Union Square Ventures just funded Twitter. Fred Wilson noted that the company has no business plan, but they’ll figure that out as they go. Paul Kedrosky threw in his two cents, coming to the broad conclusion that business plans give investors too much to nitpick. These guys are professional investors, so you have to listen. You don’t have to follow – it’s just the opinions of two investors who happen to know each other pretty well – but you do have to listen.
A good portion of the investment and entrepreneurial communities will proceed to adopt the same tack now that it’s been publicized. Others will call this attitude a sign of froth in the market, and become more cautious about ongoing opportunities. Giving investors what they want (or don’t want) should be viewed as a by-product of which camp they are in.
Listen to a few stories around the fire before you decide which camp that is.