I recently met Renata George through a referral from Katie Rae (MIT Engine CEO, previously Techstars Boston MD). Renata told me about a book she was working on called Women Who Venture and asked me if I’d write the foreword.
I was honored to be asked to do this. The foreword I wrote follows. The book is out and available now in hardcover and on the Kindle.
As an avid writer and reader, I feel that a book is a unique medium that serves a different purpose than the other written media that we consume regularly. A book can display a variety of perspectives at once, providing enough details on the subjects it explores, while giving us space to contemplate.
When Renata George told me she was going to write a book about Women Who Venture, featuring around a hundred female investors of different generations, I immediately said I’d be supportive. Renata told me that she wanted to do in-depth individual interviews, to both learn and explain the true state of affairs in the venture capital, while celebrating women who best reflect this industry.
The existing bias in the venture capital industry is multidimensional and implicates career challenges not only for women, but also for other underrepresented groups. Many of the investors interviewed for this book, offer advice and solutions to address this issue. Their ideas are bold, opinions are candid, and the narrative sometimes goes against what we are used to reading in popular media.
Having unconventional perspectives to consider is helpful in understanding what true diversity looks like. By being exposed to it, we can identify particular actions that each of us, male or female, can take to generate positive change. It’s the critical mass of all the tiny changes that we can each make daily, that will eventually change the perception, and reality, of diversity in venture capital.
This book is an essential read for aspiring female venture investors who want to be inspired by the life stories of women who made it all the way to the top in venture capital. It is also a valuable resource for male investors interested in increasing diversity. Institutional investors can benefit from learning more about their investees, as well as find new general partners to consider investing in. Finally, entrepreneurs can benefit from the book by learning how the investors featured in it make investment decisions.
Fixing the diversity problem in venture capital will take a long time and require a continuous and steady pace of activities and changes. With Women Who Venture, Renata is helping us all along that journey.
One of my guilty pleasures is reading biographies about financiers and their companies. On Saturday, I gobbled down King of Capital, which is the story of Steve Schwarzman and Blackstone from inception through 2011.
While I’ve never met Schwarzman, I’ve had a handful of experiences with Blackstone, mostly with the Blackstone Foundation and the head of it, Amy Stursberg. The two most notable are the Blackstone Entrepreneurs Network Colorado and the Blackstone LaunchPad powered by Techstars. Both have been great and impactful organizations and Amy has been a delight to work with.
King of Capital was a really useful book to read on a number of levels. One thing it reminded me of was to read histories of contemporary organizations that were written in the past. While 2011 is only eight years ago, it’s a lifetime in the world of finance, private equity, venture capital, and business. And, the history, stretching back to the 1970s is literally a lifetime (at least for me, who was born in 1965.)
Numerous quotes stood out, but I’m highlighting a few that I thought were spectacular for various reasons. The first is from David Rubenstein (Carlyle Group co-founder – one of Blackstone’s competitors) in 2006.
“Inevitably when people look back at this period, they will say this is the golden age for private equity because money is being made very readily,” Carlyle’s cofounder David Rubenstein told an audience at the beginning of 2006. It was indeed private equity’s moment. That year private equity firms initiated one of every five mergers globally and even more, 29 percent, in the United States. Blackstone’s partners, though, had decidedly mixed feelings about the bonanza. They began to worry that the market was overheating.
2006 was still the pits for venture capital, although a number of legendary companies (LinkedIn, Twitter, Facebook) were in their early phases of getting started. If you were a seed or early stage investor during this time (+/- two years) your returns over the next decade would be epic. However, existing venture investors were massively withdrawn and LPs were piling money into PE firms, not VC firms. And, as we all know, the future for PE and the global economy was about to get really scary.
By early 2007, “we told our [investors] that, notwithstanding the fact that everyone else thinks it’s a fantastic time, the economy is rocking, there are no problems, we’re pulling back,” says James. “We’re not going to be investing, we’re going to be lowering the prices, we’re going to be changing the kinds of companies that we’re going to buy, because when everything feels good and you can’t see any problems, historically you’ve been near a peak.”
