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This week is Denver Startup Week 2014. Seth, Ryan, and I are spending all day Thursday in Denver doing startup week stuff.
If you are looking for me, I’ll be hanging out all day at Basecamp, which is sponsored by Chase.
Following are the events I’m participating in.
8:00 – 9:00: Building Great Entrepreneurial Communities
1:00 – 2:00: Feld and Friends
2:00 – 4:00: Mentor Hours (special Foundry/Galvanize/Techstars Edition). People can sign up here (sorry – they don’t have this organized by day, just by mentor).
4:00 – 5:30: Practice Pitch with Techstars
5:30 – 7:30: Beers at Basecamp, Foundry/Galvanize/Techstars edition (Seth and Ryan only – I’ll be doing a talk at Condit about creating innovation spaces.)
I hope to see you sometime during the day.
I love origin stories. Yesterday at the kickoff of Techstars FounderCon, I stood on stage with David Cohen and David Brown as we went through the origin story of Techstars, followed by a build up of what has happened over the past seven amazing years. As the 50+ people working for Techstars stood on the stage at the end, I got chills. Afterwards I got feedback from a number of the 500 people in the audience that it was extremely useful context for them, many of whom joined the extended Techstars network in the past two years.
A few weeks ago, FG Press released the first book in its Techstars series titled No Vision All Drive: Memoirs of an Entrepreneur. It’s written by David Brown and is the origin story of David Brown and David Cohen’s first company Pinpoint Technologies.
If you recognize David Cohen’s name, but not David Brown’s, you have a new David in your world. Brown was one of the four co-founders of Techstars (with Cohen, me, and Jared Polis). A little over a year ago, he joined Techstars full time as one of the three managing partners – the other two being David Cohen and Mark Solon. Brown runs the organization day to day and Solon manages all the fund and capital formation activity.
While I’ve known Brown for seven years, Cohen and Brown have worked together for 25 years. Pinpoint was a self-funded company that was their first entrepreneurial endeavor. Like many other startups, it had many ups and downs but the David’s created a very successful, profitable business that was acquired by ZOLL (a Boston-based public company) in 1999. Brown stayed at ZOLL for a while, left, and then came back and ran ZOLL Data (the division based on Pinpoint) until last year when he finally left for good.
When I read the first draft of No Vision All Drive I immediately realized this was a powerful origin story. It shows the personal and professional development of Brown and Cohen as they grew from two guys trying to figure out how to start their business to leaders of a real company. Brown’s reflections on the experience are detailed and demonstrates his incredible talents as an operator. If you know Cohen, after reading this book, you understand why they are perfect partners and have worked so well together over the past 25 years.
It’s a delight to get to work with both of these guys. No Vision All Drive gave me deep insight into Brown and how to be effective working with him, as well as what to expect in the context of his leadership and management style. And it made me even more optimistic about the future of Techstars.
Our goal with the Techstars Series is to get out a series of books applicable to all entrepreneurs at an affordable price. So, instead of doing the default Kindle $9.99 price, or tying the Kindle price to the hardcover price, we are charging $4.95 for the Kindle version. We know there is no marginal cost to each incremental e-book so we want to provide it at a price that entrepreneurs won’t think twice about, which we pegged at the equivalent of a Starbucks Venti Peppermint Mocha Frappuccino .
If you are interested in origin stories or just want to better understand the guys behind Techstars, I encourage you to grab a copy of No Vision All Drive: Memoirs of an Entrepreneur.
Today Techstars announced an “equity back guarantee” for any company that goes through the Techstars program starting in 2015.
We’ve been talking about this for a while. One of Techstars’ matras is #givefirst which builds off my “give before you get” philosophy that I highlight in my book Startup Communities as a key part to building a great startup community.
As we talked about this, we realized that we could apply this directly to Techstars. We periodically encounter founders during the selection process who question the value of Techstars. It’s not that they don’t value it, it’s that they aren’t sure it’ll be worth it. Our solution historically has been to introduce them to Techstars alumni, which almost always results in the founders understanding the value of the program and jumping in with both feet.
One day we started bouncing around the cliche “let’s put our money where our mouth is” which quickly morphed into “let’s put our equity where our mouth is.” We are extremely confident in the value of Techstars and know that after someone goes through Techstars, they value it, often much higher than the cost of the program in the equity that they’ve given us to participate in it.
So we decided to launch an equity back guarantee. Our terms for going through Techstars are unchanged, but if at the end of the program you aren’t delighted, you can ask for some or all of your equity back. The only requirement is that you have to give us detailed feedback on what you didn’t find useful about Techstars.
