"No one sews a piece of unshrunk cloth on an old garment; or else the new piece pulls away from the old, and the tear is made worse. And no one puts new wine into old wineskins; or else the new wine bursts the wineskins, the wine is spilled, and the wineskins are ruined. But new wine must be put into new wineskins."
Peter Theil spoke recently at U.T; we didn't attend, but our friends at Emergent Order produced this fantastic video of the talk:
- There's no real formula for success.
- Each moment in business only happens once.
- Courage is in shorter supply than brilliance; you need both.
- As an entrepreneur, aim for monopoly.
- Find something no one else is doing and develop a niche.
- The people who have monopolies generally don't talk about it.
- There's a natural tendency to imitate what's worked for others that often shows up in business.
- "Catching the last wave."
- In a military context, Generals tend to fight the last war.
- Most fields are not "complete."
- New discoveries still exist.
- Frequently, "you can get to the frontier relatively quickly."
- There's a difference between copying things and doing new things.
- Disruption is a "chronic buzzword."
- "When you set out to disrupt, you're already taking your bearings by existing industries."
- The goal you should have as an entrepreneur isn't to destroy old things but to create new things.
- Focus on some combination of short term and long term with less on the medium term.
- Tech companies don't go public until much later in the game than they used to....
- Monopolies become bad in a static, unchanging, world.
- At first: Pick a small market, take it over, and scale it.