That’s a quote from Tony James, who was the #2 at Blackstone for a number of years. I’ve had one meeting with him and he was incredibly impressive.
“It’s not that you see problems coming. You never see problems coming at that point, or no one would be giving you ten times leverage,” James says with hindsight. “There are no clouds on the horizon. What you see is too much exuberance, too much confidence, people taking risks that in the last 145 years wouldn’t have made sense. What you say is, this feels like a bubble.”
And then, a year later, the global finance crisis was in full bloom. Two years later (2009) there were predictions that all of capitalism would fail, every financial institution would be nationalized, and life as we know it would be over.
That obviously didn’t happen. But it was a rough period for a number of years, in which VC and PE swapped places for a while (VC became trendy), but are both now synchronized again in being extremely successful asset classes, while everything seems great and there are no clouds on the horizon.
I had surgery recently and a few friends, including Chris Moody and Sarah Ahn, gave me some books as gifts. They knew I’d be spending a lot of time on the couch either napping or reading, so my pile of infinite books to read became more abundant with a few good ones including The Moment of Lift: How Empowering Women Changes the World by Melinda Gates.
While I’ve met Melinda’s husband Bill a few times, but I’ve never spent any time with Melinda. I know plenty of people who know her or work for her and have overlapped with a few organizations that we both support. However, after reading The Moment of Lift, I feel like I now know her. And, she is awesome.
The book is a combination of a memoir, a manifesto, a case study, and a roadmap. While it uses the backdrop of empowering women as the framework, it genuinely addresses how empowering women can change the world.
In the current entrepreneurial climate of “changing the world” and “making a dent in the universe”, this is the first book that I’ve read in a while that really hit home on these issues. I’ve felt discouraged recently by the tenor of the entrepreneurial discussion, where phrases like “changing the world” have become cliches and are really an entrepreneurial proxy for “making a lot of money.” While I don’t object to that, I get tired of the optimistic language as a shield, rationalization, or misdirection for the real underlying motivation.
Melinda turns this on its head in The Moment of Lift. The examples she gives are real examples of changing the world through foundational activities for women, mostly led by women, and supported by the Bill and Melinda Gates Foundation. She devotes a chapter to each of the following topics:
- Maternal and Newborn Health
- Family Planning
- Girls in Schools
- Unpaid Work
- Child Marriage
- Women in Agriculture
- Women in the Workplace
Buried in the middle of the book is an intensely personal chapter about Melinda’s own journey. Her level of self-awareness, humility, and discovery reinforced her awesomeness, and created my own moment of lift while reading the book.
Melinda, both personally, and through her work with the Bill and Melinda Gates Foundation inspire me. It was a perfect book to read while healing. Thanks Chris and Sarah for the gift.
Yesterday, I started my day by finishing A People’s History of American Empire: The American Empire Project, A Graphic Adaptation and ended my day by finishing Everything Is F*cked: A Book About Hope.
In between Amy took me to see John Wick: Chapter 3 – Parabellum (or maybe I took her to see it.)
All three experiences were satisfactory.
Mark Manson is a phenomenal writer. While the book is about hope, it’s not in the way you might think. He mixes philosophy, literature, opinion, self-help, inappropriate jokes, and thought experiments. His footnotes are in the spirit of David Foster Wallace. He has mastered when to include the word “fuck” in a sentence, although his publisher is apparently afraid to use it in unmodified in the book title.
The first half of the book is a setup for the really good stuff in the second half. He defines what he calls “The Uncomfortable Truth”, navigates the reader through an excellent explanation of the Thinking Brain vs. the Feeling Brain, and does a great job summarizing this with his theoretical protagonist “Emo Newton” in the chapter titled “Newton’s Laws of Emotion.” He ends the setup with “Hope is Fucked” which lands with a nice, violent explosion.
