I’ve done a number of video interviews lately. This seems to be the norm for a live event today. I start with a short one from when I was in Adelaide, then a longer one from Sydney, and wrap it up with what is one of the most fun interviews I’ve ever done – this time in Minneapolis with my partner Seth.
I’m in Minneapolis with my partner Seth. We had a meeting at Best Buy headquarters, met with a gang from the Mayo Clinic who drove up from Rochester, spent the afternoon at the Techstars Retail Accelerator which is at Target headquarters, and had dinner with Revolar. We are at the Techstars Retail Accelerator again today, then at Leadpages for a board meeting, and wrapping up with an internal Target event and an external startup community event put on by Beta.MN.
It’s two full days of immersion in the Minneapolis startup community. As I crawled into bed last night after jamming through my email, I smiled and thought to myself that Seth and I had a good day with a bunch of people talking about the power of entrepreneurship – and how the entrepreneurs are the leaders – while getting to work with a bunch of entrepreneurs.
I woke up to Fred Wilson’s post Understanding VCs and nodded my way through it. I particularly loved how he started.
VCs are not heroes. We are just one part of the startup ecosystem. We provide the capital allocation function and are rewarded when we do it well and eventually go out of business when we don’t do it well. I know. I’ve gone out of business for not doing it well.
If there are heroes in the startup ecosystem, they are the entrepreneurs who take the biggest risks and create the products, services, and companies that we increasingly rely on as tech seeps into everything.
What Fred said.
VCs – go read his post and reflect on it.
Entrepreneurs – go read his post and take it to heart.
Fred – thanks for saying it so well in your inimitable direct style. Understanding VCs is one for the books …
We believe great companies can be created anywhere.
When we started Foundry Group, we hypothesized that 33% of our investments would be in Colorado, 33% would be in California, 33% would be “everywhere else”, and 1% would be on Mars.
We still haven’t done the Mars one, but we remain optimistic about the possibility.
Today we’ve announced that we’ve made new investments in LeadPages (a company in Minneapolis) and 3D Robotics (a company in Tijuana, San Diego, and Berkeley). They were joined by our friends in Boulder at VictorOps (across the street from our office) who just raised a $6.5m financing.
Need a drone? That would be 3D Robotics.
Need split-test landing pages, launch pages, sales pages, and other conversion pages? That would be LeadPages.
Need your DevOps life to be less hellish? That would be VictorOps.
I love what we do.