Last night I went to a "Facebook For Dummies" book signing party at Curtis Feeny's house in Woodside after a full day of coaching. Curtis, who is a GP at Voyager Capital during the day, has been one of my most influential advisers for my company for the past 4 years. His son's girlfriend, Carolyn Abram co-authored the book with her co-worker, Leah Pearlman; Carolyn is a"writer-in-residence" and Leah is a product manager, both at Facebook.
Am I writing this post to encourage you to buy their book? Absolutely!
But, I also found it interesting that the enthusiasts that stood in line to get their books signed were noticeably "older" people (35 to 65), though there were many in their teens and 20's that attended -- we all sat up front... ;-) What does that say about the cultural dynamics in the Silicon Valley today? Are we -- the "older" generation -- fascinated with innovation created by the younger generation? Did you think only Hollywood was fascinated by youth? Are we as a collective more technologically-aware today, that we can honor these successful young technology entrepreneurs, rather than being threatened by their potential takeover of our business landscape similarly to 1999?
To take it a step further into my world, the questions is: Is it hip again to invest in young entrepreneurs who were somewhat pushed under the table for some years after the burst of the Internet bubble in 2000? If I were a betting person, I would lean on the yes answer vs. the no -- especially young founders raising capital particularly at the Series A.
For a while there, it seemed that the young entrepreneurs were apologizing for coming up with brilliant innovation because they didn't have experience. Though this is not a conclusion, but rather an observation from the deal flow I receive on a daily basis -- consumer Internet services deals are often founded by the younger generation, and that segment continues to be one of the flavors of the month in the Silicon Valley.
Friday, March 14, 2008
Tuesday, March 4, 2008
Do you really create your own luck?
Today, I'm diverting from my usual Profile of a startup or a VC. I'm blogging about my thoughts, and it's somewhat extensive.
I have a client who just got funded after 5+ years of total focus and perseverance. It is all worth it for him now that funding has been achieved, and he is ready to rock'n roll. The timing was critical. If he had not received substantial funding for his company by end of 2007, his wife may have kicked him out the door to find a "real job" come January 1, 2008.
Most people I meet in my line of work are those I consider to be in the 99th percentile of intelligence in the US -- if not the world; 99th percentile in their ability to focus, and 99th percentile in their ability to execute... and yet they do not realize their goal. What is the success factor that these people are "missing"?
Many successful entrepreneurs I personally know admit that their friends worked harder, pushed themselves harder, focused better, executed better, but had bad "luck". They, on the other had had good luck. They were at the right place at the right time. The market was ripe for their product. Many will tell you, "it was luck".
Some would argue that you make your own luck. Others would argue that timing is not luck. I say timing is luck, and you don't make your own luck. That is an oxymoron. Luck is chance. If there is truly a formula to make "luck", everyone would be making this thing called "luck" and making a fortune.
From my experience coaching entrepreneurs through their fundraising process and beyond for over six years in the Silicon Valley, I'm taking the liberty to characterize successful entrepreneurs into three categories: 1) entrepreneurs who have "star power", 2) entrepreneurs who people genuinely want to help, and 3) entrepreneurs who are relentless and keep jumping and finding their safety net. The combination of these characteristics give you a better chance (a.k.a. "luck") of achieving your goals.
Let's start with entrepreneurs who have star power. This is merely a discussion, not even an opinion -- but, take it as you will. How does one have star power? Is it an innate talent? For some, yes. Can you develop charisma? I say yes. Many individuals that have star power today have forced themselves out there in very vulnerable positions again, and again, and again. You mean they practiced? Absolutely! Why do you think serial entrepreneurs that have been successful before are sought out by investors to fund their next gig? They've gotten more practice time.
One of my favorite movies is "Out of Africa" where Meryl Streep plays a lonely woman named Karen who married for the security of having a man, such as he was, in her life. One quote I took to heart many year back was when Dennis, her lover came to visit her for the last time in her house in Africa, she said something like this, "when I think I can't go one more step, I take that step. And when I do, I feel like I can do anything."
