Consumer internet startups are like Hollywood entertainment. No one knows what TV shows or movies will be successful. The industry tries to make smart bets: invest in big name directors or actors, or sequels or copycats or cheap reality shows, but it's still a gamble. Successful shows come out of nowhere. So they keep trying random shows every season and see which ones stick. Doesn't this sound like Silicon Valley?
I agree that it is similar, but that's the nature of all businesses, right? Prior performance is used all over the business world to justify decisions. I'm sure you've heard "Nobody ever got fired for buying IBM" Investment = risk, everyone wants to minimize it while maximizing the upside.
From this blog post, it sounds like the ability to pivot smart and fast ( fast failing.. that rings a bell..) could enhance ones probability of success. And the ability to pivot away from your 'baby' into the scary unknown again takes a special kind of skill - Letting Go aka: know when to fold 'em.
