Foundry Group

(0:00) Jason Kicks off the show (2:49) Brad Feld, Co-founder of Foundry, talks about starting out in investing (13:30) LinkedIn Jobs - Post your first job for free at https://linkedin.com/angel (14:56) Brad’s thesis for whom he’ll get in the “trenches” with (20:48) MasterClass - Get 15% off an annual membership at https://masterclass.com/startups (22:22) Fighting to the end + Investing through the dot-com bubble (38:13) Microsoft for Startups Founders Hub - Apply in 5 minutes, no funding required, sign up at http://aka.ms/thisweekinstartups (39:43) Surviving the GFC (44:23) Brad’s perspective on the investor/CEO dynamic + being a leader in a down market (1:00:02) Reflecting on the speculative asset bubble (1:16:44) Looking forward into 2023 FOLLOW Brad: https://linktr.ee/bfeld FOLLOW Jason: https://linktr.ee/calacanis FOLLOW Molly: https://twitter.com/mollywood

Brad Feld

Managing Director

Foundry GroupFoundryTechstars

Check out The Startup Community Way: https://rb.gy/onxkwm FOLLOW Brad: https://twitter.com/bfeld FOLLOW Jason: https://linktr.ee/calacanis

Brad Feld

Managing Director

Foundry GroupFoundryTechstars

We continue our VC Fundamentals series with Portfolio Construction & Management — how do you build and manage a fund's portfolio as a whole, beyond each individual portfolio company and investment decision? We brought in two of the very best people in the world to help us dissect this topic: Jaclyn Hester & Lindel Eakman of Foundry Group. Jaclyn and Lindel have been early and longtime LPs in some of the best venture funds in the world: USV, True, Spark — and of course Foundry — and now also sit on the GP side of the table at Foundry. Tune in for a master class on how the best VC managers think about generating and optimizing fund performance.  Sponsors: Sierra: https://bit.ly/acquiredsierra Topics Covered: 1. The bar for what "good" venture fund performance looks like in terms of returns: Where venture sits on the spectrum of capital allocation options available to limited partners The difference between "gross" and "net" fund returns and why IRR is still important The distribution of returns across venture firms & funds — how many hit the performance bar — and the importance of diversification vintage years 2. Portfolio construction: how do you allocate the fund's capital across companies? Why have a "portfolio" at all vs. loading up on a few high conviction investments — and what an LP's incentives are for diversification vs. a GP's How to determine overall $ size you should target for a fund Concentration vs diversification and the concepts of "shots on goal" and "groups" of high-potential companies within a portfolio Fund reserves planning — are you "making your money at the buy", or able to buy up over time in your winners? 3. Balancing playing offense and defense: The upside potential of "interstitial rounds" Whether it's possible to save a company with more capital, and if pivots are a good idea 4. Time allocation vs capital allocation within a fund: Understanding and managing your own cognitive biases Why time & effort allocation across a portfolio rarely matches capital allocation (and shouldn't) Why a firm's partnership dynamics are typically the most important driver of funds' outcomes  Links: Foundry Group: https://www.foundrygroup.com Seth Levine's post on skewed VC returns:  https://www.sethlevine.com/archives/2020/10/vc-fund-returns-are-more-skewed-than-you-think.html Fred Wilson's posts on losing money and portfolio outcome distributions: https://avc.com/2016/04/losing-money/and https://avc.com/2012/07/the-power-of-diversification/

