Showing posts with label NIL. Show all posts
Showing posts with label NIL. Show all posts

Tuesday, February 24, 2026

NEW INC. MAGAZINE COLUMN BY HOWARD TULLMAN

 

3 Tips for Long-Term Success in an Instant Gratification World

A transactional mindset that focuses on immediate success rather than patience is leaking into every aspect of our lives.

EXPERT OPINION BY HOWARD TULLMAN, GENERAL MANAGING PARTNER, G2T3V AND CHICAGO HIGH TECH INVESTORS @HOWARDTULLMAN1

Feb 17, 2026

 

These days, we’re all afflicted with what I call hurry sickness, where everyone wants everything right now. Amazon’s not entirely to blame for this, although no single enterprise has done more to enable and encourage the demands of the world’s consumers for instant gratification. And one of the clearest messages  from Amazon’s aggressive actions and the continual raising of the delivery bar is that no other retailer (large or small) is immune from the pressure and necessity to respond and try to compete if they want to hang on to their customers. 

Price is always a consideration, but speed is now the name of the game. Today, most of us acknowledge that our time is scarcer and more valuable than our money in most mundane transactions. One Jeff Bezos quote that will live in infamy was the observation that “people don’t want to negotiate the price of things they buy every day.” He went on to make this theory the very heart of the Amazon pricing algorithms. What’s an extra buck or two if I can have it delivered this afternoon? Brand and quality are secondary considerations at best. Ease of access and convenience are critical.

In an environment where a million choices are just a click or two away, and where the expectations of buyers are perpetually progressive, it’s a “what have you done for me lately” world. Loyalty these days means nothing more than “I haven’t seen anything better—yet”. This transactional mindset—“what’s in it for me”—is leaking into every aspect of our lives.  

The most shameless advocate of this selfish and self-serving philosophy is the Great Grifter himself, for whom everything in life is about illegal shortcuts, cutting corners, reneging on promises and running one grift after another by taking advantage of someone. Trump is too corrupt to be salvageable, but thousands of student athletes whose lives are being turned upside down by the financial insanity of the NIL (name, image and likeness) market aren’t. Neither are the millions of young prospective entrepreneurs and new business builders who are being told that learning your craft, paying your dues, and waiting your turn are stupid strategies in today’s high-speed and hyper-competitive world.  

You don’t need to know much of the NIL details (which change every six months anyway) other than to know that since the NCAA changed the rules in 2021, student athletes can now sell and profit directly from their own name, image and likeness through all manner of cockamamie side deals, endorsements and promotional arrangements, and other behind the scenes funding scams which are now “legal,” if still shabby and hypocritical.  

Even more material changes in the ability of players to jump from school to school every year through the transfer portal without any eligibility penalties came along a few years later and, of course, everyone knows that both the quarterbacks in the college national championship football game (as well as the Heisman Trophy winner) were transfer students as were the quarterbacks in the prior year and those who will start for both teams in 2026. 
 
College ballplayers in multiple sports are being bribed by big donors and collectives with NIL dollars to jump ship, abandon their school and teammates, skip the learning curve spent sitting on the bench, and move to another program where they have a shot at being a starter whether they’re ready and mature enough for the challenge or not. Similarly, VCs and headhunters are frantically pitching second-tier talented A.I. techies at every major computer company to spin out, grab a couple of buddies, start their own businesses with Day One unicorn funding, and try to figure out how to spend hundreds of millions of dollars overnight. Many of these men and women have never run a Kool-Aid stand before or frankly managed a team of others.  

Just to be clear, most of the most visible NIL “winners” in the short term (with upfront payments of millions of dollars) are likely to find that the whole process is a double-edged sword and that the slightest hiccup in their super-hyped and expected performance will have them moved aside or dumped entirely (with their careers in the crapper) in favor of the next hot guy coming through the transfer portal. In the same way, hundreds of new A.I.-adjacent startups will implode and tank (without skid marks) because their founders were in such a rush and so far out over their skis that no one could pull off the miracle which they eagerly signed up for at the behest of the usual greedy VCs. 

There are a few common lessons and plenty of cautions here that apply across the board. Whether you’re a parent, peer, coach, counselor, prospective employer or just someone interested in the future mental and physical health of our kids, it’s essential to remind all these excited jocks, new business builders, and other up-and-comers of a few facts of life to accompany and hopefully help to offset all the sweet talk and  “tricks of the trade” that are being whispered in their ears – especially about their exceptional talent – by people who see them as nothing more than their latest meal ticket.  

