Word: idea
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That guy, by the way, as well as a top-flight designer, liked Tayman's idea so much he agreed to take less than his usual fee for equity in the company. See how launching in a downturn works? (See the 25 best blogs...
...with LILOs, business plans are an afterthought because you can try your idea first at minimal expense, without persuading others to buy in. Or, as Joi Ito, another well-known tech investor, told me recently, "the cost of mapping it is almost higher than the cost of trying...
...Rhode Island School of Design (RISD), they moved to San Francisco a few years ago with the vague intention of starting a business. Their eureka moment occurred in October 2007 when a huge design conference decimated the supply of hotel rooms in the city. They decided to try their idea without mapping it out. (See which businesses are bucking the recession...
Then again, the economy could get worse and worse. If that happens? Tayman's already working on his next idea...
...night in Osaka, we met one of his Japanese business partners at a restaurant, where I was thrilled to learn two geisha awaited us. But my excitement quickly turned to disappointment: the geisha were hardly the sexpots I had envisioned; they were very old, at least 30, and their idea of a good time was getting everyone to play a variety of childish games involving twisted paper napkins...