The Mathematical Cost of Winning

I submitted the grades for my class, and suddenly found myself a bit idle. So it’s time for more things you already knew proven with math you long-ago forgot. This was supposed to be a mere bagatelle of a post, something to occupy an idle Friday afternoon. And it would have been if the distribution […]

Boiling Frogs

I was responding to a pitch this week. Stellar team, big market, demonstrated customer need. I wasn’t going to invest, despite all that. I wrote: “not the kind of thing I invest in.” I’ve written this thousands of times in my life. But I knew that wasn’t really the reason, so I erased it. I […]

Managing Technological Innovation: Industry Analysis

My short post a few weeks ago on one of Schumpeter’s ideas lightly suggested you could derive most of modern business strategy from that one idea. I suppose this might technically be true if you are a genius with a lot of extra time, but why reinvent the wheel? Last week I taught my class at […]

Managing Technological Innovation, Spring 2019 Syllabus

Columbia University School of Engineering and Applied Science Department of Industrial Engineering and Operations Research IEOR 4998                                                                                                      Jerry Neumann Spring 2019                                                                  […]

Schumpeter on Strategy

It’s Friday and I’m procrastinating, so here you go. Let’s talk about Joseph Schumpeter. Good old John Joseph Jingleheimer Schumpeter, as he wasn’t called. Schumpeter once wrote in his diary that he aspired to be the greatest economist, horseman, and lover in the world1. I can imagine the women and horses edging away nervously. Luckily […]

iTunes and the Basis of Competition in the MP3 Player Market

CC-BY. PDF here. iTunes and the Basis of Competition in the MP3 Player Market “It’s official: the only thing more popular than MP3 is sex.” So said Rolling Stone magazine in 19991: Virtually unheard of a year ago, MP3—short for MPEG 1 Layer 3—is an audio-coding technology that allows digital music files from CDs or other […]

The Complected Bird

I saw Bill Janeway speak at Columbia the other night. One of the things he said was “pessimists don’t make good VCs.” A truism. This Summer, talking to a younger colleague about the pace and direction of technological innovation I said there was less potentially society-changing technology today than at any other point in the […]

Zipcar Fundraising Breakdown

Thank you to Tom Eisenmann of HBS, who gave valuable feedback on a couple of iterations of this. I teach entrepreneurship at Columbia University. We devote the second-to-last class to a Harvard Business School case study about the early years of Zipcar. It’s a good case and we can review most of what we learned through […]

20 Minute VC with Harry Stebbings

My friend Harry Stebbings interviewed me for his podcast The 20 Minute VC a little while ago. He published it today. I love his podcast, he asks great questions and tailors them to his guest. You get a distilled view of what they’re thinking about. He and I talk about some of the things I’ve […]

Ruling out rather than ruling in

One of the dangers of working alone is that when you start doing things oddly there’s noone to call you on it. It’s almost nine and a half years since I started angel investing as a full-time thing, plenty of time to develop strongly held beliefs that happen to be completely wrong. The only thing […]