees the electrical grid, and everything else that enables the modern American supermarket to carry forty-seven varieties of frozen breakfast pastry.Of course, it's easy to tear government down--Ronald Reagan used to say the nine most terrifying words in the Englishlanguage were "I'm from the government and I'm here to help." But that was before "I'm Sarah Palin, now show me the launch codes."The stimulus package was attacked as typical "tax and spend"--like repairing bridges is left-wing stuff. "There the liberals go again, always wanting to get across the river." Folks, the people are the government--the first responders who put out fires--that's your government. The ranger who shoos pedophiles out of the park restroom, the postman who delivers your porn.How stupid is it when people say, "That's all we need: the federal government telling Detroit how to make cars or Wells Fargo how to run a bank. You want them to look like the post office?"You mean the place that takes a note that's in my hand in L.A. on Monday and gives it to my sister in New Jersey on Wednesday, for 44 cents? Let me be the first to say, I would be thrilled if America's health-care system was anywhere near as functional as the post office.Truth is, recent years have made me much more wary of government stepping aside and letting unregulated private enterprise run things it plainly is too greedy to trust with. Like Wall Street. Like rebuilding Iraq.Like the way Republicans always frame the health-care debate by saying, "Health-care decisions should be made by doctors and patients, not government bureaucrats," leaving out the fact that health-care decisions aren't made by doctors, patients, or bureaucrats; they're made by insurance companies. Which are a lot like hospital gowns--chances are your gas isn't covered.

Marcus Goldman in 1869 launched what would become Goldman, Sachs & Company and pioneered the use of what is known today as commercial paper. In return for lending a merchant, say, $900, Goldman would receive a written promise from the merchant to pay back $1,000. That paper could then be traded like a security.

I hate it when people call themselves “entrepreneurs” when what they’re really trying to do is launch a startup and then sell or go public, so they can cash in and move on. They’re unwilling to do the work it takes to build a real company, which is the hardest work in business. That’s how you really make a contribution and add to the legacy of those who went before. You build a company that will still stand for something a generation or two from now. That’s what Walt Disney did, and Hewlett and Packard, and the people who built Intel. They created a company to last, not just to make money. That’s what I want Apple to be.

Jobs knew that he was not ready to run the company himself, even though there was a part of him that wanted to try. Despite his arrogance, he could be self-aware. Markkula agreed; he told Jobs that he was still a bit too rough-edged and immature to be Apple’s president. So they launched a search for someone from the outside.

At the heart of how Amazon innovates is its six-page memo, which kicks off everything the company does. Executives must write a press release, complete with hypothetical customer reactions to the product launch. That is followed by a series of FAQs, anticipating questions customers, as well as internal stakeholders, might have.

Entrepreneurs who kept their day jobs had 33 percent lower odds of failure than those who quit. If you’re risk averse and have some doubts about the feasibility of your ideas, it’s likely that your business will be built to last. If you’re a freewheeling gambler, your startup is far more fragile. Like the Warby Parker crew, the entrepreneurs whose companies topped Fast Company’s recent most innovative lists typically stayed in their day jobs even after they launched. Former track star Phil Knight started selling running shoes out of the trunk of his car in 1964, yet kept working as an accountant until 1969. After inventing the original Apple I computer, Steve Wozniak started the company with Steve Jobs in 1976 but continued working full time in his engineering job at Hewlett-Packard until 1977. And although Google founders Larry Page and Sergey Brin figured out how to dramatically improve internet searches in 1996, they didn’t go on leave from their graduate studies at Stanford until 1998. “We almost didn’t start Google,” Page says, because we “were too worried about dropping out of our Ph.D. program.” In 1997, concerned that their fledgling search engine was distracting them from their research, they tried to sell Google for less than $2 million in cash and stock. Luckily for them, the potential buyer rejected the offer. This habit of keeping one’s day job isn’t limited to successful entrepreneurs. Many influential creative minds have stayed in full-time employment or education even after earning income from major projects. Selma director Ava DuVernay made her first three films while working in her day job as a publicist, only pursuing filmmaking full time after working at it for four years and winning multiple awards. Brian May was in the middle of doctoral studies in astrophysics when he started playing guitar in a new band, but he didn’t drop out until several years later to go all in with Queen. Soon thereafter he wrote “We Will Rock You.” Grammy winner John Legend released his first album in 2000 but kept working as a management consultant until 2002, preparing PowerPoint presentations by day while performing at night. Thriller master Stephen King worked as a teacher, janitor, and gas station attendant for seven years after writing his first story, only quitting a year after his first novel, Carrie, was published. Dilbert author Scott Adams worked at Pacific Bell for seven years after his first comic strip hit newspapers. Why did all these originals play it safe instead of risking it all?

The story of Whole Foods Market provides dramatic evidence of the power of macro trends to create opportunities that savvy entrepreneurs can capitalize on. Such trends – in this case, sociocultural ones – create groups of customers having needs not served well by incumbent companies. The trend towards health and nutrition that began in the 1980s is still going strong,

Each year about 600,000 start-ups are launched. Less than 0.5 percent attract VC. Of Inc. magazine's annual list of the 500 fastest growing companies in the United States assessed over a decade (1997–2007), less than 20 percent of companies were venture backed” - “62.4 percent of VC investments were completely lost while 3.1 percent of the investments accounted for 53 percent of the profits for roughly 600 investments

You’re either remarkable or invisible,” says Seth Godin in his 2002 bestseller, Purple Cow.1 As he elaborated in a Fast Company manifesto he published on the subject: “The world is full of boring stuff—brown cows—which is why so few people pay attention…. A purple cow… now that would stand out. Remarkable marketing is the art of building things worth noticing.”2 When Giles read Godin’s book, he had an epiphany: For his mission to build a sustainable career, it had to produce purple cows, the type of remarkable projects that compel people to spread the word. But this left him with a second question: In the world of computer programming, where does one launch remarkable projects? He found his second answer in a 2005 career guide with a quirky title: My Job Went to India: 52 Ways to Save Your Job.3 The book was written by Chad Fowler, a well-known Ruby programmer who also dabbles in career advice for software developers.

If you are a prospective entrepreneur with the desire to start and build a visionary company but have not yet taken the plunge because you don’t have a “great idea”, we encourage you to lift from your shoulders the burden of the great-idea myth. Indeed, the evidence suggests that it might be better to not obsess on finding a great idea before launching a company. Why? because the great-idea approach shifts your attention away from seeing the company as your ultimate creation.

I love my kids, and I’m so proud of them for everything that they have accomplished. My oldest child, Elon, is making electric cars to save the environment and launching rockets. My middle child, Kimbal, opened farm-to-table restaurants and is teaching children across the country to build fruit and vegetable gardens in underserved schools. My youngest child, Tosca, runs her own entertainment company, producing and directing romance films from bestselling novels. They all have different interests.

Jimmy Hoffa’s first notoriety in union work was as the leader of a successful strike by the “Strawberry Boys.” He became identified with it. In 1932 the nineteen-year-old Jimmy Hoffa was working as a truck loader and unloader of fresh fruits and vegetables on the platform dock of the Kroger Food Company in Detroit for 32¢ an hour. Twenty cents of that pay was in credit redeemable for groceries at Kroger food stores. But the men only got that 32¢ when there was work to do. They had to report at 4:30 P.M. for a twelve-hour shift and weren’t permitted to leave the platform. When there were no trucks to load or unload, the workers sat around without pay. On one immortal hot spring afternoon, a load of fresh strawberries arrived from Florida, and the career of the most famous labor leader in American history was launched. Hoffa gave a signal, and the men who would come to be known as the Strawberry Boys refused to move the Florida strawberries into refrigerator cars until their union was recognized and their demands for better working conditions were met.

Starting something new in middle age might look that way too. Mark Zuckerberg famously noted that “young people are just smarter.” And yet a tech founder who is fifty years old is nearly twice as likely to start a blockbuster company as one who is thirty, and the thirty-year-old has a better shot than a twenty-year-old. Researchers at Northwestern, MIT, and the U.S. Census Bureau studied new tech companies and showed that among the fastest-growing start-ups, the average age of a founder was forty-five when the company was launched.

This harkens back to the eighteenth-century philosopher and reformer Cesare Beccaria, whose 1764 work On Crimes and Punishments—a high-water mark of the Italian Enlightenment—launched the movement to apply rational principles to criminal reform, such as adjusting the punishments to fit the crimes (proportionality) instead of, as was the custom of the day, the death penalty for such offenses as poaching, counterfeiting, theft, sodomy, bestiality, adultery, horse theft, being in the company of Gypsies, and two hundred other crimes and misdemeanors.

We seem unwilling to allow for the possibility that the glory of our species may lie not only in the launch of satellites, the founding of companies and the manufacture of miraculously thin semi-conductors, but also in an ability -- even if it is widely distributed among billions -- to spoon yoghurt into small mouths, find missing socks, clean toilets, deal with tantrums and wipe congealed things off tables. Here, too, there are trials worthy not of condemnation or sarcastic ridicule but of a degree of glamour, so that they may be endured with greater sympathy and fortitude.