First, you can’t succeed in the long run by relying on your talent alone, even if it’s extraordinary. Great competitors in any field will tell you that failing along the way (especially early in their careers) is what taught them that it takes more than raw ability to succeed. Failure is a better teacher than success. When someone does something really well and gets praised for it, very often they don’t learn anything new for a long time. But failure can make them confront what they have been doing wrong and drive them to new learning. Talent combined with education and mental agility is what wins. Great quarterbacks aren’t just stronger and more skilled than the others, they’re much smarter and more analytical as well. Fernando Mendoza can fling it a mile, but it’s his powerful pre-snap recognition that makes him a winner and a Number 1 draft. 

Second, talent takes some time to temper and season along with good coaching and mentoring. Managing and overcoming the inevitable bumps in the road that you face in the early years builds mental strength, character and persistence. Winning takes talent, winning repeatedly takes character. Without some grit, maturity and patience, you end up being too fragile to succeed instead of being resilient. Resilience turns out to be at least as critical as talent, and the combination creates the ability to keep going in the face of defeat. Before you “roll your own,” it’s essential that you learn from others and spend some time as a role player. Waiting and watching pays big dividends down the line as you discover that you didn’t know what you didn’t know. 

If you try to jump and grab the brass ring too soon, you may quickly end up empty handed. 

Third, it turns out that the most talented professionals just happen to be among the very hardest workers as well. They’re constantly building on their base and they’re absolutely willing to work harder than anyone else and it shows. Carlos Alcaraz just won the Australian Open and became the youngest man in tennis history to complete the Grand Slam. Amid all the compliments about his natural ability and talent, he was careful to point out that “Nobody knows how hard I have been working” to improve his serve and other key aspects of his game.  

Finally, there’s a lot to be said – even in these sad days – for loyalty and for focusing on the here and now rather than on what’s next. Temptations are everywhere. Plenty of folks will tell you that you’ve got to seize the moment and move on. But, as one NFL player recently told me about dealing with all the tantalizing offers and greener grass, his mantra was to “be where his feet were,” keep his head down and on the ball, not worry about what other guys were saying or doing, and rely on his own abilities and performance to make his way forward. He didn’t need to look elsewhere for his satisfaction or success. Success usually comes to those who are too busy to be looking for it. 

Tuesday, February 17, 2026

NEW INC. MAGAZINE COLUMN FROM HOWARD TULLMAN

 

3 Tips for Long-Term Success in an Instant Gratification World

A transactional mindset that focuses on immediate success rather than patience is leaking into every aspect of our lives.

EXPERT OPINION BY HOWARD TULLMAN, GENERAL MANAGING PARTNER, G2T3V AND CHICAGO HIGH TECH INVESTORS @HOWARDTULLMAN1

Feb 17, 2026

 

These days, we’re all afflicted with what I call hurry sickness, where everyone wants everything right now. Amazon’s not entirely to blame for this, although no single enterprise has done more to enable and encourage the demands of the world’s consumers for instant gratification. And one of the clearest messages  from Amazon’s aggressive actions and the continual raising of the delivery bar is that no other retailer (large or small) is immune from the pressure and necessity to respond and try to compete if they want to hang on to their customers. 

Price is always a consideration, but speed is now the name of the game. Today, most of us acknowledge that our time is scarcer and more valuable than our money in most mundane transactions. One Jeff Bezos quote that will live in infamy was the observation that “people don’t want to negotiate the price of things they buy every day.” He went on to make this theory the very heart of the Amazon pricing algorithms. What’s an extra buck or two if I can have it delivered this afternoon? Brand and quality are secondary considerations at best. Ease of access and convenience are critical.

In an environment where a million choices are just a click or two away, and where the expectations of buyers are perpetually progressive, it’s a “what have you done for me lately” world. Loyalty these days means nothing more than “I haven’t seen anything better—yet”. This transactional mindset—“what’s in it for me”—is leaking into every aspect of our lives.  

The most shameless advocate of this selfish and self-serving philosophy is the Great Grifter himself, for whom everything in life is about illegal shortcuts, cutting corners, reneging on promises and running one grift after another by taking advantage of someone. Trump is too corrupt to be salvageable, but thousands of student athletes whose lives are being turned upside down by the financial insanity of the NIL (name, image and likeness) market aren’t. Neither are the millions of young prospective entrepreneurs and new business builders who are being told that learning your craft, paying your dues, and waiting your turn are stupid strategies in today’s high-speed and hyper-competitive world.  

