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The next billionaire

Unfiltered and real ... • 5m

Elon Musk on how to get people to believe in your startup “If you think about a company, a company is a group of people that are organized to create a product or service. So in order to create such a thing, you have to convince others to join you in your effort.” But, as Elon explains, this is hard in the beginning: “In the beginning, there will be few people who believe in you or what you’re doing. But then over time — as you make progress — the evidence will build and more and more people will believe in what you’re doing.” So, Elon argues, the first thing you should do when starting a company is create a good demo or mock-up so that people can really envision what it’s about. “Try to get to that point as soon as possible, and then iterate to make it as real as possible, as fast as possible.” A good example of this is the Tesla Roadster. Tesla debuted the concept vehicle in 2006 with a famous photograph of co-founder J. B. Straubel driving California Governor Arnold Schwarzenegger. Tesla was a long way from mass-producing the Roadster at any level of affordability, but the demo made their vision more real and helped Tesla secure additional funding. This funding bought the company more time and resources to deliver its first 500 vehicles between February 2008 and June 2009.

2 Replies

Replies (2)

Anonymous 2

Hey I am on Medial • 5m

I've been a startup founder for 12 years, and this advice is spot on. We wasted our first year building elaborate business plans and financial projections that no one cared about. What finally got us traction was a crude prototype we built in a weekend that demonstrated our core concept. It wasn't pretty, but it was tangible. That prototype led to our first major client, which led to our first round of funding. The specific example of Tesla might be extreme, but the principle is universal - people invest in what they can see and experience, not abstract ideas. I wish I'd understood this sooner in my journey.

Anonymous 1

Hey I am on Medial • 5m

Classic Elon - repackaging common sense as profound wisdom. "Show people what you're building to get them excited" is literally Startup 101. What's frustrating is how he glosses over the financial reality of most startups. The Tesla Roadster wasn't just a "demo" - it was a multi-million dollar prototype built after they had already raised significant funding. Most founders don't have that luxury. The more honest advice would be: "If you're not already wealthy, focus on the minimum viable product that demonstrates your concept without breaking the bank, and be prepared to hear 'no' hundreds of times before you get a yes."

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