7. 8.7 years The average time to liquidity for a venture-backed startup nowadays is 8.7 years.
8. “…Of the 26 companies that I consider successes, 17 of them made complete transformations or partial transformations of their businesses between the time we invested and the time we sold. That means there a 2/3 chance you’ll have to significantly reinvent your business between the time you take a venture capital investment and when you exit your business.” -Fred Wilson, Union Square Ventures
9. "I've lately started to realize that our most successful companies are led by entrepreneurs who have a unique talent -- they are heat seeking missiles. It doesn't matter where the missile is aimed pre-launch... " (Josh Kopelman, First Round Capital)
10. "Markets really matter. Because the bigger the market, the more targets there are for the missile to hit. I've seen many companies fail to reach their potential because -- despite the skill of the founders -- they ultimately realize that there just aren't enough (or any) big targets for them to lock-onto. " (Josh Kopelman, First Round Capital)
11. Idea Sniff Test #1:How easy is the “Version 1.0” of the idea?
18. Building a good product is a ticket to the “real” game of startups. Finding and retaining customers. First 18-24 months The rest of your 8.7 years.
19. Idea Sniff Test #2:Is there a good ratio of revenue per customer (ARPU) and cost of customer acquisition?