He was on the panel at a Silicon Valley comes to Oxford event at Oxford’s Said Business School on Monday night. (As an aside it was a good night and I think events like this one help persuade people to become entrepreneurs, which is great for UK plc.)
Reid was talking about web2.0 and said
In retail the received wisdom has always been that the three most important things to your business are location, location, location. In web2.0 it is distribution, distribution, distribution.
It works for raising money too. In the same way as it would be tough to raise money for a new shop concept without having found a location so it is hard for a web business without distribution.
I have talked a lot about traffic on this blog. This hits to the same point but in a more actionable fashion.