article thumbnail

ESADE Business School Commencement Speech

Steve Blank

Unfortunately as we’ve learned from recent experience, using Return on Net Assets and IRR as proxies for efficiency and execution won’t save a company when their industry encounters creative disruption. Today billions of dollars that companies could have invested in innovation are sitting in the hands of private equity funds.

article thumbnail

How to Impress Angel Investors and Make It into “Startup Heaven”

Up and Running

what’s behind your financials, your go-to-market strategy, your current traction in the marketplace, your competition and why you’re better, your intellectual property or “secret sauce,” your exit strategy, etc.). Forget the stupid IRR (that’s internal rate of return) that they taught you in business school.