You don’t need to know much of the NIL details (which change every six months anyway) other than to know that since the NCAA changed the rules in 2021, student athletes can now sell and profit directly from their own name, image and likeness through all manner of cockamamie side deals, endorsements and promotional arrangements, and other behind the scenes funding scams which are now “legal,” if still shabby and hypocritical.  

Even more material changes in the ability of players to jump from school to school every year through the transfer portal without any eligibility penalties came along a few years later and, of course, everyone knows that both the quarterbacks in the college national championship football game (as well as the Heisman Trophy winner) were transfer students as were the quarterbacks in the prior year and those who will start for both teams in 2026. 
College ballplayers in multiple sports are being bribed by big donors and collectives with NIL dollars to jump ship, abandon their school and teammates, skip the learning curve spent sitting on the bench, and move to another program where they have a shot at being a starter whether they’re ready and mature enough for the challenge or not. Similarly, VCs and headhunters are frantically pitching second-tier talented A.I. techies at every major computer company to spin out, grab a couple of buddies, start their own businesses with Day One unicorn funding, and try to figure out how to spend hundreds of millions of dollars overnight. Many of these men and women have never run a Kool-Aid stand before or frankly managed a team of others.  

Just to be clear, most of the most visible NIL “winners” in the short term (with upfront payments of millions of dollars) are likely to find that the whole process is a double-edged sword and that the slightest hiccup in their super-hyped and expected performance will have them moved aside or dumped entirely (with their careers in the crapper) in favor of the next hot guy coming through the transfer portal. In the same way, hundreds of new A.I.-adjacent startups will implode and tank (without skid marks) because their founders were in such a rush and so far out over their skis that no one could pull off the miracle which they eagerly signed up for at the behest of the usual greedy VCs. 

There are a few common lessons and plenty of cautions here that apply across the board. Whether you’re a parent, peer, coach, counselor, prospective employer or just someone interested in the future mental and physical health of our kids, it’s essential to remind all these excited jocks, new business builders, and other up-and-comers of a few facts of life to accompany and hopefully help to offset all the sweet talk and  “tricks of the trade” that are being whispered in their ears – especially about their exceptional talent – by people who see them as nothing more than their latest meal ticket.  

First, you can’t succeed in the long run by relying on your talent alone, even if it’s extraordinary. Great competitors in any field will tell you that failing along the way (especially early in their careers) is what taught them that it takes more than raw ability to succeed. Failure is a better teacher than success. When someone does something really well and gets praised for it, very often they don’t learn anything new for a long time. But failure can make them confront what they have been doing wrong and drive them to new learning. Talent combined with education and mental agility is what wins. Great quarterbacks aren’t just stronger and more skilled than the others, they’re much smarter and more analytical as well. Fernando Mendoza can fling it a mile, but it’s his powerful pre-snap recognition that makes him a winner and a Number 1 draft. 

Second, talent takes some time to temper and season along with good coaching and mentoring. Managing and overcoming the inevitable bumps in the road that you face in the early years builds mental strength, character and persistence. Winning takes talent, winning repeatedly takes character. Without some grit, maturity and patience, you end up being too fragile to succeed instead of being resilient. Resilience turns out to be at least as critical as talent, and the combination creates the ability to keep going in the face of defeat. Before you “roll your own,” it’s essential that you learn from others and spend some time as a role player. Waiting and watching pays big dividends down the line as you discover that you didn’t know what you didn’t know. If you try to jump and grab the brass ring too soon, you may quickly end up empty handed. 

Third, it turns out that the most talented professionals just happen to be among the very hardest workers as well. They’re constantly building on their base and they’re absolutely willing to work harder than anyone else and it shows. Carlos Alcaraz just won the Australian Open and became the youngest man in tennis history to complete the Grand Slam. Amid all the compliments about his natural ability and talent, he was careful to point out that “Nobody knows how hard I have been working” to improve his serve and other key aspects of his game.  

