Historically, almost everything I do uses a network model. Foundry Group runs as a network. If you take a look at the Foundry Group partner funds or talk to us about our investment strategy, you’ll immediately see the texture of a network. Techstars is a worldwide network that helps entrepreneurs succeed. All of my ideas around Startup Communities incorporate network theory. If you are involved in any organizations I’ve helped create, such as Energize Colorado, you’ll immediately recognize the network model underlying them.
For me, a network is very different than a social network such as Facebook, Twitter, and LinkedIn. Now that my entire life has shifted to a virtual one, I’ve been playing around with a lot of new network concepts and how they apply to work.
My long time friend Matt Blumberg just launched a new company today called Bolster. It’s a new way to scale your executive team and board. Fred Wilson, also a long time friend of Matt’s, has a great detailed post up today about it titled Bolster Your Management Team And Board that goes through Bolster in detail. A key section from Fred’s post is:
The Bolster team believes that scaling a high growth company means that you need to adapt, grow, and supplement your management team continuously along the way. And a big part of doing that is accessing “fractional talent” which means people that don’t work for your company full-time and permanently. All of this is outlined in the Bolster Founding Manifesto which explains why they started this company.
Sign up for Bolster if you:
While we are not direct investors in Bolster, we are indirect investors in three of Bolster’s investors: High Alpha, USV, and Costanoa. It’s a great example of our investment strategy around a network model.
I know the near term plans for Bolster and there’s an enormous amount of value coming quickly around executive and board hires, especially on the dimension of networks, inclusion, and diversity. I encourage you to give it a try and get involved at the beginning.
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.
Today, Techstars announced a new initiative called Techstars Studio which will allow Techstars to source new company concepts from Techstars alumni founders, community leaders, venture capitalists, mentors, and corporate partners. The Techstars Studio will then build prototypes, test market adoption, and select the most promising concepts for launch. Techstars Studio will then launch new startups and source talent and capital from the Techstars worldwide network to run the new companies.
The goal of each Techstars Studio is to launch four new companies annually. The first Techstars Studio will be in Boulder, just like the first Techstars accelerator was in 2007. As with the expansion of Techstars Accelerators around the world (Techstars will run 41 accelerator programs in 31 cities and 11 countries in 2019), expect Techstars Studios to follow a similar expansion path.
At Foundry, we have a lot of experience with the Studio model. We are investors in PSL (in Seattle) and High Alpha (in Indianapolis). We are also investors in the venture funds associated with the studios (PSL Ventures and High Alpha Capital) as well as Techstars Ventures.
Over the past five years, we’ve looked at potentially investing in numerous studios. We think the studio model, while very attractive with the right team, resources, and network, is very difficult to execute well. We’ve been deliberate in our choices and the leaders of both PSL and High Alpha have been helpful with Techstars as they’ve gone through their thought process on how to build out a studio.
We are especially excited about the founding team of Techstars Studios. Along with the leadership of David Cohen (the co-CEO of Techstars) will be Isaac Saldana, founder of SendGrid and Mike Rowan, former VP of SendGrid Labs. We’ve worked closely with Isaac and Mike over the years and are psyched to have another chance to create something with them from the ground floor.
A number of the most successful Techstars accelerator alumni are participating as founders in residence and advisors to Techstars Studio. In addition, more than 25 corporate partners of Techstars are involved in the initiative at launch.
If you are interested in the Techstars Studio, drop me an email and I’ll route you to the right folks.
A few weeks ago I was in Atlanta for Techstars Atlanta Demo Day and the Venture Atlanta Conference. I had a great time and it’s fun to see the vibrancy of the Atlanta startup community. My brother Daniel came with me and we had dinner with our cousin Kenny, who lives in Atlanta, so we got some nice, quiet, emotionally intimate family time.
My favorite keynote at Venture Atlanta was from Scott Dorsey. While our paths have intersected for more than a decade and I knew him from a distance, I’ve gotten to know Scott pretty well over the past year. I put him in the awesome category.
If you don’t know Scott, he was the co-founder and CEO of ExactTarget (2000) – one of the original SaaS companies. ExactTarget went public in 2012 and was acquired by Salesforce.com in 2013 for $2.5 billion and became the core of the current Salesforce Marketing Cloud. He was on the Salesforce.com leadership team until he left to start High Alpha in 2015.
If you are doing something SaaS related and you don’t know or follow what Scott says, you should.
At Venture Atlanta, part of his keynote was a riff on the Attributes of Great SaaS Leaders. While the web is peppered with SaaS metrics and the state of SaaS, there’s a dearth of CEO-centric qualitative information. While Scott’s attributes could be for any leader, they are particularly relevant to SaaS CEOs given the dynamic of how high-growth SaaS companies – and great leadership teams – need to work to scale.
His five attributes, which he went deeper on individually in the keynote, reflect his personality and leadership style.
1. Start with the end in mind
2. Are always learning
3. Value team and culture above everything
4. Are both optimistic and never satisfied
5. Give back!
For those of you that are Simon Sinek fans, starting with the end in mind is analogous to starting with your Why. Are always learning is the essence of being a leader in a super high growth rapidly changing world which most SaaS companies operate in. Valuing team and culture above everything is easy to say, but extremely hard to do, especially when your VCs are pressuring you to perform at a certain financial level for rational, or irrational, reasons. Are both optimistic and never satisfied is interestingly similar to Andy Grove’s “only the paranoid survive” while at the same time having a completely different tone.
If you know me, it won’t surprise you that I almost jumped out of my seat at the event and did a happy dance when Scott started talking about Give back! I know I need to train him to say “Give First”, but it’s the same concept. Scott was a leader here, with the creation of the ExactTarget Foundation (now Nextech) in 2011. Nextech works to elevate technical, critical-thinking and problem-solving skills of K-12 students, inspiring and enabling young people from all backgrounds to pursue careers in technology, so he’s been ahead of the curve on the importance of computer science and technical skills in K-12, something which is a big part of addressing many of the social and educational gaps in our country.
Indianapolis’ startup community, like Atlanta’s, is thriving. There’s no question in my mind that Scott’s leadership has contributed to this in a meaningful way.
All of this comes back to the idea that as a leader you should play a very long game. Scott does this brilliantly and it’s been hugely educational and inspiring to me to get to know him.