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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On The Road Again

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After a year of zero travel for business, I’ve started to venture out into the world again. I just got back from my third business trip this summer – this time to Seattle for the past three days.

After 20+ years of traveling 67%+ of the time for work, I was sick of it. So I’m wandering back in with a little trepidation.

I’ve decided to take a very different approach. Historically on a three day trip to Seattle, I’d have 10 meetings a day, starting early in the morning and going until after dinner. I’d pop from place to place, taxi-ing (now Uber-ing) around town. I’d check my email in cars between meetings, and I’d be a sweaty, smelly mess by the end of the day. I’d meet with every company we are investors in (Moz, Cheezburger, BigDoor, Rover, Techstars, and Impinj), meet with a bunch of entrepreneurs for companies we might be interested in, hang out with a few of my long time Seattle friends, visit at least one or two Seattle VCs, and do a public event or two. And then I’d stay up until 1am trying to grind through my email.

This time I planted myself at Moz on Monday and Tuesday and then Cheezburger on Wednesday. While I had plenty of meetings at Moz, they were all about Moz. I spent Monday with each of the four product teams, going really deep on the existing products. I spent time with people on the leadership team, including significant time with Sarah Bird (CEO) and Rand Fishkin (Founder). I had a dinner with Sarah Monday night followed by a hangout at Rand’s house with Rand, Geraldine, Sarah, her husband Eric, and the tireless Jackson-child.  We had a board meeting on Tuesday along with a bunch of 1:1 meetings. Tuesday night I had an awesome meal on the roof of Terra Plata with the Moz leadership team. And just for fun on Tuesday morning I went for a run on the waterfront with my long time friend TA Mccann, who if you know our origin story includes a run at the first Defrag (where he kicked my ass, just like he did Tuesday morning.)

I slept in on Wednesday, did some email in my hotel room, made a few phone calls, and had a late breakfast with Andy Sack at Purple. I then had lunch with Ben Huh (how’s that – breakfast and then lunch, with nothing in between – what more could you want out of life) followed by a great board meeting at Cheezburger.

As I napped on the flight home last night, I felt very different returning home. I love Moz and Cheezburger – and the people I get to work with there. Each company has had different challenges over the past two years (like every company I’ve ever worked with), but both feel like they are in a great place to me right now. When I was walking to lunch with Ben, he asked me a question about how I was feeling in general and I said that at this point I believe that I’m only working with entrepreneurs who I love, adore, have respect for, and am friends with. That’s a big part of it for me. I know this doesn’t always, and won’t always happen, but as I’ve gotten older I realize it’s an important part of my value system and selection criteria for who I work with.

While I’m not going to turn the travel spigot back on in a radical way, being very deliberate about how and why I’m traveling is part of my new trip planning mantra. We’ll see how it works on the next ones, which are to Austin, LA, and New York.

Building A Business Operating System

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Matt Blumberg‘s amazing new book Startup CEO: A Field Guide to Scaling Up Your Business is out and shipping. The early reviews are great, including this detailed one from Tech Cocktail.

Matt’s book is already having an impact in my world. At Cheezburger, we just added Scott Moore to the leadership team. Ben Huh, the founder/CEO who I adore and love working with, send out a powerful email about how he’s approaching Cheezburger’s next stage of growth, and how he’s thinking about building the business operating system. He builds off many of the concepts in Matt’s book and told me I was free to blog this for the world to see.

Following is Ben’s email.

——–

Hey Cheezburgers,

After recruiting our new COO & President Scoot Moore, I am shifting one of my major projects to on boarding Scott. I’m kicking off the process of building the business Operating System for Cheezburger. This is a super important item that I am thrilled to get started on.

It’s perfect timing for us. As COO & President, Scott has management responsibility for a huge area of Cheezburger. By building the metrics, communication rhythms, reports, etc. I can really help Scott get a feel for our business and where we stand as we plan for 2014. It’s one part communication, one part feedback process, and one part creating clarity.

A business Operating System is a simple idea:

  • Using the company’s values (of Truth, Excellence, and Happiness)…
  • create a set of consistent rhythm for communications, meetings, procedures and decision-making…
  • which helps align everyone’s goals with the ultimate objectives of the company.

Put in other words: A business OS is how we consistently and clearly communicate, hire, make decisions, etc. that help us do more faster.

In practice, this comes down to some answers to questions like this: (examples)

  • When do we plan for the next year? And who owns the process?
  • How do I measure my performance against my, or my team’s goals?
  • I need another person on my team to help better reach my team’s goals. How do I go about doing that?
  • I’d like to send out a company-wide update on something my team did. How do I do that?
  • How do I know what I am working on aligns with the company’s goals?
  • What metrics do we report company-wide? And why?
  • etc. etc. etc.

It’s an idea I first heard from another Foundry Group CEO, Matt Blumberg. In fact, he’s written a book based on those ideas.

One of the key improvements you should see as a result of this should be more consistency and clarity in communications and processes. This is one of the reasons why I push for a single IT system like Google Drive vs having two, and why I want you to post content for dissemination in our intranet. I hope that the OS will help you see the bigger picture. The opposite of having an effective business OS is a company that is confused due to lack of clarity and unable to move in the same direction together, therefore missing goals and opportunities.

