Why Do We Back The Wrong Ideas? S13 Ep33

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When it comes to looking and selecting the right ideas to get behind, we all suffer from biases and blind spots. When you look at the success rate for venture capitalists, the only expect to have one hit out 10. So, why do we repeatedly find ourselves backing the wrong ideas and what can we do about it?

wrong ideas

While some if not many companies will fail, there are a corresponding set of great ideas that will never see the light of day. Why is that? Because those entrepreneurs can't get the support to turn their idea in to that next killer innovation.

Stop Backing The Wrong Ideas

This weeks guest, Ross Baird, shares what he calls the “innovation blind spot”. This blind spot is based on three areas:

  1. “One size fits all” – the attempt by entrepreneurs to take an idea, opportunity or problem and apply basic/simple rules to solve or address it. This creates blind-spots that we are not even aware of.
  2. “It's not what you know; its who you know” – this is manifest through biases of who we work with, who we invest in, who do we trust. What has historically been the result is that people work with, invest in and trust people like themselves.
  3. “Two pocket thinking” – when we can integrate what we do and why we do it, we will get better results.

During the show, Ross shares how to counteract these innovation blind spots and why we need to stop backing the wrong ideas if we are to impact the important issues facing our society.

About Ross Baird:

Ross Baird is the founder of Village Capital, a firm that finds and invests in entrepreneurs solving the most important problems in society.Since founding Village Capital in 2009, Ross has supported hundreds of entrepreneurs in over 50 countries. Ross has spent his entire career on the founding team of start-up enterprises or investing in startups.

He also serves on the faculty of the University of Virginia, where he teaches entrepreneurship and impact investing.

Listen below to this weeks show on how to address your innovation blind spot so that you can back the best ideas.

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