Tag: seth levine
I spent the past few days in Tokyo at the Kauffman Fellows Annual Summit. Over the past five years, there has been a large increase globally in the number of venture capitalists and people interested in becoming VCs. As a result, an organization like Kauffman Fellows is more important than ever as it helps build an incredible community of the next generation of VCs to learn from each other.
In the mid-1990s, I learned how to be a board member by sitting on a lot of boards, learning from other experienced board members, and making a lot of mistakes. I still make a lot of mistakes (that’s that nature of venture capital, and of life in general), but I like to believe that I’m a much more effective board member than I was 25 years ago. That said, I still have my bad days and walk out of a board meeting feeling unsettled for one reason or another.
Recently, Mark Suster, Fred Wilson, and Seth Levine each wrote excellent posts on how to be a good board member. Each post is worth reading from beginning to end carefully.
Mark Suster: How to Be a Good Board Member
Fred Wilson: How To Be A Good Board Member
Seth Levine wrote a five post series: Designing the Ideal Board Meeting
- Designing the Ideal Board Meeting
- Before the Meeting
- Your Board Package
- The Board Meeting
- Board Conflict
I especially love Fred’s punch line, which I strongly agree with.
“Which leads me to my rule for being a good board member.
It comes down to one word.
If you care, really care, deeply care, like the way a parent cares for a child, you will be a good board member.”
If you are a board member (or interact with a board as part of a leadership team) and want to go even deeper on this, I encourage you to grab a copy of my book Startup Boards: Getting the Most Out of Your Board of Directors
And, if you are having a board meeting that I’m a part of, take a look at my post from 2014 if you want hints about My Ideal Board Meeting.
My partner Seth Levine has written several posts over the years on the
His 2019 post, titled creatively How To Get A Job In Venture Capital is excellent. Things have changed in the last decade since his 2008 post titled How to get a job in venture capital (revisited), which was an update from his 2005 post titled How to become a venture capitalist. All three posts are worth reading.
Following is a teaser for each of the key points Seth makes.
- Take the long view. Despite the relative increase in the number of venture firms, there still aren’t all that many jobs in
- Get involved in your community. Venture and entrepreneurship aren’t spectator sports and are best experienced from within.
- Get involved in companies. There are lots of great ways to help out companies directly.
- Network. Most people are terrible networkers. They treat networking transactionally and they are always looking to take from their networks vs. give to them (good networkers adhere to the #givefirst mentality)
- Engage. Lots of venture capitalists put out a lot of content and it has never been easier to engage with the venture community. Comment on
blogand Medium posts, follow VCs that you respect on Medium and Twitter, send them ideas and thoughts on what they’re writing about and investing in. Stay active and top of mind.
- Look for any way in. Your first job in venture is typically the hardest to get.
- Work for a startup or start one of your own. This was true 10 years ago and it remains true today.
- Invest if you can. With investment becoming slightly less regulated there are opportunities to put even modest amounts of money to work through platforms like AngelList and others. If you have the ability, it’s not a bad way to show an interest in investing and give you something to talk about in your networking.
- Persevere. Getting a job in
ventureis hard and can take a while. Likely it won’t happen. Keep the long game in mind, have fun while you’re going through the process and keep at it.
If you are interested in a job in venture capital, go read Seth’s posts How To Get A Job In Venture Capital (2019). And How to get a job in venture capital (revisited – 2008). And How to become a venture capitalist (2005).
Seth and I have each attended over 27,367 board meetings. Ok, I don’t know the actual number, but it’s a lot. We’ve both been on good boards and bad boards. Boards that have helped companies and boards that have sunk companies. Boards that know how to resolve conflict and boards that have multiple passive-aggressive actors engaged in a complex dance that serves no one, especially the company.
So, I’m totally digging Seth’s new series. Not surprisingly, since Seth and I have been working together for over 17 years, there’s a lot that is the same as my board approach. But, I’m also learning something from each post which I plan to incorporate into my board world going forward.
The first four posts are up. In order:
- Designing the Ideal Board Meeting
- Designing the Ideal Board Meeting – Before the Meeting
- Designing the Ideal Board Meeting – Your Board Package
- Designing the Ideal Board Meeting – The Board Meeting
If you are a founder, CEO, investor, or outside director who is on a private company board, this is a must-read series. And, if you want to go deeper on how boards work, grab a copy of the book I wrote a few years with Mahendra Ramsinghani ago titled Startup Boards: Getting the Most Out of Your Board of Directors.
I’ve become a huge fan of Harry Stebbings, the intrepid entrepreneur turned VC whose age (20) matches the title of his podcast (The Twenty Minute VC.) Today, at SaaStr at 1:40pm in the Hypercritical section, Harry is interviewing me about – well – whatever he wants.
Harry has done hundreds of 20 minute VC interviews over the past few years. It’s a staple of mine on my podcast listening rotation so I’ve heard a bunch of them. It’s fun to watch Harry evolve as an interviewer as his knowledge of the industry has increased dramatically and his point of view about various VC-related things has become crisp and clear. And his hustle is relentless and has led to him also doing the SaaStr podcast and joining Atomico.
