I’ve been working on my next book, #GiveFirst, again. There’s a lot in it about the Techstars Mentor Manifesto and how to be an effective mentor.
Yesterday, I got a note from Jay Batson, longtime Techstars Boston mentor and now the Mentor-in-Residence for the program, asking if I had ever compiled the lists I posts I wrote about the Techstars Mentor Manifesto.
I hadn’t. He had conveniently done it in a Google doc so it was easy for me to list out the posts with links. They follow.
17/18: Be Challenging/Robust but Never Destructive (No post)
18/18: Have Empathy. Remember That Startups Are Hard (No post)
Jay also reminded me that I hadn’t written posts on #17 and #18. They are now on my list to do. Thanks, Jay!
Amy and I had another wonderful digital sabbath yesterday.
It started Friday at sundown when I put my computer to sleep. I’m using Inbox When Ready and have locked my inbox from Friday at 6pm to Saturday at 11:59pm. I also put my phone in Do Not Disturb mode for this same time period. While I’m not committed to doing this every weekend in 2018, I’m going to do it most of the time.
I woke up Saturday morning and meditated for 30 minutes. Amy and I then had breakfast and then we retired to the couch to read. I’ve decided that in 2018 when I’m at home I’ll read physical books, since I have an infinite pile of those along with my infinite pile of Kindle books. I scanned my shelves of unread books, picked four that I thought varied widely, and dug in.
I started with Architectural and Cultural Guide Pyongyang. North Korea has been on my mind lately (fathom that), although I had bought this book a few years ago after Eric Schmidt’s trip to in North Korea. It was mentioned in one of the articles I read at the time, but it had been sitting on my shelf since then. It was a fascinating and beautifully done book (well – pair of books). The first was a detailed architectural overview of Pyongyang with official descriptions of all the buildings. The second was a series of essays on different aspects of the architectural and historical dynamics of modern Pyongyang....
Over the past 25 years, I’ve attended approximately 14,387 board meetings. My partners and I talk a lot about how to improve them and today released The Foundry Group Manifesto on Board Meetings. It follows:
In 2013, I wrote a book with Mahendra Ramsinghani about board meetings titled Startup Boards: Getting the Most Out of Your Board of Directors. It was a tough book to write because every time I dug into it, I got bored, but I think it ended up being a contribution to the corpus of entrepreneurial knowledge. However, I anticipate Bored Meetings will be an even more significant contribution.
Perspective can be a useful thing. Cryptocurrencies have had a bad 24 hours.
Last night Amy and I watched The Big Short for the second time. If you’ve never seen it, it’s a must watch movie. If you haven’t seen it in at least a year, watch it again. While the events are from 2005 – 2008, they feel like they happened yesterday. And, the cast, including Brad Pitt (my favorite character), Steve Carell (my second favorite), Christian Bale, and Ryan Gosling play their parts spectacularly well.
There are hundreds of lessons in the movie. But, like most things human, we quickly forget them. Or we pretend like they couldn’t happen again. Or we justify what’s going on today as “but it’s different this time.”
In 2000 I was co-chairman of a public company called Interliant. The company had gone public in 1999 and the market cap rose to just under $3 billion ($55 / share, up from $10 / share at the IPO). By the end of 2000, the stock price was at $13. I was on a walk at my house in Eldorado Springs with one of the VPs who asked me how low the stock could go. I can’t remember the exact phrasing, but I remember it being something like “There’s no way the stock will go below...
Every entrepreneur starts her journey somewhere.
Colorado is a premier location for entrepreneurs and innovative thinkers. This is why I co-founded and commit a portion of my time to Startup Colorado; an organization that empowers and sustains startup communities across Colorado. One of the programs that Startup Colorado runs – called Startup Summer – cultivates and engages undergraduate entrepreneurs looking to get involved in the Front Range startup community.
Startup Summer is an immersive 10-week program that includes weekly seminars from local entrepreneurs who teach the fundamentals of entrepreneurship. The student entrepreneurs form teams and build companies while receiving coaching and mentorship from alums of the program and local entrepreneurs, culminating with a pitch competition. The program admits 50 student entrepreneurs from around the country, bringing together different backgrounds while exposing them to the Front Range startup ecosystem.
Startup Summer is now in its sixth year. All internships are paid. If you are interested or know a promising student who wants to take advantage of this opportunity, the application is here and closes on January 31st.
Oh, and if you’re a company in Boulder or Denver that wants to participate and host an intern, email me and we’ll see if we can fit you in this year.
As a preparation for something new and exciting, let’s reminisce a little. In 2011, we did our first Foundry Group music video “I’m a VC.”
