Michael Ovitz discusses startup resilience and how American founders leverage repeated pivots after failures.
Opinion
Ovitz: U.S. Political Leaders Should Require Five Years of Business Experience
“I think that in order to run for governor or mayor of any city or state or president United States or vice president United States, you have to have had five years of business experience. You have to show on your LinkedIn, That you ran a business. Period.”
Disclosure
Ovitz: Gulfstream's turnaround required a board of super-salesmen, not financial engineering
“And I said, Teddy, there's only one thing you can do. You need to recruit a board that becomes the greatest set of super salesmen in history, because You don't need our advice. You don't need our financial engineering. You don't need us to read balance sheets.…”
Assertion Supported
Blackstone's $450B Credit Fund Gets First Call Over Wall Street Banks
“Easy to look at it now. They have a four hundred fifty billion dollar credit fund. I was having dinner with the heads of one of the banks in New York, and we were talking about Blackstone and I, and Steve in particular, and I said, would you have ever thought …”
Assertion Partly supported
Michael Ovitz Ran CAA for 25 Years Without Written Client Contracts
“In 25 years at CA, I didn't have written documents with employees or clients. We never lost a client the whole time I was there.”
Insight
Startup Investing Follows the Exact Same Process as Hollywood Talent Packaging
“You find an idea or a young person, so that could be a director or an actor or an idea from Michael Crichton, and then you develop it, and then you finance it, you get it money, then you help them shape the business or the package, then you cast it, and then y…”
Opinion
Michael Ovitz Says CAA Could Not Be Successfully Started Today
“Someone said, could you start CA today? I said, no. There's no marketplace for it.”