We all have things we love to do. And it’s the people around us who love us that help us unlock these dreams. It’s ONLY when you find the people you love that you can create and flourish. Henry Ford was 45 when he started his third car company and created the assembly line. He did this once he eliminated all the people who tried to control him at prior companies. Colonel Sanders was 65 when he started KFC. Laura Ingalls Wilder was 65 when she wrote her first book. The book launched the Little House on the Prairie series. This was after she had been totally wiped out in the Great Depression and left with nothing but she started to surround herself with people who encouraged her and pushed her to pursue writing to make ends meet. 4.“What humanity has collectively learned so far would make up a tiny mark within the circle. Everything we all have to learn in the future would take up the rest of the space. It is a big universe, and we are all learning more about it every day. If you aren’t listening, you are missing out.” The other day someone asked me if I believe in God. There’s no answer. Always have reverence for the infinite things we will never know.

And this is one of the first things one learns from Musk’s example—he is relentless in his pursuit of the bold and, the bigger point, totally unfazed by scale. When he couldn’t get a job, he started a company. When Internet commerce stalled, he reinvented banking. When he couldn’t find decent launch services for his Martian greenhouse, he went into the rocket business. And as a kicker, because he never lost interest in the problem of energy, he started both an electric car and a solar energy company. It is also worth pointing out that Tesla is the first successful car company started in America in five decades and that SolarCity has become one of the nation’s largest residential solar providers.9 All told, in slightly less than a dozen years, Musk’s appetite for bold has created an empire worth about $30 billion.10 So what’s his secret? Musk has a few, but none are more important to him than passion and purpose. “I didn’t go into the rocket business, the car business, or the solar business thinking this is a great opportunity. I just thought, in order to make a difference, something needed to be done. I wanted to have an impact. I wanted to create something substantially better than what came before.

different subject. The story of the serotonin hypothesis for depression, and its enthusiastic promotion by drug companies, is part of a wider process that has been called ‘disease-mongering’ or ‘medicalisation’, where diagnostic categories are widened, whole new diagnoses are invented, and normal variants of human experience are pathologised, so they can be treated with pills. One simple illustration of this is the recent spread of ‘checklists’ enabling the public to diagnose, or help diagnose, various medical conditions. In 2010, for example, the popular website WebMD launched a new test: ‘Rate your risk for depression: could you be depressed?’ It was funded by Eli Lilly, manufacturers of the antidepressant duloxetine, and this was duly declared on the page, though that doesn’t reduce the absurdity of what followed. The test consisted of ten questions, such as: ‘I feel sad or down most of the time’; ‘I feel tired almost every day’; ‘I have trouble concentrating’; ‘I feel worthless or hopeless’; ‘I find myself thinking a lot about dying’; and so on. If you answered ‘no’ to every single one of these questions – every single one – and then pressed ‘Submit’, the response was clear: ‘You may be at risk for major depression’.

It was at that moment that Jobs launched a new grand strategy that would transform Apple—and with it the entire technology industry. The personal computer, instead of edging toward the sidelines, would become a “digital hub” that coordinated a variety of devices, from music players to video recorders to cameras. You’d link and sync all these devices with your computer, and it would manage your music, pictures, video, text, and all aspects of what Jobs dubbed your “digital lifestyle.” Apple would no longer be just a computer company—indeed it would drop that word from its name—but the Macintosh would be reinvigorated by becoming the hub for an astounding array of new gadgets, including the iPod and iPhone and iPad.

That morning, a Syrian refugee entered a park in Annecy, France, and stabbed several children. A brutal video of the attack quickly emerged and began spreading across Twitter. The few employees who remained on the gutted trust and safety team scrambled to remove it. In the past, when violent imagery went viral on Twitter, the company used a data matching tool to detect any tweets containing it and wiped them out all at once. But the employees discovered that the tool they relied on wasn’t working. When they investigated, they learned that it was one of the bits of code that engineers had torn out months earlier. The tool had mistakenly flagged an image of a SpaceX rocket launch, so Musk had ordered the entire system be killed.

One of SpaceX’s biggest goals, Shotwell said, was to fly as often as possible. The company has never sought to make a fortune off each flight. It would rather make a little on each launch and keep the flights flowing. A Falcon 9 flight costs $60 million, and the company would like to see that figure drop to about $20 million through economies of scale and improvements in launch technology. SpaceX spent $2.5 billion to get four Dragon capsules to the ISS, nine flights with the Falcon 9, and five flights with the Falcon 1. It’s a price-per-launch total that the rest of the players in the industry cannot comprehend let alone aspire to. “I don’t know what those guys do with their money,” Shotwell said. “They are smoking it. I just don’t know.

Danny Meyer of Union Square Hospitality Group talked about businesses having soul. He believed soul was what made a business great, or even worth doing at all. “A business without soul is not something I’m interested in working at,” he said. He suggested that the soul of a business grew out of the relationships a company developed as it went along. “Soul can’t exist unless you have active, meaningful dialogue with stakeholders: employees, customers, the community, suppliers, and investors. When you launch a business, your job as the entrepreneur is to say, ‘Here’s a value proposition that I believe in. Here’s where I’m coming from. This is my point of view.’ At first, it’s a monologue. Gradually it becomes a dialogue and then a real conversation.

If you’re a buzz-prone extrovert, then you’re lucky to enjoy lots of invigorating emotions. Make the most of them: build things, inspire others, think big. Start a company, launch a website, build an elaborate tree house for your kids. But also know that you’re operating with an Achilles’ heel that you must learn to protect. Train yourself to spend energy on what’s truly meaningful to you instead of on activities that look like they’ll deliver a quick buzz of money or status or excitement. Teach yourself to pause and reflect when warning signs appear that things aren’t working out as you’d hoped. Learn from your mistakes. Seek out counterparts (from spouses to friends to business partners) who can help rein you in and compensate for your blind spots.

In 2012 Kurzweil was appointed a director of engineering at Google, and a year later Google launched a sub-company called Calico whose stated mission is ‘to solve death’.26 In 2009 Google appointed another immortality true-believer, Bill Maris, to preside over the Google Ventures investment fund. In a January 2015 interview, Maris said, ‘If you ask me today, is it possible to live to be 500, the answer is yes.’ Maris backs up his brave words with a lot of hard cash. Google Ventures is investing 36 per cent of its $2 billion portfolio in life sciences start-ups, including several ambitious life-extending projects. Using an American football analogy, Maris explained that in the fight against death, ‘We aren’t trying to gain a few yards. We are trying to win the game.’ Why? Because, says Maris, ‘it is better to live than to die’.27

It makes sense that so many introverts hide even from themselves. We live with a value system that I call the Extrovert Ideal—the omnipresent belief that the ideal self is gregarious, alpha, and comfortable in the spotlight. The archetypal extrovert prefers action to contemplation, risk-taking to heed-taking, certainty to doubt. He favors quick decisions, even at the risk of being wrong. She works well in teams and socializes in groups. We like to think that we value individuality, but all too often we admire one type of individual—the kind who’s comfortable “putting himself out there.” Sure, we allow technologically gifted loners who launch companies in garages to have any personality they please, but they are the exceptions, not the rule, and our tolerance extends mainly to those who get fabulously wealthy or hold the promise of doing so.

There are several different frameworks one could use to get a handle on the indeterminate vs. determinate question. The math version is calculus vs. statistics. In a determinate world, calculus dominates. You can calculate specific things precisely and deterministically. When you send a rocket to the moon, you have to calculate precisely where it is at all times. It’s not like some iterative startup where you launch the rocket and figure things out step by step. Do you make it to the moon? To Jupiter? Do you just get lost in space? There were lots of companies in the ’90s that had launch parties but no landing parties. “But the indeterminate future is somehow one in which probability and statistics are the dominant modality for making sense of the world. Bell curves and random walks define what the future is going to look like. The standard pedagogical argument is that high schools should get rid of calculus and replace it with statistics, which is really important and actually useful. There has been a powerful shift toward the idea that statistical ways of thinking are going to drive the future.” —PETER THIEL

The most widely cited figure for the number of women suffering from Female Sexual Dysfunction comes from 1999: according to this, some 43 per cent of all women have a medical problem around their sex drive.27 This survey was published in the Journal of the American Medical Association (JAMA), one of the most influential journals in the world. It looked at questionnaire data asking about things like lack of desire for sex, poor lubrication, anxiety over sexual performance, and so on. If you answered ‘yes’ to any one of these questions, you were labelled as having Female Sexual Dysfunction. For the avoidance of any doubt about the influence of this paper, it has – as of a sunny evening in March 2012 – been cited 1,691 times. That is a spectacular number of citations. At the time, no financial interest was declared by the study’s authors. Six months later, after criticism in the New York Times, two of the three authors declared consulting and advisory work for Pfizer.28 The company was gearing up to launch Viagra for the female market at this time, and had lots to gain from more women being labelled as having a medical sexual problem.

It’s talk like this that thrills and amazes people in the aerospace industry, who have long been hoping that some company would come along and truly revolutionize space travel. Aeronautics experts will point out that twenty years after the Wright brothers started their experiments, air travel had become routine. The launch business, by contrast, appears to have frozen. We’ve been to the moon, sent research vehicles to Mars, and explored the solar system, but all of these things are still immensely expensive one-off projects. “The cost remains extraordinarily high because of the rocket equation,” said Carol Stoker, the planetary scientist at NASA. Thanks to military and government contracts from agencies like NASA, the aerospace industry has historically had massive budgets to work with and tried to make the biggest, most reliable machines it could. The business has been tuned to strive for maximum performance, so that the aerospace contractors can say they met their requirements. That strategy makes sense if you’re trying to send up a $1 billion military satellite for the U.S. government and simply cannot afford for the payload to blow up.

