1. The Max Levchin story reported here is based on an interview in Jessica Livingston, Founders at Work (Berkeley, CA: Apress, 2007), 1–16.

2. Ibid., 2.

3. Ibid., 3.

4. The Kauffman Foundation, 2008 State New Economy Index, November 2008, 3.

5. Global Entrepreneurship Monitor, 2008 Executive Report,

6. Albert L. Page, “Assessing New Product Development Practices and Performance: Establishing Crucial Norms,” Journal of Product Innovation Management 10, no. 4 (1993): 273–290.

7. Livingston, Founders at Work,3.

8. Ibid., 6.

9. Kevin Allison, “Founders Take Aim at a Bigger Target,” Financial Times, February 20, 2008.

10. Revenue is the word accountants use for the money that comes ...

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