Visionary CEOs are not 'just' great at assuring world-class execution of a tested and successful business model: they are also world-class innovators.

Face-to-face customer feedback refines or validates every component of the startup's business model, not just the product itself.

Textbook rental is a great concept. It is just a great business model.

Customer discovery is the process of translating a founder's vision for the company into hypotheses about each component of the business model and creating a set of experiments to test each hypothesis.

Companies that acquire startups for their intellectual property, teams, or product lines are acquiring startups that are searching for a business model. If they acquire later stage companies who already have users/customers and/or a predictable revenue stream, they are acquiring companies that are executing.

Visionary CEOs are product- and business-model-centric and extremely customer focused.