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It was 1999 and I was commuting to my office uptown. A guy handed me a slip of paper as I

exited the subway. Arriving at my desk I visited the website on that slip of paper and twenty

minutes later a bike messenger arrived with a pint of Ben & Jerry's (no doubt it wasCherry

Garcia). No charge for this--but I suppose they expected I mightuse their "delivery" service

in the future (which I didn't). It was great while it lasted.~ my buddy Justin

Since I'm so old I'm practically dead, in my work I frequently get asked by young

whippersnappers + entrepreneurs if I can help them with their idea for a startup. Particularly

here in France where a lot of people (mistakenly) believe that Americans have unique and

magical insights into creating a tech company. They ask for advice and validation about their

idea, their proposed model, and where to go next. They ask if I want to be an advisor and

could I spend some time with them on it. Maybe they could buy me lunch or a drink? But

mostly what they want is money.

I don't have any.

Not because I don't like you or because I think the idea is no good. And you're probably

capable of achieving great things. If I was half as impressive as many of you seem to me I

would surely be a lot further in life.

But I don't have time or money for your idea because it's an idea. It is not a startup. And it

most certainly isn't a business.

I don't believe in my own dreams much less other people's, and I doubt you do either. But I

certainly believe in tangible things that demonstrate value. You probably do too.

A good idea is usually at the heart of all great things that develop, but by nature an idea aloneis something you've done nothing to develop. It's like a dancing monkey on the back of a goat:

the image sounds great but what does it actually do for anyone? This article, in which the

author is apparently a nominee for "Business Coach of the Year" (charlatan alert!) actually

does a reasonably good job of succinctly explaining the point. Hey, maybe she can be your

advisor!

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Most reasonable people won't invest time or money in something where there has been no

skin put in the game, and an idea doesn't have skin. In the early days when I was trying to

start SnapCar I quickly realized one thing: People simply didn't care about my idea, except

maybe my mom. It may be the same for you, only yours wishes you would just get a job and

find a nice girl (or boy). She only wants you to be happy, honey.

While there are stories out there about entrepreneurs raising $25m on an idea alone, they're

actually about as rare as this thing(by the way, you must be really slow-moving if you have

moss literally growing on your body). So if you hear about Clinkle raising $25m and think that

can happen to you, think again. Frankly, I'm pretty uncertain that Clinkle's investors are

particularly happy about their choice to put in money. Perhaps a lesson learned.

If an idea is basically an unrealized figment of someone's imagination, a startup is an embryo

of a business. It's something real that incites anticipation, but honestly it's not particularly

interesting. It's like a baby shower, only worse: at least a baby shower celebrates something

that WILL be, and there is good food there. Most people bragging about their startup are doing

so based on something that not only has never made money but is often only weeks away

from death. Who does that?

That said, if you've created a startup then I tip my hat to you: It means you've put real skin in

the game: You've quit your job, gotten paid very little (or nothing) and devoted yourself full time

to developing a product/service. Not a prototype, but a real product/service. That takes a ton

of work, involves lots of risk and is really hard: opportunity cost often being the toughest thing

to swallow. I've lived where you're at and have enormous respect for those who get that far.

But if you have a "startup" today then you most likely just have an embryo. That's not a realbusiness, and few people are going to invest time or money in something until it's shown it

can be. Like this company, which is a real business and an "overnight success"...after slaving

away for ten years. The founders, who I know reasonably well and are simply smart, nice

guys who committed themselves (surely at high opportunity cost), would tell you that while it's

an overnight success, it was an awfully long night. If you become an overnight success with

your startup you should expect that too.

But let's not get ahead of ourselves.

A real business is something entirely different than an idea or a startup. With a real business

you've built something that has paying customers who make you money when they buy what

you're selling. A high bar, no? This doesn't necessarily mean the whole business itself is

profitable, but only that you're generally selling a product or service for a price meaningfully

higher than what it costs you to provide it.

You may say "Oh yeah? The companies I use most today don't charge me anything for their

products: Google, Facebook, Instagram, LinkedIn, Mozilla, SnapChat, Tinder, Twitter, and

Yelp. And you would be right about that, except that there are people and companies behind

your use of these products that are spending billions to touch you through them. While you

are an unprofitable customer, those who want to reach you are sending them mountains of

cash. That is a real business.

