RAW TRANSCRIPT:

FLETCHER: Now you got remember Peter Thiel is venture capitalist, so this is the guy who is parting with his money, investing in ideas and founders of companies. He goes on to state, “I don’t like talking in terms of tech trends because I think once you have a trend you have many people doing it and once you have many people doing it, doing something, you have lots of competition and little differentiation”

This position is congruent with his ideology about capitalistic versus competition. Capitalistic about accumulation of wealth, if you’re a company that competes then all of those profits are going to be dispersed. He goes on to say “You generally never want to be part of a popular trend. You do not want to be the fourth online pet food company in the late night 90s. You do not want to be the 11th thin panel solar company in the last decade. You don’t want to be the nth company in any particular trend.” I think trends are often things to be avoided. What I prefer over trends is a sense of mission, a sense of purpose that what you’re working on a unique problem that people are not solving elsewhere.

If you think of your business as a tech start-up, if you’re a real estate agent and you’re going to Peter Thiel and you’re asking for him to invest in your company or your service, what he’s saying is, ‘You better not be the fourth real estate agent showing up saying the same thing.’ You better not be the 12th real estate agents showing up the same thing. You better not be the nth real estate agent showing up saying the same thing. Because you are not going to get his investment in capital and likewise this is why so many agents struggle I believe to secure clientele.

Now there are two points to these that go back to his main premise. Once you have many people doing it, doing something, you have lots of competition and little differentiation.

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