I remember being amazed when the Youtube views went over 100,000. I recall being equally amazed when I heard that our IT guy (Ryan) had cleaned up our random Google accounts, deleted email@example.com, and as a result deleted the video. When it was restored, the view counter was at 0.
My partners and I just announced that our long-time friend and LP – Jamey Sperans – has joined Foundry Group.
We’ve been working with Jamey since the beginning of Foundry Group in 2007 (he was one of our first LPs via Morgan Stanley AIP) and have become extremely close friends.
Jamey and his family have moved to Boulder, so in addition to working with us, he’ll become a part of the extended Boulder/Denver startup community.
We are delighted to have Jamey in town and on our team. If you want the backstory, take a look at the post on the Foundry Group site titled Introducing Our New Partner – Jamey Sperans.
Yesterday, my partners at Foundry Group announced financial support for the Time’s Up Legal Defense Fund.
We strongly believe that sexual harassment is unacceptable in any form. While there can be a debate about whether sexual harassment is about sex, power, or something else, there’s an additional pernicious element of it when the harasser threatens to sue the person being harassed. This extends the harassment and reinforces the issue around the power dynamic, especially when the harasser has much more financial resources than the person being harassed.
My partners and I were considering establishing a VC / Entrepreneurs Sexual Harassment Legal Defense Fund. When we saw the launch of Time’s Up and the Time’s Up Legal Defense Fund, we decided to financially support this activity and try to create a sub-group for the tech industry. As a starting point, Foundry Group is contributing $100,000 to the Time’s Up Legal Defense Fund and Anchor Point Foundation is contributing $100,000.
In addition, we are reaching out to VCs and Angel Investors that we know to see if they will join in our effort. If you are a VC or Angel Investor who wants to financially support this effort, please email me. And, if you are an individual who wants to directly support the Time’s Up Legal Defense Fund, please do so on the Time’s Up GoFundMe page.
Finally, for some inspiration, watch Oprah Winfrey’s powerful speech at the 2018 Golden Globe Awards.
I love the idea of A User Manual To Working With Me. A number of the CEOs we work with have written them and Seth sends out a letter to all new founders about working with us.
While I occasionally think about writing an @bfeld User Manual, I never manage to get around to it. On our Q4 vacation, Amy and I talked a lot about dinners out, especially my own struggle with dinners with large groups of people, which caused me to reflect on how I approach dinners out in general.
Business dinners have become increasingly challenging for me for a number of reasons. I’m an introvert, so when the dinner is more than four people, it’s extremely draining for me. I no longer drink, so every dinner lasts at least 33% too long. I’m a vegetarian and am now eating very lightly at dinner, so the experience of dinner is much less important to me. I’ve been to all the restaurants in Boulder many times, so there’s no novelty in the experience. I’ve got a 30-minute drive home from downtown Boulder to my house, so getting home is dinner_end_time + 30 minutes.
I go to bed early (usually before 10 pm) so dinners often are the only thing I do in the evening before going to bed. I love to lay on the couch with Amy and read in the evening before I go to sleep, so this decompression from the day is almost always lost when I...
Yesterday was a perfect Saturday. I decided to do a digital sabbath so on Friday night at 5 pm I shut down my computer. Amy made a nice small dinner of leftover cauliflower soup with farfalle pasta. We then went downstairs and finished off the Burns/Novick The Vietnam War.
I woke up mid-morning on Saturday. I meditated for a half hour. I had a light breakfast of Dave’s Killer Bread and peanut butter with some coffee. I then grabbed my Kindle, got on the couch near Amy, and dug into Michael Wolff’s Fire and Fury: Inside the Trump White House.
I stopped for a brief lunch with Amy and went back to it. I was three-quarters of the way through it by mid-afternoon so I went for a three-mile run, stretched, took a long bath, and then went to dinner with Amy and John Wood. We talked about the great work he was doing at Room to Read, being in our 50’s, the Vietnam War, and Fire and Fury, which John hadn’t started reading yet.
We got home about 8:30 pm. I finished Fire and Fury while Amy read New Yorker’s on the couch, and then we went to bed. When I woke up this morning and checked my email, I saw one from John at 1:01 am that said “Fuck, yeah, this book is a great read! Thanks for recommending!”
That’s how I felt. In general, I don’t read books about current politics. I steadfastly avoid all the manufactured stuff...
Let’s start with an awesome dog taking himself sledding.
Now, let’s move on to Bill Gates opening essay in this week’s Time Magazine (he’s their first ever guest editor) titled Some good news, for once. It’s short and powerful.
He starts out with context.