What is not a real business is this. Or this. Or this. Or this, which may be one of the biggest

tech swindles in years (charlatan alert!). As my partner in SnapCar says, you don't have a

real business if you sell something for less than it costs you to acquire it in the first place. See

a previous articlethat I wrote for a few additional thoughts on that point.

To be clear, losing money doesn't necessarily mean you don't have a real business, andneither does losing money on products/services that you sell. But you eventually have to

make money to be a real business and you must start by demonstrating that at least in certain

places and cases you know how to sell your key thing profitably. When you can do that every

day you may just have a real business. And a real business is fundable.

In the hullabaloo these days about how great it is to have an idea or a startup a lot of people

have forgotten that. But it's in your best interest to remember it sooner or later because

despite what you may think, ideas and startups don't get funded. Dancing monkeys don't get

funded. Businesses do.

Let's celebrate if you have one (a business, not a dancing monkey). If not, you can always

drop by a baby shower. Everyone likes to party.

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4/6



Dan Bish

Experienced IS Executive, Developme nt Manager & PHP Architect

I love the way you think: straight, to the point, and honest. I am frequently approached by

people to get into business ventures with them and more often than not, the deal is not sweet

enough for me because it is just an idea and a promise of riches, "because they know their

industry better than anyone!" If they knew that much, they would have created the industry, not

just be s tarting as part of it.

Like (2) Repl y 59 minutes ago

Tiffany Crosbyand David A.

Brian Church

Sr. Product Support Manager

A long time ago my uncle told me "Don't tell me what you are going to do, tell what you did".

Also - you are not old, you are experienced.


Anurag Verma and Kate Dickman

Benjamin Alexander De Mers

Founder CEO at I Am Marketing and Media Services

Well you must at least feel better now! Kudos on your expulsion of angst. Inspiration is never

worthless. Inspiring team work is how Zuck worked FB into its current position along withexceptional vision and motivation. While for most this is a much needed slap in the face, I

would never discount the power of an idea. Best of luck to all and keep the dream alive!

Like (1) Repl y 1 hour ago

Xhevaire Dulja

John Barber

President at Barber Media Inc

Great ! cuts it right down to what is real. Thanks JB


David A.

Stephen van Diggele

International Project Management & Risk Specialist

I wish I could go through life like that monkey - riding on everyone else's backs without having

to do a thing myself!


David A.

Bryan Patton

Graduate Associate in Entrepreneurship Center at MSU

A great article! Should be required reading in our office!


David A.

Dorina M. Morcan

BOSCH

why so cynical, dahlin' ?

Like (1) Repl y 1 hour ago

Thomas O'Leary

Xhevaire Dulja

Lecturer at Agricultural University of TiranaTotally agree. The best startups start with a great idea, which over time is supported with

analyses, specific objectives, a practical program and activities and resources including time

scheduling!


Thomas O'Leary
https://www.linkedin.com/profile/view?id=182307346&authType=name&authToken=d3E6&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=20333930&authType=name&authToken=DhvE&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=182307346&authType=name&authToken=d3E6&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=8040712&authType=name&authToken=KWX8&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=3125418&authType=name&authToken=FHFW&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=241983804&authType=name&authToken=LPjG&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=3125418&authType=name&authToken=FHFW&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=11579830&authType=name&authToken=-KIT&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=3125418&authType=name&authToken=FHFW&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=167771677&authType=name&authToken=Lwh0&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=20333930&authType=name&authToken=DhvE&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=338627392&authType=name&authToken=egbb&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=12307443&authType=name&authToken=IDit&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=37709693&authType=name&authToken=XRKS&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=131951&authType=name&authToken=pfNQ&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=3125418&authType=name&authToken=FHFW&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=24574449&authType=name&authToken=16hb&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=1728259&authType=name&authToken=_d0n&trk=tod2-cmts


5/6



lewis pusey

Project Manager, Accounting Manager, Data Quality Analyst, GIS Specialist, & Artist

It's cruel to be kind ; )

PS: I have some great embryo's to barter, bro.


