Execution Matters, Ideas Don't (Continued)
I probably should change the name of this evolving thread that I am developing here on execution as the primary value driver in venture deals. As many commenters have pointed out, it's not that Ideas don't matter, it's just that they matter a lot less than good execution.
Execution takes on many forms. But a really interesting case study is the way that Return Path has developed via a series of mergers and acquisitions. The original idea for Return Path has turned into a small, but very good business. The Company has turned into a big business. Brad Feld does the hard work in telling the whole story on his blog. It's a good read.