Jaclyn Hester

Partner

Foundry Group

Lindel Eakman

Managing Director

Foundry Group

Brad Feld is a Co-Founder and Managing Director @ Foundry Group, one of the most successful venture firms of the last decade with a portfolio including the likes of Zynga, Fitbit and Sendgrid to name a few. Brad is also a co-founder @ Techstars and prior to Foundry, he co-founded Mobius Venture Capital. Tracy Lawrence spent the last 8 years as Founder & CEO @ Chewse, the startup that it effortless for office managers to order delicious food for their teams. Tracy grew the team to 300 people across 4 markets, raised millions in venture capital, and ultimately sold the business to Foodee. Jerry Colonna is the CEO of Reboot.io where he is now the professional coach to some of the world's leading founders. Prior to his work with Reboot, Jerry was an early-stage VC co-founding Flatiron alongside Fred Wilson in 1996. In Today's Episode You Will Learn: 1.) How did Brad, Jerry and Tracy all experience their first forms of depression? At what stage did it become a more prominent part of their life? Why do they think then was the catalyst? 2.) Why does Jerry believe that despite what people say, no one is crushing it? How can founders present their vulnerability as a strength? At what point did Tracy realise this? How did she convey her vulnerability to her team? Who is to blame for the lack of vulnerability and fear of opening up? 3.) How does Brad think about tying happiness to milestones? What are the biggest dangers of doing so? Does this mean one does not have goals? How does one balance between ambition and appreciating the present? How did Brad learn this when Amy asked for a divorce? How did he respond? 4.) Why does Brad believe fear, guilt and anxiety are useless emotions? What was the result of Tracy tying her mental state to her revenue line? How does Tracy think about the loneliness of being a founder? What does Brad believe is some of the biggest BS in the industry? As always you can follow Harry and The Twenty Minute VC on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.

Brad Feld

Managing Director

Foundry GroupFoundryTechstars

Tracy Lawrence

Founder & CEO

Chewse

Jerry Colonna

Co-founder and CEO

RebootReboot.io

Brad Feld — The Art of Unplugging, Carving Your Own Path, and Riding the Entrepreneurial Rollercoaster | Brought to you by Laird Superfood, Theragun, and Thrive Market. "Brad, they can’t kill you and they can’t eat you. Suit up." — Len Fassler Brad Feld (@bfeld) is the author of two new books: The Startup Community Way and the second edition of Startup Communities. He has been an early-stage investor and entrepreneur since 1987. Prior to co-founding Foundry Group, he co-founded Mobius Venture Capital and, prior to that, founded Intensity Ventures. Brad is also a co-founder of Techstars. Brad is a writer and speaker on the topics of venture capital investing and entrepreneurship. He’s written a number of books as part of the Startup Revolution series and writes the blogs Feld Thoughts and Venture Deals. Brad holds bachelor of science and master of science degrees in management science from the Massachusetts Institute of Technology. Brad is also an art collector and long-distance runner. He has completed 25 marathons as part of his mission to finish a marathon in each of the 50 states. Please enjoy! This episode is brought to you by Laird Superfood. Founded by big-wave surfer Laird Hamilton and volleyball champion Gabby Reece, Laird Superfood promises to deliver high-impact fuel to help you get through your busiest days. Laird Superfood offers a line of plant-based products designed to optimize your daily rituals, from sunrise to sunset. My favorite two products are their Turmeric Superfood Creamer and Unsweetened Superfood Creamer. I put one of them in practically everything. Both can really optimize your daily coffee or tea ritual, and a $10 bag will last you a long time. For a limited time, Laird Superfood is offering you guys 20% off your order when you use code TIM at checkout. Check out lairdsuperfood.com/tim to see my favorite products and learn more. * This episode is also brought to you by Theragun! Theragun is my go-to solution for recovery and restoration. It’s a famous, handheld percussive therapy device that releases your deepest muscle tension. I own two Theraguns, and my girlfriend and I use them every day after workouts and before bed. The all-new Gen 4 Theragun has a proprietary brushless motor that’s surprisingly quiet. It’s easy to use and about as quiet as an electric toothbrush. Go to Theragun.com/TIM right now and get your Gen 4 Theragun today, starting at only $199. * This episode is also brought to you by Thrive Market, which saves me a ton of money and is perfect for these crazy times. Thrive Market is a membership-based site on a mission to make healthy living easy and affordable for everyone. You can find all types of food, supplements, nontoxic home products, clean wine, dog food—just about anything. Members earn wholesale prices every day and save an average of $30 on each order. I personally saved $39 on my most recent order. Go to ThriveMarket.com/tim to give Thrive Market a try! You can choose the membership model that best fits your lifestyle. They have affordable one-month and 12-month options. When you go to ThriveMarket.com/tim, you can receive up to $20 in shopping credit. Start a risk-free membership today, as you can cancel for any reason within your first 30 days for a full refund. *** If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes? It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. For show notes and past guests, please visit tim.blog/podcast. Sign up for Tim’s email newsletter (“5-Bullet Friday”) at tim.blog/friday. For transcripts of episodes, go to tim.blog/transcripts. Interested in sponsoring the podcast? Please fill out the form at tim.blog/sponsor. Discover Tim’s books: tim.blog/books. Follow Tim: Twitter: twitter.com/tferriss Instagram: instagram.com/timferriss Facebook: facebook.com/timferriss YouTube: youtube.com/timferriss Past guests on The Tim Ferriss Show include Jerry Seinfeld, Hugh Jackman, Dr. Jane Goodall, LeBron James, Kevin Hart, Doris Kearns Goodwin, Jamie Foxx, Matthew McConaughey, Esther Perel, Elizabeth Gilbert, Terry Crews, Sia, Yuval Noah Harari, Malcolm Gladwell, Madeleine Albright, Cheryl Strayed, Jim Collins, Mary Karr, Maria Popova, Sam Harris, Michael Phelps, Bob Iger, Edward Norton, Arnold Schwarzenegger, Neil Strauss, Ken Burns, Maria Sharapova, Marc Andreessen, Neil Gaiman, Neil de Grasse Tyson, Jocko Willink, Daniel Ek, Kelly Slater, Dr. Peter Attia, Seth Godin, Howard Marks, Dr. Brené Brown, Eric Schmidt, Michael Lewis, Joe Gebbia, Michael Pollan, Dr. Jordan Peterson, Vince Vaughn, Brian Koppelman, Ramit Sethi, Dax Shepard, Tony Robbins, Jim Dethmer, Dan Harris, Ray Dalio, Naval Ravikant, Vitalik Buterin, Elizabeth Lesser, Amanda Palmer, Katie Haun, Sir Richard Branson, Chuck Palahniuk, Arianna Huffington, Reid Hoffman, Bill Burr, Whitney Cummings, Rick Rubin, Dr. Vivek Murthy, Darren Aronofsky, and many more. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Brad Feld

