Colombia Tech Week - Wall of Love

📩 In early-stage, VC - and in life- every decision carves out the path to potential success or missed opportunities. Two decisions you won't regret:1. Subscribe to the Makers Fellowship hiring program. Contact Natalia Blanco Angulo 2. Subscribe to Colombia Tech Week we will make it worth your week! 😏 (link in comments)Grasping the concept of 'opportunity cost' and adopting a 'fail-fast' philosophy is essential to refining our decision-making strategies and ensuring we are positioned for optimal outcomes. Often I find it challenging to balance short-term wins, and mid-term milestones with long-term vision. ✍ Here are some insights I've found interesting while crafting the investment and growth strategy of some projects lately: 💸 Opportunity cost in VC investing is the potential gain lost when one option is chosen over another. This encompasses not only financial implications but also missed strategic opportunities that could have been captured by choosing a different investment. For founders its a must to understand how investors are making decisions 🛣 The startup world thrives on the principle of failing fast, which allows businesses to quickly identify what doesn’t work and pivot accordingly. This approach helps in managing resources wisely and minimizing the impacts of sunk costs and overconfidence bias.3️⃣ The “3Ds” Framework for Decision Quality from Annie Duke :🥇 Discover: Solicit and collate individual opinions independently before team discussions. 🥈 Discuss: Explore different perspectives to understand the rationale behind diverse viewpoints. 🥉 Decide: Conclude decisions independently after thorough discussion to minimize the influence of group bias.🔎 Implementing Pre-Mortems and Kill Criteria: Conducting pre-mortems can anticipate potential points of failure, and setting 'kill criteria' that triggers a decision review helps to stay ahead of possible downturns.➿ Incorporate regular feedback loops into the investment process. These loops provide continuous input and are vital for adapting strategies in response to new data, ensuring that every decision is grounded in the latest insights and contributes to the ultimate investment goals. 👵 Even if an investment has a 10yr success or fail time frame, defining milestones that 'must' happen for getting an x return is key to reducing these loops Break down the ultimate investment goals into smaller, measurable milestones. Strike for ongoing evaluation and recognition of what changes might be necessary to achieve success ultimately.🚨 Knowing When to Quit -😳 the hardest one for me- Recognizing the right time to exit a failing investment is as crucial as identifying a promising opportunity. If quitting crosses your mind, reassess the investment’s viability with the current knowledge and criteria.Share other decision frameworks you think could help to reduce biases and perform better to align short-term and long-term results👇