next revolution steve hilton has inside knowledge of the workings of silicon valley steve i ll go to you first. listen these were smart people she fooled with a blood test technology steve. a lot of venture capitalist out there. but you know, i saw some of your notes before this explain how they work and why they need people like holmes and want to believe in people like holmes? that s exactly right dan. it is not some kind of unexpected they think that they fall for the hype. the entire venture capitol industry is built on hype and exaggeration i know that from personal experience. i ve been here now ten years i ve been around pitching to these venture capital term and worked for some of them. what they re looking for is that one in 100, one in a thousand company that s really huge, hay get pictures all the too many. ten a day, hundreds eve every year they re not making sure pictures are good or make sense they don t have time and they re not even interested.
i ve been here now ten years i ve been around pitching to these venture capital term and worked for some of them. what they re looking for is that one in 100, one in a thousand company that s really huge, hay get pictures all the too many. ten a day, hundreds eve every year they re not making sure pictures are good or make sense they don t have time and they re not even interested. what they care about is scale and care if your plan works is it going to be big enough to make up for all of the money we lose on all of the pictures that we invest in the don t pan out. so they re not really checking they want to believe the hype. because they know that if one of those tiny number that actually succeed make it big, they ll make all of their money back so they don t properly check or invest they want the hype to be real. dan: such a great point and analysis steve. joseph you know you knew elizabeth holmes you guys were
next revolution steve hilton has inside knowledge of the workings of silicon valley steve i ll go to you first. listen these were smart people she fooled with a blood test technology steve. a lot of venture capitalist out there. but you know, i saw some of your notes before this explain how they work and why they need people like holmes and want to believe in people like holmes? that s exactly right dan. it is not some kind of unexpected they think that they fall for the hype. the entire venture capitol industry is built on hype and exaggeration i know that from personal experience. i ve been here now ten years i ve been around pitching to these venture capital term and worked for some of them. what they re looking for is that one in 100, one in a thousand company that s really huge, hay get pictures all the too many. ten a day, hundreds eve every year they re not making sure pictures are good or make sense they don t have time and they re not even interested.