Thoughts on a New Business
As I said, part of the Frost and Sullivan award ceremony was a panel where the 5 recipients were asked about innovation. I thought a couple of comments made by Michael Treacy of Gen3 Partners were very interesting. Michael was another of the award winners this year, I will leave it up to you to Google his CV (hint, he was an MIT professor and focuses on entrepreneurial innovation).
Micheal said there are two key things he looks for in a new business area:
That it should be in an area where any idiot can make money.
and
There should be obvious ways to improve on what the idiots are doing.
He is currently helping get a company funded that will focus on car loans ...