Against the backdrop of our current existence, Manson makes Einstein, Kant, and Nietzsche accessible. I particularly loved his section on Nietzsche, since I’m in the midst of writing a book about Nietzsche and entrepreneurship. AI plays a part in Manson’s future view, and he does a good job of summarizing it in the chapter “The Final Religion.”
After spending the day consuming these three inputs, I went to bed feeling that all was ok with the world. It is as it should be, has always been, and will always be. “All this has happened before, and all this will happen again.”
Game of Thrones ends tonight. I think Daenerys melted the Iron Throne (physically and metaphorically) and no one sits on it. But we will see soon enough.
If you are looking for a great book to read this weekend, I recommend Ian McEwan’s Machines Like Me. I read it last weekend and am still thinking about it.
McEwan is a magnificent writer. When the hardcover ended up on top of my infinite pile of books to read, Amy said, “Wow, you’ll love Ian McEwan’s writing.” Whenever Amy says something like that, I know I’m in for a treat.
The setting is London in 1982. But it’s a parallel universe. Alan Turing chooses jail over chemical castration, lives, and has created massive innovations that are 40 years ahead of their time. Lennon and JFK didn’t die. Jimmy Carter wins a second term. Margaret Thatcher gets booted after botching the Falklands War.
That’s the backdrop for the introduction of our protagonists Charlie and Miranda. Charlie uses his inheritance to buy an Adam, one of 25 first production models of artificial humans (13 Eves, 12 Adams are available – the Eves sell out immediately so Charlie ends up with an Adam.)
I love the narrative feature of a parallel universe. Amy and I started watching Season 2 of The OA last night which aggressively jumps to an alternative universe. Some of today’s best near term sci-fi writers are using this as a basis for their writing, although they are often less explicit about how they are twisting current reality to the alternative universe.
McEwan isn’t subtle about the twists, which makes the book awesome. You quickly feel that this 1982 is the real 1982 and things take off from there. Every time McEwan drops another new reality fragment, more pieces fall nicely into place.
The result is a very provocative journey through the introduction of an artificial human into the evolving relationship of two existing real humans.
If you are a reader, especially one who likes (a) sci-fi and (b) literary fiction, you’ve got a fun weekend ahead of you if you grab Machines Like Me.
If you are an entrepreneur working on a physical product, Jules Pieri’s new book How We Make Stuff Now: Turn Ideas into Products That Build Successful Businesses is a must read.
Jules is the founder / CEO of The Grommet, a website that discovers a new and amazing product every single day. They’ve been doing this for around a decade (over 3,000 products). I’ve known Jules since around the time she started The Grommet and they’ve discovered and reviewed a handful of products that we’ve invested in over the years.
The book has two particularly compelling characteristics. Jules goes through 16 competencies for success for a hardware or consumer product business, each which are a chapter. These include chapters like Design and Documentation, Prototyping, Funding, Manufacturing, Packaging, Direct to Consumer, Logistics, and Inventory Management.
Then, each of these chapters is filled with case study examples from companies that have had products in The Grommet.
Jules’ context, experience, and practical advice combined with the case studies are powerful.
The book also starts off with a section (and five chapters) on starting your business, so it is extra helpful to the aspiring entrepreneur.
Jules (and team) – congrats on all the progress over the years with The Grommet. And Jules, thank you for this book – it’ll be very helpful for a number of entrepreneurs I know.
Amy and I took our Q219 Vacation in Kyoto and then finished up with a few days of work in Tokyo. I had a terrible cold so I spent a lot of time in bed sleeping and reading. We wandered around some in Kyoto and saw cherry blossoms, but the food was mostly lost on me given how crummy I felt.
I did, however, get a lot of reading done. So, as a return from vacation bonus, you get my reading list with some short comments.