In one case, the NSA and the UK spy agency Government Communications Headquarters, or GCHQ, used a sophisticated method called Quantum Insert to hack the machines of Belgian telecom workers to gain access to the telecom’s network and to a router the company used for processing the traffic of mobile phone users. The elaborate attack involved using high-speed servers the NSA had set up at key internet switching points to intercept the surfing traffic of system administrators who worked for the telecom. The spy agencies first collected extensive intelligence on the workers—their e-mail addresses, IP addresses, and possible surfing habits—then the high-speed servers watched for requests from the employees’ machines for specific web pages, such as the victim’s own LinkedIn profile page. When the victim tried to access the LinkedIn page, the server would intercept the request before it reached LinkedIn and would feed a fake LinkedIn page to the victim that injected malware into his machine. Once on the system administrator’s machine, the spy agencies could then use his credentials to gain access to other parts of the telecom network to subvert the router.

For Elon Musk, this spectacle has turned into a familiar experience. SpaceX has metamorphosed from the joke of the aeronautics industry into one of its most consistent operators. SpaceX sends a rocket up about once a month, carrying satellites for companies and nations and supplies to the International Space Station. Where the Falcon 1 blasting off from Kwajalein was the work of a start-up, the Falcon 9 taking off from Vandenberg is the work of an aerospace superpower. SpaceX can undercut its U.S. competitors—Boeing, Lockheed Martin, Orbital Sciences—on price by a ridiculous margin. It also offers U.S. customers a peace of mind that its rivals can’t. Where these competitors rely on Russian and other foreign suppliers, SpaceX makes all of its machines from scratch in the United States. Because of its low costs, SpaceX has once again made the United States a player in the worldwide commercial launch market. Its $60 million per launch cost is much less than what Europe and Japan charge and trumps even the relative bargains offered by the Russians and Chinese, who have the added benefit of decades of sunk government investment into their space programs as well as cheap labor. The

Three years after the United States and the Israelis reached across Iran’s borders and destroyed its centrifuges, Iran launched a retaliatory attack, the most destructive cyberattack the world had seen to date. On August 15, 2012, Iranian hackers hit Saudi Aramco, the world’s richest oil company—a company worth more than five Apples on paper—with malware that demolished thirty thousand of its computers, wiped its data, and replaced it all with the image of the burning American flag. All the money in the world had not kept Iranian hackers from getting into Aramco’s systems. Iran’s hackers had waited until the eve of Islam’s holiest night of the year—“The Night of Power,” when Saudis were home celebrating the revelation of the Koran to the Prophet Muhammad, to flip a kill switch and detonate malware that not only destroyed Aramco’s computers, data, and access to email and internet but upended the global market for hard drives. It could have been worse. As investigators from CrowdStrike, McAfee, Aramco, and others pored through the Iranians’ crumbs, they discovered that the hackers had tried to cross the Rubicon between Aramco’s business systems and its production systems. In that sense, they failed.

The economic complexities involved when regulatory agencies set prices are further complicated by the political complexities. Regulatory agencies are generally created after political activists launch investigations or publicity campaigns that convince authorities that they have to establish a permanent commission to oversee and control a monopoly, or some other group of companies that are too small in size. number as to constitute a threat of collusion and monopolistic behavior. However, when the commission has been created and its powers established, activists and the media tend to lose interest over the years, and to pay attention to other things. Meanwhile, regulated companies continue to show a lot of interest in the commission's activities and form a lobby that puts pressure on the government to issue beneficial regulations and appoint members of these commissions who are in their favor. The result of these asymmetric foreign interests in these agencies is that the commissions that were created to supervise a given company or industry, for the benefit of consumers, generally become agencies that seek to protect regulated companies from threats from of new companies with new technologies and new organizational methods.

One reason was that rocket components were subject to hundreds of specifications and requirements mandated by the military and NASA. At big aerospace companies, engineers followed these religiously. Musk did the opposite: he made his engineers question all specifications. This would later become step one in a five-point checklist, dubbed “the algorithm,” that became his oft-repeated mantra when developing products. Whenever one of his engineers cited “a requirement” as a reason for doing something, Musk would grill them: Who made that requirement? And answering “The military” or “The legal department” was not good enough. Musk would insist that they know the name of the actual person who made the requirement. “We would talk about how we were going to qualify an engine or certify a fuel tank, and he would ask, ‘Why do we have to do that?’ ” says Tim Buzza, a refugee from Boeing who would become SpaceX’s vice president of launch and testing. “And we would say, ‘There is a military specification that says it’s a requirement.’ And he’d reply, ‘Who wrote that? Why does it make sense?’ ” All requirements should be treated as recommendations, he repeatedly instructed. The only immutable ones were those decreed by the laws of physics.

White Labeling White labeling is when another company pays you to license your product and present it with its own branding, and the moment you launch a successful product, people will start emailing you with “exciting opportunities” to white label. For the most part, these conversations are a big waste of time. Usually what you have is someone who wants to start a business but can’t build their own product. They want to pay you per account they add, but they have no audience or distribution. In the end, you’ll spend a bunch of time talking to them, writing up contracts, and taking feature requests—for nothing. If you’re approached about white labeling by a large player, it’s worth having the conversation. You know they’re not wasting your time because they don’t want to waste their own. To justify the effort of white labeling, I recommend charging an up-front fee. We’re talking tens of thousands of dollars—$30,000 to $50,000 at a minimum. If someone balks at paying that fee, they’re not willing to put enough skin in the game to warrant your efforts. I’m not a fan of white labeling in most situations. It’s a way to serve customers and make money without building a brand. We discussed above how a brand is a moat, and losing that is an unfortunate consequence of white labeling.

Here is another example that demonstrates the tightly linked interests that both cause and treat cancer. In 1978, Imperial Chemical Industries (ICI), one of the largest companies in the world, specializing in agrochemicals and pharmaceuticals, developed the cancer drug tamoxifen. In 1985, along with the American Cancer Society, ICI founded the National Breast Cancer Awareness Month with the aim of promoting mammography as the most effective tool against breast cancer. In 1990 Imperial Chemical Industries was accused of dumping DDT and PCBs, known carcinogens, into the Long Beach and Los Angeles harbors. Zeneca, producer of tamoxifen, demerged from ICI in 1993, and later merged with Astra AB in 1999 to form AstraZeneca. Astra AB had developed the herbicide acetochlor, classified by the EPA as a probable carcinogen. In 1997 Zeneca purchased Salick Health Care, a chain of for-profit outpatient cancer clinics. Subsequently AstraZeneca launched a major publicity campaign encouraging women to assess their risk factors for breast cancer, downplaying the dangers of tamoxifen in order to create a market for its prophylactic, or chemopreventative, use and, more recently, for the breast cancer drug Arimidex (anastrozole), approved in 2002 and used as an alternative to tamoxifen (Arimidex went off patent in 2010).

Yet the homogeneity of contemporary humanity is most apparent when it comes to our view of the natural world and of the human body. If you fell sick a thousand years ago, it mattered a great deal where you lived. In Europe, the resident priest would probably tell you that you had made God angry and that in order to regain your health you should donate something to the church, make a pilgrimage to a sacred site, and pray fervently for God’s forgiveness. Alternatively, the village witch might explain that a demon had possessed you and that she could cast it out using song, dance, and the blood of a black cockerel. In the Middle East, doctors brought up on classical traditions might explain that your four bodily humors were out of balance and that you should harmonize them with a proper diet and foul-smelling potions. In India, Ayurvedic experts would offer their own theories concerning the balance between the three bodily elements known as doshas and recommend a treatment of herbs, massages, and yoga postures. Chinese physicians, Siberian shamans, African witch doctors, Amerindian medicine men—every empire, kingdom, and tribe had its own traditions and experts, each espousing different views about the human body and the nature of sickness, and each offering their own cornucopia of rituals, concoctions, and cures. Some of them worked surprisingly well, whereas others were little short of a death sentence. The only thing that united European, Chinese, African, and American medical practices was that everywhere at least a third of all children died before reaching adulthood, and average life expectancy was far below fifty.14 Today, if you happen to be sick, it makes much less difference where you live. In Toronto, Tokyo, Tehran, or Tel Aviv, you will be taken to similar-looking hospitals, where you will meet doctors in white coats who learned the same scientific theories in the same medical colleges. They will follow identical protocols and use identical tests to reach very similar diagnoses. They will then dispense the same medicines produced by the same international drug companies. There are still some minor cultural differences, but Canadian, Japanese, Iranian, and Israeli physicians hold much the same views about the human body and human diseases. After the Islamic State captured Raqqa and Mosul, it did not tear down the local hospitals. Rather, it launched an appeal to Muslim doctors and nurses throughout the world to volunteer their services there.15 Presumably even Islamist doctors and nurses believe that the body is made of cells, that diseases are caused by pathogens, and that antibiotics kill bacteria.