All five of the Foundry Group partners have been interviewed at this point. I think our interviews are a great way to get to know us quickly since we each tell our story, our strategy, and our approach in our own words and from different perspectives. Over the past few weeks I’ve probably talked to over 100 VCs between my trip to Australia, LA, and SF. When I find myself telling our story in response to being asked, I often wish I had a short cut to point people to.
This post is now the shortcut. I’ll use Harry’s original titles so you can see how his SEO prowess has evolved.
Yeah – I don’t love the capital letters either, but there you have it.
In case you are wondering about the tone of the 100 VCs I’ve talked to, I’d rate it as very high on the anxiety meter. Some of the tone is from the macro dynamics post election, but some seems deeper and more unsettled. I don’t know what it is, but I switched my Headspace meditation pack from Motivation (which I don’t need any help with) to Anxiety, just to be proactive.
After all these years, I’m still a heavy RSS user. Every morning I click on my Daily folder in Chrome, open it up, and spend whatever time I feel like on it. The vast majority of what I read is in Feedly and includes my VC Collection as well as a bunch of other stuff. It’s almost entirely tech related, as I stay away from mainstream media during the week (e.g. no CNN, no CNBC, no NYT, no WSJ, no USA Today, no … well – you get the idea) since I view all this stuff as an intellectual distraction (and much of it is just entertainment anyway, and I’d rather read a book.)
This morning I came across a number of interesting things that created some intellectual dissonance in my brain since they came from different perspectives. I’d categorize it as the collision between optimist and pessimist, startup and already started up, and offense vs. defense. However, they all shared one thing in common – the message and thoughts were clear.
Let’s start with Tim Cook’s remarkable Message to Our Customers around the San Bernardino case and the need for encryption. My first reaction was wow, my second reaction was to read it again slowly, and my third reaction was to clap quietly in the darkness of my office. I then went on an exploration of the web to understand the All Writs Act of 1789 which is what the FBI is using to justify an expansion of its authority. I love the last two paragraphs as they reflect how I feel.
“We are challenging the FBI’s demands with the deepest respect for American democracy and a love of our country. We believe it would be in the best interest of everyone to step back and consider the implications.
While we believe the FBI’s intentions are good, it would be wrong for the government to force us to build a backdoor into our products. And ultimately, we fear that this demand would undermine the very freedoms and liberty our government is meant to protect.”
Thank you Tim Cook and Apple for starting my day out with something deeply relevant to our near term, and long term, future in a digital age.
Shortly after I came across Danielle Morrill’s post Surviving Whatever Comes Next and Heidi Roizen’s post Dear Startups: Here’s How to Stay Alive. I’m an investor in Danielle’s company Mattermark and was partners with Heidi at Mobius Venture Capital. I have deep respect for each of them, think they are excellent writers, and thought there were plenty of actionable items in each of their posts, unlike many of the things people I’ve seen in the last few weeks about how the technology / startup world is ending.
Unlike the sentiment I’ve been hearing in the background about deal pace slowing down (not directly – no one is saying it – but lots of folks are signaling it through body language and clearly hedging about what they are actually thinking because they aren’t sure yet), our deal pace at Foundry Group is unchanged. Since we started in 2007, we’ve done around ten new investments per year. I expect in 2016 we’ll do about ten new investments, in 2017 we’ll do about ten new investments, in 2018 we’ll do about ten new investments – you get the picture. We have a deeply held belief that to maximize the value and opportunity in a VC fund, investment pace should be consistent over a very long period of time. We did about ten investments in 2007, 2008, and 2009 – which, if I remember correctly, is a period of time referred to as the Global Financial Crisis. Hmmm …
So it was fun to see my partner Seth’s post titled Welcome to Foundry on the same morning as Danielle and Heidi’s posts. That started the intellectual dissonance in my brain. If you want to see what Seth sends every company he joins the board of after we make an investment in, it’s a good read. It also clearly expresses how we approach working with companies the day after we become an investor.
I then read Ian Hathaway‘s great article for the Brookings Institute titled Accelerating growth: Startup accelerator programs in the United States. There are a few people doing real research of the impact of Accelerators and Ian’s work is outstanding. If you are interested in accelerators, how they work, how they impact company creation, and what trajectory they are on, read this article slowly. It’s got a bonus video interview with me embedded in it.
I’ll end with Joanne Wilson’s post #DianeProject. Joanne shared a bunch of info about the #DianeProject with me when we were together in LA two weeks ago. While I don’t know Kathyrn Finney, I now know of her and her platform Digital Undivided. I strongly recommend that you pay $0.99 (like I just did) to get a copy of the report The Real Unicorns of Tech: Black Women Founders, #ProjectDiane. The data is shocking, and there is an incredible paragraph buried deep within it.