It’s worth noting that I’m a “nice reviewer.” If I don’t like a book I don’t finish and, don’t list it on my Goodreads page, and never recommend it. So, my stars on Amazon / Goodreads always bias high and I try, in my reviews, just to give a feel for why the book might be interesting to someone.
Ikigai: The Japanese Secret to a Long and Happy Life: This was a quick read that helped get me in a frame of reference for the trip. It didn’t survive my cold or jet lag as the thoughts got buried, but I think they were rumbling near the surface again the past few days.
No Hard Feelings: Emotions at Work (and How They Help Us Succeed): If you are a millennial, are frustrated with how you feel at work, or want to try a reset on your emotional engagement with your job, this is a great book. It is part of the Next Big Idea Club that I’m a member of (thanks Andy for the membership) so it was obligatory reading for me versus something I’d naturally choose, but I’m happy I read it.
Overclocked: More Stories of the Future Present: Lots of short/medium stories that Cory Doctorow has written in the past decade or so about the near future. Some were great while some were a little long and tedious and became skimmers. I love Doctorow’s writing (and mind), so even the tedious ones are worthwhile getting a feel for since they provoke a bunch of ideas.
26 Marathons: What I Learned About Faith, Identity, Running, and Life from My Marathon Career: I loved, loved, loved this book. Meb Keflezighi is one of my running heroes and he does an awesome job with this book. He uses his 26 marathons, in order, to tell his running autobiography, but more importantly explore lessons he’s learned on many dimensions from the challenges he faced before, during, and after each race. If you are a runner, this is a must-read.
The Simulation Hypothesis: An MIT Computer Scientist Shows Why AI, Quantum Physics and Eastern Mystics All Agree We Are In a Video Game: I’ve been friends with Riz Virk since the mid-1990s when we were involved in a few early Internet companies. We haven’t had a lot of contact over the years, but I’ve enjoyed reading his writing and when he told me about this book, I gobbled it down. I’m going to write a longer post about it in conjunction with another book I read, but if you are intrigued (like I am) by the simulation hypothesis (e.g. our current existence is merely a computer simulation), grab it.
Becoming a Venture Capitalist (Masters at Work): Gary Rivlin did a nice job of a survey level book around the styles and approaches of contemporary VCs. It’s an extremely bay area / Silicon Valley-centric view but is a great introduction to anyone new to the industry or who wants a contemporary view of some of the higher profile and more successful Silicon Valley investors. He has a nice, and completely unexpected reference to the book Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist at the end of the book, which made me smile.
Permutation City: This is the fiction version of The Simulation Hypothesis. I have a longer blog post coming on this one also, but it’s a massive winner and a delight to read. Great setup that is complicated, but comes together well followed by a gigantic pace of mind-blowing awesomeness.
Solitary: Mind-blowing, but in the opposite of awesomeness category at one level, and incredible at another level. Albert Woodfox is one of the Angola 3 – this is his autobiography of being in solitary confinement for over 40 years for a crime he didn’t commit. He’s a magnificent writer who captures the depths of what he confronted while staying true to how he faced it. This book is the heaviest I’ve read in a while, and, against the backdrop of life as a computer simulation, was hard at times to handle. It’s another must-read, but you need to settle in and give yourself space to process it while you are reading it.
I wasn’t able to sleep last night, so after doing the final copy edit on Do More Faster 2nd Edition, I started reading J.D. Lasica’s new book Catch and Kill: A high-tech conspiracy thriller. My brain was toast and my head was full of dripping dead virus goo, so I hoped some good mental floss would help pass the time.
I finally crawled into bed at about
Instead of a marathon weekend, this has turned into a book weekend. It’s gloomy outside and I’m still fighting with Nev (Mr. Nasty Evil Virus), so as the cliche goes, Catch and Kill has been just what the doctor ordered.
Lasica does a great job of world-building in the near future, weaving together high-tech and super evil bad guy billionaires, a mysterious fantasy island, efforts to undermine and transform the geopolitical superstructure, and authoritarians who just want more, more, more.
