Having an idea and being passionately committed to it is important. But so is being clever enough to realise when it is not working, says Alan Patri-cof, a venture capitalist. He is looking to invest in young firms whose bosses know how to pivot: ie, dump their old business model and adopt a new one. Difficult times demand flexibility. At a recent presentation in New York, he says, he saw three firms he had previously seen less than a year before. "I didn't recognise them," he recalls.
展开▼
