When investors evaluate startups, they need to consider a wide range of factors. Some factors — like founder experience and financial performance — are straightforward. Others — like profit potential and scalability — are more speculative and difficult to measure.
Then there’s luck.
As defined by Merriam-Webster, luck is a force that brings good fortune or adversity. And luck is not something that we can control. It is success (or failure, if you’re unlucky) brought on by chance rather than through one’s own actions.
As much as we might like to believe that companies succeed purely through hard work, passion and grit, the reality is that luck plays a huge role in their success. And for some companies, bad luck is enough to seal their fate.
In this episode of Startup Insider, Vin Narayanan and Allison Brickell don green in honor of Saint Patrick’s Day and explore the concept of luck — including what role it plays in a startup’s success, how it compares to other factors and whether or not founders can make their own luck.
Thanks for watching! And happy Saint Patrick’s Day!