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tldr (tim reilly) pfp
tldr (tim reilly)
@tldr
perfect idea + bad execution = you lose perfect execution + bad idea = you lose ^ do with this what you will.
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↑langchain pfp
↑langchain
@langchain
Perfect execution + mediocre idea = you win Perfect idea + mediocre execution = you lose Lesson in there
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tldr (tim reilly) pfp
tldr (tim reilly)
@tldr
was hoping people would start extending this... to push back a little – if the "idea" includes "being in the correct, exploding market", pmarca may argue that you can win there with mediocre execution (if "execution" is an extension of "team") (searching for @dwr.eth walk and talk about his #1 advice to founders)
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Kyle Tut pfp
Kyle Tut
@kyletut
Nuance in all of this of course, but I don't think so. I agree that in exploding markets bad execution can be papered over for awhile But, over a long enough time horizon, execution will be the ultimate decider. The winners will have had relatively perfect execution in that exploding market. The losers will have fumbled the exploding market because of their execution. This isn't identified until after the exploding market falters in some way, however.
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tldr (tim reilly) pfp
tldr (tim reilly)
@tldr
what do you think of this: https://pmarchive.com/guide_to_startups_part4.html
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Kyle Tut pfp
Kyle Tut
@kyletut
I agree with it but I think "market" is a function of "execution" not "idea" in our framing which is where the difference in perspective is.
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tldr (tim reilly) pfp
tldr (tim reilly)
@tldr
not to "appeal to authority" (see vid) but it makes total sense to me to place market inside the idea. It's the water we put ourselves in before we start swimming through the months and years of work. for example, we decided on the sports fandom market; secondarily the crypto primitives market. this has shaped everything we've attempt to execute, not to mention all the networks and reputation that we built along the way. https://youtu.be/CBYhVcO4WgI?si=qyQSm8O5-Sr0A4Hz&t=306
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Kyle Tut pfp
Kyle Tut
@kyletut
Pinata launched in 2018 to solve crypto file storage. Nobody used us for two years. We knew NFTs were an obvious market for us but it wasn't a thing yet. We executed by surviving until 2020 when the NFT market took off and we were able to capitalize on it. THEN, the NFT market imploded and we've executed our way into other opportunities for crypto file storage. Our competitors in crypto file storage or NFT infrastructure no longer exist and we do. That, to me, is execution. Fads in tech and crypto are hard to judge against because markets and pmf look real until they evaporate over night. My premise is everything is about execution over a long enough time horizon which is what Buffet preaches as a counter to Altman and Pmarca's view.
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tldr (tim reilly) pfp
tldr (tim reilly)
@tldr
love it, and see your point. is it possible that your core market is crypto infra? (btw, good market to have during that timeline). and this is why you have been willing and able to adapt to different emergent opps? (if you were committed to file storage as such, you may have found other ways to do THAT?)
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Kyle Tut pfp
Kyle Tut
@kyletut
The market is file storage for crypto tokens and apps. We deliberately chose it because we knew it was one of the broadest, least cyclical products we could offer in a highly cyclical market. All success and all failure within it is based on our ability to execute because the specific markets (NFTs, memecoins, etc) within the broader crypto file storage market are very tenuous and will kill you if you misstep.
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