Heuristics for testing your goals Assess your goals using these guidelines: Does your goal start with a verb (“launch,” “build,” “refactor,” etc.)? Then you probably have an action, so reframe it to describe the outcome you want. Often, this takes the form of translating “X so that Y” into “Y via X” (and consider if you need X in there at all). A helpful trick to figure out the proper framing is to read the goal out, ask yourself why, answer that question, then do that a couple of times until the true goal comes into focus. (See Table 2 for an example.) Do you have “engineering goals” and “business goals,” or something similar? Stop it. Are your goals more than one page, more than three to five objectives, or more than three to five KRs per objective? No one will read them—let alone remember them. When you (or your team) look at your goals, do you wince and think, “What about X? I was really hoping to get to that this quarter”? If not, you probably haven’t focused enough, and your goals are not adding value. Could one team member think a goal is achieved and another one completely disagree? Then your goal isn’t specific enough. (By contrast, if everyone feels it’s mostly successful but the assessments range from 60–80 percent done, who cares?) Can you imagine a scenario where the goal is achieved but you’re still dissatisfied with where you ended up? Then your goal isn’t specific enough, or an aspect is missing. Could you be successful without achieving the goal? Then your goal is overly specific, and you should rethink how to define success.

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John Doerr, the legendary venture capitalist who backed Netscape, Google, and Amazon, doesn’t remember the exact day anymore; all he remembers is that it was shortly before Steve Jobs took the stage at the Moscone Center in San Francisco on January 9, 2007, to announce that Apple had reinvented the mobile phone. Doerr will never forget, though, the moment he first laid eyes on that phone. He and Jobs, his friend and neighbor, were watching a soccer match that Jobs’s daughter was playing in at a school near their homes in Palo Alto. As play dragged on, Jobs told Doerr that he wanted to show him something. “Steve reached into the top pocket of his jeans and pulled out the first iPhone,” Doerr recalled for me, “and he said, ‘John, this device nearly broke the company. It is the hardest thing we’ve ever done.’ So I asked for the specs. Steve said that it had five radios in different bands, it had so much processing power, so much RAM [random access memory], and so many gigabits of flash memory. I had never heard of so much flash memory in such a small device. He also said it had no buttons—it would use software to do everything—and that in one device ‘we will have the world’s best media player, world’s best telephone, and world’s best way to get to the Web—all three in one.’” Doerr immediately volunteered to start a fund that would support creation of applications for this device by third-party developers, but Jobs wasn’t interested at the time. He didn’t want outsiders messing with his elegant phone. Apple would do the apps. A year later, though, he changed his mind; that fund was launched, and the mobile phone app industry exploded. The moment that Steve Jobs introduced the iPhone turns out to have been a pivotal junction in the history of technology—and the world.

Lucid Motors was started under the name Atieva (which stood for “advanced technologies in electric vehicle applications” and was pronounced “ah-tee-va”) in Mountain View in 2008 (or December 31, 2007, to be precise) by Bernard Tse, who was a vice president at Tesla before it launched the Roadster. Hong Kong–born Tse had studied engineering at the University of Illinois, where he met his wife, Grace. In the early 1980s, the couple had started a computer manufacturing company called Wyse, which at its peak in the early 1990s registered sales of more than $480 million a year. Tse joined Tesla’s board of directors in 2003 at the request of his close friend Martin Eberhard, the company’s original CEO, who sought Tse’s expertise in engineering, manufacturing, and supply chain. Tse would eventually step off the board to lead a division called the Tesla Energy Group. The group planned to make electric power trains for other manufacturers, who needed them for their electric car programs. Tse, who didn’t respond to my requests to be interviewed, left Tesla around the time of Eberhard’s departure and decided to start Atieva, his own electric car company. Atieva’s plan was to start by focusing on the power train, with the aim of eventually producing a car. The company pitched itself to investors as a power train supplier and won deals to power some city buses in China, through which it could further develop and improve its technology. Within a few years, the company had raised about $40 million, much of it from the Silicon Valley–based venture capital firm Venrock, and employed thirty people, mostly power train engineers, in the United States, as well as the same number of factory workers in Asia. By 2014, it was ready to start work on a sedan, which it planned to sell in the United States and China. That year, it raised about $200 million from Chinese investors, according to sources close to the company.

a young Goldman Sachs banker named Joseph Park was sitting in his apartment, frustrated at the effort required to get access to entertainment. Why should he trek all the way to Blockbuster to rent a movie? He should just be able to open a website, pick out a movie, and have it delivered to his door. Despite raising around $250 million, Kozmo, the company Park founded, went bankrupt in 2001. His biggest mistake was making a brash promise for one-hour delivery of virtually anything, and investing in building national operations to support growth that never happened. One study of over three thousand startups indicates that roughly three out of every four fail because of premature scaling—making investments that the market isn’t yet ready to support. Had Park proceeded more slowly, he might have noticed that with the current technology available, one-hour delivery was an impractical and low-margin business. There was, however, a tremendous demand for online movie rentals. Netflix was just then getting off the ground, and Kozmo might have been able to compete in the area of mail-order rentals and then online movie streaming. Later, he might have been able to capitalize on technological changes that made it possible for Instacart to build a logistics operation that made one-hour grocery delivery scalable and profitable. Since the market is more defined when settlers enter, they can focus on providing superior quality instead of deliberating about what to offer in the first place. “Wouldn’t you rather be second or third and see how the guy in first did, and then . . . improve it?” Malcolm Gladwell asked in an interview. “When ideas get really complicated, and when the world gets complicated, it’s foolish to think the person who’s first can work it all out,” Gladwell remarked. “Most good things, it takes a long time to figure them out.”* Second, there’s reason to believe that the kinds of people who choose to be late movers may be better suited to succeed. Risk seekers are drawn to being first, and they’re prone to making impulsive decisions. Meanwhile, more risk-averse entrepreneurs watch from the sidelines, waiting for the right opportunity and balancing their risk portfolios before entering. In a study of software startups, strategy researchers Elizabeth Pontikes and William Barnett find that when entrepreneurs rush to follow the crowd into hyped markets, their startups are less likely to survive and grow. When entrepreneurs wait for the market to cool down, they have higher odds of success: “Nonconformists . . . that buck the trend are most likely to stay in the market, receive funding, and ultimately go public.” Third, along with being less recklessly ambitious, settlers can improve upon competitors’ technology to make products better. When you’re the first to market, you have to make all the mistakes yourself. Meanwhile, settlers can watch and learn from your errors. “Moving first is a tactic, not a goal,” Peter Thiel writes in Zero to One; “being the first mover doesn’t do you any good if someone else comes along and unseats you.” Fourth, whereas pioneers tend to get stuck in their early offerings, settlers can observe market changes and shifting consumer tastes and adjust accordingly. In a study of the U.S. automobile industry over nearly a century, pioneers had lower survival rates because they struggled to establish legitimacy, developed routines that didn’t fit the market, and became obsolete as consumer needs clarified. Settlers also have the luxury of waiting for the market to be ready. When Warby Parker launched, e-commerce companies had been thriving for more than a decade, though other companies had tried selling glasses online with little success. “There’s no way it would have worked before,” Neil Blumenthal tells me. “We had to wait for Amazon, Zappos, and Blue Nile to get people comfortable buying products they typically wouldn’t order online.

Patrick Vlaskovits, who was part of the initial conversation that the term “growth hacker” came out of, put it well: “The more innovative your product is, the more likely you will have to find new and novel ways to get at your customers.”12 For example: 1. You can create the aura of exclusivity with an invite-only feature (as Mailbox did). 2. You can create hundreds of fake profiles to make your service look more popular and active than it actually is—nothing draws a crowd like a crowd (as reddit did in its early days). 3. You can target a single service or platform and cater to it exclusively—essentially piggybacking off or even stealing someone else’s growth (as PayPal did with eBay). 4. You can launch for just a small group of people, own that market, and then move from host to host until your product spreads like a virus (which is what Facebook did by starting in colleges—first at Harvard—before taking on the rest of the population). 5. You can host cool events and drive your first users through the system manually (as Myspace, Yelp, and Udemy all did). 6. You can absolutely dominate the App Store because your product provides totally new features that everyone is dying for (which is what Instagram did—twenty-five thousand downloads on its first day—and later Snapchat). 7. You can bring on influential advisors and investors for their valuable audience and fame rather than their money (as About.me and Trippy did—a move that many start-ups have emulated). 8. You can set up a special sub-domain on your e-commerce site where a percentage of every purchase users make goes to a charity of their choice (which is what Amazon did with Smile.Amazon.com this year to great success, proving that even a successful company can find little growth hacks). 9. You can try to name a Planned Parenthood clinic after your client or pay D-list celebrities to say offensive things about themselves to get all sorts of publicity that promotes your book (OK, those stunts were mine).

