In 18 months since starting Magma, we’ve invested in 18 companies. The biggest predictor of success so far is very simple: does the entrepreneur value doing the dirty work and is he or she willing and able to identify it and then do it.
Paul Graham calls it doing things that don’t scale. Sam Altman’s How to Startup class 8 is devoted to it. Successful entrepreneurs and VCs all have different names for it. But at the end of the day, it’s the same idea: the stuff that takes you from 0 to 1 and then 1 to 2 gets you on the path to validating your business and start to scale it without building software and business processes. (I wrote a blog post about doing the dirty work in an commerce company here.) (more…)