Do you have a great idea for a new business or for your existing business? To quote Shakespeare, “Ripeness is all.” To quote Bill Gross, founder of Idealab, “Timing is everything.”
For almost 20 years, Idealab has tested many ideas at once and then turned the best of them into pioneering technology companies. Many of their companies went on to great success, but many failed and Bill Gross decided to find out why.
What he learned could help you launch your next big idea.
You Need an Idea, But…
In a TED talk, he examined the five factors that make companies succeed: the idea, team execution, the business model, funding and timing. The results surprised even him. After all the name of his company is Idealab. But he discovered the idea isn’t the most important factor – it’s timing.
He cited, among others, Uber and YouTube as companies that came to market when the timing was just right.
On the other hand, one of his own companies, Z.com, started just two years before YouTube, failed because broadband penetration was too low in 1999-2000. It was too hard to watch video content online, and you had to put codecs in your browser.
So, if you’re dreaming about your next “big idea,” tune into Bill Gross’s TED talk to learn from a master about what it takes to succeed and make money.