Watching Ron Conway, top Silicon Valley angel and super-angel, on my iPhone speaking at a Y Combinator event for start-ups was amazing. Could not have done it a couple of years ago. Sadly the streaming rate to the iPhone means that the picture and voice is not perfect but am sure it will be next year.
Of the part I was able to watch, Conway was saying that he sold his last start-up of which he was CEO in the mid nineties and made the decision to invest in Silicon Valley companies starting up in the Internet space. He invested in Google, need more be said and has recently started investing in New York. In answer to a question about sole entrepreneurs, he said that great companies are built by great teams so you might as well have a team at the start or at least the nucleus of a team. Then you can use a business plan resource to work out the value the team has to create to make it worthwhile for a team.
You can still do it the Imsense way with a very small team but a number of investors, angels and VCs, but perhaps it will be harder to create real value. Not sure that Ron Conway would be satisfied with 2x return.
So teams it is from the start!
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