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July 15, 2010


Geoff Jennings

Prof. Hargadon,

How much do you think sheer size of the capital required to get to meaningful milestone plays a role? I mean, it seems to me with many of the VC success stories in the last 20 years, the amount of money spent to get to a product or very meaningful milestone was often measured in millions or tens of millions, whereas with examples like Tesal, you have investments of hundreds of millions before there is a real market test. It seems that this would limit the number of companies that will be able to raise capital to get to that point. In the late 90's, there were dozens of web search engines trying to be the place to go. Now we have Yahoo, Google, Bing and maybe a few others. But we don't have dozens of Teslas, at least not getting that kind of funding. And it seems like the capital hurdle of building an innovative, competitive EV is simply going to be a lot higher that Sergey and Brin coming up with Google.


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