> The most common mechanism for creating a venture-backed business is by bringing efficiency to existing markets. This approach is the simplest and least risky

> The most common mechanism for creating a venture-backed business is by bringing efficiency to existing markets. This approach is the simplest and least risky because the demand for the product already exists. The promise is to deliver a product that is quantitatively better than what currently exists. There is often little technological uncertainty, as existing technology is applied to a new domain (low R&D). Great insight from the pile of data. I know a lot of fellow founders failed miserably to conclude on this same lessons.