While I wish my lawyers, accountants, and investment bankers offered a money back guarantee, I accept that isn’t changing anytime soon. However, I encourage all accelerators and entrepreneurial service providers to consider offering this. After all, our mission is to help entrepreneurs.
As I’m about to head down to Austin for Techstars FounderCon (the annual meeting of all Techstars founders), I figured I crank out a few more Mentor Manifesto items this week.
Item 5 is “Listen Too.”
Pause and ponder for a minute.
Do you talk too much? I do – it’s one of my weaknesses. I often try to make my point by giving examples and telling stories. I’m not afraid to be wrong so often I’ll toss out and idea and talk through it. I don’t go so far as to “think out loud” like some people I work with, but I regularly find myself talking too much and have to consciously ratchet it back to listen.
There’s an old Irish proverb “God gave us two ears and one mouth, so we ought to listen twice as much as we speak” that is useful to consider in the context of being a mentor. My friend Matt Blumberg reminds me of this regularly and any great salesman knows that the ability to listen is a very powerful sales tool.
In a mentoring situation, it’s easy to fall into the trap of asking a bunch of questions (being socratic) but then immediately give an answer. While some people are excellent at listening to the answers, many people don’t listen carefully, as they are already starting to think about the next question. This is especially true when the answer is vague or fuzzy, as it’s easier to move on to the next question rather than to use something like the 5 Whys to get to the root cause of the answer.
The next time you ask a question, empty your mind after the question and listen to the answer. Look the person you are talking to directly in the eyes and concentrate on what they are saying. Don’t feel an urgency to move on to the next question, or even to respond. Just listen – and let them talk. When silence eventually comes, let a little space happen before you go on to the next question.
Now, don’t be non-emotive. Make sure the person sees you listening. Give them whatever clues you can from your body language. Nod your head. React appropriately if they generate some emotion. Encourage them to “go on” if they stall out in the middle of what they are saying.
But listen. Really listen. And make sure you are hearing what they are actually saying.
I love Jerry. I learn something every time I’m with him. He’s one of the first VCs I ever worked with and is my favorite other than my Foundry Group partners. We both struggled openly with depression. I think we have helped each other, and many others, through our openness. I consider him one of my closest friends.
We talked about a couple of heavy, conflict filled situations we were each involved in. He said something profound to me that I’ve been carrying around since we had dinner.
To be adult in a relationship is not to be conflict free. It is to resolve conflicts mindfully.
Most of the conflicts in my life are in business. Sure – Amy and I have them occasionally, but I grew up in a pretty conflict free home. My parents disagreed on things but talked through them. When I disagreed with my parents, they listened to me and we tried to work things out. Sometimes I ended up being disappointed or unhappy in the moment, but they taught me to move on to the next thing.
My first marriage has lots of conflict in it, which I’d put it in the passive aggressive category. I think that’s why I find passive aggressive behavior so distasteful – it reminds me of the failure of my first marriage. Of course, we are surrounded by this throughout of lives, even when people have the best of intensions, so I try to bash through it when I see it happening, turning passive aggressive dynamics to conflict, which has to get resolved.
In business, I’ve worked with a wide range of people. I’ve experienced the full spectrum of conflict many different times. When I see conflict emerging, I try to confront it directly, calmly, and thoughtfully. “Mindfully.” I rarely lose my temper. I try to listen carefully. I try to incorporate a wide view of what is going on, rather than just jump into a particular position. I try express my position clearly without excess emotion. I listen and incorporate more feedback. When the conflict is intense, I put myself in the position of driving a resolution, especially in ever-present sub-optimal situations where the “perfect” answer is elusive.
I really love the notion of mindfulness. Wikipedia’s buddhist definition is the one I understand the best.
Mindfulness is “the intentional, accepting and non-judgmental focus of one’s attention on the emotions, thoughts and sensations occurring in the present moment”, which can be trained by meditational practices
My experience this year with meditation has surrounded me with this word. At least half of the stuff I’ve been reading on meditation talked more about mindfulness than meditation. The practice I’m getting from Headspace is opening up a whole new dimension for me of how to think about work, life, and relationships. And when Amy says, “Brad – be present” she is reminding me to be my best, mindful self.
I don’t enjoy conflict, nor do I seek it out, but I’ve never been afraid of it. I just confront it and deal with it the best I can. And now I have a word for how I do it, which is “mindfully.”