Managing Director

Foundry GroupFoundryTechstars

Brad Feld is Managing Director @ Foundry Group, one of the most successful venture firms of the last decade with a portfolio that includes the likes of Zynga, Fitbit, SendGrid and many more incredible companies. Prior to co-founding Foundry Group, he co-founded Mobius Venture Capital and, prior to that, founded Intensity Ventures. Brad is also a co-founder of Techstars, the worldwide network of entrepreneurs in 150 countries and 300,000 alumni. Brad is also the co-author of the incredible, Venture Deals, for your chance to win a signed copy email venturedeals@foundrygroup.com with the code "First Episode". In Today's Episode You Will Learn: 1.) How Brad made his way into the world of venture following 40 angel checks and how that led to his co-founding Foundry Group? Why did Brad find the transition from angel to VC in the early days such a challenge? What 2 core things did he focus on when writing angel checks? How has that changed now as a VC? 2.) How did seeing the boom and bust of the dot com impact Brad's investing mindset today? How does Brad think about investing through market cycles and the right way to think about investment cadence? Why does Brad believe that to be successful as a VC you have to be fundamentally optimistic? 3.) Where does Brad believe we are today in the cycle? Does he agree with Bill Gurley on the biggest challenge being the "oversupply of capital"? What must entrepreneurs understand with regards to market cycle dynamics and how they can and need to future-proof their business? 4.) From analysing his best investments, why has Brad come to the conclusion that TAM in the early days is really not helpful? What are the commonalities in how Brad's most successful companies approach experimentation? 5.) What does Brad mean when he says, "don't have fake CEO or fake VC days"? What does he mean when he often says, "run your fucking business"? What in Brad's mind would constitute a "fake day" vs moving the needle for your business? What does Brad think is the best way for VCs to truly get to know one another? Why is, "hey let's do a deal together one of the most hollow and fake statements in venture?" 6.) Brad has sat on some of the most meaningful boards of the last 2 decades, what have been Brad's biggest learnings on what it takes to be a great board member? How does that change with the progression of your career? What advice would Brad give to me, having just gained my first board seat? If the VC does not support the CEO, what is the right process? Why does Brad believe the VC should work for the CEO? 7.) What is Brad's biggest advice when it comes to learning how to say no? What advice does Brad hear most often that he commonly disagrees with? Why does Brad feel we are in a moment of peak noise in the ecosystem today? To be a great leader, what 2 skills does Brad believe you need to have? Items Mentioned In Today's Show: Brad's Fave Book: Reboot: Leadership and the Art of Growing Up by Jerry Colonna, The Moment of Lift: How Empowering Women Changes the World by Melinda Gates Brad's Most Recent Investment: Boundless As always you can follow Harry, The Twenty Minute VC and Brad on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.