Finally, there’s a lot to be said – even in these sad days – for loyalty and for focusing on the here and now rather than on what’s next. Temptations are everywhere. Plenty of folks will tell you that you’ve got to seize the moment and move on. But, as one NFL player recently told me about dealing with all the tantalizing offers and greener grass, his mantra was to “be where his feet were,” keep his head down and on the ball, not worry about what other guys were saying or doing, and rely on his own abilities and performance to make his way forward. He didn’t need to look elsewhere for his satisfaction or success. Success usually comes to those who are too busy to be looking for it. 

Tuesday, January 16, 2024

NEW INC. MAGAZINE COLUMN BY HOWARD TULLMAN


Why College Jocks and Uber Drivers Are on the Same Team

A recent Labor Department ruling regarding gig workers may also bounce into college football, where players are getting money from "collectives." For businesses and colleges, the definition of "employee" could be a game changer. 

 

EXPERT OPINION BY HOWARD TULLMAN, GENERAL MANAGING PARTNER, G2T3V AND CHICAGO HIGH TECH INVESTORS@HOWARDTULLMAN1

 

Last week, the Department of Labor issued a final rule, sure to be challenged by multiple parties, that revisits the employee versus independent contractor classification.  Battles over this issue have raged for years, since having “employees” can cost a business 20%-to-30% more than using freelancers. This is a serious and often existential concern for start-ups, small businesses, and millions of workers in a variety of industries.

Most of the world is already familiar with this debate because Uber and Lyft, along with the very vocal mayors of some major cities, have made such a big deal out of the issue. There are also thousands of new and smaller “gig” businesses that would also be adversely impacted. To me, it looks like another case of the feds trying to “save” a lot of folks (management and labor) from themselves. We’re seeing more and more of these kinds of regulatory intrusions.

In typical federal legalese, the new rule requires workers to be treated as employees if they are “economically dependent” on a company. No one really knows what that means, but there’s a handy list of equally obtuse factors provided by the Labor Dept. that will be considered by the regulators in arriving at their “gotcha” conclusions. None of these metrics is clear or obvious, so it’s going to be a guessing game for the next year or two. It’s like Conan the Librarian -- lots of arbitrary rules and utterly no mercy.00:0001:23

 This feels to me like another case of rampant, manufactured confusion, where the government will be trying to “help” a bunch of people who are perfectly happy with the status quo, especially because their workers will tell anyone who asks that being independent provides them with degrees of freedom, choice, and flexibility that are increasingly valued in the post-pandemic world. Management obviously likes the cost savings, but what it values even more is certainty and stability. And when the government keeps changing the ground rules, that’s very hard to come by.

Another group that would greatly appreciate the government and particularly the IRS butting out of their business is the newly wealthy college athletes, mainly football and basketball players, as well as their schools, who are the latest beneficiaries of the new “collectives” scam created by tax lawyers and state legislators. Belatedly and grudgingly aided and abetted by the NCAA, and lovingly adopted by more than 150 of the colluding schools, these collectives are funded by donors and sponsors who are always looking for crooked ways to pay under-the-table bucks to recruit, retain, and compensate the best players for dear alma mater’s teams.

 The advent of the NIL system (name, image and likeness) approved by the NCAA in July, 2021 after losing a number of court cases filed by student athletes, opened the door to this mischief. It created from whole cloth the concept that each player had a virtual series of personal and salable assets that could be monetized and exploited by, or on behalf of, the player by sponsors and other interested parties. The almost instantaneous creation of the new college collectives brought the donor and alumni class to the party. Donors dump millions into these new college collectives and the collectives pay salaries, bonuses, and other “fees” directly to the recruits, transferees, and rostered players, payments that were long barred by the NCAA because the jocks were considered amateur student athletes. This modest NIL gesture also headed off increasingly aggressive demands by the athletes to participate financially in the huge broadcast and streaming rights payments being shared by the schools. The value of these rights are expected to explode as the big tech companies like Amazon also began bidding on them.  

Much like the scummy Super PACs in politics, which are allegedly required to operate entirely independently of any given candidate but rarely do, the schools are supposed to have nothing to do with the choices, plans, and payments being made to key players, prospects, and transfer portal targets and, more recently, or with the latest programs, which guarantee salaries to entire football teams. That’s in addition to any scholarships as long as the student athletes are still in school and, of course, on the right team.  

 Somehow, the management of these collectives mystically divines exactly what amounts the athletic directors and coaches have to pay which players to make sure that each season dear old Faber College has the best possible football team that money can buy. In the early days, a few of the older and less astute donors didn’t get the memo and admitted that the schools absolutely worked hand-in-hand with these new entities. But those guys were quickly told to sit down and shut up and changed their stories accordingly.

