The Second Reboot VC Bootcamp
On Saturday night I got on a plane and flew to the other side of the planet, where I am now. I’m in Melbourne, finishing my coffee, getting ready for
On Saturday night I got on a plane and flew to the other side of the planet, where I am now. I’m in Melbourne, finishing my coffee, getting ready for
I recently joined the Defy Ventures board. If you aren’t familiar with Defy Ventures, here’s a post that I wrote after my first prison trip with them at the end of last year. Early this morning, on my run in Melbourne as I tried to shrug off jet lag, I listened to a Reboot podcast that Jerry Colonna did with me and Cat Hoke, the CEO of Defy Ventures, a few weeks ago.
My wife Amy sent this HBR article – How to Handle the Pessimist on Your Team – to me. It’s almost a decade old but seems timeless. I’m an optimist. With rare exceptions (usually when I’m depressed), I can carry an optimistic view point about things (business, projects, humans, life, existence on this planet, my ability to some day go to a parallel universe) around in most of my interactions.
A key ingredient of Techstars accelerator programs is our experienced and engaged mentor community. Mentors embrace the Techstars “Give First” philosophy by offering founders their time, advice, and connections. We treat mentorship seriously – you can read about it in our Mentor Manifesto and my blog series on the mentor manifesto. And, my book Give First, coming out at the end of 2017, will cover mentorship in depth. Our global network now consists of over 5,000 mentors, including many successful Techstars alumni. As Techstars continues to selectively expand into new geographies and industry verticals, our mentors are important as ever.
Over the past few days, I’ve had a similar conversation about reporting tempo with three different people (2 CFOs and 1 CEO). In each case, we snuck up on the issue, rather than starting with it. The fundamental question addressed what the reporting tempo to the board should be. A number of years ago, I decided to shift to quarterly board meetings. Historically, the number of board meetings I had per company was all over the place. Some had four per year, some six, some eight, and some had twelve. This was an artifact of the last 30 years of venture capital, where VCs often would use the board meeting as the way to primarily engage with the company.
If you are growing at a rate of less than 50% year over year, you should consider viewing 2017 as the year of flat headcount. As budgets are settling down and getting approved for many of the companies I’m on the board of, I’m seeing a general trend of much less headcount growth in 2017 than in 2016. In some cases, companies got ahead of themselves. In others, they need to integrate all the people they’ve added. In some, they feel like they have a critical mass of people and want to march to get profitable on current headcount. And still others are profitable and have realized significant operating leverage in the past two quarters that they want to continue.
Lately, I’ve been stewing over increased complexity being generated by companies around their organization approaches. While this activity varies by stage, in many cases the leadership team expands to a large (greater than six) number of people, there become two executive teams (the C-Team and the E-Team), the CEO gets sucked into endless distractions and working “in the company” rather than “on the company”, and I could go on with a 1,000 word rant on the challenges and complexity.
Several months ago I agreed to be part of a funding campaign for Gaza Sky Geeks. This is an organization that we had previously supported through the Techstars Foundation, which is how I was introduced to them. The goal was simple – provide enough funding for a generator for the organization. I can’t remember what the first goal was, but I think it was around $60,000 total. The support for this effort has been awesome and the campaign has expanded as it blew through the original $60,000 goal. The handful of initial supporters has expanded to a now impressive list, that includes recent support from Marc Benioff.
I love origin stories. Some of them glorify entrepreneurship in a way that makes them challenging to parse, as the struggles of our heroines and heroes gets romanticized in a way that tastes sugary sweet. But, when they are written in first person, unedited, on a blog, they are often delicious in a tasty and fulfilling way. Jud Valeski, the co-founder of Gnip, wrote a great one a few days ago. It’s titled How Did Gnip Get The Twitter Deal? and does a thorough job of telling the story from Jud’s perspective. If that’s all that was there, it’d be a solid origin story.
Pro Tip: If you are at CES today and want to connect, I’ll be hanging out at Eureka Park from 11am this morning (Friday) when I’m on a panel about diversity until I leave the premises at 2:30. My dad and I left the Venetian yesterday at 8:30am to head over to the Las Vegas Convention Center. When I arrived back at the room at 10pm, I was done / baked / toasted / wiped.