Brad's Books and Organizations

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Hi, I’m Brad Feld, a managing director at the Foundry Group who lives in Boulder, Colorado. I invest in software and Internet companies around the US, run marathons and read a lot.

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Problem Solving Versus Empathy

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A classical relationship problem is the dichotomy between solving a problem and providing empathy. If you really want to understand this, spend two minutes and watch the awesome “It’s Not About The Nail” video below.

Amy and I have figured this out extremely well in our relationship. We talk about it in Startup Life: Surviving and Thriving in a Relationship with an Entrepreneur using the example of the scene from the movie White Men Can’t Jump to frame the situation.

There’s a delightful scene in the movie White Men Can’t Jump. In it, Billy Hoyle (played by Woody Harrelson) and Gloria Clemente (played by Rosie Perez) are in bed together. Gloria says to Billy, “Honey, I’m thirsty.” Billy gets up without saying word, goes to the kitchen, fills up a glass of water, brings it back to the bed, and gives it to Gloria. As Billy is crawling back into bed, Gloria tosses the water in his face. Startled, Billy says, “What?!” A long conversation ensues, which can be summarized as, “Honey, when I say I’m thirsty, I don’t want a glass of water. I want empathy. I want you to say, ‘I know what it’s like to be thirsty.’”

But this isn’t limited to personal relationships, or the difference between men and women (lots of men need empathy, even if they don’t know how to ask for it.) I see this all the time in my interaction with entrepreneurs and CEOs. I see it in the board room. And I see it in the way a CEO works with her leadership team.

The natural reaction in many of these cases is to immediately jump in and solve the problem. Granted, this is male-centric, as the ratio of men to women in these meetings at startups and entrepreneurial companies is very high. But it’s also CEO and entrepreneur-centric behavior; most CEOs and entrepreneurs are heat seeking problem solving missiles.

If you are an entrepreneur, CEO, or VC take a moment and think. Do you ever focus on “empathy” rather than “problem solving.” If you want to see an example of this in action, watch Jerry Colonna’s brilliant interview with Jason Calacanis. There’s a lot of incredible things on display in this interview, including plenty of empathy.

Explaining The Bead-Chain Experiment

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My partner Ryan send around the following awesome video about a bead-chain experience. It’s a fascinating phenomenon. Beautiful, actually.

Now, while the experiment, especially in slow motion, is beautiful, I especially enjoyed the discussion around trying to explain what was going on. I’m in conversations like this all the time – where someone is trying to explain how or why something happens based on observation.

This is in stark contrast to my experience at MIT. I call this experience “the engineer brain” where you immediately start going to the underlying mathematic model. The qualitative description is definitely useful, but what’s the underlying set of equations that describes what is going on.

I’m a huge believer in the five whys and use them all the time to try to understand something. I love both qualitative and quantitative explanations. And the underlying experimentation that helps surface the phenomenon.

And it’s a bonus when what you observe is fascinating and beautiful. For example, the following hits on both of those.

GTTFP

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One of my favorite acronyms of all time is IHTFP. Its originated at MIT in the 1950s and has achieved widespread adoption. And yes, it does actually stand for I Hate This Fucking Place, which as any MIT alumni will tell you, is part of the beauty of the MIT experience.

Today, I was in a meeting helping a CEO work on an upcoming investor pitch and told him that his problem was that he wasn’t getting to the fucking point. I scribbled down GTTFP. I just looked it up and lo and behold a new FLA (the cousin of the famed TLA) has now entered my vocabulary. It’s got nice onomatopoeia if you say it just right.

I’m on the receiving end of people who can’t seem to GTTFP multiple times a day. It’s especially true when someone is trying to create false intimacy at the beginning of a conversation, is using ancient sales techniques like the endless rhetorical question to try to build agreement from me, or is simply in a “tell rather than show” mode where they figure that if they beat me over the head with words I’ll read the conclusion they are trying to beat me over the head with.

Now, GTTFP is different than bloviating. While I don’t think I actually bloviate, I’ll often suggest that someone has just been on the end of a rant or a space jam of mine, which I often refer to as a good bloviate on my part. However, my bloviating almost always is storytelling – where I’m trying to give an example, or a lot of examples, by “showing rather than telling” to make a point.

But GTTFP is just an avoidance of actually getting to the point. Or its a ramble that doesn’t focus on what is trying to be communicated. Or it’s an effort to build connection in advance of making a point, which often comes across as saccarine.

Enough – GTTFP. Which is to say, simply, GTTFP.

Don’t Get Sick Of Telling Your Story

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The Boulder TechStars program is in week three and the intensity level is high. The TechStars office is across the hall from ours at Foundry Group and it’s wild to see the level of activity ramp up during the three months that TechStars Boulder is in session.

I’m trying a new thing this program and doing a weekly CEO-only meeting. I’ve been trying to figure out a new way to engage with each program other than mentoring a team or two, and have been looking for a high leverage activity that I could do remotely for all of the other programs. My current experiment is an hour a week with all of the CEOs in a completely confidential meeting, but a peer meeting so each of them gets to talk about what they are struggling with to help solve each other’s problems as well as learn from each other.

