American - Businessman | 1953 -
At the intersection of food science and technology, food replacement startups are creating substitutes for the basic components of meals as well as replacements for complete meals.
Steve Blank
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The food replacement category is what it sounds like - companies are substituting plants or food grown in a lab to replace meat, fish, eggs, milk - or, like Soylent, to package nutritionally complete meals into a drink.
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For busy young adults, the lure of meal substitutes is simple - it's all about convenience - the level of effort to open a bottle or package is minimal, and the time from thinking you're hungry to eating is almost zero.
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Normally when I have students over, we sit in the house and look at the fields to try to catch a glimpse of a bobcat hunting.
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The goal of listening to customers is not to please every one of them. It's to figure out which customer segments serve your needs - both short and long term.
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One of the biggest mistakes entrepreneurs make is not understanding the relationship they have with their investors. At times, they confuse VCs with their friends.
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Understand that VCs are simply a sophisticated form of financial investors who, in turn, need to satisfy their own investors.
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At the end of the day, VCs have to provide their limited partners with great returns, or they aren't going to be able to raise another fund.
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Great VCs do everything they can to make you successful. But just like your bank, credit card company, mortgage holder, etc. they are not confused where their long-term loyalty lies.
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The music and movie business has been consistently wrong in its claims that new platforms and channels would be the end of its businesses. In each case, the new technology produced a new market far larger than the impact it had on the existing market.
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The introduction of new technology is always disruptive to existing markets, particularly to content/copyright owners who sell through well-established distribution channels.
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History has shown that time and market forces provide equilibrium in balancing interests, whether the new technology is a video recorder, a personal computer, an MP3 player, or now the Net.
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