The protagonist, Kaden Baker, is everything one wants in a kick ass 23-year-old female character who saves the world, but almost dies trying. Several times. Oh, and she saves her half-sister (who she didn’t know about) and her dad (who she also didn’t know about), along with a bunch of other people.
There were lots of twists and turns along the way and Lasica keeps the pace up throughout the entire book.
He handed out copies of his recent book Do Better Work: Finding Clarity, Camaraderie, and Progress in Work and Life. His talk discussed his journey around writing the book, motivation for doing it, how it is integrated into the mission of Lessonly, and why he decided to self-publish it.
I read the book on the plane home. It’s short but full of great stuff for any CEO. If you are a CEO of a Foundry Group investment, you’ll have a copy from me as part of our “book of the almost every month club” on your desk soon.
The Kindle version looks like it ships today. If you are a CEO, go grab a copy. It will inspire and teach you a few key things that will immediately help with your business.
I read Roger McNamee’s book Zucked: Waking Up to the Facebook Catastrophe the day it came out. While likely uncomfortable for a lot of people, it was excellent, provocative, and challenging all at the same time.
I have not, nor have I ever been, an investor in Facebook. However, I benefited indirectly from, and indirectly contributed to, the rapid rise of Facebook as an early investor in Zynga. I remember being amazed at the pace of growth of both companies and, in an effort to understand it better, went deep on how each company’s product intersected with the psychology of humans.
If you hung around me during the 2007 – 2010 time period when I was on the Zynga board, you would have heard me talk with amazement at how easy it was to manipulate people into spending huge amounts of their time tending their virtual farm on FarmVille. I spoke with pride about the data that Zynga collected on every user, much of which came directly from Facebook and had nothing to do with what Zynga was doing, but was readily accessible to them via the Facebook API. Zynga endured endless Facebook TOS rewrites as they evolved their business model and tried to capture more of the revenue from companies like Zynga, including what I have come to refer to as the Facebook-Zynga Cuban Missile Crisis which ended in
All of this happened a decade ago. I left the Zynga board just before they went public at the end of 2010 (as is my, and my partners’ at Foundry Group’s approach.) I continued to be a user of Facebook, but even that drifted away from me, as I never really felt that connected to it (I was more of a Twitter person.) I wasn’t surprised when the Facebook data privacy scandals started in 2017, but I was surprised at how timid the backlash was. I stopped using Facebook in 2018 and deleted my account in August.
McNamee has a deeper relationship with Facebook, as he was a mentor for Zuckerberg early in Facebook’s life and then an investor (first personally, then via his fund Elevation Partners) while Facebook was a private company. His experience has more emotion in it than mine (both good and bad), but his journey that led to this book started just before the 2016 US Presidential Election as McNamee was concerned that “bad actors” could be using Facebook to manipulate the election.
The book is riveting. McNamee moves between Facebook, his experience as an investor, his efforts to get through to the Facebook leadership team about his concerns, and his subsequent journey to make public his views about the negative impact Facebook is having on society and democracy in general. McNamee is not taking a cynical approach, but rather takes responsibility for his own lack of foresight into the potential problem, and explains his search for understanding and solutions.
I think this book is merely a preamble for what is coming in the next twenty years. As a species, we have little understanding of the complexity that we are creating through technology. This complexity cannot be solved, as complex adaptive systems don’t have a single solution – they adapt and evolve. Instead, we can only interact with them and, when they evolve at a rate much faster than we can understand and respond to, it’s can lead to an untenable situation.
We haven’t really begun to understand the implication of what we are creating. Regardless of the long-gone “Do No Evil” slogans of progressive technology companies, profit and power motives dominate behavior. And, with profit and power comes significant defenses, including denial about second order effects that result, and then the third order effects that result from the efforts to control the profit and power.
McNamee’s book is a taste of this. Read it and start to prepare your mind for what is to come.