There are 6 key areas that I want to structure the OS around (this will evolve as I work with Scott and the exec team):

  1. Company-wide communications and meetings
  2. Creating, aligning, and sharing goals
  3. Measuring performance against goals and metrics
  4. Establishing cadence, rhythm, and deadlines
  5. Clarity in decision-making process, transparency, and openness
  6. Well-functioning systems and operational processes

For you, the impact will be that I will be talking about almost everything in the context of our Culture/Values, Goals/KPIs/Metrics, and Systems/Processes.

The Power of TAGFEE and Just Executing

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So far I’m pleased with my shift to Maker Mode this summer.  I’ve managed to get in a solid four hours of writing on my Startup Communities book each day and will have a full draft to circulate to a small group of people on Saturday. I chose deliberately to skip TechStars New York Demo Day (which looks like it went great) this year, which was a hard choice for me but I just didn’t want to break the flow of what I’m doing. And I’m still running on inbox zero and – other than physical proximity – haven’t heard any concerns about my responsiveness or availability. As a bonus, I’m getting to spend 24 hours a day (except when I’m out running) with my amazing wife Amy.

Yesterday I saw a post from Gnip titled You Are What You Do. Gnip is one of the companies we’ve invested in that I refer to as a Silent Killers - they are building an amazing company by just doing things that customers care about, not hyping themselves, and delivering what they say they are going to deliver, ahead of and beyond expectations. No hype – just substance – and execution.

This was coincidentally followed a few minutes later by an email exchange between Ben Huh (Cheezburger CEO) and Rand Fishkin (SEOMoz CEO). Rand and SEOMoz run on a set of principles called TAGFEE (Transparent, Authentic, Generous, Fun, Empathetic, Exceptional) and if you want to see this in action, take a look at the post Rand wrote recently about the financing we led titled Moz’s $18 Million Venture Financing: Our Story, Metrics and Future.

Ben (to:Rand, Brad): Just a random thought… Maybe I don’t have the balls to do it, maybe I just think that I want to run my biz differently, but the more I do this, the more I converge on TAGFEE. Thanks for putting it out there in the world.

Brad (to:Ben, Rand): I am 100% convinced TAGFEE is right. It’s so unbelievably liberating. 

Rand (to:Ben, Brad): This email put a huge smile on my face. That said, it’s fucking hard. So hard I can barely believe it. Being TAGFEE yourself when there’s always pressure not to sucks bad enough. But working with a large team and getting managers and individual contributors to act this way (and figure out when/where/how/whether it’s being broken) is the toughest challenge I’ve ever had. Thankfully, it’s incredibly rewarding, too. Oh – and there’s a missing “H” in TAGFEE. For humility. In fact, empathy and humility in potential hires are the best predictors that they’re going to fit with our team and be TAGFEE.

In contrast, I got an email from a VC earlier this week who said “aren’t you worried that one of your LPs will see your post about spending the summer at your place in Keystone?” My immediate reaction was to point him to TAGFEE and say that we try to be 100% TAGFEE with our LPs so I hope they see what I’m doing and appreciate why I’m doing it. I know unambiguously what my job for my LPs is – they give me a box of money and my job is to give them back – over time – a much bigger box full of money. I’m never confused this and I always try to do it in a way that maximizes the size of the box I give them back.

If you line up You Are What You Do, TAGFEE, and Silent Killers you start to get a feel for the type of entrepreneurs we love to work with. An awesome part of it is watching them learn from each other and learning from what they are learning. It informs everything I’m thinking about and the last 24 hours once again reinforced for me the power of TAGFEE and just executing.

I Can Has A VC

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My friends at Cheezburger Networks have been rolling out what we have internally been calling Cheezburger 3.0. It’s called Cheezburger Sites and lets anyone create their own humor channel on the web.

In my never ending effort to poke fun at myself – and other VCs – I’ve created a site called I Can Has A VC. It’s just getting started – feel free to send me videos and photos of VCs doing stupid things, or stupid things masquerading as VCs.

And – if you has a sense of humor, go for it!

Who’s LOLing Now?

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Today we announced that Foundry Group took a bite out of Cheezburger as we led a $30m financing of the company that started out by bringing you cute cate pictures.

Ever since I met Ben Huh 18 months ago via an introduction from Micah Baldwin (see Micah – I do take you seriously – some of the time) I’ve had a major entrepreneur-crush (sort of like a man-crush, but, well, you get the idea) on Ben. C’mon – the guy wears a cheeseburger on his head – how can you not love him.

ben with cheez on his head

After meeting Ben, I decided to try out the site. My first LOL was my wife Amy’s car on fire – feel free to click on it and go vote it up.

.Hot Car

We’ve made this investment as part of our “Distribution Theme” which includes Zynga, Topspin, and StockTwits. I realize that I haven’t written about Distribution on the Foundry Group blog – guess I’ll go do it after I finish this post. Or maybe I’ll just surf around on some of the 50 Cheezburger Network sites.

I’m back – that was a not so short sojourn to My Food Looks Funny, I Has A Hotdog, FAIL Blog, and Very Demotivational.

Our co-investors are Madrona, Avalon Ventures, and SoftBank Capital. Ben and his team have built an awesome company. I’m really psyched to be a part of it to help it grow to the next level.

Build something great with me