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Turner Novak 🍌🧢
@TurnerNovak
investing @BananaCap_ podcasting @ThePeelPod (sign-up for emails below)
Joined April 2009
3.5K Following    212.9K Followers
"Every month you're spending time on the wrong idea is a bad use of your time and capital. Go work on really important problems, as opposed to being stubborn about the thing you pitched in your deck."
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From @jmj on why more founders should pivot, and why you should pivot hard: "In the last five years I've probably had more phone calls with founders around the should-I-pivot conversation. And the one thing I've heard 100% of the time is, 'I didn't know that I could have this conversation with my investors.' I think it was seen as a sign of weakness. Or maybe you're worried, are we losing faith in the company? Does this mean we won't be able to raise the next round? On those calls I always say you should consider pivoting the company if it's at all a thought in the back of your mind. Most of the time the conversation starts with you're getting the same investor update for two quarters in a row. None of the metrics are moving. There’s small iterations on the idea, and there's nothing that's gonna profoundly change the business from where it is today. More investors should have that conversation. It creates a lot of trust with you and the team. But most of the time they're really excited to have it. And in probably every single case they have ended up pivoting the company. That just shows the team knows already that they need to pivot. They just haven't been able to come to terms with it, either internally or with their investors. Every month you're spending time on the wrong idea is a bad use of your time and capital as a founder. Especially right now, when you have so many things that you can build. You should not waste any time. Go work on really important problems, as opposed to being stubborn about the thing you pitched in your deck."
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