In an industry that relies on being ahead of the curve, the ability to see the potential in new innovations is a necessity. Eric Anderson, Partner of Scale Venture Partners knows how to look ahead, and gives us an inside look at how a cutting-edge venture capital firm finds and funds new technology that benefits the everyday user.
Main Takeaways
- The depth of the problem is more important than the solution: According to Anderson, it’s important to come in with the empathy needed to sort out the problem set of any particular company, because innovations are grown out of the solutions. It might be intuitive to think that quick fixes mean quick growth, but Anderson cautions against it. Digging in and finding the deeper problems is well worth it, because longer solutions often lead to more meaningful expansions.
- Young insiders might be the key to innovation: While anyone can have a great idea, Anderson points out that it might be the younger players in older, “sleepier” industries that wind up being disrupters. He points out how as a child of dental distributors he was quick to see the need for a new way to distribute raw materials and bring in a new solution.
- Software Vs. Content: While, historically, consumers have been more interested in buying content over software, Anderson says that the small sale might change that. We shouldn’t ignore the power of the one-dollar design app you can carry on your phone – it might change the way people value software.
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