Comment by fnbr

Sam Altman has given a speech a few times (I heard it most recently in "How to Start a Startup") where he uses the same equation, but adds luck, where luck is a random variable going from 0-1000:

    Startup = idea * execution * product * team * connections * money * luck 

I think that's a very accurate assessment of the situation. You need to work hard, have a good team, etc., etc., but without luck, you won't be successful.