Tiffany Crosby

Yuri BrigadirDesigner a t Fluid Software

Some startups don't even earn money. They just release a product, it gets a lot of buzz in the

media, and then the whole team gets bought out by some other company. Even in more

extreme examples, investors pour money into teams, not even products. So sometimes it's not

about creating a viable idea. You can also create a team that can deliver value

L ike(1) Rep ly(1) 52 minutes ago

Elvis Valla

1 Reply

Elvis Valla

Chief Technology Officer at Allen Holdings & Investments Ltd.-Innovation

redefined through Process development

Very good observation, being in the investment biz my team focuses on the peoplenot the the idea & we always end up funding the team not the founder. By focusing

on what the funding is for (paying the talent to develop the product/business not for

the founder to buy yachts & luxury cars) one is more likely to successfully fund the

startup.

Like 28 minutes ago

Michael Hammer

Security and Anti-Abuse

Interesting article - and pretty much dead on. As an investor, I look at all sorts of startups and

invest in very few. There are two hurdles: 1) The business has to make sense as a business

proposition. 2) It has to make sense for the investor. That is, the returns have to justify the risk.

At the moment I see lots of what I consider crazy ideas getting funded at insane valuations.


Elvis Valla

Jeff Holman

Patent Attorney & IP Strategy a t Wilson Ham & Holman

Great article. I deal with a lot of people who love to dream and invent things. And they want to

start a business, but they don't know where to start. As a patent attorney, I have to help people

understand that the patent process can be a very beneficial part of their business strategy, but

only if they have an underlying business model to generate revenue. Otherwise, without the

revenue, the patent process is more likely a distraction than an asset, preventing them from

tackling the real issue of generating revenue.

Like (1) Repl y 2 hours ago

Kelsey McKernie

S A Vance

Owner at Green Capital

Great article! There are so many great ideas out there, and this is a refreshing take on just what

it means to be a business start-up as opposed to a business idea. Yes, I agree...there IS a

difference.

It would be wonderful to have a place where EVERYONE can exchange ideas about their

projects and collaborate with like minded professionals. Oh, wait...we have that! :-) Thank you

LinkedIn for allowing us to do exactly that! No ideas should be discounted; every idea should be

explored. Who knows where the next great "must have" innovation will come from.


Kelsey McKernie
https://www.linkedin.com/profile/view?id=163190118&authType=name&authToken=9Tij&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=337546240&authType=name&authToken=6pql&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=163190118&authType=name&authToken=9Tij&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=2346880&authType=name&authToken=O30j&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=14232771&authType=name&authToken=jzpl&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=17878244&authType=name&authToken=mfzX&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=14232771&authType=name&authToken=jzpl&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=14232771&authType=name&authToken=jzpl&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=80255327&authType=name&authToken=Un6j&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=24574449&authType=name&authToken=16hb&trk=tod2-cmtshttps://www.linkedin.com/profile/view?id=128490175&authType=name&authToken=9HOO&trk=tod2-cmts


6/6



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Karolina Reiss

Social Enterprise Founder - Author - Brand Strategist

David, stop trying to make sense. Those tech hipsters won't listen anyways. Their bubble of hubris is

impenetrable. I agree with you 100%. Btw, thanks for the laughs. The problem that I have with "start-ups" is

that collectively they extract (and waste) significant amounts from investors - funds that could have been

otherwise used to fund (un-cool, un-hip, un-sexy) real companies that solve real problems and create real

value for various stakeholders in the long term.

L ike (1) Repl y 36 minutes ag o

Ed Palmeira

Sol Bobst, PhD DABT

Leader, Mentor, Actively Seeking Management Opportunities

Nice summary. In my entrepreneurial coursework, we studied the McKnight Scorecard from

Will It Fly. First stage of any idea is if it has business sense, then a believable business model,

then a business plan. Due Diligence isn't sexy, but it does help.

http://www.prenhall.com/willitfly/


David A.

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Monkeys, Goats and Sloths_ Why Your Idea is Unfundable _ David A

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