“Reading the news today does not exactly leave you feeling optimistic. Hurricanes in the Americas. Horrific mass shootings. Global tensions over nuclear arms, crisis in Myanmar, bloody civil wars in Syria and Yemen. Your heart breaks for every person who is touched by these tragedies. Even for those of us lucky enough not to be directly affected, it may feel like the world is falling apart.”
And then perspective.
“But these events—as awful as they are—have happened in the context of a bigger, positive trend. On the whole, the world is getting better. This is not some naively optimistic view; it’s backed by data. Look at the number of children who die before their fifth birthday. Since 1990, that figure has been cut in half. That means 122 million children have been saved in a quarter-century, and countless families have been spared the heartbreak of losing a child.”
He creates more perspective but quickly gets to the punchline.
“So why does it feel like the world is in decline? I think it is partly the nature of news coverage. Bad news arrives as drama, while good news is incremental—and not usually deemed newsworthy. A video of a building on fire generates lots of views, but...
Several people recommended Ray Dalio’s book Principles to me. I read it a few days ago and thought it was spectacular. I’ve gone out and bought a copy for each of my partners and I recommend that every VC, as well as anyone who is building an organization of any kind, buy and read it.
Dalio is famous for his extremely successful firm Bridgewater Associates which is known for its goal of achieving excellence in their work and their relationships through radical truth and radical transparency. The TED Talk below is a good summary, but the book is worth reading in total.
As a bonus, watch Dalio’s great explanation of How the Economic Machine Works.
As I get older, I’m reflecting more on the last 30 years of what has worked for me – and what hasn’t worked – as I codify my own business philosophy around the idea of #GiveFirst. As part of that, it’s a treat to soak in books like Dalio’s, as it stimulates a lot of thoughts around this.
The past is ungraspable,
the present is ungraspable,
the future is ungraspable.
– Diamond Sutra
Now that it’s 2018, the inevitable predictions for 2018 are upon us.
I’m not a predictor. I never have been and don’t expect I ever will be. However, I do enjoy reading a few of the predictions, most notably Fred Wilson’s What Is Going To Happen In 2018.
Unlike past years, Fred led off this year with something I feel like I would have written.
“This is a post that I am struggling to write. I really have no idea what is going to happen in 2018.”
He goes on to make some predictions but leave a lot in the “I have no idea” category.
I mentioned this to Amy and she quickly said:
And that, simply put, is my goal for 2018.
As I read my daily newsfeed this morning, I came upon two other predictions that jumped out at me, which are both second-order effects of US government policies changes.
The first is “tech companies will use their huge hoards of repatriated cash to buy other companies.” There is a 40% chance Apple will acquire Netflix, according to Citi and Amazon will buy Target in 2018, influential tech analyst Gene Munster predicts. The Apple/Netflix one clearly is linked to “Apple has so much cash – they need to use it.” While the Amazon one is more about “Amazon needs a bigger offline partner than Whole Foods”,...
At the end of another intense year, after two weeks fighting a difficult cold, surrounded by snow, light, and quiet, this poem by John O’Donohue made its way to the surface, sent to me by my beloved soulmate. Happy new year.
When the rhythm of the heart becomes hectic,
Time takes on the strain until it breaks;
Then all the unattended stress falls in
On the mind like an endless, increasing weight.
The light in the mind becomes dim.
Things you could take in your stride before
Now become laborsome events of will.
Weariness invades your spirit.
Gravity begins falling inside you,
Dragging down every bone.
The tide you never valued has gone out.
And you are marooned on unsure ground.
Something within you has closed down;
And you cannot push yourself back to life.
You have been forced to enter empty time.
The desire that drove you has relinquished.
There is nothing else to do now but rest
And patiently learn to receive the self
You have forsaken in the race of days.
At first your thinking will darken
And sadness take over like listless weather.
The flow of unwept tears will frighten you.
You have traveled too fast over false ground;
Now your soul has come to take you back.
Take refuge in your senses, open up
To all the small miracles you rushed through.
Become inclined to watch the way of rain
When it falls slow and free.
Imitate the habit of twilight,
Taking time to open the well of color
That fostered the...
I’m on day 8 of a cold, which in retrospect has been possibly the harshest cold I’ve ever had. I felt worse when I had salmonella poisoning in Adelaide in 2016 and I remember a childhood flu over the holidays that had me throwing up for days. But, on Friday, when I had some existential dread, I realized I was really sick and crawled back in bed for the rest of the day.
I woke up this morning still sick but feeling on the mend. I’ve been at home for a week and haven’t been doing much other than sleeping, reading, responding to email, eating mac and cheese, and sleeping some more. I’ve been a sub-optimal companion for Amy, but Brooks and Cooper have filled in pretty well for me.
