Note: This interview was conducted few years ago at Social Good Summit in NYC. With all the changes going on, the idea of doing little bets to find your best idea still true to this day. It’s even more so now than before, as more people talk about failures and what they can learn from it.
I recently had the opportunity to chat with Peter Sims, the author of “Little Bets,” at the Social Good Summit. Peter is also a co-founder of Fuse Corps, a social enterprise that partner up with government, mayors, etc. to help tackle the nation’s most pressing problems. This is part of his little bets.
Little bets are a way to explore and develop new possibilities. The idea is to start small experiment to discover big things. You have to go through the process to discover bigger and better ideas. There is no shortcut for that.
For example, comedian Chris Rock would practice (read: experiment) with his lines at small comedy clubs around where he lives – before he uses those lines (that worked) for the big stage.
The same is true with VCs, how they would invest in a number of different companies. Not all companies would succeed (if it works out 100% success ratio, it would be a dream!), however, from the companies they invest one of two would grow big and give multiple times payback to investors.
So before you dive in to the conversation, here are some the things you can learn from this conversation:
- where Peter finds his inspiration
- that it’s okay to fail
- how little bets are good for small businesses
- how the Onion comes up with their best headlines
Check it out.