Author: Brad Feld
Amy and I just spent a week of vacation off the grid in Aspen. I ran, read, and hung out. I had a fantasy about writing, but didn’t get to it. We watched Narcos Season 3, ate at a bunch of Aspen’s restaurants, and had an Amy pre-birthday dinner with our friends Dave and Maureen. And we napped – a lot.
I hadn’t had a vacation since mid-April, which is unusual for me as Amy and I try to take a week off the grid every quarter. On day three, which was a Monday, I settled into a total chill zone which lasted all week. I did my long run on Friday (instead of Saturday) and cruised from Aspen to Basalt. I then slept most of the day on Saturday when I wasn’t reading or eating. Yup – I’m marathon ready.
While I’m not quite finished with Reincarnation Blues, I did knock down six other books this week.
Sourdough: I loved this one. Robin Sloan’s previous book, Mr. Penumbra’s 24-Hour Bookstore, was my favorite book of 2013 (thanks Geraldine!) Sourdough was even tastier.
Daring to Drive: A Saudi Woman’s Awakening: Intense, powerful, horrifying, and inspiring all at the same time. Manal Al-Sharif is incredible. I hope I get to meet her someday – I’ll thank her for being brave enough to do what she does and to tell her story while doing it.
The Impossible Fortress: My inner 14-year-old loved this book. Loved, loved, loved it. The Commodore 64 code was a bonus.
Angel: How to Invest in Technology Startups – Timeless Advice from an Angel Investor Who Turned $100,000 into $100,000,000: I met Jason Calacanis in the mid-1990s when he was peddling his Silicon Alley Reporter magazine. We’ve been friends ever since and I give him a big hug whenever our paths cross. He’s his normal outspoken and bombastic self in this book, which has lots of gems buried in it. I smiled a lot when I read it. And how about that subtitle …
The Rise and Fall of American Growth: The U.S. Standard of Living since the Civil War: This book was a grind, but it had a lot of good stuff in it. It’s only 784 pages so it took more than a day to read it. If you are trying to understand what is going on in the current American economy, and why the future will not look like the past, this is a good place to start.
Teach to Work: How a Mentor, a Mentee, and a Project Can Close the Skills Gap in America: As part of my effort to get rolling again on my #GiveFirst book, I thought reading this might be a useful kick in the pants. It wasn’t.
My next vacation is in mid-November. The tank once again has plenty of fuel to get me to that point.
As my writing progress on my two books – Startup Communities 2 and #GiveFirst – continue to equal zero and the pile of unread stuff reaches higher into the sky than the stack of turtles going all the way down, I’ve decided to try a new process thing.
I’m going have a reading and writing week starting today and going through 9/17. Any excess time I have next week will be for reading the turtle pile and working on the new books. The activities are self-reinforcing – I write better when I’m reading a lot, I can only write productively for a few hours a day, and reading refreshes me a lot for future writing.
Amy’s birthday is next week (yes – it now lasts a week instead of a day) so I’m taking the week off. We are together for every possible minute, other than when I’m running and in the bathroom, so it’s a particularly great week to try this experiment since Amy also loves to read and write.
Once the US Open is finished on Sunday, we’ll have no reason to watch TV. The books and a blank screen beckon. This will either work or not. Either way, I’ll learn something.
I woke up from a dream about being in my early 20’s. It was a complicated one that included struggling to finish my graduate degree (yup – that’s clearly an anxiety dream) along with meeting with Bill Gates and trying to sell him my company (something that never happened but clearly has some fantasy element to it.)
As I was brushing my teeth, parts of the dream stuck with me, as some do. In my waking haze, I inhabited some of my memories from my early 20’s. The fantasy meeting with Bill Gates led to the Microsoft / Lotus battle for #1, which reminded me of several Lotus meetings I attended with my Uncle Charlie when I was in college and he was CIO for Frito-Lay (I can’t remember his exact title – I think it was something like VP MIS, but he was what we would call a CIO today). Mitch Kapor loomed large there and at MIT, even after he left Lotus and started On Technology.
