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How to Beat the ChillAugust, 2002 SOUNDING REMINISCENT OF the generation that survived the Great Depression, venture capitalist Geoff Yang recently gave would-be entrepreneurs some advice on how to survive an economic winter. A founding partner of Redpoint Ventures, Yang, MBA '85, helped start such media companies as Ask Jeeves, Excite, and TiVo, all struggling in 2002. Speaking at a campus banquet of the Asian American Business Students Association, Yang predicted no major economic recovery until 2003. In the meantime, he offered the following tips: Reduce your cash burn rate to survive the winter, raise money before you need it, focus on the one thing you do best, and take longer to get your product to market if it saves cash. Whereas the entrepreneurial mindset in the late nineties was to think of "return on equity as a function of time," Yang said, today's entrepreneurs see it as "a function of tangible business progress reaching real milestones." |
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