I’ve been very fortunate in my business life; I’ve had the luxury of being able to support all kinds of enterprises. Now, I choose to support companies who are going to change the world. When people ask me what I’m doing with my prior success, how I’m participating in and giving back to my industry, this is what I tell them. It doesn’t matter how outlandish the idea sounds. Often, the crazier the better. In the end, it matters what the idea will bring to a society or an industry that will change the game completely.
Investing is a balancing act. Just as I want to buy in to the visions of these transformational leaders, the ones who are obsessed with solving the world’s unsolvable problems, I also want to make sure that money won’t go to waste.
There is a time to invest in strengthening a business—adding expertise, enhancing product features, spending capital to build market demand—but there are also times when it pays to be more frugal. I look for companies that have at least eighteen months of cash reserves and founders whom I feel will spend the right money at the right time.