We’ve done two of these meetings in Boulder and I love it so far. I’ll run this experiment for the whole program, learn from it, and iterate. If it works, I’ll scale it across all the programs.

Yesterday I also finished up my first set of 1:1 meetings with all of the teams. In my 1:1 meetings, I try to keep them very short – 15 minutes – and focus on what is “top of mind“. I learn more from this and can help more precisely than if I spent 30 minutes getting a generic pitch, which will likely change dramatically anyway through the course of TechStars. So each of these top of mind drills is “up to 5 minutes telling me about your company” and “10 minutes talking about whatever is top of mind.”

By the third week, I notice what I call “pitch fatigue” setting in. I think every entrepreneur should have several short pitches that they can give anytime, in any context, on demand.

  • 15 seconds: Three sentences – very tight “get me interested in you” overview.
  • 60 seconds: What do you you, who do you do it to, why do I care?
  • 5 minutes: Lead with the 60 seconds, then go deeper.
  • 15 minutes: Full high level pitch
  • 30 minutes: Extended presentation that has more details

Bt week three, the teams are still fighting through getting the 15 second and 60 second pitch nailed. That’s fine, but there’s emotional exhaustion in even trying for some of them. The founders have said some set of words so many times that they are tired. The emotion of what they are doing is out of the pitch. Their enthusiasm is muted – not for the business, but for describing it.

Recently I was on the receiving end of a description from an entrepreneur, who has a great idea that I love, that had the emotional impact a TSA inspection at the airport. He was going through the motions with almost zero emotional content. At the end of it, I said one sentence - “Don’t get sick of telling your story.” I then went deeper on what I meant.

He responded by email later that day:

Thanks for articulating what was going on in my head. I think I was getting burnt out from telling the same story to so many mentors. I need to stay focused and stick with the story that worked well the first 40 meetings. I also need to be careful that the lack of “freshness” doesn’t affect how passionate and energetic I come across. Timing for this realization couldn’t be better given our upcoming fundraising trip.

I’ve done an enormous amount of pitching and fundraising over the years. When we raised our first Foundry Group fund in 2007, I did 90 meetings in three months before we got our first investor commitment. By meeting 87, after hearing no a lot (we got about 30 no’s out of the first 90 meetings before we got a yes) I was definitely had pitch fatigue. But every time I told it, I brought the same level of intensity, emotion, optimism, and belief that I did the first time I told it. Today, six years later, when I describe what we are doing and why we are doing it, and why you should care, I’m just as focused on getting the message across as I ever have been. And I never get tired of telling our story.

The Power of Peer Groups

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For the past two days I’ve been at an even called SERGE (Seasoned Entrepreneurs Gathering Exchange). I co-founded it with two long time friends, Martin Babinec (founder of Trinet) and Keith Alper (founder of Creative Producers Group). Martin, Keith and I have known each other since the mid-1990s when we were much younger entrepreneurs playing leadership roles at the Young Entrepreneurs Organization (now simply “EO”).

We each invited about ten entrepreneurs and their partners to the event. 50 people showed up – 25 entrepreneurs and their partners – and we spent two days on Miami Beach hanging out and covering a lot of different topics. All of us were between the ages of 40 and 50 (+/- a few years), have each had at least one successful business, and were from all over the US and in plenty of different industries.

We had a solid 12 hours spread over two days in a conference room where the following eight topics were discussed.

  • How Will You Measure Your Life?
  • Mentor Manifesto
  • Impact in the Public Interest – Doing Something That Matters
  • Finding and Managing High Impact Board Members
  • B Corps – Leveraging Social Purpose To Drive A Business
  • Setting Up Family Office to Manage Diversified Portfolio
  • Leading the Team: CEO Habits That Set The Pace
  • Maximizing Impact of Your Angel Investing

One of led on each topic (for example, I kicked things off with “How Will You Measure Your Life?” – talked for about 15 – 30 minutes, and then facilitated a discussion for the balance of an hour.

It was amazing. If you’ve ever been in an organization like YEO, YPO, EO, Birthing of Giants, or Gathering of Titans, it was like a “super forum”. Two days with peers, talking confidentially and intimately about a wide range of issues, and getting to know each other at a different level. In this case, there were three intersecting groups (mine, Martin’s, and Keith’s) so you got the added bonus of meeting a set of new people that were highly vetted to be your peers that you could immediately trust and engage with.

Partners were included. Some – like Amy – participated for most of it. Others didn’t. This was the only big miss – we should have worked harder to include all the partners in the entire discussion, and have several of them lead topics. Next time.

Once again I was reminded of the power for entrepreneurs of spending time with your peers outside of the craziness of the daily schedule. 50 people invested two days of their life in this event – the feedback I’ve heard so far was awesome. And – for me personally – it was very rewarding.

If you are an entrepreneur, do yourself a favor and find a peer group. If you don’t know where to start, try Entrepreneurs Organization. You’ll thank me in 10 years.

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