Brad Feld

Managing Director

Foundry GroupFoundryTechstars

Brad Feld is one of the world's leading VCs having Co-Founded Foundry Group, Brad has made investments in the likes of Zynga, Makerbot and Fitbit, just to name a few. Brad is also Co-Founder of Techstars, one of the world's most prominent startup accelerators, whose portfolio companies have raised over $1.3bn in funding. If that wasn't enough Brad is also a best selling author having co-authoured Venture Deals: Be Smarter Than Your Lawyer and VC and Startup Communities: Building An Entrepreneurial Ecosystem In Your Community. In Today's Episode You Will Learn: How Brad made his way into the world of VC and came to found Foundry Group? Brad has previously stated that companies can be segmented into 3 different core components? What does he mean by this? How can startups be structured internally for scalability? Why does Brad hate the word culture? How should culture be viewed and approach internally within startups? How has Brad seen his personal development with regards to being a board member? What has he got better at? What does he believe makes a great board member? Why is CAC the easiest metric to game in SaaS? How should the CAC/LTV ratio be approached? How can entrepreneurs use this to attract VC investment? If you would like to find out more about the show and the guests presented, you can follow us on Twitter here: Jason Lemkin Harry Stebbings SaaStr Brad Feld If you have a digital product, whether it's mobile or web, Amplitude's product analytics helps you understand what your users are doing, iterate and ship product faster, and drive metrics like engagement and retention. To learn how you can use analytics to build a sticky product that grows your business, get your free copy of the Product Analytics Playbook from Amplitude. This 155-page book (with worksheets) will help you develop a comprehensive retention strategy for your product — just click here to download. User education is one of the most powerful ways to increase engagement and retention at scale, yet is often put in the too hard basket. Elevio is the platform that removes this burden, empowering your users to self-serve contextually relevant help via their support widget and embeddable elements, increasing retention and engagement, while reducing support load. Elevio even tells you what content to add or fix and why based on usage trends from your users. Preventing content rot, and increasing coverage, which we all know is an ongoing challenge. You can also integrate with your existing support stack for content, access to live-chat, support tickets and more. Use elevio for continuous user education with 20% off your first year at (elev dot I O / saastr) using coupon code GOHARRY

Brad Feld

Managing Director

Foundry GroupFoundryTechstars

Brad Feld is one of the world's leading VCs having Co-Founded Foundry Group, Brad has made investments in the likes of Zynga, Makerbot and Fitbit, just to name a few. Brad is also Co-Founder of Techstars, one of the world's most prominent startup accelerators, whose portfolio companies have raised over $1.3bn in funding. If that wasn't enough Brad is also a best selling author having co-authoured Venture Deals: Be Smarter Than Your Lawyer and VC and Startup Communities: Building An Entrepreneurial Ecosystem In Your Community. In Today's Episode You Will Learn: How Brad made his way into the world of VC and came to found Foundry Group? Brad has previously stated that companies can be segmented into 3 different core components? What does he mean by this? How can startups be structured internally for scalability? Why does Brad hate the word culture? How should culture be viewed and approach internally within startups? How has Brad seen his personal development with regards to being a board member? What has he got better at? What does he believe makes a great board member? Why is CAC the easiest metric to game in SaaS? How should the CAC/LTV ratio be approached? How can entrepreneurs use this to attract VC investment? If you would like to find out more about the show and the guests presented, you can follow us on Twitter here: Jason Lemkin Harry Stebbings SaaStr Brad Feld

