Brad's Books and Organizations

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Hi, I’m Brad Feld, a managing director at the Foundry Group who lives in Boulder, Colorado. I invest in software and Internet companies around the US, run marathons and read a lot.

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Do You Want To Understand How Accelerators Work?

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Accelerate: Founder Insights Into Accelerator ProgramsFG Press recently released its third book, Accelerate: Founder Insights Into Accelerator Programs.

If you want to understand how an accelerator program works from the inside or are considering applying to an accelerator, this is the book for you. Luke Deering interviewed 150 entrepreneurs who have been through a variety of accelerator programs to get their insights. He originally did this as a Kickstarter campaign which I supported and wrote the foreword for.

When I saw the Kickstarter version, I asked if we could add to it, edit it, and publish it via FG Press. It’s out and I’m really proud of it. It has feedback from entrepreneurs who have gone through accelerators all over the world.

The book is divided into sections that cover topics such how to come up with an idea, advice on applying to an accelerator, tips for marketing and user acquisition early on, approaches to fundraising, and what the accelerator experience is actually like.

There are a number of case studies, longer form essays (but never too long), and lots and lots of short (one to three paragraph) real-life anecdotes. While I acknowledge the case studies are a little Techstars heavy, I think Luke did a nice job of getting a wide variety of examples from many different accelerators.

There’s also an accelerator directory, a good overview from Pat Riley, who runs the Global Accelerator Network, and lots of other goodies.

When we started working on the book, our goal was to make the hardcopy a beautifully designed book that could sit on a coffee table as well as being able to be used as a reference guide. The team at FG Press did a magnificent job.

You can order Accelerate from Amazon. If you run an accelerator or want to support something around accelerators and want to explore a bulk purchase along with a presentation, just email me.

Book: The Martian

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The Martian by Andy Weir is the best book I’ve read in a while. I consumed it in the last 24 hours. But first, here’s what I woke up to this morning.

 

No – I’m not on Mars. But Mark Watney was. And while Mars is a lot more desolate than Homer, Alaska, I disconnected from the human race several times right in the middle of a work week because of the amazingness of this book. At 2am last night, I said out loud to my wife Amy, who was fast asleep, “I’m going to be tired tomorrow afternoon.” And, as I crawled into bed after a stretch of 7am to 2pm video conferences, I said “Wow, I’m tired, but I’m not nearly as fucked as Mark Watney is right now.”

The story is a simple one. A mission on Mars goes badly in the sixth day of 31, the six person crew aborts quickly, but during the abort, one person (Mark) gets separated, is lost, and left for dead. Except he’s not. After he regains consciousness, he realizes he’s been abandoned on Mars. The good news is that all the stuff from their mission, including what will become the very famous HAB, two Rovers, and all their supplies and equipment, is still there. The bad news is that Mark is alone on Mars with no communication back to Earth since all the comm gear was in the spacecraft that was used for the abort.

Day by day, piece by piece, hack by hack, Mark survives. His brain is amazing – he’s a classical botany / electrician / engineer hacker. Well – I guess there’s no such thing, but that’s the fun of it. He’s awesomely descriptive, has a wicked sense of humor, and incredible survival instinct. And his creativity, in the endless near-death experiences he finds himself in, is awe-inspiring.

NASA and the people of Earth eventually figure out he’s alive. He figures out how to communicate with them. As he continues to extend his life expectancy, a plan to rescue him comes together. It blows up on the launch pad. Another plan emerges. Communication is lost. A series of parallel epic journeys begin. Tension, already high, mounts. And Mark continues to almost die, but then figure out a way not to.

What a wonderful book. I can only imagine how badly Mark smelled at the end of it.

Book: The Hard Thing About Hard Things

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If you haven’t yet bought Ben Horowitz’s book The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers, go get it right now. It’s one of the best books you’ll ever read on entrepreneurship and being a CEO.

If you are a CEO, read this book.

If you aspire to be a CEO read this book.

If you are on a management team and want to understand what a CEO goes through, read this book.

If you are interested in entrepreneurship and want to understand it better, read this book.

On Friday, I spent the entire day with about 50 of the CEOs of companies we are investors in. Rand Fishkin of Moz put together a full day Foundry Group CEO Summit. It used a format Rand has used before. We broke up into five different groups and has sessions on about ten total topics throughout the day. The groups were fluid – people were organized by category (alpha and beta) but then went to the topic they were interested in. There was a moderator for each session – the first five minutes was each CEO putting up one “top of mind” issue in the topic, and the then balance of the session (75 minutes) was the entire group spending between 5 and 15 minutes on each topic.

It was awesome. We finished with a fun dinner at Pizzeria Locale. I drove home with my mind buzzing and arrived around 8pm to see Amy laying on the couch reading a book. So I grabbed my iPad and looked to see what was new on it.

I’d pre-ordered Ben’s book so it was in slot number one. It felt fitting to start reading it.

At 10:30 I was finished with it. The Hard Thing About Hard Things was the perfect way to cap off a day with the CEOs of the companies we invest in.

Trust me on this one. Go buy The Hard Thing About Hard Things right now.

Ben – thanks for writing this and putting 100% of your heart into it.

