Andy Cohen corrects the common belief that patience is a key M&A trait. He argues for resilience and grit instead. Patience implies waiting passively, but deals require constant proactive momentum to overcome ambiguity, chaos, and frequent setbacks. Resilience is about pushing through failure, not waiting for success.

The greatest predictor of entrepreneurial success isn't intellect or innate skill, but simply caring more than anyone else. This deep-rooted ambition and desire to succeed fuels the resilience and skill acquisition necessary to win.

Organizational success depends less on high-profile 'superstars' and more on 'Sherpas'—generous, energetic team players who handle the essential, often invisible, support work. When hiring, actively screen for generosity and positive energy, as these are the people who enable collective achievement.

While grit is important, being pulled along by genuine curiosity is a more sustainable motivator than relying on willpower to push through rough patches. This innate drive to explore and learn prevents burnout and leads to discovering novel business opportunities without feeling like a constant struggle.

Technical competence is the easiest part of a technical co-founder to evaluate. The real risks lie in misaligned goals (lifestyle vs. unicorn), personality clashes, and incompatible work styles. Prioritize assessing these crucial "human" factors first.

A truly exceptional founder is a talent magnet who will relentlessly iterate until they find a winning model. Rejecting a partnership based on a weak initial idea is a mistake; the founder's talent is the real asset. They will likely pivot to a much bigger opportunity.

Lux Capital's founding success is attributed to the yin-yang dynamic between its co-founders: one an optimist who invents the "airplane" by seeing the best in outcomes, the other a cynic who invents the "parachute" by mitigating risk.

A rising tide lifts all boats. The true test of a founder partnership emerges during downturns. Diligence should focus on teasing out traits like adaptability, humility, and accountability, which predict how a founder will react when plans inevitably go awry.

The difference between successful and unsuccessful drug hunters isn't intelligence or education, but cultural attributes that exist 'in the margin.' These include radical transparency, honesty, humility, and being part of a supportive, truth-seeking team. These soft skills determine the outcome of high-stakes R&D.