Change Quote by Sean Patrick
““Last-minute design changes were required, however, necessitating more money. Tesla had already obtained a second loan from Morgan, and when those funds ran out, he again approached the financier for additional capital. In an attempt to convince the powerful Morgan to invest another large sum, Tesla explained””
About This Quote
Source Book: Tesla: Man Out of Time by Margaret Cheney, 2001
Tesla repeatedly sought extra funding after costly design changes, turning to financier J.P. Morgan for more capital.
In simple terms: Tesla needed more money after design changes and asked Morgan for a loan.
Key Takeaway
Seek flexible financing and plan for contingencies.
Themes
finance
innovation
risk
entrepreneurship
Mood
determined
strategic
Type
historical
business
When to use this quote
- startup funding
- product development
- financial crisis
- investor relations
Key Concepts
capital acquisition
investment negotiation
project management
Questions to Reflect On
- How can entrepreneurs diversify funding sources?
- What safeguards protect against cost overruns?
A Different Perspective
Relying on a single investor can create dependency and limit options.
