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But most of those weren't truly smart, so our third test was largely a restatement of the first.

When nerds are unbearable it's usually because they're trying too hard to seem smart.

And while they probably have bigger ambitions now, this alone brings them a billion dollars a year.

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Their value is mainly as starting points: as questions for the people who had them to continue thinking about.

What matters is not ideas, but the people who have them.

Ideas for startups are worth something, certainly, but the trouble is, they're not transferrable.

They're not something you could hand to someone else to execute.

March 2005(This essay is derived from a talk at the Harvard Computer Society.)You need three things to create a successful startup: to start with good people, to make something customers actually want, and to spend as little money as possible.