Love this post by Fred Wilson.
He’s coming at it from a venture capitalist’s perspective but it’s even more poignant for me as an entrepreneur who’s accepted money from VCs.
Nothing is standard. You either need it or you don’t. Explain why you need it and most of the time you’ll get it or something like it as long as both sides really want to make a deal.
Every startup is unique in its own way with distinct challenges and opportunities. Everything… and I do mean everything, is unique. Every angle and approach… every positive and negative… it’s just never been done before.
Naturally, there are obvious patterns and things that appear to be similar… but there are very few repeat exercises. Appreciating this, on both sides of the table, is important for relationship-building and eventual success.
When an entrepreneur says:
This has never been done before.
It’s honestly the truth. It doesn’t mean the idea is good though or that it guarantees success, of course. Success is 99% things outside of our control and 1% working your ass off (and that 1% is massively large).