What is the most important resource in a tech startup?

Is it your timing? Market outlook? The money you have? Or your people?

If money were the only thing, the IBMs and Microsofts of the world would have being doing ALL the innovation and technology development. And timing, in my opinion is what you make for yourself. There are always opportunities out there and it is finding the right opportunities that create what is know as 'good timing'.

IMHO, and from my limited experience, the most important resource any startup, or any company for that matter, is their human resources. Everything else can be bought or made, but not this. In my opinion, startups especially, need to focus on developing their key differentiator - its people. Keep your people happy and motivated and you can get through any amount of trouble. Money is definitely critical, but what most investors - private or VCs look for in a company is not necessarily their business plan, or the technology, but instead, they invest in people. As long as the people can deliver, there will always be money out there to be had. But, have a demoralized team, and there can never be any hope.

Unfortunately from my experiences, I've realized that it takes a while to make some people realize that. And in most cases, it happens too late. I hope with greater management responsibility, I am able to learn from the mistakes of employers I've seen/heard of in the past and make a change in this line of thinking.