Snapchat founder Evan Spiegel on why capital is not always a predictor of startup success

So first and foremost I think like one of the things that's so exciting about the technology industry over time is that capital is not always a predictor of success. That's I think one of the things that draws so many people to this industry and excites so many people about this industry because true innovation especially long term complex technical innovation can create really breakout products even when your competitors have way more money and are spending a lot more and hiring more people because in fact I think what happens is that many of those companies that are spending a lot more money aren't having to make hard choices and design is all about those hard choices and trade offs. And when you have lots of money and someone presents you with three options you say let's do all three right? And that means that ultimately over time you miss the opportunity to learn and to iterate and evolve the product as quickly as you could if you were really constrained by the amount you could invest.