SocialNet failed before Reid Hoffman built LinkedIn. His second act shows what investors should demand from repeat founders.
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Reid Hoffman had just helped steer PayPal (PYPL) into a $1.5 billion sale.
Two months later, his next company fit inside his living room.
The polished Silicon Valley campus and executive staff would come later. Hoffman already had the relationships and credibility to spend the rest of his career writing checks into other people’s companies.
Instead, he started LinkedIn.
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