Earlier today I was talking to a technology investor and I asked the question, “what types of startups and opportunities are you looking for in the area?” He stopped, looked up, and said he characterizes things in three buckets by betting on the horse, jockey, or course:
- Horse – the specific business idea
- Jockey – the entrepreneurs/co-founders/management team
- Course – the market or vertical for the business idea
Of course, I’d heard the horse and jockey concept many times before but this was the first time “course” came up and I really liked it. When evaluating a specific idea (horse), the market or vertical (course) is extremely important as most of the time the idea that becomes successful isn’t the idea that the team started out with. The horse and course need to be evaluated together as much as they are evaluated apart.
What else? What are your thoughts on the terms horse, jockey, or course?