I haven't blogged for a while but here's a great event I couldn't miss. Nvidia CEO Jensen Huang is at Stanford today to talk at Entrepreneurs Thought Leaders Seminar (etl.stanford.edu)
Highlights of speech:
1. Building company is extremely gratifying but also very difficult.
2. 16 years ago founded by 3 engineers; vision matters
3. Perspective: Everyone can have one
4. Making technology inexpensive and video games were the killer apps
5. How do you scope market when there's no market at that time?
6. 2 companies doing exactly the same thing can end up in radically different places because they have different perspectives.
7. Moore's law is a law of competition, a law of setting pace: gives you twice the performance every year or two approximately
8. What do you do when your customers tell not to do? He ignored customers !!! (reason being they don't know the nature of your business)
9. Innovation is a rather dangerous thing; some point technology becomes good enough
10. Most important thing when building company and product, skill, intellect, training matters but not enough; passion, love process of building company. Should find out the purpose of building the company
11. Competition sets the price
12. If you want to be successful, develop a tolerance for failure; fail quickly and change courses as soon as one knows it's a dead end
13. Intellectual honesty: continual basis assessing whether something makes sense or not
14. Need to be flexible when one's company has little barrier to entries (i.e. Internet and web based companies)
15. As CEO, selecting people is 99% of the job
16. Intense focus at a market segment and specific niche (don't be jack of all trades, masters of none)
17. Personality: See around the corners, the fuzzy edges; CEOs and leaders need to be comfortable with ambiguity
18. Laser Beamed Focus: do it with intensity
19. Biggest challenge is the reinvention of the company: Every successful thing has to be pulled down and rebuilt and reinvent
20. Cash is always king: making money, raising money or saving money
21. Succession planning is toxic
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