Mon, 1 May 2023
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
The projection bias is defined by Wikipedia as the tendency to overestimate how much our future selves share one's current preferences, thoughts, and values, thus leading to suboptimal choices
Founders who hire team members in the early stage come to realize that different skills will be required later in the life of the startup.
To overcome projection bias, consider the following:
In making decisions with long-term implications, maintain awareness of the projection bias.
On a regular basis make future projections to consider what will be needed in contrast to what is needed today.
Experienced founders often jump to their own conclusions based on their experiences.
It’s best to engage others in the decision-making process.
Some founders project their views on a situation and assume others believe the same.
It’s best to keep an open mind and allow for other points of view in the decision-making process.
Over time priorities and values shift so it’s helpful to remember that today’s values may be different tomorrow.
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