Nikolaj Nyholm made one comment to an entrepreneur which really resonated with me. To paraphrase:
At one level this is another contribution to the discussion of what makes a great VC (I will leave that one to Fred et al.)
It is, however, of far more significance for entrepreneurs with a web app or offering.
You need first rate SEO? That will be >£100k p/a for a 19 year old whiz kid. Someone who will be impossible to manage but can transform your business with organic traffic.
You need to bolster traffic in certain niches? That’ll be a potentially bottomless pit of adword spending. (Particularly true if you’re late to a competitive market: look at the differential in adword spend between gocompare, moneysupermarket and confused)
That’s not to mention the possibility of Google using some of their warchest of come after your particular market.
Many entrepreneurs are so focussing on building such a great offering that they also assume virality of distribution is inherent or inevitable. Unfortunately its not that easy, and Nikolaj is dead right to warn that getting help from people who “get it” is crucial.