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The collapse, for example, of IBM’s legendary 80-year-old hardware business in the 1990s sounds like a classic P-type story. New technology (personal computers) displaces old (mainframes) and wipes out incumbent (IBM). But it wasn’t. IBM, unlike all its mainframe competitors, mastered the new technology. Within three years of launching its first PC, in 1981, IBM achieved $5 billion in sales and the #1 position, with everyone else either far behind or out of the business entirely (Apple, Tandy, Commodore, DEC, Honeywell, Sperry, etc.). For decades, IBM dominated computers like Pan Am dominated international travel. Its $13 billion in sales in 1981 was more than its next seven competitors combined (the computer industry was referred to as “IBM and the Seven Dwarfs”). IBM jumped on the new PC like Trippe jumped on the new jet engines. IBM owned the computer world, so it outsourced two of the PC components, software and microprocessors, to two tiny companies: Microsoft and Intel. Microsoft had all of 32 employees. Intel desperately needed a cash infusion to survive. IBM soon discovered, however, that individual buyers care more about exchanging files with friends than the brand of their box. And to exchange files easily, what matters is the software and the microprocessor inside that box, not the logo of the company that assembled the box. IBM missed an S-type shift—a change in what customers care about. PC clones using Intel chips and Microsoft software drained IBM’s market share. In 1993, IBM lost $8.1 billion, its largest-ever loss. That year it let go over 100,000 employees, the largest layoff in corporate history. Ten years later, IBM sold what was left of its PC business to Lenovo. Today, the combined market value of Microsoft and Intel, the two tiny vendors IBM hired, is close to $1.5 trillion, more than ten times the value of IBM. IBM correctly anticipated a P-type loonshot and won the battle. But it missed a critical S-type loonshot, a software standard, and lost the war.

entire project would be kicked back, and he would need to start the submission process again. The proposal had to be perfect this time. If not, he was sure his competitors would swoop in on this opportunity to launch their own devices. He had spent the last two years on this project, and he was so close—only twenty-seven days left to make all the necessary corrections. He could not afford distractions now. Too much was riding on this; his name was riding on this. He remembered what his father always told him: “No one remembers the name of the person who came in second.” These words motivated him all through high school to earn a full scholarship to Boston University, where he earned his BA and master’s degrees in computer science, and then his PhD in robotics engineering at MIT. Those degrees had driven him to start his own business, Vinchi Medical Engineering, and at age thirty-four, he still lived by those words to keep the company on top. The intercom buzzed. “Your conference call is ready on line one, Mr. Vinchi.” “What the hell were you guys thinking?” Jon barked as soon as he got on the line. Not waiting for them to answer, Jon continued, “Whose bright idea was it to submit my name to participate at this event—or any event, for that matter? This type of thing has your name written all over it, Drew. Is this your doing?” As always, Trent said it the way it was. “If you had attended the last meeting, Jon, you would have been brought up to date for this and would have had the chance to voice any opposition to your participation.” It was a moot point, Jon knew he’d missed their last meeting—actually, their last few meetings—due to his own business needs. But this stunt wasn’t solely about the meeting, and he knew it. “Trent, I have always supported the decisions you guys have made in the past, but I am not supporting this one. What makes you think I will even show? I don’t have time for this nonsense.” “Time is valuable to all of us, Jon. We all have our own companies to run besides supporting what is needed for Takes One. Either you’re fully invested in this, or you’re not. There are times when it takes more than

Success comes with an inevitable problem: market saturation. New products initially grow just by adding more customers—to grow a network, add more nodes. Eventually this stops working because nearly everyone in the target market has joined the network, and there are not enough potential customers left. From here, the focus has to shift from adding new customers to layering on more services and revenue opportunities with existing ones. eBay had this problem in its early years, and had to figure its way out. My colleague at a16z, Jeff Jordan, experienced this himself, and would often write and speak about his first month as the general manager of eBay’s US business. It was in 2000, and for the first time ever, eBay’s US business failed to grow on a month-over-month basis. This was critical for eBay because nearly all the revenue and profit for the company came from the US unit—without growth in the United States, the entire business would stagnate. Something had to be done quickly. It’s tempting to just optimize the core business. After all, increasing a big revenue base even a little bit often looks more appealing than starting at zero. Bolder bets are risky. Yet because of the dynamics of market saturation, a product’s growth tends to slow down and not speed up. There’s no way around maintaining a high growth rate besides continuing to innovate. Jeff shared what the team did to find the next phase of growth for the company: eBay.com at the time enabled the community to buy and sell solely through online auctions. But auctions intimidated many prospective users who expressed preference for the ease and simplicity of fixed price formats. Interestingly, our research suggested that our online auction users were biased towards men, who relished the competitive aspect of the auction. So the first major innovation we pursued was to implement the (revolutionary!) concept of offering items for a fixed price on ebay.com, which we termed “buy-it-now.” Buy-it-now was surprisingly controversial to many in both the eBay community and in eBay headquarters. But we swallowed hard, took the risk and launched the feature . . . and it paid off big. These days, the buy-it-now format represents over $40 billion of annual Gross Merchandise Volume for eBay, 62% of their total.65

Tim Tigner began his career in Soviet Counterintelligence with the US Army Special Forces, the Green Berets. That was back in the Cold War days when, “We learned Russian so you didn't have to,” something he did at the Presidio of Monterey alongside Recon Marines and Navy SEALs. With the fall of the Berlin Wall, Tim switched from espionage to arbitrage. Armed with a Wharton MBA rather than a Colt M16, he moved to Moscow in the midst of Perestroika. There, he led prominent multinational medical companies, worked with cosmonauts on the MIR Space Station (from Earth, alas), chaired the Association of International Pharmaceutical Manufacturers, and helped write Russia’s first law on healthcare. Moving to Brussels during the formation of the EU, Tim ran Europe, Middle East, and Africa for a Johnson & Johnson company and traveled like a character in a Robert Ludlum novel. He eventually landed in Silicon Valley, where he launched new medical technologies as a startup CEO. In his free time, Tim has climbed the peaks of Mount Olympus, hang glided from the cliffs of Rio de Janeiro, and ballooned over Belgium. He earned scuba certification in Turkey, learned to ski in Slovenia, and ran the Serengeti with a Maasai warrior. He acted on stage in Portugal, taught negotiations in Germany, and chaired a healthcare conference in Holland. Tim studied psychology in France, radiology in England, and philosophy in Greece. He has enjoyed ballet at the Bolshoi, the opera on Lake Como, and the symphony in Vienna. He’s been a marathoner, paratrooper, triathlete, and yogi.  Intent on combining his creativity with his experience, Tim began writing thrillers in 1996 from an apartment overlooking Moscow’s Gorky Park. Decades later, his passion for creative writing continues to grow every day. His home office now overlooks a vineyard in Northern California, where he lives with his wife Elena and their two daughters. Tim grew up in the Midwest, and graduated from Hanover College with a BA in Philosophy and Mathematics. After military service and work as a financial analyst and foreign-exchange trader, he earned an MBA in Finance and an MA in International Studies from the University of Pennsylvania’s Wharton and Lauder Schools.  Thank you for taking the time to read about the author. Tim is most grateful for his loyal fans, and loves to correspond with readers like you. You are welcome to reach him directly at tim@timtigner.com.

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Another obstacle was the stubbornness of the countries the pipeline had to cross, particularly Syria, all of which were demanding what seemed to be exorbitant transit fees. It was also the time when the partition of Palestine and the establishment of the state of Israel were aggravating American relations with the Arab countries. But the emergence of a Jewish state, along with the American recognition that followed, threatened more than transit rights for the pipeline. Ibn Saud was as outspoken and adamant against Zionism and Israel as any Arab leader. He said that Jews had been the enemies of Arabs since the seventh century. American support of a Jewish state, he told Truman, would be a death blow to American interests in the Arab world, and should a Jewish state come into existence, the Arabs “will lay siege to it until it dies of famine.” When Ibn Saud paid a visit to Aramco’s Dhahran headquarters in 1947, he praised the oranges he was served but then pointedly asked if they were from Palestine—that is, from a Jewish kibbutz. He was reassured; the oranges were from California. In his opposition to a Jewish state, Ibn Saud held what a British official called a “trump card”: He could punish the United States by canceling the Aramco concession. That possibility greatly alarmed not only the interested companies, but also, of course, the U.S. State and Defense departments. Yet the creation of Israel had its own momentum. In 1947, the United Nations Special Committee on Palestine recommended the partition of Palestine, which was accepted by the General Assembly and by the Jewish Agency, but rejected by the Arabs. An Arab “Liberation Army” seized the Galilee and attacked the Jewish section of Jerusalem. Violence gripped Palestine. In 1948, Britain, at wit’s end, gave up its mandate and withdrew its Army and administration, plunging Palestine into anarchy. On May 14, 1948, the Jewish National Council proclaimed the state of Israel. It was recognized almost instantly by the Soviet Union, followed quickly by the United States. The Arab League launched a full-scale attack. The first Arab-Israeli war had begun. A few days after Israel’s proclamation of statehood, James Terry Duce of Aramco passed word to Secretary of State Marshall that Ibn Saud had indicated that “he may be compelled, in certain circumstances, to apply sanctions against the American oil concessions… not because of his desire to do so but because the pressure upon him of Arab public opinion was so great that he could no longer resist it.” A hurriedly done State Department study, however, found that, despite the large reserves, the Middle East, excluding Iran, provided only 6 percent of free world oil supplies and that such a cut in consumption of that oil “could be achieved without substantial hardship to any group of consumers.

