Brent Constantz and Vinod Khosla started Calera and raised roughly $200M without a written business plan. Constantz argues competitors are the main readers of business plans and that they rarely match reality anyway.
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I got hold of my old buddy Vinod Khosla and I'd heard he was working in the clean tech space and we put a company together real quickly without a business plan. So Calera, which has raised somewhere near $200 million, has never written a business plan. And so what I like to say about business plans is, Number 1, the only people that read them are your competitors. Number 2, they're the only thing that's never going to happen, you know. It's like when I play golf, I tell my partners, if you want to be safe, go stand near the flag because I'm never going to get it there.