His depth and insight into the industry is fascinating. Here are 32 Peter Thiel quotes from the lecture that I took note of - https://medium.com/how-to-start-a-startup/32-quotes-from-pet...
Lecture 5, How to Start a Startup: Peter Thiel
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Re: Lecture 5, How to Start a Startup: Peter Thiel
#62I think Peter is mistaken as to why science goes about inventing things with little financial gain. There are some people that don't want money (who would have thought?), but find more value in the research. It's fair to say that on the other hand, there are those who also want some sort of financial gain, so there should be a way for them to go about this. > "If people at Twitter make billions of dollars, it must be…
Yet, a 1000 years from now, nobody except maybe historians will know who Peter Thiel was. Except for Crassus there havent been many business men that survived the oblivion of time.
Eistein will certainly join the ranks of scientific giants.
Re: Lecture 5, How to Start a Startup: Peter Thiel
#63full transcript! http://tech.genius.com/Peter-thiel-lecture-5-business-strate...
Re: Lecture 5, How to Start a Startup: Peter Thiel
#64I think Peter is mistaken as to why science goes about inventing things with little financial gain. There are some people that don't want money (who would have thought?), but find more value in the research. It's fair to say that on the other hand, there are those who also want some sort of financial gain, so there should be a way for them to go about this. > "If people at Twitter make billions of dollars, it must be…
Yet, a 1000 years from now, nobody except maybe historians will know who Peter Thiel was. Except for Crassus there havent been many business men that survived the oblivion of time. Eistein will certainly join the ranks of scientific giants.
The only people who are notable hundreds or thousands of years after their death are those who wrote something, or those who said something that someone else wrote down. In the long term no one is remembered for their actions.
Re: Lecture 5, How to Start a Startup: Peter Thiel
#65Earlier quoted context omitted.
Thiel isn't saying that scientists don't want to make money, but that there is an attitude shared by many of them that making money is somehow wrong. Thiel believes that this attitude is just cover for the fact that so few scientists are able to make money from their discoveries even if they want to. You should go back and listen again to what Thiel said, this isn't something he believes. He is describing society's r…
Thought he said something quite different, which is that people explain the fact that scientists don't make money from their discoveries by saying that they aren't interested in doing so. His point was that it was the nature of scientific discovery that made it hard to capture any value from it, not a characteristic of scientists.
Scientist making money in today's news: http://www.japantimes.co.jp/news/2004/01/31/national/creator...
Re: Lecture 5, How to Start a Startup: Peter Thiel
#66This is a question asked to Steve Jobs when he released the iphone: Reporter: "Why in the world would Apple jump into the handset market with so many competitors and players?" Steve: "One of the biggest motivations for working so hard for a few years to make a great product, is you want one yourself and we use all the handsets out there and boy is it frustrating, it's really frustrating, its a category that needs to…
patience does seem to be in short supply these days, but it's not just a vague belief that should drive the entrepreneur. it's that you see something the rest of the market has overlooked. it's that you think you have a potentially unfair advantage because of what you know, see, and can do (one that keeps you out of a situation like your username, i might add).
there's a fine line between tenacity and stubbornness (the latter of which is not pretty to watch).
Re: Lecture 5, How to Start a Startup: Peter Thiel
#67One minor point of clarification on airline profitability. It wasn't competition that bankrupt them it was government regulation. Airlines were heavily regulated for many years and their ticket prices were set by regulators. Huge incentives were created for executives to not invest in fuel efficient new planes and capital equipment. When labor union contracts exploded with benefits and deregulation came, the legacy airlines could not compete with the new arrivals.
Technically speaking several airlines have remained profitable for many years without going bankrupt. Southwest comes to mind with a 40+ year profitability streak. Even if they went bankrupt now I would consider them a financial success.
I find him an engaging speaker and I'm not even refuting his point, but perhaps a better choice of industries would make his point clearer.
Re: Lecture 5, How to Start a Startup: Peter Thiel
#68Earlier quoted context omitted.
What's wrong with being an asshole? The fact that you can't handle it is your problem, not the asshole's. An asshole is simply someone who won't allow themselves to be swayed by anyone else's ignorant opinions.
Exactly. That's also one of my biggest gripes with yc - Dont be an asshole. If I want to be an asshole, that's my god given right. I say things how I see them and am under no obligation to sugar coat my words. Sorry the chemicals in your brain are signaling discomfort, but that's your job to suit up not mine.
My brain is signalling that you may be missing the point.
Re: Lecture 5, How to Start a Startup: Peter Thiel
#69Since Thiel talks a lot about "monopoly theory" it's probably worth reading some of the people who've been talking about this for longer than Thiel's been in business (i.e. before the late 1980s). The two most prominent are Michael Porter and Warren Buffett. Buffett's annual letters to shareholders make excellent reading, and the book Understanding Michael Porter is a very good summary of Porter's thoughts.
This "theory" has been around for well over a century. It is just a rewording of a very mature understanding of product positioning and competitive advantage. It is nothing more than a nuanced understanding of Marketing 101.
Re: Lecture 5, How to Start a Startup: Peter Thiel
#70Earlier quoted context omitted.
Yet, a 1000 years from now, nobody except maybe historians will know who Peter Thiel was. Except for Crassus there havent been many business men that survived the oblivion of time. Eistein will certainly join the ranks of scientific giants.
The only people who are notable hundreds or thousands of years after their death are those who wrote something, or those who said something that someone else wrote down. In the long term no one is remembered for their actions.
I can think of two quick examples that disprove your point: Atila and Genghis Khan. They are most certainly remembered for their actions, not their thoughts or writings.