The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” George Bernard Shaw On a cool fall evening in 2008, four students set out to revolutionize an industry. Buried in loans, they had lost and broken eyeglasses and were outraged at how much it cost to replace them. One of them had been wearing the same damaged pair for five years: He was using a paper clip to bind the frames together. Even after his prescription changed twice, he refused to pay for pricey new lenses. Luxottica, the 800-pound gorilla of the industry, controlled more than 80 percent of the eyewear market. To make glasses more affordable, the students would need to topple a giant. Having recently watched Zappos transform footwear by selling shoes online, they wondered if they could do the same with eyewear. When they casually mentioned their idea to friends, time and again they were blasted with scorching criticism. No one would ever buy glasses over the internet, their friends insisted. People had to try them on first. Sure, Zappos had pulled the concept off with shoes, but there was a reason it hadn’t happened with eyewear. “If this were a good idea,” they heard repeatedly, “someone would have done it already.” None of the students had a background in e-commerce and technology, let alone in retail, fashion, or apparel. Despite being told their idea was crazy, they walked away from lucrative job offers to start a company. They would sell eyeglasses that normally cost $500 in a store for $95 online, donating a pair to someone in the developing world with every purchase. The business depended on a functioning website. Without one, it would be impossible for customers to view or buy their products. After scrambling to pull a website together, they finally managed to get it online at 4 A.M. on the day before the launch in February 2010. They called the company Warby Parker, combining the names of two characters created by the novelist Jack Kerouac, who inspired them to break free from the shackles of social pressure and embark on their adventure. They admired his rebellious spirit, infusing it into their culture. And it paid off. The students expected to sell a pair or two of glasses per day. But when GQ called them “the Netflix of eyewear,” they hit their target for the entire first year in less than a month, selling out so fast that they had to put twenty thousand customers on a waiting list. It took them nine months to stock enough inventory to meet the demand. Fast forward to 2015, when Fast Company released a list of the world’s most innovative companies. Warby Parker didn’t just make the list—they came in first. The three previous winners were creative giants Google, Nike, and Apple, all with over fifty thousand employees. Warby Parker’s scrappy startup, a new kid on the block, had a staff of just five hundred. In the span of five years, the four friends built one of the most fashionable brands on the planet and donated over a million pairs of glasses to people in need. The company cleared $100 million in annual revenues and was valued at over $1 billion. Back in 2009, one of the founders pitched the company to me, offering me the chance to invest in Warby Parker. I declined. It was the worst financial decision I’ve ever made, and I needed to understand where I went wrong.

The trainers at Uberversity, where new employees underwent a three-day initiation, began schooling everyone on this scenario: a rival company is launching a carpooling service in four weeks. It’s impossible for Uber to beat them to market with a reliable carpool service of its own. What should the company do? The correct answer at Uberversity—and what Uber actually did when it learned about Lyft Line—was “Rig up a makeshift solution that we pretend is totally ready to go so we can beat the competitor to market.” (Andreessen Horowitz, the venture capital firm where I work, invested in Lyft and I am on its board, so I was keenly aware of the dynamic between the companies—and I am decidedly biased.) Those, including the company’s legal team, who proposed taking the time to come up with a workable product, one far better than Uber Pool 1.0, were told “That’s not the Uber way.” The underlying message was clear: if the choice is integrity or winning, at Uber we do whatever we have to do to win. This competitiveness issue also came up when Uber began to challenge Didi Chuxing, the Chinese market leader in ride-sharing. To counter Uber, Didi employed very aggressive techniques including hacking Uber’s app to send it fake riders. The Chinese law on the tactic wasn’t entirely clear. The Chinese branch of Uber countered by hacking Didi right back. Uber then brought those techniques home to the United States by hacking Lyft with a program known as Hell, which inserted fake riders into Lyft’s system while simultaneously funneling Uber the information it needed to recruit Lyft drivers. Did Kalanick instruct his subordinates to employ these measures, which were at best anticompetitive and at worst arguably illegal? It’s difficult to say, but the point is that he didn’t have to—he had already programmed the culture that engendered those measures.

The Monterey Pop Festival, held June 16 through 18 at the seaside town’s fairgrounds, proved to be a seminal event in rock history. Considering the hoopla it generated, especially after the release of filmmaker D. A. Pennebaker’s marvelous documentary, it should have boosted Nyro to celebrity status. It certainly did so for Jefferson Airplane, Big Brother and the Holding Company, and Jimi Hendrix. But instead, not only was Nyro absent from the film Monterey Pop—at her own request, according to Pennebaker—but the festival proved more a setback than a launch.

Given this American interest, how might war between the United States and China develop? Assume the year is 2010. American troops are out of Korea, which has been reunified, and the United States has a greatly reduced military presence in Japan. Taiwan and mainland China have reached an accommodation in which Taiwan continues to have most of its de facto independence but explicitly acknowledges Beijing’s suzerainty and with China’s sponsorship has been admitted to the United Nations on the model of Ukraine and Belorussia in 1946. The development of the oil resources in the South China Sea has proceeded apace, largely under Chinese auspices but with some areas under Vietnamese control being developed by American companies. Its confidence boosted by its new power projection capabilities, China announces that it will establish its full control of the entire sea, over all of which it has always claimed sovereignty. The Vietnamese resist and fighting occurs between Chinese and Vietnamese warships. The Chinese, eager to revenge their 1979 humiliation, invade Vietnam. The Vietnamese appeal for American assistance. The Chinese warn the United States to stay out. Japan and the other nations in Asia dither. The United States says it cannot accept Chinese conquest of Vietnam, calls for economic sanctions against China, and dispatches one of its few remaining carrier task forces to the South China Sea. The Chinese denounce this as a violation of Chinese territorial waters and launch air strikes against the task force. Efforts by the U.N. secretary general and the Japanese prime minister to negotiate a cease-fire fail, and the fighting spreads elsewhere in East Asia. Japan prohibits the use of U.S. bases in Japan for action against China, the United States ignores that prohibition, and Japan announces its neutrality and quarantines the bases. Chinese submarines and land-based aircraft operating from both Taiwan and the mainland impose serious damage on U.S. ships and facilities in East Asia. Meanwhile Chinese ground forces enter Hanoi and occupy large portions of Vietnam.

Zara takes only two weeks to develop a new product and get it into stores—the industry average is six months—and launches over ten thousand new designs per year, a rate several times that of competitors like H&M and Gap. Zara holds just six days of inventory, while rival H&M holds nearly ten times as much.

new era” for Volkswagen.12 The company announced that it would launch at least seventy-five all-electric vehicles by 2028. “The future belongs to electric drive,” said Diess. “Without EVs, we can’t win the battle against climate change.” He also pledged that the company would become “carbon neutral across the whole supply chain.

Lovallo and Kahneman offer a useful prescription to repair this cognitive bias: Get the data. Track down actual figures on launch failure rates for your company, your industry, other industries or projects similar to yours. The numbers will be fascinating – and sobering.

Watching the traders buy big blocks of shares, Bamberger observed that prices often moved higher, as might be expected. Prices headed lower when Morgan Stanley’s traders sold blocks of shares. Each time, the trading activity altered the gap, or spread, between the stock in question and the other company in the pair, even when there was no news in the market. An order to sell a chunk of Coke shares, for instance, might send that stock down a percentage point or even two, even as Pepsi barely moved. Once the effect of their Coke stock selling wore off, the spread between the shares reverted to the norm,

The product launch and first customer ship dates are merely the dates when a product development team thinks the product’s first release is “finished.” It doesn’t mean the company understands its customers or how to market or sell to them, yet in almost every startup, ready or not, departmental clocks are set irrevocably to “first customer ship.” Even worse, a startup’s investors are managing their financial expectations by this date as well.

The best time to launch your new company was a year ago; the second-best time is now.

Many in Hollywood view Disney as a soulless, creativity-killing machine that treats motion pictures like toothpaste and leaves no room for the next great talent, the next great idea, or the belief that films have any meaning beyond their contribution to the bottom line. By contrast, investors and MBAs are thrilled that Disney has figured out how to make more money, more consistently, from the film business than anyone ever has before. But actually, Disney isn’t in the movie business, at least as we previously understood it. It’s in the Disney brands business. Movies are meant to serve those brands. Not the other way around. Even some Disney executives admit in private that they feel more creatively limited in their jobs than they imagined possible when starting careers in Hollywood. But, as evidenced by box-office returns, Disney is undeniably giving people what they want. It’s also following the example of one of the men its CEO, Bob Iger, admired most in the world: Apple’s cofounder, Steve Jobs. Apple makes very few products, focuses obsessively on quality and detail, and once it launches something that consumers love, milks it endlessly. People wondering why there’s a new Star Wars movie every year could easily ask the same question about the modestly updated iPhone that launches each and every fall. Disney approaches movies much like Apple approaches consumer products. Nobody blames Apple for not coming out with a groundbreaking new gadget every year, and nobody blames it for coming out with new versions of its smartphone and tablet until consumers get sick of them. Microsoft for years tried being the “everything for everybody” company, and that didn’t work out well. So if Disney has abandoned whole categories of films that used to be part of every studio’s slates and certain people bemoan the loss, well, that’s simply not its problem.

Though it’s unclear whether Jeff knew about Charlie’s idea before sending out his directive to launch a free shipping program in October, it doesn’t really matter—the story is noteworthy for a couple of reasons. First, customer-focused ideas come from all areas within Amazon. Many companies have the “business people” tell the “technical people” what to build. There’s little discussion back and forth, and the teams stay in their own lanes. Amazon is not like this at all. It’s everyone’s job to obsess over customers and think of inventive ways to delight them. A second noteworthy aspect of the story is that when Charlie returned from vacation and found out we had decided to build something akin to his idea, he joined the team charged with making Prime a reality, and played a vital role on it.

a quiet, deliberate process of figuring out what needed to be done and then simply doing it, the comparison companies frequently launched new programs—often with great fanfare and hoopla aimed at “motivating the troops”—only to see the programs fail to produce sustained results. They sought the single defining action, the grand program, the one killer innovation, the miracle moment that would allow them to skip the arduous buildup stage and jump right to breakthrough. They would push the flywheel in one direction, then stop, change course, and throw it in a new direction—and then they would stop, change course, and throw it into yet another direction. After years of lurching back and forth, the comparison companies failed to build sustained momentum and fell instead into what we came to call the doom loop.