Brad Feld

Managing Director

Foundry GroupFoundryTechstars

Ryan McIntyre is a Co-Founder @ Foundry Group, one of the leading VC funds of the last decade with investments in the likes of Fitbit, SendGrid and Makerbot. Prior to Foundry, Ryan started his career in VC at Mobius Venture Capital in January 2000. While at Mobius Venture Capital, Ryan led the firm's investments in Postini (acq. GOOG) and Sling Media (acq. DISH). Prior to Mobius, Ryan co-founded Excite in 1993, which went public in 1996 and later became Excite@Home following the $6.7 billion merger of Excite and @Home in 1999. At the time this acquisition was the largest internet transaction to date and created a company that achieved peak revenues of $616 million in 2000. In Today's Episode You Will Learn: 1.) How Ryan made his way into the wonderful world of VC and came to co-found Foundry? 2.) At what moment did Ryan realise that he wanted to be a VC rather than his previous life of an entrepreneur? What was the catalyst moment for Ryan? 3.) What does the investment decision making process look like @ Foundry Group? What are the benefits and challenges of implementing such a model? 4.) What are the fundamentals to creating a successful venture partnership? How important is differing skill sets and contrarian thinking? 5.) What makes the great board members to Ryan? How has Ryan seen his style of being a board member alter over the time he has been on boards? Items Mentioned In Today's Show: Ryan's Fave Book: Dune by Frank Herbert Investment Ryan Is Most Excited By: Sendgrid As always you can follow Harry, The Twenty Minute VC and Ryan on Twitter here! Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC. Intercom is the first to bring messaging products for marketing and customer support together on one integrated platform. With Intercom, businesses can chat directly with prospective customers on their website, engage current users with targeted messages based on their behavior, and provide personal support at scale with an integrated help desk and knowledge base. This is perfect for Businesses that want to help people visiting their website become customers. Marketing and growth teams that want to onboard and retain users by sending the right messages at the right time and Support teams that want to move beyond email to provide personalized, scalable support so simply head over to Intercom.com/20MVC Cooley are the global law firm built around startups and venture capital. Since forming the first venture fund in Silicon Valley, Cooley has formed more venture capital funds than any other law firm in the world, with 50+ years working with VCs. They help VCs form and manage funds, make investments and handle the myriad issues that arise through a fund's lifetime. So to learn more about the #1 most active law firm representing VC-backed companies going public. Head over to cooley.com and also at cooleygo.com.

Ryan McIntyre

Co-Founder

Foundry Group

Jason Mendelson is Co-Founder @ Foundry Group, one of the leading VC funds of the past decade with investments in the likes of Fitbit, SendGrid and Makerbot just to name a few. Prior to Foundry Jason co-founded SRS Acquiom, the largest merger and acquisition closing platform that completed over $200Bn in merger transactions. Prior to co-founding SRS, Jason was a Managing Director and General Counsel for Mobius Venture Capital, where he also acted as its chief administrative partner overseeing all operations of the firm. If this was not enough Jason is also the Co-Author, alongside Brad Feld, of the best-selling book, Venture Deals: How To Be Smarter Than Your Lawyer, a must read for all. In Today's Episode You Will Learn: 1.) How Jason made his way into the wonderful world of VC having been a lawyer? 2.) Why does Jason believe there is too much BS in VC? What does Jason think causes this opaqueness? How does he look to build a relationship of trust and clarity with his entrepreneurs? 3.) How has the rise of social media affected the transparency and BS element in VC and startups? How can entrepreneurs know when a VC is lying to them? What are the tells? 4.) Jason has previously said that some VC behaviour is 'rather narcissistic'. What does he mean by this? How would he like to see this change in the future? 5.) How does Jason look to optimise board meetings? What are the expectations of both founders and VCs prior to board meetings when it comes to preparation? Items Mentioned In Today's Show: Jason's Fave Book: Atlas Shrugged Jason's Most Recent Investment: Borrowed and Blue As always you can follow Harry, The Twenty Minute VC and Jason on Twitter here! Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC. Intercom is the first to bring messaging products for marketing and customer support together on one integrated platform. With Intercom, businesses can chat directly with prospective customers on their website, engage current users with targeted messages based on their behavior, and provide personal support at scale with an integrated help desk and knowledge base. This is perfect for Businesses that want to help people visiting their website become customers. Marketing and growth teams that want to onboard and retain users by sending the right messages at the right time and Support teams that want to move beyond email to provide personalized, scalable support so simply head over to Intercom.com/20MVC Cooley are the global law firm built around startups and venture capital. Since forming the first venture fund in Silicon Valley, Cooley has formed more venture capital funds than any other law firm in the world, with 50+ years working with VCs. They help VCs form and manage funds, make investments and handle the myriad issues that arise through a fund's lifetime. So to learn more about the #1 most active law firm representing VC-backed companies going public. Head over to cooley.com and also at cooleygo.com.