I’m glad the world is taking a break for the holidays. 2017 was an intense year in many dimensions. Our society changed in ways that feel extremely uncomfortable to me, but I’ve tried to process it with a long view. Long-simmering conflicts that were just under the surface explosively broke through and forced us to confront them and our collective behavior, and reactions, to them. I’ve continued to do what felt important and right to me while listening and learning. I worked hard to eliminate the noise and concentrate on the signal. To do this, I withdrew on several dimensions, especially via social media and online channels, which diminished my experience, but allowed me time and space to think.
As we start spinning up Defy Ventures in Colorado, we are doing a Business Coaching Day at the Arkansas Valley Correctional Facility in Ordway, Colorado. It’s one of our first Defy Colorado events and Governor Hickenlooper will be joining us for the day.
There will be around 80 Entrepreneurs-in-Training. While we were planning on having spaces for 50 volunteers, we’ve already filled over 40 of them before even talking about the program so there are only a few spaces left.
If you are interested, the event is happening on February 8th, 2018 from 9:00 am – 4:30 pm. Contact Melissa O’Dell to sign up or get on the list for the next Defy Colorado event.
For a taste of what the experience is like, watch the video above or go to my post Understanding Privilege – My Experience in Prison.
The post Defy Colorado – Feb 8th With Me and Governor Hickenlooper appeared first on Feld Thoughts.
This book was a delight. I started reading it earlier this year, caught up quickly (I started in July), and then mostly read a page each day when I was in the bathroom in the morning. I let it unfold slowly, reading the daily quote and Ryan Holiday’s (and Stephen Hanselman’s) thoughts on the quote, and then rereading the quote.
I was near the end so I finished it off last night. I smiled when after I read the December 31 meditation.
Stoicism is fascinating to me. While I don’t categorize myself as anything and try to resist being put in boxes, I like to take elements of different philosophies, religions, approaches, and styles and weave them into the fabric of me. As I was reading The Daily Stoic I found many ideas that spoke to me.
I’ve known Ryan from a distance for a while. We ended up at a dinner together at either SXSW or CES a number of years together and I remember an interesting and engaged conversation. For a while, I subscribed to his monthly Reading List email but in a fit of unsubscribing from everything, I unsubscribed.
I just re-subscribed.
Several times a year, I send a book (or two) to all the CEOs in our portfolio. I sent this one out this fall. I’ve heard back from a few that they enjoyed it, and I’m hoping that most of...
While I enjoy a good biography of a historical figure, I love autobiographies of living people. They are hit or miss – either awesome or awful.
Sam Zell’s autobiography Am I Being Too Subtle? was awesome. I was sent a copy by an editor at Penguin Group who sends me books, presumably that he thinks I’ll like. While this was in my infinite pile of books, I grabbed it randomly last night and polished it off tonight.
If you’ve never heard Sam Zell talk, here’s a recent short clip of him talking about entrepreneurship and a few other things.
I don’t know Sam Zell. While I only have second-degree connections to him, I’ve known of him for a while and I spent an afternoon touring his apartment in Chicago as part of a Wellesley Art Tour that he graciously opened his house for. So I had a little sense of him.
Whenever I read an autobiography, I’m always curious about the tone the person takes when talking about themselves and what they’ve learned over their life. When it’s consistent with the view I have of the person from a distance, I value the content more, regardless of what the content is. In this case, Zell’s personal reflection mapped pretty well to my impression of him over different short snippets of content from the last 20+ years.
I loved hearing the history of his entrepreneurial evolution, from his origin story in his early 20s to current time 50 years later. He’s had...
Use of HTTPS (which stands for HTTP Secure) has grown from 13% of the top one million websites to 19% in the past year. With major media sites such as NYTimes.com joining the movement, now over half of all web requests are served securely to the browser.
Two years after the launch of Let’s Encrypt, this is fantastic progress. In this new era of state sponsored hacking and fully professionalized cybercrime, it is heartening to see engineers get seriously organized and tackle something on the scale of securing the entire web.
Even a few years ago I would have been skeptical this would be possible. Until very recently, setting up HTTPS meant purchasing and managing certificates and configuring them correctly to work with your web server. This is a non-trivial effort and many people and companies didn’t bother with it. This was especially true with the long tail of websites, but also included many major ones.
The drive to HTTPS the web did not happen by accident. It is akin to an old-fashioned barn raising but on a global scale, organized by engineers with good intentions to protect users, and ensure that the web remains a vibrant and trusted ecosystem into the future.
A few things had to come together for securing (HTTPS’ing) the web to become reality: