Investor Stories 48: Why I Passed (Greathouse, Boyce, Huston)

Download_v2Nick Moran Angel List

On this special segment of The Full Ratchet,

the following investors are featured:

  • John Greathouse

  • Peter Boyce

  • John Huston

Each investor highlights a situation with a startup that

they decided not to invest in and why it was that they

passed.

FULL TRANSCRIPT

Greathouse whats next

Boyce Why I passed on a startup for investment

John Huston Why I Passed on a Startup for Investment

 
   

   
  • Seph

    @5.00-5.30, John Huston:
    “The three most important words I want to hear – ‘ I don’t know… ‘ It just makes me chuckle when I think how many times entrepreneurs who have such an early idea are incapable of saying, ‘ I don’t know… ‘ So that’s one flag for me. If I have never heard, ‘ I don’t know ‘, then I usually don’t end up liking the person to the extent that I think that they deserve to build wealth and be successful.”

    What a straight shooter, such refreshing candor. John Huston gives a great interview.

    It really is surprising how many people are afraid to say “I don’t know” even when this is truly the most honest answer. Being able to honestly say “I don’t know” is good indicator of one’s character. And recognition of not knowing is a most crucial step in getting to knowledge.

    Richard Feynman was one of the smartest guys of the entire 20th century, and he had definite opinions on the importance of “I don’t know”. (All quotes from a series of published lectures,”The Meaning of It All”, cribbed from GoodReads.)

    “I believe that to solve any problem that has never been solved before, you have to leave the door to the unknown ajar.”

    “If we were not able or did not desire to look in any new direction, if we did not have a doubt or recognize ignorance, we would not get any new ideas.”

    “It is in the admission of ignorance and the admission of uncertainty that there is a hope for the continuous motion of human beings in some direction that doesn’t get confined, permanently blocked, as it has so many times before in various periods in the history of man.”

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