Venture Deals 3rd Edition Available via Kindle Matchbook

If you have purchased the hardcopy edition of Venture Deals 3rd Edition, you can now buy the Kindle version also for $2.99 via the Amazon Kindle Matchbook program.

Jason and I have been asking our publisher (Wiley) for this for a while and we are psyched they’ve agreed to it. It came about after a number of you asked us if we were going to do this, so thanks to y’all for pushing us on it.

Relationships Are 100/100, Not 50/50

In a vox with my partner Seth recently, he said something that stuck with me.

“Relationships are 100/100, not 50/50.”

He was referring to a business dynamic between two people, but it applies to any relationship and any number of people.

It’s a simple idea, but a great one. When I consider my relationship with Amy, it’s 100/100. Sure, we have plenty of conflicts, but we are both 100% all in on the relationship.

When I consider my relationship with my partners, it’s 100/100. We refer to our relationship as one of business love. We communicate with brutal honesty delivered kindly. We argue, disagree, and get frustrated with each other. But we own our actions – good and bad. And we learn and evolve together.

We are best friends. Our relationship is 100/100.

When I talk about my relationships with a CEO in a company that I’m an investor in, I describe it as one where I only ever want to make one decision, which is whether or not I support her. As long as I do, I work for her. If I don’t, it’s my job to do something about it, which does not necessarily mean “fire her,” but instead try to get back to a place where I support here. Again, I’m all in on the relationship, and I expect it to be 100/100.

Thanks Seth for the concept. I hope never again to say “relationships are 50/50.”

Through the Looking Glass

He took his vorpal sword in hand:
Long time the manxome foe he sought —
So rested he by the Tumtum tree,
And stood awhile in thought.

– from Lewis Carroll, Jabberwocky

Jabberwocky and the vorpal sword always makes me think of Princess Leia saying “Help me Obi-Wan Kenobi you’re my only hope.”

One, two! One, two! And through and through
The vorpal blade went snicker-snack!
He left it dead, and with its head
He went galumphing back.

I can almost see Obi-Wan swinging his lightsaber.

It delights me that we’ve invested in a company called Looking Glass who is making their own version of a vorpal sword.

Well, ok, it’s a volumetric display. But we’ll get there …

We’ve been investing in stuff around 3D since we started Foundry Group in 2007. Our first 3D-related investment was Oblong, which has reinvented the way we engage with computers (which we call infopresence) through the use of their 3D spatial operating system called g-speak and their collaboration product Mezzanine.

Well before the current generation of VR/AR/MR/XR/whateverR came about, we focused our attention and investing in the notion of a radical change in human computer interaction (HCI). We believed that in 2007 we were at the beginning of a 30+ year shift that would make the WIMP interface, which emerged in the early 1980s and was dominant in 2007, look and feel punch-card archaic in the future.

While we dig the moniker XR (for extended reality), we are much more interested in, well, reality. Our investments in 3D printing, first with MakerBot (the first successful consumer 3D printer) and now with Formlabs and Glowforge, cross the boundary between designing in 3D and making physical things. Our investment in Occipital has changed how we, and many others, think about 3D inputs and what to do with them. And life wouldn’t be much fun if you couldn’t play Rock Band in 3D, so Harmonix has you covered there.

So, why Looking Glass? After Stratasys acquired MakerBot for over $400m in 2013, we didn’t pay much attention to 3D printing for a few years. But, in 2015, when we invested in Glowforge, we realized that we had only begun to play out physical interaction with 3D. The industrial laser cutter market presented the same opportunity as the industrial 3D printer market, and hence our investment in the first 3D Laser Printer.

In 2016, when we invested in Formlabs, we had another insight that was reinforced by one of the ubiquitous Gartner Hype Cycle graphs. I think it speaks for itself.

null

We are now enjoying market leadership during the plateau of productivity.

One day, I was in Jeff Clavier’s office at SoftTech VC in San Francisco. He made me sit down with Shawn Frayne, the CEO of Looking Glass. Thirty minutes later, I called John Underkoffler, the CEO of Oblong, and said “John, I finally saw what you were trying to create with your holographic camera.”

Did I mention that John was one of the inventors, in 1990, of the holographic camera?

And, as a bonus, the physical camera, which for over 20 years lived in the basement of my close friend Warren Katz’s house, now lives in my Carriage House in Longmont. It’s in several pieces, but that’s a detail that some day John will remedy.

It was an easy decision to invest in Looking Glass.

`Twas brillig, and the slithy toves
Did gyre and gimble in the wabe;
All mimsy were the borogoves,
And the mome raths outgrabe.

Back From Vacation

Amy and I just took a two-week vacation. We were mostly off the grid, to the extent we could be given several things we were working on together. We hid from the world, caught our breath, and regrouped.

I often get asked what my rhythm is on a vacation like this. It’s simple – I have no rhythm or schedule. My days are organized around waking up when I feel like it and going to bed when I’m tired. When I look at my Fitbit sleep data, I got at least nine hours of sleep every day. My resting heart rate was 62 at the beginning of the month (down from 69 when I declared a travel moratorium) and is 57 today.

I do have a few things I do each day. I meditate first thing for 20 minutes. Amy and I three meals together. I exercise, which on this trip included ramping up my running nicely. I take an afternoon nap. And I try to read at least once book a day.

We have a few friends living near where we are hiding so we have had some fun dinners together. We went and saw the movie Logan in the middle of the day and walked around a shopping mall for a few hours. We thought about going to a sporting event but never managed to pull it off. And we’ve watched zero TV.

Usually, we take a week off the grid each quarter. This time I felt like I needed more, so we took two weeks. I’m glad I did.

The Magic of Dealing With Your Demons

Jessi Hempel from Backchannel just wrote an amazing profile piece on my close friend Jerry Colonna. It’s titled This Man Makes Founders CryMedium estimates that it’s an 18 minute read and I assert that it’s worth every minute.

Jerry Contemplating Something

I’ve known and worked with Jerry since 1996. I now get to call him my neighbor as he moved from New York to Boulder a few years ago. If you want a taste of our relationship, I’ve written a lot about him over the years. Following are a few recent ones.

There are a few people other than Amy and my family who I love. For example, I love my partners. I love Len Fassler, who remains to this day my most influential mentor. And I love Jerry.

There are many choice quotes in the article, but to give you a taste, here are a few.

  • “Jerry?” he responds. “That guy saved my life.” – Bart Lorang, FullContact CEO
  • “There was this moment where you admitted to each other that you were working with him. It’s not an official thing, but there is this almost secret society of people who’ve been coached by Jerry.” – Chad Dickerson, Etsy CEO
  • “Campbell had a testosterone-infused Silicon Valley kind of model. Jerry’s model is more Buddhism and less football.” – Fred Wilson, USV partner
  • “There are a lot of people you can go to who will teach you to be a better manager. Jerry understands the psychology of leadership.” – Alexander Ljung, Soundcloud CEO 
  • “Until we make the unconscious conscious, we will be dictated by it and call it fate.” – Jerry quoting Jung
  • “The Reboot team possesses an otherworldly talent for coaxing authenticity and truth out of people. They can even coax truths out of people who, like myself, have been lying to themselves for years.” – Jacob Chapman Gelt VC partner
  • “Life sucks and it’s okay. Life is great, and it’s okay. Life goes up and it’s okay; life goes down and it’s okay. If we can instill a sense of resilience in people, we mitigate suffering.” – Jerry

Go read the entire article on Jerry. And, if you want more, go listen to the Reboot podcast.