Pattern Breakers

May 1, 2024
An investigation of what works in the world of entrepreneurship. Maples Jr. is a successful venture capitalist, as was Ziebelman before he moved into academia. However, they write, despite their credentials, they did not really understand why some of the startups they invested in went on to great things while others crashed and burned. In this collaboration, the authors attempt to get to the heart of this issue. After analysis of many VC experiences, they conclude that the most successful startups are those that are looking for a way to fundamentally challenge an existing system. They probably have not created a new technology themselves, but their leaders see a novel way to leverage a recent development. The founders of Uber, for example, drew on the GPS technology that had been included in smartphones. This is a very different approach to looking for an underdeveloped niche in an existing market. According to the authors, companies that take that path might be successful but will never be truly great. "Pattern-breaking founders create something that breaks the mold," they write. "Their pattern-breaking ideas boldly challenge us to depart from current habits." Maples and Ziebelman offer some advice to startup operators looking for venture capital, saying that they should clearly explain how their idea will upset the status quo. Breaking an existing pattern is by no means easy, and entrepreneurs might need several attempts to get the technology and structure working. Investors should recognize this and be willing to stay with promising people and ideas. False starts and early setbacks are part of the process, so resilience is required. Maples and Ziebelman do a solid job in setting all this out, making the book a useful, accessible package for those seeking a revolutionary path. The authors make their case with conviction and intelligence, bringing new thinking to an old problem.

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May 6, 2024
The ability to think outside the box determines whether new businesses take off or founder, according to this competent treatise. Maples and Ziebelman, who founded the venture capital firms Floodgate and Palo Alto Venture Partners, respectively, contend that successful entrepreneurs build their enterprises around an unintuitive insight, suggesting that Airbnb’s “was that people would trust booking rooms with locals in the same way they trust booking with hotels.” Such insights often involve taking advantage of new technologies, the authors write, noting that Lyft won big by betting on the rapid adoption of GPS-enabled smartphones. The straightforward advice on launching a startup emphasizes the importance of establishing trust between cofounders, keeping investor pitches concise, and positioning one’s product as an antidote to the status quo. Maples and Ziebelman provide probing insight into what made Tesla, Twitch, Twitter, and other relatively young companies successful, though a few of the case studies miss the mark. For instance, the authors describe how educational services company Chegg gauged interest in textbook rentals by creating a website for a nonexistent rental service that was designed to crash before customers could complete the transaction. The authors applaud Chegg for finding an inventive way to test proof of concept before investing in the project, but the endeavor’s dishonesty feels ill-considered. Still, aspiring entrepreneurs will find some sensible suggestions.