Another verboten topic is that fact that most of the other teams and sports at any given school are completely out of luck and out of the money. It’s a man’s world and, with the exception of a very few female basketball players who have developed NIL values, it’s likely to set back most of the recent Title VII and Title IX progress made at schools across the country. All the talk about the government and the schools acting to benefit all their student athletes reminds me of the main difference between golf and government. In government, as Trump constantly shows us, you can always change your lie.

 This whole sick and destructive system is guaranteed to kill any remaining vestige of amateur college athletics and calculated to ensure that the richest schools will buy their way to the top while hundreds of others will no longer be remotely competitive. The kicker atop this pile of funny money is that the greedy tax guys really overshot the mark.  Many of the new collectives were created as tax-exempt 501(c)(3) charitable organizations. This means that all the donations are tax deductible regardless of how the funds are then used and utterly without regard to whether there is any public value or benefit. Donors get all the strokes and good times, and a tax break as well.  

But just when it looked like things couldn’t get rosier, along comes the IRS and-- no surprise here--reversed its initial approval of these scams. IRS is now telling the collectives that since their basic model has little or nothing to do with charity and everything to do with paying players to pump up the home team, there’s no real reason or justification for any tax exemption. Even more importantly, given the new DOL employee rule, there are discussions beginning about whether student athletes might fall under some of the same definitions and regulations.

Truthfully, in addition to being a tax scam, the whole collectives structure is also a very clear way to help the schools dodge the much bigger bullet of having the government decide, once and for all, that if student athletes are being paid to play ball, then they should be treated as employees with all the associated benefits. By sticking the collectives in the middle of the process and tacking on the fig leaf of charitable work, the schools are insulating themselves from these exposures and from such realistic future prospects as player unionization and major player demands for revenue and profit sharing.

As much as the players think they’re getting a great deal, in reality they’re just getting crumbs from the multi-billion-dollar business that college football represents for their schools.

Wednesday, July 05, 2023

NEW INC. MAGAZINE COLUMN BY HOWARD TULLMAN

 

In a World Ruled by Giants, Staying Small May Be the Smarter Play

Too many startups are built for growth -- in sales, product offerings, and staff. That can make them overextended or attract competitors. Think instead about building to be bought. 

 

BY HOWARD TULLMAN, GENERAL MANAGING PARTNER, G2T3V AND CHICAGO HIGH TECH INVESTORS@HOWARDTULLMAN1

 

I suppose in a country where constant change, reinvention, and disruptive innovation are so critical to our future that we should be grateful for the regularly refreshed stream of eager and strikingly ignorant wannabe entrepreneurs who attempt to build new businesses. I've been there many times. And let's be clear that their energies and efforts fuel and support entire industries of investors, advisers, educators, marketers, and techies. So, the whole painful process makes economic sense even if a staggeringly large proportion of the money invested ultimately ends up being wasted.

It's just a little sad to know how many of them will never get their startups out of the gate and how few of them that actually do will ever survive more than a year or eventually thrive. We never seem to tell them that well-known truth or alert them to the many pitfalls along the way. We think we're helping them by wishing them well and encouraging them on their journey. I think we can do better and give them some concrete advice and some practical plans for how to best navigate the shoals and the sharks.

If they knew the unlikely odds of success or how painful and hard the process of building a new business has become in a "winner take all" world controlled and dominated by predatory platforms and structured by tech-driven oligopolies, it's pretty clear that millions of them - even given the lack of viable alternatives these days - wouldn't start down the path. We're never going to convince them of the odds, and millions of new businesses are still being launched every year, but the competitive environment really has changed over the last decade. Going forward, the survivors are going to have to use new more conservative strategies and adjust their expectations as to what's a reasonable outcome for all the interested parties.0

Right now, I'm watching new entrants, entrenched institutions, regulators and legislators, as well as long-established managers, agents, and gatekeepers engaging in the NIL space (name, image and likeness), which is all the rage in college sports. The battle lines are being drawn in this emerging new area of competition, which surprisingly has virtually nothing to do with A.I. or image recognition, annotation, and interpretation. However, it's certain to be another toxic environment where we'll see rampant dream snuffing, early entrepreneurs bigfooted and crushed by the eventual entry of the big guys, and opportunities to make real economic and equitable changes rapidly evaporated by the politicians and institutional powers.