Jason Mendelson

Co-Founder

Foundry Group

Lindel Eakman is a Managing Director @ Foundry Group and is a nationally recognized leader in the LP community having successfully managed the private investment program for the combined $35 billion pool of capital managed by the University of Texas Investment Management Company (UTIMCO). There he was responsible for overseeing a portfolio of private equity fund managers which represented approximately 25 percent of endowment assets. Prior to UTIMCO, Lindel worked for KPMG in the mergers & acquisitions tax practice where he worked with many fund managers across due diligence processes and private investment partnership activities. Check out Lindel's Partner @ Foundry, Brad Feld, on the show here. In Today's Episode You Will Learn: 1.) How Lindel made his way into the weird and wonderful world of LPs and then Foundry? What is the origin story behind is first fund investment, Union Square Ventures? 2.) Question from Michael Kim @ Cendana: How is Lindel approaching portfolio construction for Foundry Next? What combination of GP portfolio & direct exposure diversifies the portfolio while retaining upside through individual deal performance? 3.) With the direct co-investment platform how does Lindel look to mitigate the negative signalling that can occur with opportunity funds? Does Lindel agree with Chris Douvos in stating this could lead to the 'hybridisation of GP and LP'? 4.) Where do most prospective fund managers fail when pitching to LPs? What does Lindel look for in a risk strategy for a potential fund investment? 5.) What are the biggest problems with the LP community today? What would Lindel like to see change? What do the financial compensation plans look like for LPs? Items Mentioned In Today's Show: Lindel's Fave Book: The Creature from Jekyll Island, Daemon Lindel's Fave Blog or Newsletter: Reiley Brennan: Future of Transportation, Fred Wilson, Benedict Evans Lindel's Most Recent Investment: Resolute Ventures As always you can follow Harry, The Twenty Minute VC and Lindel on Twitter here! Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC. Angelloop is the leading post funding management platform for private market investors and their portfolio companies. They help investors manage and track their portfolio companies on the cloud while providing them with access to their investments performance data. Angelloop helps founders of startups track their performance, manage their cap table and keep their investors in the loop. Investors get free access while their portfolio companies pay only $49/Month. Use or share the promo-code 20MinVC to get your portfolio companies online with a two month trial. I'd like to thank Wealthfront for sponsoring today's podcast. Wealthfront are financial advisors that can help you invest your hard-earned dollars. Wealthfront's modern financial services helps tailor plans specifically for you, making it easy to reach your financial goals. Wealthfront has low fees and no trading commissions… It's financial advice at a fraction of the cost of a traditional advisor, all online. And if you sign up using my URL, you'll get your first $15,000 managed for free. Go to Wealthfront.com/20vc.

Lindel Eakman

Managing Director

Foundry Group

Brad is an incredibly successful investor, having founded the Techstars accelerator and Foundry group, and he's also also known as one of the kindest guys in the business. In this episode, we talk about how Brad rejects the term career, his principles of time management, why he doesn’t have kids, mental health and startups, romantic relationships, ego management, and much more. As one listener remarked, this episode is basically a how-to on life. Edited by @alexkontis

