Here's the third part of my interview with Bill Lee, entrepreneur-turned-angel investor. Lee has invested 30 start-ups over the course of the last 10 years. He's also a limited partner in some venture firms in the Valley. A decade ago, when Lee was in his mid-20's, he raised $43 million for his start-up. In this interview, he shares his lessons as an entrepreneur and an investor backing entrepreneurs.
- Don't rely heavily on marketing. Marketing is the means, not the ends.
- Don't put "too much trust in a co-founder." One of the biggest reasons start-ups fail or are challenged is because the founding team falls apart. Bill seems to have learned that lesson first hand.
Watch the rest of the interview to learn about his lessons as an investor and why finding the right qualities in a founding team is more art than science.