We can’t tell you how many times we’ve heard people say, when talking about a recently launched Amazon initiative, “You can do that at Amazon because you don’t care about profits.” That simply isn’t true. Profits are just as important to Amazon as to any other major company. Other output metrics like weekly revenue, total customers, Prime subscribers, and (over the long term) stock price—or more accurately, free cash flow per share—matter very much to Amazon. Early detractors mistook Amazon’s emphasis on input metrics for a lack of interest in profits and pronounced the company doomed, only to be stunned by its growth over the ensuing years.

The Working Backwards process is all about starting from the customer perspective and following a step-by-step process where you question assumptions relentlessly until you have a complete understanding of what you want to build. It’s about seeking truth. Sometimes the Working Backwards process can uncover some surprising truths. Some companies, in a rush to get a project to market, ignore that truth and keep building according to the original plan. In their attachment to the modest gains of that plan, they motivate the team to pursue it aggressively, only to realize much later that there was a much bigger gain to be had if they’d taken the time to question their own assumptions. The cost of changing course in the PR/FAQ writing stage is much lower than after you’ve launched and have an operating business to manage. The Working Backwards process tends to save you from the expensive proposition of making a significant course change after you’ve launched your product.

a smaller, nearby office, trading his own account, favored raggedy sweaters, wrinkled trousers, and worn Hush Puppies shoes. To compensate for his worsening eyesight, he hunched close to his computer, trying to ignore the smoke wafting through the office from Simons’s cigarettes. Their traditional trading approach was going so well that, when the boutique next door closed, Simons rented the space and punched through the adjoining wall. The new space was filled with offices for new hires, including an economist and others who provided expert intelligence and made their own trades, helping to boost returns. At the same time, Simons was developing a new passion: backing promising technology companies, including an electronic dictionary company called Franklin Electronic Publishers, which developed the first hand-held computer.

When a young employee gasped at his blue language, Simons flashed a grin. “I know—that is an impressive rate!” A few times a week, Marilyn came by to visit, usually with their baby, Nicholas. Other times, Barbara checked in on her ex-husband. Other employees’ spouses and children also wandered around the office. Each afternoon, the team met for tea in the library, where Simons, Baum, and others discussed the latest news and debated the direction of the economy. Simons also hosted staffers on his yacht, The Lord Jim, docked in nearby Port Jefferson. Most days, Simons sat in his office, wearing jeans and a golf shirt, staring at his computer screen, developing new trades—reading the news and predicting where markets were going, like most everyone else. When he was especially engrossed in thought, Simons would hold a cigarette in one hand and chew on his cheek. Baum, in a smaller, nearby office, trading his own account, favored raggedy sweaters, wrinkled trousers, and worn Hush Puppies shoes. To compensate for his worsening eyesight, he hunched close to his computer, trying to ignore the smoke wafting through the office from Simons’s cigarettes. Their traditional trading approach was going so well that, when the boutique next door closed, Simons rented the space and punched through the adjoining wall. The new space was filled with offices for new hires, including an economist and others who provided expert intelligence and made their own trades, helping to boost returns. At the same time, Simons was developing a new passion: backing promising technology companies, including an electronic dictionary company called Franklin Electronic Publishers, which developed the first hand-held computer.

When a young employee gasped at his blue language, Simons flashed a grin. “I know—that is an impressive rate!” A few times a week, Marilyn came by to visit, usually with their baby, Nicholas. Other times, Barbara checked in on her ex-husband. Other employees’ spouses and children also wandered around the office. Each afternoon, the team met for tea in the library, where Simons, Baum, and others discussed the latest news and debated the direction of the economy. Simons also hosted staffers on his yacht, The Lord Jim, docked in nearby Port Jefferson. Most days, Simons sat in his office, wearing jeans and a golf shirt, staring at his computer screen, developing new trades—reading the news and predicting where markets were going, like most everyone else. When he was especially engrossed in thought, Simons would hold a cigarette in one hand and chew on his cheek. Baum, in a smaller, nearby office, trading his own account, favored raggedy sweaters, wrinkled trousers, and worn Hush Puppies shoes. To compensate for his worsening eyesight, he hunched close to his computer, trying to ignore the smoke wafting through the office from Simons’s cigarettes. Their traditional trading approach was going so well that, when the boutique next door closed, Simons rented the space and punched through the adjoining wall. The new space was filled with offices for new hires, including an economist and others who provided expert intelligence and made their own trades, helping to boost returns. At the same time, Simons was developing a new passion: backing promising technology companies, including an electronic dictionary company called Franklin Electronic Publishers, which developed the first hand-held computer. In 1982, Simons changed Monemetrics’ name to Renaissance Technologies Corporation, reflecting his developing interest in these upstart companies. Simons came to see himself as a venture capitalist as much as a trader. He spent much of the week working in an office in New York City, where he interacted with his hedge fund’s investors while also dealing with his tech companies. Simons also took time to care for his children, one of whom needed extra attention. Paul, Simons’s second child with Barbara, had been born with a rare hereditary condition called ectodermal dysplasia. Paul’s skin, hair, and sweat glands didn’t develop properly, he was short for his age, and his teeth were few and misshapen. To cope with the resulting insecurities, Paul asked his parents to buy him stylish and popular clothing in the hopes of fitting in with his grade-school peers. Paul’s challenges weighed on Simons, who sometimes drove Paul to Trenton, New Jersey, where a pediatric dentist made cosmetic improvements to Paul’s teeth. Later, a New York dentist fitted Paul with a complete set of implants, improving his self-esteem. Baum was fine with Simons working from the New York office, dealing with his outside investments, and tending to family matters. Baum didn’t need much help. He was making so much money trading various currencies using intuition and instinct that pursuing a systematic, “quantitative” style of trading seemed a waste of

face of infectious disease research and my professional life as profoundly as had the advent of AIDS at the very beginning of my career. Shortly after the terror attacks, the Norwegian investors in the genetic vaccine company we had helped launch

By not doing the work to discover the vulnerabilities that needed to be fixed before a full-scale launch, the pilot failed the company and its customers. The solution is to create incentives that motivate pilots not to succeed but rather to fail well. An effective pilot is littered with the right kind of wrong—numerous intelligent failures, each generating valuable information.

The key to market leadership is consistent high performance over the long haul. The Boeing Company survived as an industry leader for over a century in the exact same manner--by designing and building the finest and most-advanced aerospace products known to mankind.

The valuations of private and public companies were soaring, and there seemed to be a consensus that the gold rush was beginning. Amid this infrastructure mania, Reliance Power launched an IPO in January 2008 that was oversubscribed seventy-two times! It made the company’s owner, Anil Ambani, the richest Indian. Despite having a power capacity of less than 1,000 megawatts at the time of the IPO, the company’s value was about $35 billion. Did this lead to a large number of IPOs for infrastructure businesses that investors lapped up hungrily? Does the sun rise in the east? Both private and public equity investors in the hyped-up story of Indian infrastructure forgot or chose to ignore some uncomfortable truths: Every infrastructure business is held hostage to the whims and fancies of the government; the government hates to be a paying customer—underpayment and late payment are the rule, not the exception; and even if the government behaves well, the returns on these projects are capped according to law. So why would we want to spend a single minute debating if any power business is worth investing in?

The norm is that if you launch a big initiative and it fails (in any department, not just tech), it would certainly limit your career. In more agile cultures, failure isn’t punished. Instead, it’s a learning opportunity. The mindset of embracing risk and tolerating failure is a huge part of the software ethos. It’s also one of the biggest things that old companies avoid—even those with leaders who claim, as many do, that they want to become more like a startup.

Other implications of AWS were not immediately apparent. One was that AWS would drive down the cost of launching a new company—to almost zero.

Other implications of AWS were not immediately apparent. One was that AWS would drive down the cost of launching a new company—to almost zero. Before AWS came along, when you started a tech company you needed to buy expensive servers, storage systems, routers, and database software.

Sometimes brands make a stand more quietly. Deep inside one of the world’s most famous factories, located in the tiny town of Billund, Denmark, more than a hundred engineers and scientists are collaborating to redesign a product that has worked perfectly for more than eighty years. The LEGO Sustainable Materials Centre, a well-funded group within LEGO, is dedicated to finding more sustainable materials within the next decade to make the company’s iconic bricks. In 2018 the group launched its first innovation, making flexible pieces such as leaves and palm trees from a plant-based plastic sourced from sugar cane. This sense of commitment to the environment is deeply felt at LEGO. Its efforts may inspire more such initiatives across the toy industry, especially if consumers take note of LEGO’s efforts and demand similar forward-looking commitments from other companies as well.