“A small pool of angel and venture investors fund a majority of Black women Founders. For those in the $100,000-$1 million funding range, a majority of their funders were local accelerator programs and small venture firms (under $10 million in management). One angel investor, Joanne Wilson and Gotham Gal Ventures, has invested in three of the 11 companies that raised over $1 million. On the traditional venture rm side, Kapor Capital and Comcast’s Catalyst Fund have invested in at least two of the Black woman-led startups in the $1 million club. Wilson, Kapor, and Comcast often invest together, aka “co-invest”, in companies, thus increasing the amount of funding a company receives.”
So – was that more interesting than CNN or CNBC?
I don’t listen to that many podcasts, but I like ones that are a short (< 45 minute) interview format. I can listen to one of these on a run or a drive to/from my office.
Until recently, the only one I was listening to regularly was the Reboot.io podcast. Jerry Colonna, the co-founder of Reboot.io is a dear friend and his interviews are often magical.
A few months ago I noticed The Twenty Minute VC by Harry Stebbings. I can’t remember which one was the first one I listened to, but I thought his style and interview approach was great. It was fast, started with an origin story, but quickly moved on to the present and then ended with a set of short questions.
Jon Staenberg, a long-time friend from Seattle who did an interview with Harry on episode 034, dropped me the following email at the end of April:
He seems like a good guy, want to be part of his podcast?
Ever in seattle?
I told Jon I’d be game. Harry responded immediately and we did a podcast together six weeks ago. I’d been listening regularly since Jon introduced us and heard several great podcasts, including mentions of me in 055 with Jonathon Triest and 059 with Arteen Arabshahi.
Last week Harry releases two episodes 065 with me and 066 with my partner Seth Levine. I had fun doing mine but absolutely loved listening to the one with Seth, especially around his version of the Foundry Group origin story.
Harry promises to interview our other two partners – Ryan McIntyre and Jason Mendelson – so he’ll ultimately have a triangulation (or maybe a trilateration) of our origin story.
In the mean time, enjoy the interviews with me and with Seth if you are looking for a podcast to listen to.
Some time ago a group of entrepreneurs including my partner Seth Levine came together to talk about how to promote entrepreneurship in Colorado and celebrate the fact that entrepreneurship has become a huge part of the Colorado business ecosystem. The result of that discussion was Colorado Entrepreneurial By Nature – a grass roots branding campaign whose goal is to get Colorado entrepreneurs to rally around their shared love of our state and our entrepreneurial culture.
Colorado – Entrepreneurial by Nature is officially launching today in conjunction with Denver Startup Week. I’m awesomely proud of both efforts – they are great examples of how a Startup Community can be led by entrepreneurs. Both efforts are grass roots, totally network based, and driven by entrepreneurs. Denver Startup Week looks completely awesome – the schedule of events is just tremendous.
Go get the badge and fly it proudly on your site if you are a Colorado entrepreneur!
My partner Seth Levine turns 40 today. I’ve known and worked with him for 11 years. It’s been awesome.
My first memory of Seth is him showing up in our office at 100 Superior Way with red velour platform shoes. There wasn’t much I could say since I was probably wandering around barefoot or in sandals at the time. But it made an impression – I knew he’d always be more stylish than me.
Seth started working with me in the fall of 2001. This was a truly shitty time for me for a variety of reasons, some having to do with the implosion of many of the companies I was an investor in due to the collapse of the Internet bubble, some having to do with 9/11, and some having to do with the overall stress on the system from lots of directions. Seth didn’t seem to mind that most of our conversations started with me saying something like “well – this is all fucked up, but I need your help on …”
I remember when I realized I was going to learn a lot from working with Seth. We were working together on Service Magic. He’d dig in deep and really understand what was going on. I had a pretty strong sense of it using my jedi number mind trick. But when I really wanted to understand something about their extremely highly analytical business, I just asked him. And he always knew the answer.
There came a point early in our work relationship when I realized I completely trusted his judgment. I knew he’d get whatever work done that was put in front of him, and this was good, but it was really table stakes for being a VC. Seth quickly took it to the next level and within a few years we were working as partners on things, even if we theoretically weren’t partners. That would change – in 2007.
In 2006 we started talking about creating Foundry Group. The early conversations were clear – this would be an equal partnership, not a “Brad thing” with other people working for me. The last thing I wanted was a hierarchy of any sort, especially since I’d fully embraced the concept of a network in all aspects of my life. Seth embraced this and on day one when we started Foundry Group was an equal partner with me.
Five years later I realize how unbelievably lucky I am to have three equal partners – Seth and our partners Ryan McIntyre and Jason Mendelson. We are best friends, love working together, and treasure each moment of life that we get to spend together.
Seth – your 40th birthday is a special one. I remember 40 like it was – well – almost seven years ago – and it was the beginning of what has been an awesome decade so far for me. I’m thankful that I got to spend so much time with you when you were in your 30s and I now get to spend so much time with you while you are in your 40s. It’s going to be an amazing time!
Happy birthday @sether.