I flashed to a meeting in my late 20’s with Dan Bricklin at a restaurant in the Boston suburbs where I met with him and the founding team of Trellis when I was considering joining them as president or CEO (I can’t remember what the title was going to be – but Dan and I were going to be partners.) This was during a phase after Feld Technologies when I was making lots of angel investments and considering being founding-CEO of a company for a year at a time and then hiring a CEO and becoming chairman. This led to a memory of meeting Lisa Underkoffler, the aunt of John Underkoffler (close friend and CEO of Oblong) in the kitchen of my fraternity. I think Lisa ran product for TK Solver, the product from Software Arts (Dan’s company) product that came out after VisiCalc was a monster hit (the first killer app for the Apple II.)
Lotus 1-2-3 was the killer app for the IBM PC, so there’s Mitch again. By this point, the dream was merely wisps as I thought about the early entrepreneurial heroes of mine. Steve Case then popped into my mind, and I remembered how central AOL was to my life at the time. The “bfeld” moniker that I use came from my AOL address, long before I was using it anywhere else.
Robert Merton’s On the Shoulders of Giants was a powerfully important book that I read in graduate school. As we fetishize today’s entrepreneurial heroes in the software industry, let us not forget that we are standing on the shoulders of many giants. Mine include Bill Gates, Mitch Kapor, Dan Bricklin, and Steve Case. There are many more, but these four shaped my entrepreneurial path and shone a bright light of inspiration that lit the way.
Ted Rheingold just passed away. He was an amazing guy beloved by many. Endlessly joyful, inspiring, and loving.
His autoresponder (typos and all) is one for the books, and like great poetry, worth reading over and over.
My cancer (ccRCC, metastic) has gotten the upper hand and I’ll be
putting all my resources into managing it.In my stread, please keep these very important messages in place:
* be good to each other
* enjoy evert day
* wanting is suffering
* The journey is still the destination, now more than every
* the trend of purpose is coming like a tidal wave, get out a heard of
it. enjoy the ride. die fulfilled.* Reframe your thinking of “what your career can do for you,” into
“what can your career do for others,” and wonderful, meaningful work
awaits you.”
Jeff Clavier introduced me to Ted in 2006 and we both invested in Ted’s company Dogster. We crossed paths periodically, usually online.
My last email to Ted was a few months ago, where I wrote “Sending you some love this morning” followed by
He responded quickly with:
Thanks Brad.
Sincerely.
Every day is hard these days.
Nonetheless, I’m very happy to be alive and keep fighting through.
t-
At some level, it’s all pretty simple.
Enjoy Every Day.
Ted – thank you for the gift of you.
I’m running my 25th marathon in South Dakota on 10/8/17. My training has been going well and I’m now in a zone of 30+ miles a week with a long run once a week in the high teens.
Today’s run from Aspen to Basalt was the best run I’ve had in over a year.
Just under a year ago, I did this same run in 4 hours. So, I’m in significantly better shape, which makes me happy since my October 2016 Marathon in Portland, Oregon was a debacle.
A three and a half hour run gives my brain plenty of roaming around time. I like to run naked (no headphones, no music) so the thoughts just drift around. My friend Matt Bencke was in my head a lot on this run. Houston and Hurricane Harvey floated around. The red mountains that I was surrounded by frequently caught my attention. I said hello to a bunch of cyclists and a few horses. Random company stuff made its way to the surface. I noticed lots of crawling bugs and scurrying animals. A bunch of jets flew overhead delivering people to Aspen for the weekend. I thought of Amy a lot.
On a run like this, I need more than two water bottles. I’ve been trying different running backpacks and finally found one I like – the Nathan VaporAir Race Vest. Yup – I’ve got a pile of others (from Camelback, Osprey, and Patagonia) all collecting dust in various closets. The Nathan VaporAir is a keeper.
In the photo above you can see Amy, in her Range Rover, waiting patiently for me at the end of my run (just after the bridge that crosses over 82.) She’s an amazing sherpa for my running, always bringing me a clean shirt, stuff to eat and drink, and transportation back to wherever I started. We went and got a pizza at New York Pizza in El Jebel before heading home. We’re on the couch watching Nadal vs. Mayer, Amy is knitting, and I’m typing.
Today is a day to treasure. Just like all of them, no matter what is going on.
Welcome to Force Friday, one of my favorite days of the year. I still fondly remember watching Star Wars with my dad when I was 11. As I walked out of the theater, I asked him if we could buy another ticket right then and watch it again. He denied me that night, but we went and saw it again a few days later.
Sphero just released two new droids, R2-D2 and BB-9E, which now rounds out the family that includes BB-8 and the Force Band (so you can control the droids with the Force).