Not the most pleasant prospects, but a clear and present warning to anyone looking into any greenfield space, especially one that involves big money, college sports and student athletes. I realize that the prospect of a novel market segment free from the threats and promises of A.I. is almost inconceivable right now, but you can rest easy. Because the NIL marketplace has everything to do with the economics, players and livelihoods associated with millions of names, images, and likenesses as well as the data and stats that swamp our smart phones and clog our social media channels daily. 

We've recently seen the froth, frenzy, and failures in the world of legal cannabis cultivation, commercialization, and consumption, and in online betting. There are certainly instructive parallels in the broken hearts and dreams, wasted millions, hypocritical politicians and lip service efforts toward equity and inclusion. Ultimately the clean-up consolidations and rollups engineered by the usual suspects have rapidly contracted and oligopolized those industries.    

There's also a lot to be learned from the abrupt surrender and sellout by the craven senior management of the PGA Tour to the sports-washing Saudis in secretly signing the LIV merger deal without bothering to share the critical terms or even to alert most of their own board members to the pendency of the arrangement.  In fact, if you ask me, almost nothing beats the scummy way the PGA bosses left their own players in the lurch after those guys acted honestly and with some dignity while some of their peers and fellow players fell all over themselves chasing the big bucks being thrown around by Saudi leader Muḥammad ibn Salmān and his minions. Notwithstanding the many hypocritical early statements by the same money-grubbing PGA slugs who wrapped themselves so piously in chauvinistic pronouncements flavored with 9-11 trappings until the dollars got large enough, they swiftly caved like the greedy phonies they've always been when the cash register started ringing in earnest.

The message which every startup builder and entrepreneur needs to hear and take to heart is that when the elephants dance, the grass takes a beating.  More simply stated, in almost every instance where the big guys wake up and wade in, the little guys lose. Sometimes it's just mountains of money; sometimes it's lobbied legislation or new regulations that abruptly and unfairly tilt the playing field; sometimes the nature of the emergent technology really dictates a "winner take most" kind of outcome; and other times it can be quiet collusion among the market leaders that skews the situation.

But to be sure, however the game ends up and whatever the particular drivers turn out to be, it's likely to be rigged and it's never gonna be bent in favor of the little guys, whether they're new entrants, small players, customers or consumers. The "house" always wins in the end, but the smart little guys can thrive in the cracks and with the early crumbs if they're quick and clever. And that's my main interest in the coming conflagration.

If you're intent on entering one of these new marketplaces and you want to survive, here are five critical rules to keep in mind.

(1)   Stay Simple

Launch with an MVP (minimum viable product/application) as soon as possible and don't spend a lot of energy enhancing or upgrading the offering. You won't have the time or resources to educate and support your users -- rely on them to learn on their own or from their peers. Simple is smart, swift, and viral. Complicated is painfully slow and looks more like a chore than a challenge.

(2)   Stay Low

There's no upside in the short term to press, PR, conferences, or competitions. Noise attracts premature and competitive interest, knockoffs, and rip-offs. If you've built something that does a great job of getting a simple and important job done quickly and well, the promotion, word of mouth and spread will take care of themselves. You want to get broad (widely distributed and adopted), but not so big that you become a target too soon.

(3)   Stay Focused

Do one thing really well and avoid the temptation to grow and expand horizontally or vertically -- building new functions and app extensions simply adds costs and complexity. Not every app needs email and only your engineers love bloat and feature creep -- your customers don't really care.

(4)   Stay Small

Simple, smart offerings don't need staff. They don't need support or middle management or extensive infrastructure and overhead. The world now understands that the best businesses are as virtual and hybrid as possible and are focused on access, convenience, and utility rather than space, facilities and headcount.

(5) Stay Skinny

The name of the game is getting in and out -- the design and the execution plan are all about creating a valuable and attractive asset that can be economically acquired -- before you find your business being crushed. You can't attract a buyer and make a reasonable return for your team and your investors if you've raised and spent too much for an acquirer to find your business attractive and accretive. Too much funding can make you soft and lazy, not tough and to the point.

Bottom line: these aren't guidelines to build a business intended to last a lifetime, mainly because the current market conditions in almost every new industry are so hostile to that prospect that it's not a realistic objective or plan. The simple goal these days is to get in, get broad, and get out. Build to be bought.

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