G&G: A hotly debated question in the tech investor community is, “What is the single most important factor for startup success?” Some say it’s the team. Some say it’s the product/market fit. Others say it’s timing. Obviously, all three are important, but if picked one single factor, which would it be?
Chris: I’d say opportunity is the most important. I often meet talented entrepreneurs who put an incredible amount of time and effort into solving problems that ultimately lack real market opportunity.
It’s a waste of their talents. I’d roll back on the team that’s doing something unproductive because it’s an awesome team. I will bet on an exceptional team if they’re doing something productive. By that hierarchy, the opportunity is first, people the second.
I've heard this from quite a few VCs. The difference between a good and great engineer is 10x. The difference between a good and bad market is 100x.