Why Top Investors Passed on Opportunities

"You get a small group of people together with a diversity of opinion, diversity of skills, and you honestly put all your brains on looking at something and deciding if it's an investment that you should be doing or not."

• Heidi Roizen values small, diverse teams in VCs.
• Diverse perspectives lead to more thorough evaluations.
• Avoid bureaucratic decision-making structures.

"My analytical brain is like, oh there's an opportunity, but if you haven't fallen in love unexplainably with the idea, it's just a waste."

• Sami Inkinen warns against starting ventures without passion.
• Analysis can't substitute for genuine enthusiasm.
• Passion drives the commitment needed for success.

"The last thing we could ever compromise was the quality of our food...finding those sweet spot meals where cost to us is low, but satisfaction is super high."

• David Rabbie emphasizes prioritizing product quality.
• Cost management shouldn't compromise customer satisfaction.
• Identify cost-effective ways to maintain high standards.

"We get people high quality meals, takes 30 seconds to prep them. You get dinner on the table in 20 minutes or less. That's why we've been successful."

• David Rabbie focused on solving a specific customer pain point.
• Efficiency and convenience were key to product-market fit.
• Understanding customer needs leads to strong product adoption.

"When Brex had that insight, I didn't fully appreciate that insight when I heard about it."

• Finn Upham highlights the importance of understanding unique market needs.
• Overlooking niches can lead to missed investment opportunities.
• Stay open to unconventional ideas that solve real problems.

"You need to have violent opposition on the deals. And those controversial ones are often the ones that end up performing the best."

• Heidi Roizen advocates for diverse opinions in teams.
• Constructive disagreements can identify strong opportunities.
• Consensus may not always lead to the best investments.

"You're not gonna be up at 2 in the morning on a, you know, Sunday night working on something that you're not obsessed with."

• Sami Inkinen emphasizes the need for deep commitment.
• Obsession drives founders through tough times.
• Passion translates into resilience and hard work.

"You think we should invest in a car company on the last day we can invest money? Do you know how much money it costs to build a car company?"

• Heidi Roizen highlights how internal fund limitations can impact decisions.
• Critical opportunities may be lost due to procedural hurdles.
• Flexibility in investment strategies can capture big wins.

"They said, Yeah, but that kind of online Rolodex thing's already been done. So, didn't do that one."

• Heidi Roizen suggests VCs should look beyond superficial similarities.
• Don't dismiss ideas because they seem similar to existing ones.
• Consider the founder's vision and potential for innovation.

"That's what you want to feel with the business or the idea that you're just like, oh my God, this, I am so excited."

• Founders should pursue ideas they are deeply passionate about.
• Passion fuels perseverance through startup challenges.
• Analytical reasoning alone isn't enough for success.