Brad Feld

Managing Director

Foundry GroupFoundryTechstars

Seth Levine is one of the most successful VCs on the planet having Co-Founded Foundry Group, Seth has made investments in the likes of Fitbit (IPO), Admeld (acquired by Google), Zynga (IPO) and Gnip (acquired by Twitter). The Foundry Group now has 5 funds, 4 early stage and 1 growth fund, totalling over $1bn in assets. Prior to Foundry Group, Seth started his career in venture with Mobius Venture Capital and lead the IPO of FirstWorld in 2000. Seth writes an awesome blog on technology, venture capital and colorado at www.sethlevine.com. If you enjoyed today's show, share the love on Twitter by clicking here! In Today's Show You Will Learn: 1.) Where it all started for Seth and how he made his move into the technology and venture industry? 2.) Question from James Altucher: Do you have to be in Silicon Valley to get the best access to deal flow? 3.) How has Foundry group developed since 2006 as VC firm? 4.) Why are all funds raised by Foundry the same, $225m? How is VC fundraising the same as startup fundraising? 5.) Question from Elizabeth Kraus: How does Seth stay motivated having enjoyed so much financial success with Foundry Group? 6.) What areas of tech is Seth most excited about? Items Mentioned In Today's Show: Most Used Apps: Slack, Voxer, DarkSky Seth's Fave Book: The Old Man and The Sea by Ernest Hemingway Seth's Fave Blog or Newsletter: Hidden Brain Seth Most Recent Investment: Sourcepoint As always you can follow Harry, The Twenty Minute VC, Seth and Foundry Group on Twitter here! For a more colourful view of Harry's world and maybe a few mojito sessions, check out Harry's Instagram here!

Seth Levine

Co-Founder

Foundry Group

Brad Feld is one of the world's leading VCs having Co-Founded Foundry Group, Brad has made investments in the likes of Zynga, Makerbot and Fitbit, just to name a few. Brad is also Co-Founder of Techstars, one of the world's most prominent startup accelerators, whose portfolio companies have raised over $1.3bn in funding. If that wasn't enough Brad is also a best selling author having co-athoured Venture Deals: Be Smarter Than Your Lawyer and VC, alongside Dick Costolo and Startup Communities: Building An Entrepreneurial Ecosystem In Your Community. In addition to his investing and writing, Brad has been active with several non-profit organizations and currently is chair of the National Center for Women & Information Technology and co-chair of Startup Colorado. Brad is a nationally recognized speaker on the topics of venture capital investing and entrepreneurship and writes the widely read blogs Feld Thoughts, Startup Revolution, and Ask the VC. In Today's Episode You Will Learn: 1.) How Brad made his move from entrepreneurship to VC and later co-founding, The Foundry Group. 2.) Does Brad agree with the view that it is important for entrepreneurs to fail? 3.) Why did Brad turn Fitbit down on 1st opportunity and what changed the 2nd time? 4.) What gets Brad excited in a startup? What areas are Brad most interested in? 5.) What is the main characteristic that makes the Foundry Group the huge success it is? Items Mentioned In Today's Episode: Brad's Fave Business Books: 1.) Zen And The Art Of Motorcycle Maintenance by Robert Pirsig 2.) Hot Seat by Dan Shapiro Brad's Fave Blog or Newsletter: Fred Wilson's Blog, Dan Primack: TermSheet, MatterMark Daily Brad's Most Recent Investments: GlowForge: The 3D Laser Printer, Sphero As always you can follow Harry, The Twenty Minute VC, Brad and Foundry Group on Twitter here!

Brad Feld

Managing Director

Foundry GroupFoundryTechstars

Why do so many-government led efforts to build the next "Silicon Valley" in one geography or another fail? Is it misguided to even try? But then what does make such innovation clusters work? In this segment of the pod a trio of expert guests -- AnnaLee Saxenian, Dean of the UC Berkeley School of Information and a longtime researcher/observer of regional competitive advantage; VC Brad Feld and writer on startup communities; and entrepreneur and investor Christopher Schroeder, who covers startups rising in the Middle East and most recently wrote about the tech phenomenon in Iran -- tackle the question of how innovation ecosystems grow. The discussion delves into how innovation is being spurred differently (or stifled) in places like China and Iran; whether there are cultural differences in attitudes for failure or about entrepreneurship; and if regulatory arbitrage is one way for regions to get ahead. Stay Updated: Find a16z on YouTube: YouTube Find a16z on X Find a16z on LinkedIn Listen to the a16z Show on Spotify Listen to the a16z Show on Apple Podcasts Follow our host: https://twitter.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

AnnaLee Saxenian

Dean

UC Berkeley School of Information

Brad Feld

Managing Director

Foundry GroupFoundryTechstars

Christopher Schroeder

Entrepreneur and Investor