A Legacy of Success
Steve Gorlin's Golden Rules
Accomplished people: Those with a track-record of success. “Bet on the jockey, Not the horse.”
Products with high barriers to entry: Strong patents, an FDA approval process that appears to be lengthy and complicated, or other barriers that keep competitors at bay.
Long product life cycles in large product markets: Pursue technologies with long product life cycles that offer sustainable competitive advantages in large markets.
Large profit margins: These solve the almost inevitable errors that even great managers make.
High societal impact: This criterion translates into extraordinary successes. Investors give the highest consideration to innovation that has exceptional societal impact.
Ahead of its time: Pursue “dreams of the future” not only the present. These often involve breakthroughs that render market sizes and societal impact almost impossible to calculate. “Skim the creme before others know it’s cream.”
Obviousness: If the vision is immediately obvious, its value and odds of success are likely to be much higher than an innovation who’s value is difficult to explain or understand.