And, the truth is, A teams usually don't have B or C ideas, because they recognize, "Gee. We're looking at this thing. It's an interesting market. We have an idea. A particular approach." And, maybe it's an A-minus idea. Maybe you say, "Well, I'm not sure how that's going to evolve, but it'll probably evolve in an interesting way with this team," then I'm happy to invest and see how it goes, because, historically what's happened is they've figured out that there was some other twist, or there was a better market, or there was a better way to get to a group of people.
And so I would always start with the people, first.
David Hornik (August Capital; Ventureblog) basically says this also: http://www.youtube.com/watch?v=LwY0ac5XI_0
And, the truth is, A teams usually don't have B or C ideas, because they recognize, "Gee. We're looking at this thing. It's an interesting market. We have an idea. A particular approach." And, maybe it's an A-minus idea. Maybe you say, "Well, I'm not sure how that's going to evolve, but it'll probably evolve in an interesting way with this team," then I'm happy to invest and see how it goes, because, historically what's happened is they've figured out that there was some other twist, or there was a better market, or there was a better way to get to a group of people.
And so I would always start with the people, first.