When I started Right-Hand Partners back in 2001, I was so afraid of public speaking. I intuitively knew that I needed to learn to comfortably speak in front of a large group of people in order to grow as an entrepreneur and build my company. So, I forced myself to moderate panels, MC my own events and conferences, and put myself out there where I felt most vulnerable. And, I'm still practicing. :-)
So, practice makes perfect? Not really... no one is perfect, and no one can be at their strength all the time. For the sake of "discussion", let's just say that for some reason, God won't allow it.
So, there is the other category of entrepreneurs that people genuinely want to help. Are you sure there aren't just Samaritans in this world that help those they don't really want to help? Sure there are such people.
And, there are entrepreneurs that people genuinely want to help. I talk about this often with venture capitalists. When I'm asked by VCs about what I think of individual entrepreneurs, I've found myself describing several as "entrepreneurs who you want to help." And, the VCs begin to reach inward to find their nurturing emotion within their complex stack of personalities to reach out to these entrepreneurs. So, what innate "something, something" do these entrepreneurs have that make grown left brained men want to genuinely nurture them? It comes down to being "likable", and having someone like me, willing to say how "likable" they are. When do I describe an entrepreneur as "likable"? When they are coachable, considerate, and respectful of my time -- all sum up to the essential skill of listening. Listen, and you will be heard.
Lastly but no least, entrepreneurs who are relentless and keep jumping and finding their safety net. We all respect these people. How do they do that? What does it take to keep jumping off of cliffs into what people around them describe as "never never land". VCs tend to view entrepreneurs who invest north of $500K of their own money into their startup, and will give major brownie points to entrepreneurs who have made that $500K investment last over a year with products in production and $500K in realized revenue. Is that the bar to attain Series A financing today? Perhaps not..but, it helps! There is a quote I love written by Cadet Maxim that reads like this: "Risk more than others think is safe. Care more than others think is wise. Dream more than others think is practical. Expect more than others think is possible." I believe these entrepreneurs live by these "signature rules".
So, the entrepreneur that I talked about at the beginning of this blog is an entrepreneur who people genuinely want to help, and he is also an entrepreneur who keeps jumping and finding a safety net. And, he's well on his way to reaching his goals!
Thank you for reading this unusually long post! The post is now open for discussion. If you are an entrepreneur, tell us which category or categories you think you fit into as an entrepreneur? Do you think there is a formula to creating your own luck? If so, what is it?
Our Sponsors: Fenwick & West & Softjourn Send them business!
I have a client who just got funded after 5+ years of total focus and perseverance. It is all worth it for him now that funding has been achieved, and he is ready to rock'n roll. The timing was critical. If he had not received substantial funding for his company by end of 2007, his wife may have kicked him out the door to find a "real job" come January 1, 2008.
Most people I meet in my line of work are those I consider to be in the 99th percentile of intelligence in the US -- if not the world; 99th percentile in their ability to focus, and 99th percentile in their ability to execute... and yet they do not realize their goal. What is the success factor that these people are "missing"?
Many successful entrepreneurs I personally know admit that their friends worked harder, pushed themselves harder, focused better, executed better, but had bad "luck". They, on the other had had good luck. They were at the right place at the right time. The market was ripe for their product. Many will tell you, "it was luck".
Some would argue that you make your own luck. Others would argue that timing is not luck. I say timing is luck, and you don't make your own luck. That is an oxymoron. Luck is chance. If there is truly a formula to make "luck", everyone would be making this thing called "luck" and making a fortune.
From my experience coaching entrepreneurs through their fundraising process and beyond for over six years in the Silicon Valley, I'm taking the liberty to characterize successful entrepreneurs into three categories: 1) entrepreneurs who have "star power", 2) entrepreneurs who people genuinely want to help, and 3) entrepreneurs who are relentless and keep jumping and finding their safety net. The combination of these characteristics give you a better chance (a.k.a. "luck") of achieving your goals.
Let's start with entrepreneurs who have star power. This is merely a discussion, not even an opinion -- but, take it as you will. How does one have star power? Is it an innate talent? For some, yes. Can you develop charisma? I say yes. Many individuals that have star power today have forced themselves out there in very vulnerable positions again, and again, and again. You mean they practiced? Absolutely! Why do you think serial entrepreneurs that have been successful before are sought out by investors to fund their next gig? They've gotten more practice time.