Next up is the littleBits Droid Inventor Kit.
May the Force be with you.
In my post recently titled Does VC Fund Differentiation Matter? several people commented on some variation of “people” as the key to everything.
I don’t view people as differentiation. I view them as the price of admission. Amy just walked by, read this over my shoulder, and said: “I don’t know what that means.” Hopefully, by the end of this post, it’ll be clearer …
Yesterday I talked to several VCs or entrepreneurs considering becoming a VC. I didn’t know any of them – these were random intros from different people that I knew. I didn’t have an agenda for each call. I was just curious and felt like meeting a few new people yesterday.
In each call, the person gave me their background and what they were exploring. Then they asked me a few questions. These questions were different versions of “what is your investment strategy” and “how do you decide what to fund?”
I went through my usual riff on this, which I should probably just put up on Youtube so I can point people at it rather than spend five minutes saying it over and over again. While I was doing this, a background process in my mind linked me back to the post I wrote on VC Fund Differentiation (or lack thereof). If you’ve heard this riff before, the next bit will be redundant to you.
<riff>
We have a set of filters. For an early stage investment, we only invest in our themes. We only invest in the US. We don’t have to be the first money in a company, but if the company has raised more than $5m, it’s too late for us. Our goal with this filter is to say no to almost everything within 60 seconds.
Assuming something passes through this filter, we then focus on three things.
- Do we have an affinity for the product? We don’t have to be daily users of the product, but we have to care about it in some way.
- Are the founders obsessed (not passionate, but obsessed) about what they are building? Passion is easy to fake. Obsession is not.
- Do the founders want us to be investors in their company as much as we want to be investors in their company? If it’s not bi-directional, that’s fine, but it’s not for us.
</riff>Ok – riff over.
Underlying item two and three is obviously the people. But it’s a characteristic of the people. It’s a characteristic that, at least for us, that has worked over a long period of investing.
When I was a kid, my dad used to say to me “people are the price of admission.” He meant that if I was interested in getting involved in something, I should evaluate the people first.
If we did this before applying our filter, we’d never get anything done because we’d spend too little time looking at too many things. But, by applying the filter first, we can put most of our energy into evaluating the people involved and whether they want us to be involved.
The Audible version of Startup Opportunities: Know When to Quit Your Day Job, 2nd Edition is available for pre-order and will be on out on 9/19. My co-author, Sean Wise, read it using his deliciously dulcet voice.
Jason and I also finished the Audible recording of Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist, 3rd Edition and expect to see it up on Audible in 60 days. More when it’s out.
It’s a lot of fun to read your own audio book like I did for Startup Life: Surviving and Thriving in a Relationship with and Entrepreneur, the book I wrote with Amy.
Adam Grant has a superb essay in the New York Times this weekend titled Networking is Overrated.
I enjoy Adam’s writing immensely (his book Give and Take is a huge inspiration for my upcoming book #GiveFirst). Early in the essay, he has a strong lead in.
“It’s true that networking can help you accomplish great things. But this obscures the opposite truth: Accomplishing great things helps you develop a network.”
He finishes the essay with a great punch line.
“If you make great connections, they might advance your career. If you do great work, those connections will be easier to make. Let your insights and your outputs — not your business cards — do the talking.”
Now, great connections can result in special things. I’ve always believed in being open to random connections and for years I would do a random day once or twice a month, where I’d meet with anyone for 15 minutes. Some magnificent things have come out of this, including Techstars and my relationship with NCWIT. As I’ve gotten older, and more visible, it’s been harder to maintain any rhythm around random day, but it shifted to something else that’s congruent with what Adam is saying.
While I still try to respond to all of my emails, I now have very little available face time or phone time. So I allocate whatever is free to people who are doing interesting things. Instead of having random days, I have “react and spend time with people doing interesting things” days.
Remember, I’m an introvert. In Adam’s sequel to his NYT article titled To Build a Great Network, You Don’t Have to be a Great Networker (enjoyably / ironically on LinkedIn), he says:
“It’s possible to develop a network by becoming the kind of person who never eats alone, who wins friends and influences people. But introverts rejoice: there’s another way. You can become the kind of person who invests time in doing excellent work and sharing your knowledge with others.”
Get to work. Seriously – just go do some stuff. You’ll be amazed at what happens as a result.