Why Tech Firms Need a Plan B
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Imagine youre a tech startup with a great new Web service or product idea. You get enough funding to build out the staff and start developing the product in earnest. A year later, you realize the markets changed; another company already offers 90 percent of the functionality of your SuperWebWonderWidget along with a bunch of features you dont have.
Its time to go to Plan B, but guess what? B doesnt need to mean Beaten, rather it can be Beautiful. Thats according to Randy Komisar, co-author with John Mullins of the new book Getting to Plan B: Breaking Through to a Better Business Model.
Komisar spoke earlier this week at a Churchill Club event in conversation with New York Times reporter John Markoff. As a venture capitalist, virtual CEO and executive of a number of Silicon Valley tech companies (WebTV, TiVo, GlobalGiving, senior counsel at Apple), Komisar has seen his share of firms that had to change business plans quickly.