One of my favorite movies is "Out of Africa" where Meryl Streep plays a lonely woman named Karen who married for the security of having a man, such as he was, in her life. One quote I took to heart many year back was when Dennis, her lover came to visit her for the last time in her house in Africa, she said something like this, "when I think I can't go one more step, I take that step. And when I do, I feel like I can do anything."
When I started Right-Hand Partners back in 2001, I was so afraid of public speaking. I intuitively knew that I needed to learn to comfortably speak in front of a large group of people in order to grow as an entrepreneur and build my company. So, I forced myself to moderate panels, MC my own events and conferences, and put myself out there where I felt most vulnerable. And, I'm still practicing. :-)
So, practice makes perfect? Not really... no one is perfect, and no one can be at their strength all the time. For the sake of "discussion", let's just say that for some reason, God won't allow it.
So, there is the other category of entrepreneurs that people genuinely want to help. Are you sure there aren't just Samaritans in this world that help those they don't really want to help? Sure there are such people.
And, there are entrepreneurs that people genuinely want to help. I talk about this often with venture capitalists. When I'm asked by VCs about what I think of individual entrepreneurs, I've found myself describing several as "entrepreneurs who you want to help." And, the VCs begin to reach inward to find their nurturing emotion within their complex stack of personalities to reach out to these entrepreneurs. So, what innate "something, something" do these entrepreneurs have that make grown left brained men want to genuinely nurture them? It comes down to being "likable", and having someone like me, willing to say how "likable" they are. When do I describe an entrepreneur as "likable"? When they are coachable, considerate, and respectful of my time -- all sum up to the essential skill of listening. Listen, and you will be heard.
Lastly but no least, entrepreneurs who are relentless and keep jumping and finding their safety net. We all respect these people. How do they do that? What does it take to keep jumping off of cliffs into what people around them describe as "never never land". VCs tend to view entrepreneurs who invest north of $500K of their own money into their startup, and will give major brownie points to entrepreneurs who have made that $500K investment last over a year with products in production and $500K in realized revenue. Is that the bar to attain Series A financing today? Perhaps not..but, it helps! There is a quote I love written by Cadet Maxim that reads like this: "Risk more than others think is safe. Care more than others think is wise. Dream more than others think is practical. Expect more than others think is possible." I believe these entrepreneurs live by these "signature rules".
So, the entrepreneur that I talked about at the beginning of this blog is an entrepreneur who people genuinely want to help, and he is also an entrepreneur who keeps jumping and finding a safety net. And, he's well on his way to reaching his goals!
Thank you for reading this unusually long post! The post is now open for discussion. If you are an entrepreneur, tell us which category or categories you think you fit into as an entrepreneur? Do you think there is a formula to creating your own luck? If so, what is it?
Our Sponsors: Fenwick & West & Softjourn Send them business!
Tuesday, February 26, 2008
Yodio
I met Clay Loges when he applied and presented at RHP's Visibility Conference last year. I find it fascinating that he founded the first 10-minute oil change business (now Jiffy Lube) in WA and CA, and then morphed himself into a technology entrepreneur. How did he do that?
That is truly the spirit of the valley -- everything is possible!
The one thing I like very much about Clay is that he has no ego; he doesn't leave anyone out. He considers himself to be a "co-founder", and his assistant the other "co-founder". I don't think I've met a team of co-founders with that combination before.
Yodio's biggest competitor is Goldmail. Their one huge limitation is the requirement of a microphone on your computer to be able to record and share, whereas Yodio targets a bigger market allowing users to call in from any cell phone anytime, anywhere.
Most importantly, Yodio incorporates advertising via sponsorship -- so their charges are distribution oriented. According to Clay, "GoldMail and other voice recording shops view themselves as "producers", and they base their fees on access and usage. We view this as the old recording studio model which is challenged today by new technologies."
You are welcome to post your own thoughts, experiences, and knowledge about this topic of the audio publishing of personalized content market। I look forward to your comments!