Second, the hurdles for entrepreneurs who wanted to launch a company were lowering quickly. Amazon Web Services, or AWS, changed the startup game entirely. Amazon started AWS in 2002 as an engineering side project; it would grow to become one of its most successful innovations in Amazon history. Amazon Web Services powers cloud computing services for coders and entrepreneurs who can’t afford to build their own infrastructure or server farms on their own. If a startup is a house, AWS is the electric company, the foundation and the plumbing combined. It keeps the business up and running while the company

Directed dabbling is what led me to Bre Pettis, a former art teacher from Seattle who started NYC Resistor, a Brooklyn maker space, and also launched the 3-D printing company MakerBot next door. I had been tracking Bre as part of our digital development effort. I e-mailed Bre to ask if I could simply hang out and watch what he was doing: “I want to understand the new wave of micro-manufacturing, and especially what you are doing with 3-D printing.” Resistor was a higgledy-piggledy series of rooms on the fourth floor of a run-down factory. There Bre introduced me to his “makers” as we walked between workbenches covered with bits of sheet metal and wires and boxes of odds and ends. I saw people making a miniature wind turbine and a portable water purification system. That is, GE kinds of things. One guy was building his own miniature gas turbine, because, well, he could. “Why not?” he said. “People want to live off the grid.” “We could use this ingenuity inside GE,” I said out loud. After NYC Resistor and MakerBot, I met with Shapeways, in Queens, an advanced contract manufacturer where people submitted designs to be 3-D printed for a fee. As we toured the space and talked about the jewelry they made, I

Interstellar Consulting is a full-service consulting company to helps founders and visionaries design, build, and launch their brands. From software design to social media campaigns, we take care of everything our clients need no matter how far they are on their journey.

This measure, which endangers the environment as Canadian oil would now have to cross into the US by train and truck, would essentially be a gift to the oil companies and might contribute toward undoing Trump policies that led to energy independence. This one act, which would likely lead to the loss of upwards of a hundred thousand jobs in aggregate, would likely contribute to a raise in the cost of oil which hurts production and potentially raises prices thus hurting working people.

The Rockefeller Foundation launched a “public-private partnership” with pharmaceutical companies called the International Health Commission, which set about feverishly inoculating the hapless populations of the colonized tropics with a yellow fever jab.56 The vaccine killed its beneficiaries in droves and failed to prevent yellow fever. The Rockefeller Foundation quietly dropped the useless vaccine after the foundation’s star researcher, the yellow fever vaccine’s inventor, Hideyo Noguchi, succumbed to the disease, likely contracted through careless laboratory exposure.

Over the years, I’ve launched dozens and dozens of projects and sold goods and services to businesses and individuals. I’ve worked with Jay Levinson, the father of Guerrilla Marketing, with Lester Wunderman, the godfather of direct mail, and Bernadette Jiwa, the doyenne of storytelling. My ideas have built billion-dollar companies and raised nearly that much for important charities

I’m looking now for a role at an early-stage company where I’ll be able to take a single product from conception through to launch. I think my experience as a developer and as a PM who works cross-functionally will give me the background to work with, and even take on some of the responsibilities of, several other roles. That’s a lot of what interested me in this role; it’s at the perfect time for me to dive in, and it’s so closely related to the personalization work I’m doing right now.

When a hugely popular chat app, ToTok, was launched in the United Arab Emirates in 2019, it attracted millions of downloads. But it was in fact a spying tool, just the latest entry from a long list of repressive states in the Gulf that have used private American and Israeli companies to design surveillance systems to monitor their own citizens. The firm DarkMatter was behind it, an Emirati corporation that has attracted former Israeli intelligence officials and National Security Agency staff.93

On the positive side, perhaps the best example of a creative and (potentially) helpful use of AI is Chat2024, an AI-powered chatbot that serves as a stand-in for each candidate. This gives any visitor to Chat2024.com the ability to ask any candidate any question you want. Through the site, you can carry on a conversation with each candidate just as you’d engage a friend over any other messaging app. The AI has been programmed with everything it needs to field any question, even answering in the voice, tone, and attitude of each candidate (mostly). The company behind Chat2024 is also developing a voice feature that will allow people to engage in a voice conversation with each candidate’s AI avatar, which will have a voice eerily close to the real thing. I tried Chat2024 soon after it launched, and the results were interesting, to say the least. I can see some real value here for voter education … but I can also see how tools like this could go horribly wrong. We’ve opened a Pandora’s Box, and there’s no going back. Obviously, the big potential danger with a tool like Chat2024 is that these answers are not actually coming from a candidate. The AI is using all the information at its disposal to approximate what it thinks the candidate would say in response to each question. But, as anyone who’s played around with ChatGPT and other AI-powered search engines knows, sometimes the AI is just … wrong. Sometimes, woefully so.

Though it’s unclear whether Jeff knew about Charlie’s idea before sending out his directive to launch a free shipping program in October, it doesn’t really matter—the story is noteworthy for a couple of reasons. First, customer-focused ideas come from all areas within Amazon. Many companies have the “business people” tell the “technical people” what to build. There’s little discussion back and forth, and the teams stay in their own lanes. Amazon is not like this at all. It’s everyone’s job to obsess over customers and think of inventive ways to delight them.

Investment firms are buying up more vacation homes, aiming to cash in on growing demand from tourists and remote workers. Most vacation rental homes are owned by small-time owners who list their properties on websites such as Airbnb Inc., but the number of financial firms investing in the sector is growing. New York-based investment firm Saluda Grade is launching a venture with short-term- rental operator AvantStay Inc. to buy about $500 million of homes, the companies said Tuesday. Saluda Grade said it is also looking to raise debt by selling mortgage bonds backed by its homes to investors, the first vacation-rental mortgage securitization, according to the company. Andes STR, a startup that buys and manages short-term rental homes on behalf of investors, also recently signed a deal with Chilean investment firm WEG Capital to buy roughly $80 million of properties in the U.S., Andes said. These investors are betting they can get higher returns if they rent out homes by the night instead of by the year. Low-interest rates have made it more attractive to borrow and Buy Traditional Rental Homes, inflating property prices and making it harder for new buyers to turn a profit. That has prompted some institutions and wealthy families to look in more obscure corners of the property market where competition is smaller, investment advisers say. Some are turning to investments in vacation homes, where demand has surged in many places during the pandemic as more people choose to work from remote locations and leisure travel heated up last year. “There’s a lot more yield available in the short-term market,” said Saluda Grade’s chief executive, Ryan Craft. It is the latest sign of how the pandemic is changing the way people work and live, and how real-estate investors are angling to find new ways to profit from these shifts. Saluda Grade is targeting homes within driving distance of major population centers, Mr. Craft said. His company will buy the homes and AvantStay will manage them for a fee. But while vacation-rental homes can offer higher returns, they also pose challenges to investors. Mortgages are usually more expensive and harder to get for short-term rentals than for owner-occupied homes, said Giri Devanur, CEO of reAlpha Tech Corp., a startup that wants to pool money from small-time investors to buy short-term-rental homes.

A well-configured board will comprise people with a broad range of skills and experiences, probably from disciplines and professions not directly related to the mission of the organization itself. I know what that is like because on two boards I have been the one and only CEO of a public company. I was able to bring a perspective about growth, finance, organization structure, and regulation that no other director offered. At Dunkin’, we invited Carl Sparks to join the board in 2013 because he had deep expertise in digital marketing, thanks to his work with Expedia and Travelocity. When he came onboard, we were in the midst of a big push toward the launch of our DD Perks mobile app rewards program. Carl’s participation proved invaluable. As we’ve seen, outsiders and fresh voices are one of the most reliable sources of status quo questioning.

The patent expressly guarantees the inventor “the right to exclude others from making, using, or selling” the idea for the twenty-year life of the patent. The patent holder can, if he chooses, issue licenses to others to make, use, or sell the idea. The license fees can bring in large sums of money. If anybody tries to market the patented product without obtaining a license, the inventor can go into federal court to get an injunction and money damages. Not a bad deal at all for the inventor. In exchange for those benefits, though, the patent holder has to reveal all the secrets of his success. The patent law says that an inventor must provide “a written description of the invention, and of the manner and process of making and using it, in . . . full, clear, concise and exact terms.” The inventor and his company might have expended a dozen years and a hundred million dollars perfecting the idea; once a patent is granted, anybody in the world can acquire the plans—full, clear, concise, and exact—from the Patent Office for $3. If, for example, John S. Pemberton had applied for a patent for the formula he whipped up in his backyard in Atlanta one day in the mid-1880s, the product that he invented—a soft drink that he named Coca-Cola—would have entered the public domain in 1903, when the patent expired. Anybody in the world would have been free from that day forward to brew and sell the drink without paying a penny to the Coca-Cola Company. But Pemberton kept his formula unpatented, and thus secret. Even without a patent, Coca-Cola has been able to defend its formula under a body of law known as trade secret protection, which makes it illegal to copy deliberately somebody else’s commercial idea.

From the inventor’s viewpoint, the flaw with the trade secret laws is that they apply only to purposeful stealing of an idea. They do not prevent anybody from marketing a product that he has invented on his own, even if an earlier inventor has been selling the same product for years. Lacking a patent, Coca-Cola would have no recourse against a company selling exactly the same drink if the second firm could prove in court that its chemists had been messing around with sugar, flavorings, and cola nuts and just happened to hit on the precise formula that Coca-Cola uses. The holder of a patent, in contrast, can go to court to stop any competitor from selling the same product, even if the competitor developed the product completely on his own. The strategic decision facing every inventor, then, is whether he wants twenty years of the stronger protection provided by a patent, or permanent protection under the trade secret laws against only those who deliberately steal the idea.