Uncommon Stock – The First Book From FG Press

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Uncommon Stock: Version 1.0Uncommon Stock: Version 1.0 is officially available today and can be bought online at Amazon and pretty much everywhere else. It’s the first title from FG Press and is in a category we call “startup fiction” and expect to be publishing a lot of. Think of what John Grisham did to the “legal fiction” genre. That’s what we are doing with Uncommon Stock and startup fiction.

Mara Winkel and James Chen are undergraduates at CU Boulder. Mara is pre-law, James is a computer science major. James comes up with an idea for a new machine learning technology that he creates a prototype for using the game Go as his starting point. James asks Mara to join him as his partner in the new company Moziak, which they launch against the protests of their parents but the surprising emotional support of Mara’s boyfriend Craig. Early on Mara and James start applying the technology to forensic accounting and get tangled up with some bad guys.  As Mara tries to get funding for the company, James cranks on the product, and Craig goes off the rails, endangering everyone. Then things start getting really complicated. And interesting. And then the VCs show up.

I love this book. This project started about a year ago when Eliot Peper send me a cold email. I didn’t know Eliot, but he sent me a thoughtful note and attached a few chapters of a book to read. He was upfront that this was his first book, that is was tech fiction, and that he wanted my opinion. I read it that night on my couch in my condo and I can still remember turning to Amy after I finished, saying “wow – this is really great!”

Eliot continued writing and I continued giving him feedback. About six months ago I told him about the idea we were cooking up for FG Press and asked if he wanted to publish with us as an experiment. He jumped at it and our relationship, which now included Dane McDonald (FG Press’s CEO) deepened. Eliot finished his first draft in January and over a period of a few weeks I read through the book several times, making significant edits, adding a bunch of local Boulder color, and tuning up some of the story. Eliot was amazing during the edit process – working closely with me, my wife Amy Batchelor who also provided an editing pass, and then our formal editors who did a tight copy-edit of the book.

During this period, we worked together with Eliot on the launch of FG Press as well as his book. We’ve used Uncommon Stock as the alpha test for our process and have improved a lot of things. You’ll see some obvious things from us, like a 10 chapter free giveaway (if you want to sample the book before you buy it). You’ll also see some not so obvious things, like the ability (soon) to buy the book using Bitcoins.

You’ll be hearing a lot from Mara Winkel on Twitter. She’s an amazing entrepreneur – just the kind of learning machine I love to back.

Grab your copy of Uncommon Stock: 1.0. Or, if you just want a taste first, download the first 10 chapters.

My Ideal Board Meeting

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In my new book, Startup Boards: Getting the Most Out of Your Board of Directors, in addition to decomposing and explaining a lot about the functioning of board meetings, I also describe my ideal board meeting.

I had four of them this week. That’s a lot of board meetings in a week, but my weeks tend to either be “lots of board meetings” or “no board meetings” as I generally bunch them up. Thankfully, all four of them used my ideal board meeting template.

A critical aspect of my ideal board meeting is that the entire board package should be sent out several days in advance to all board members. It should be thorough, including whatever the CEO wants the board to know about what has happened since the last board meeting. While I prefer prose to a PowerPoint deck, either is fine. Optimally it’s in a format like Google Docs where everyone on the board can comment on specific things, allowing open Q&A on the board material prior to the board meeting. I like to decouple monthly financial reporting from the board package, but including a look back of the financials, along with discussion and framing is useful. But the meat of the board package should be what’s going on now and going forward, not looking back. The looking back is for support of the discussion.

Then – the board meeting has a simple structure intended to fit in three hours. Optimally all participants are either in person or on video conference. Since I’m not traveling for business right now, almost all of my board meetings have a video conferencing component. When done correctly, it’s often just as effective as an in-person meeting, and in some cases (if you follow my video conferencing rules) even more effective. What is not effective is when one or more people are on an audio conference.

Once everyone is settled, break the board meeting into three discrete sections. They, and their descriptions, follow:

Administration (30 minutes): Board overhead, resolutions, administration, and questions about the board package.

Discussion (up to 2 hours): Discussion on up to five topics. The five topics should fit on one slide or be written on the white board. The CEO is responsible for time boxing the discussion, or if he needs help, he should ask the lead director to do this. If you don’t have a lead director, read my book and get yourself one. This should be a discussion – you’ve got your board in the room – use it to help you go deeper on the specific topic you are trying to figure out. These topics can be on anything, but my experience is that the more precise the context is, the richer the discussion. I prefer for the full leadership team to be in the meeting for this part, although it’s entirely up to the CEO who is in the room.

Executive Session (30 minutes): CEO and board only. Here the board can give feedback specifically to the CEO or sensitive issues around personnel or other things the CEO wants to discuss separately from the management team can be covered. At the end, the CEO leaves and let’s the board have some time alone where the lead director checks in if there is any feedback the board would like to give the CEO.

If you have less than five topics, the board meeting can take less time. Or if the five topics only take an hour to go through, the board meeting can take less time. There is nothing ever wrong with ending a meeting early. Ever.

Now this template doesn’t always work – you often have other specific things you have to address. When a company is going through an M&A process, the board meetings tend to be frequent and cover other stuff. Or, when the company is in a downward spiral, or dealing with a crisis, the focus is often very precise.

But in my world, the day of the “board update” is over. I find no value in sitting in a room for three hours, paging through a PowerPoint deck while people present at me, and the people around the table ask an endless stream of questions, mostly demonstrating that they haven’t been engaged in what the company has been doing since the last board meeting.

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