Our Sponsors: Fenwick & West & Softjourn Send them business!
That is truly the spirit of the valley -- everything is possible!
The one thing I like very much about Clay is that he has no ego; he doesn't leave anyone out. He considers himself to be a "co-founder", and his assistant the other "co-founder". I don't think I've met a team of co-founders with that combination before.
Yodio's biggest competitor is Goldmail. Their one huge limitation is the requirement of a microphone on your computer to be able to record and share, whereas Yodio targets a bigger market allowing users to call in from any cell phone anytime, anywhere.
Most importantly, Yodio incorporates advertising via sponsorship -- so their charges are distribution oriented. According to Clay, "GoldMail and other voice recording shops view themselves as "producers", and they base their fees on access and usage. We view this as the old recording studio model which is challenged today by new technologies."
You are welcome to post your own thoughts, experiences, and knowledge about this topic of the audio publishing of personalized content market। I look forward to your comments!
Our Sponsors: Fenwick & West & Softjourn Send them business!
Tuesday, February 19, 2008
VC Profiles: Brian Wilcove, Partner at Sofinnova Ventures
I first met Brian when he was at Telesoft Partners. I was introduced to him by my friend Chris Melching. He took the time to meet with me for coffee back then, and reconnected in 2007 at Sofinnova Ventures.
Brian is one of the kindest and most down to earth venture capitalists I know in the Silicon Valley. I found out recently that he is also a very trusting soul. He told me one day in December that he was starting to come down with something and he had a scratchy throat. I gave him drugs that he had never heard of, and with a name I can't pronounce -- "Oscillococcinum" -- and he took it without questioning my motivation! Not to worry, it's a more expensive and potent herbal drug that works like the popular "Airborne" that you can buy at any drug store.
I really like Brian's style of working with people -- friendly, humble, and respectful. I think any startup would be lucky to work in partnership with Brian.
BTW, did you know that Sofinnova Ventures invests in companies that are currently or in the future doing business in Europe, particularly France? This is what they say right on their "Our History" page: "...an early-stage VC firm that would use its unique European background and contacts to bring value to its U.S. investments." (http://www.sofinnova.com/html/phil_history.htm).
You are welcome to post your own thoughts, experiences, and knowledge regarding the subject of this post। I look forward to your comments!
Our Sponsors: Fenwick & West & Softjourn Send them business!
Brian is one of the kindest and most down to earth venture capitalists I know in the Silicon Valley. I found out recently that he is also a very trusting soul. He told me one day in December that he was starting to come down with something and he had a scratchy throat. I gave him drugs that he had never heard of, and with a name I can't pronounce -- "Oscillococcinum" -- and he took it without questioning my motivation! Not to worry, it's a more expensive and potent herbal drug that works like the popular "Airborne" that you can buy at any drug store.
I really like Brian's style of working with people -- friendly, humble, and respectful. I think any startup would be lucky to work in partnership with Brian.
BTW, did you know that Sofinnova Ventures invests in companies that are currently or in the future doing business in Europe, particularly France? This is what they say right on their "Our History" page: "...an early-stage VC firm that would use its unique European background and contacts to bring value to its U.S. investments." (http://www.sofinnova.com/html/phil_history.htm).
You are welcome to post your own thoughts, experiences, and knowledge regarding the subject of this post। I look forward to your comments!
Our Sponsors: Fenwick & West & Softjourn Send them business!
Wednesday, February 6, 2008
DJ Nitrogen Inc.
I first learned of DJ Nitrogen when they were introduced to me last October by Max Shapiro from PeopleConnect, a recruiting firm in the Silicon Valley. I heard what they were about and became fascinated by their business model right away.
Their disruptive business model currently focused on the 10-yrs old gimmicks-stricken ringtone market is taking historical leaders in this market by surprise. But, they are no maverick. Their so-called competitors will soon private label their Ringtone Lab(TM) application powered by DJ Nitrogen to become distribution partners.
From what I can gather, their biggest competitor is PhoneZoo, an ad based online mobile content sharing site with a tool to create simple ringtones, where members can rate, comment on, and download each others' ringtones. The key differences I want to focus on are: 1) DJ Nitrogen is a mobile content collaboration platform and new applications like Mobile Video Lab(TM) will be built upon it; 2) DJ Nitrogen's technology can be embedded in media players, music stores, etc.; and 3) DJ Nitrogen's Ringtone Lab can view the MP3s in your music library to ensure that you actually own a copy of the music you are about to use to create your ringtone.
Their similarities include easy to use ringtone creation tools as well as the fact that, that is only one small component of both business models.
You are welcome to post your own thoughts, experiences, and knowledge about this topic of the ringtone market or more importantly, mobile content collaboration. I look forward to your comments!
Our Sponsors: Fenwick & West & Softjourn Send them business!
Their disruptive business model currently focused on the 10-yrs old gimmicks-stricken ringtone market is taking historical leaders in this market by surprise. But, they are no maverick. Their so-called competitors will soon private label their Ringtone Lab(TM) application powered by DJ Nitrogen to become distribution partners.
From what I can gather, their biggest competitor is PhoneZoo, an ad based online mobile content sharing site with a tool to create simple ringtones, where members can rate, comment on, and download each others' ringtones. The key differences I want to focus on are: 1) DJ Nitrogen is a mobile content collaboration platform and new applications like Mobile Video Lab(TM) will be built upon it; 2) DJ Nitrogen's technology can be embedded in media players, music stores, etc.; and 3) DJ Nitrogen's Ringtone Lab can view the MP3s in your music library to ensure that you actually own a copy of the music you are about to use to create your ringtone.
Their similarities include easy to use ringtone creation tools as well as the fact that, that is only one small component of both business models.
You are welcome to post your own thoughts, experiences, and knowledge about this topic of the ringtone market or more importantly, mobile content collaboration. I look forward to your comments!
Our Sponsors: Fenwick & West & Softjourn Send them business!
Wednesday, October 31, 2007
Sproose
You are probably reading this blog because you clicked on the link on my Startup Profile e-newsletter. Thanks for clicking and reading my blog! My intention for this blog is to be a blog for the people in my Silicon Valley community including VCs, entrepreneurs, service providers, and anyone that is a fan of technology-based innovation.
I met Bob Pack and Stefan Groschupf two and half weeks ago when they came in for their 30-min "presentation auditions" to present at the November 2nd RHP Visibility Conference that I produced at Fenwick & West's office. They gave me their pitch, demonstrated their cool features, and reeled me in to register on their site. Their company Sproose, is the next generation user powered search.
There are others like Mahalo that also claim to be a user powered search engine. As you read in my Startup Profile e-newsletter, Sproose is a marriage between Internet search and social networking that empowers users to refine the search results, taking the ultimate power away from the computers and putting it back into the hands of humans. The more interaction and use of the one-click-vote by the users on Sproose, the more refined and targeted search results you can expect. Your opinions matter on Sproose.
You are welcome to post your own thoughts, experiences, and knowledge about this topic on Internet search. In fact, I hope you do!
Our Sponsors: Fenwick & West, MacCorkle Insurance Group, Softjourn, & Square 1 Bank. Send them business!
I met Bob Pack and Stefan Groschupf two and half weeks ago when they came in for their 30-min "presentation auditions" to present at the November 2nd RHP Visibility Conference that I produced at Fenwick & West's office. They gave me their pitch, demonstrated their cool features, and reeled me in to register on their site. Their company Sproose, is the next generation user powered search.
There are others like Mahalo that also claim to be a user powered search engine. As you read in my Startup Profile e-newsletter, Sproose is a marriage between Internet search and social networking that empowers users to refine the search results, taking the ultimate power away from the computers and putting it back into the hands of humans. The more interaction and use of the one-click-vote by the users on Sproose, the more refined and targeted search results you can expect. Your opinions matter on Sproose.
You are welcome to post your own thoughts, experiences, and knowledge about this topic on Internet search. In fact, I hope you do!
Our Sponsors: Fenwick & West, MacCorkle Insurance Group, Softjourn, & Square 1 Bank. Send them business!
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